This paper investigates the trends of asset holdings across borders to GCC financial markets through panel data and compares findings with those acquired for OECD countries. A gravity model was set on bilateral gross cross-border investment flows between countries host 2002 2019. Three dependent variables were used; aggregate equity securities debt securities, securities. Data obtained from Int...

Information technology is transforming financial trading, lowering costs, and increasing market transparency. Yet, new electronic trading ventures often fail to attract sufficient activity levels, and close down. Optimark, Tradepoint, Jiway, and BondConnect did not develop sufficient trading volume to survive. In contrast, the International Securities Exchange (ISE), an allelectronic options tr...

This paper examines the issue of fraud on the Internet and discusses three areas with significant potential for misleading and fraudulent practices, namely: securities sales and trading; electronic commerce; and the rapid growth of Internet companies. The first section of the paper discusses securities fraud on the Internet. Activities that violate US securities laws are being conducted through...

We present an interesting new protocol where participants in a securities exchange may submit cryptographically encrypted rules directly to an exchange rather than orders to buy and sell. We define this in two parts: a secure, partially trusted computer that runs the exchange and proves its actions correct, and a set of participants who define the rules and submit them to the exchange. At each ...

This paper discusses the need for effective financial market regulation as Asia recovers from the crisis. Specifically, we argue that transparency must be improved, that regulation must be more effective, and that regulatory bodies must be tough. In making these suggestions, we draw on the experience of the United States, with special ferencetothe Securities and Exchange Commission.

Over the past few years, cases of miserable failure in corporate governance have shocked the financial world. Enron and WorldCom are just two examples of how a few people in a position of power can cause unprecedented damage to hundreds of thousands of people, including investors, employees, and retirees. Lessons thus learned created a wave of regulations, the most significant being the Sarba...

The United States securities markets have served as the subject of a continuing debate regarding the structure most beneficial to local market participants. A consolidated market structure reduces transactions cost by increasing liquidity in the shares of a security. Conversely, fragmentation creates a system wherein competition flourishes and innovation is fostered. Balancing these opposing vi...

The majority of empirical literature on random walk behavior has interested on developed and emerging markets. However, few studies have been carried out to test the randomness of returns series on less developed markets. Damascus securities exchange is a young and nascent market in the Middle Eastern, started its operations in 2009; therefore, there is no empirical evidence testing the validit...

In this paper the value at risk (VaR) forecasts are compared using three different GARCH models; ARCH(1), GARCH(1,1) and EGARCH(1,1). The implemented method is a one-day ahead out of sample forecast of the VaR. The forecasts are evaluated using the Kupiec test with a five percent significance level. The focus is on three different markets; commodities, equities and exchange rates. The goal of t...