Wszystkie pola: insider - Katalog OPAC zbiorów

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Tytuł:: Libertarianizm wobec kryminalizacji „insider tradingu”
Libertarianism’s Perspective on Penalization of “Insider Trading”
Autorzy:: Błaszczyk, Cezary
Powiązania:: https://bibliotekanauki.pl/articles/596184.pdf
Data publikacji:: 2015
Wydawca:: Łódzkie Towarzystwo Naukowe
Tematy:: insider trading
libertarianizm
giełda
Austriacka Szkoła Ekonomii
libertarianism
stock exchange
Austrian School of Economics
Opis:: Współczesny libertarianizm, zwłaszcza jego odłam radykalny (propertarianistyczny i antyautorytarystyczny) odróżnia się od pozostałych doktryn politycznych swoim szczególnym stanowiskiem wobec prawnych i ekonomicznych aspektów instytucji insider tradingu. Niezależnie od tego, czy argumentacja libertarian oparta jest na doktrynie praw naturalnych i absolutyzmu etycznego, czy też przeciwnie – ma ona charakter konsekwencjonalistyczny, libertarianie, opierając się na Austriackiej Szkole Ekonomii krytykują reżimy informacyjne zawarte w większości regulacji prawa rynku kapitałowego na świecie. Podnosi się, że insider trading nie jest nieetyczny, ponieważ każdy właściciel ma prawo rozporządzać przedmiotem swojej własności i kontraktować zgodnie ze swoją wolą (tak np. M.N. Rothbard, R.W. McGee, T. Machan, R.P. Murphy), lecz nawet gdyby był nieetyczny – nie ma żadnego powodu, by prawo ingerowało w każde ludzkie nieetyczne zachowanie (tak np. W.E. Block). Insider trading może być także postrzegany jako przypadek tzw. „przestępstwa bez ofiar”. Z kolei libertarianie bliscy argumentacji utylitarystycznej argumentują, że insider trading ma tak naprawdę dobroczynne skutki dla rynku kapitałowego – i to zarówno dla insidera, jak i outsidera. W modelu tym zakłada się, że insider trading pozwala na bardziej precyzyjną wycenę instrumentów finansowych, a także przyczynia się do wzmożenia płynności rynku (tak np. P.J. Engelen, L.V. Liederke, H.G. Manne). W tym stanie rzeczy libertarianie opowiadają się za depenalizacją insider tradingu.
Modern libertarianism, especially its radical branch, distinguishes itself from most of other political doctrines by its unique approach towards law and economics of insider trading. Whether based on natural rights doctrine and ethical absolutist or consequentialist (mostly utilitarian), libertarians of Austrian School of Economics descent criticize the current approach towards insider trading. It is maintained that insider trading is not unethical, it is every man’s right to dispose of his property and conclude an agreement as he pleases (M.N. Rothbard, R.W. McGee, T. Machan, R.P. Murphy), but even if it were, there is no reason for suppression of every immoral activity (W.E. Block). Insider trading might be also perceived as a “victimless crime” case. Libertarians of utilitarian orientation argue however, that insider trading is in fact beneficial both for insider and outsider. It is supposed to allow more accurate pricing of stocks and market liquidity (P.J. Engelen, L.V. Liedekerke, H.G. Manne). Thus radical libertarians argue for decriminalization of insider trading.
Źródło:: Studia Prawno-Ekonomiczne; 2015, XCVII; 11-42
0081-6841
Pojawia się w:: Studia Prawno-Ekonomiczne
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 2.

Tytuł:: Insider trading without trading
Autorzy:: Geronimo, Russell Stanley Que
Powiązania:: https://bibliotekanauki.pl/articles/643456.pdf
Data publikacji:: 2018-07-26
Wydawca:: Uniwersytet Gdański. Centrum Prawa Samorządowego i Prawa Finansów Lokalnych
Opis:: Before a person can be prosecuted and convicted for insider trading, he must first execute the overt act of trading. If no sale of security is consummated, no crime is also consummated. However, through a complex and insidious combination of various financial instruments, one can capture the same amount of gains from insider trading without undertaking an actual trade. Since the crime of insider trading involves buying or selling a security, a more sophisticated insider can circumvent the language of the Securities Regulation Code by replicating the economic equivalent of a sale without consummating a sale as defined by law. Through the use of financial derivatives in the form of options, swaps, and forwards, an insider who is not a shareholder in a company can obtain economic exposure to changes in the market value or price of shares of stock, without purchasing or obtaining ownership of the shares. The actual stockholder or dealer of security transfers his economic exposure to the insider, but retains all stockholder rights. The insider obtains returns associated with the share of stock by assuming the financial risks inherent in stock ownership, while the person holding the shares of stock is insulated from such risks. This paper demonstrates how constructive trades circumvent the insider trading law by allowing an insider to obtain economic exposure over a share of stock without obtaining or divesting his title over the stock.
Źródło:: Financial Law Review; 2018, 9, 1; 11-40
2299-6834
Pojawia się w:: Financial Law Review
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 3.

Tytuł:: Can the publication of annual financial reports become an opportunity for insider trading?
Autorzy:: Suliga, M.
Powiązania:: https://bibliotekanauki.pl/articles/108412.pdf
Data publikacji:: 2015
Wydawca:: Akademia Górniczo-Hutnicza im. Stanisława Staszica w Krakowie. Wydawnictwo AGH
Tematy:: market abuse detection
insider trading
event study
GARCH process
Opis:: Illegal insider trading is a problem that involves most of financial markets. Unusual abnormal returns as well as increased trading volumes observed ahead of price sensitive information can be signals of this type of market abuse behavior. In this paper, I study the occurrence of insider trading on the Warsaw Stock Exchange. I verify if publications of annual financial reports of WIG issuers can be preceded by this phenomenon. The study includes reports from the period between 1 January, 2010, and 29 May, 2014. In order to define abnormal returns, I suit the GARCH process to daily returns and use event-study analysis. Potential insider trading behaviors are found with the use of two-day cumulative abnormal returns in a first step and with the use of daily abnormal returns afterwards. The publications that are marked with potential informed price movements are analyzed for the presence of extremely high abnormal trading volumes, which can be additional signals of market abuse.
Źródło:: Managerial Economics; 2015, 16, 1; 77-89
1898-1143
Pojawia się w:: Managerial Economics
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 4.

Tytuł:: Insider trading without trading
Autorzy:: Geronimo, Russell Stanley Que
Powiązania:: https://bibliotekanauki.pl/articles/643543.pdf
Data publikacji:: 2018-07-26
Wydawca:: Uniwersytet Gdański. Centrum Prawa Samorządowego i Prawa Finansów Lokalnych
Opis:: Before a person can be prosecuted and convicted for insider trading, he must first execute the overt act of trading. If no sale of security is consummated, no crime is also consummated. However, through a complex and insidious combination of various financial instruments, one can capture the same amount of gains from insider trading without undertaking an actual trade. Since the crime of insider trading involves buying or selling a security, a more sophisticated insider can circumvent the language of the Securities Regulation Code by replicating the economic equivalent of a sale without consummating a sale as defined by law. Through the use of financial derivatives in the form of options, swaps, and forwards, an insider who is not a shareholder in a company can obtain economic exposure to changes in the market value or price of shares of stock, without purchasing or obtaining ownership of the shares. The actual stockholder or dealer of security transfers his economic exposure to the insider, but retains all stockholder rights. The insider obtains returns associated with the share of stock by assuming the financial risks inherent in stock ownership, while the person holding the shares of stock is insulated from such risks. This paper demonstrates how constructive trades circumvent the insider trading law by allowing an insider to obtain economic exposure over a share of stock without obtaining or divesting his title over the stock.
Źródło:: Financial Law Review; 2018, 9, 1; 11-40
2299-6834
Pojawia się w:: Financial Law Review
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 5.

Tytuł:: An Analysis of Insider Trading in the Credit Derivatives Market Using the Event Study Methodology
Autorzy:: Wareluk, Ewa
Powiązania:: https://bibliotekanauki.pl/articles/417414.pdf
Data publikacji:: 2013
Wydawca:: Akademia Leona Koźmińskiego w Warszawie
Tematy:: insider trading
information flow
event study
credit derivatives
Opis:: Purpose: In this paper I investigate the information fl ow between the credit default swap market and the stock market as well as insider trading in the credit default swap market. Methodology: For my analysis I use the event study methodology. Using the event study methodology I calculate abnormal stock returns and abnormal credit default swap premium changes. The analysis is based on 175,874 observations collected for 92 companies between the years 2001 and 2010. Findings: The results show that the information fl ow from the credit default swap market to the stock market is the most signifi cant in terms of negative rating outlooks. The information fl ow is much less signifi cant in relations to negative surprises during announcements of annual fi nancial results and rating upgrades. Evidence of insider trading is also most evident with reference to negative rating outlooks. Additionally, a distinctive feature of the credit default swap market and the stock market is the asymmetric response to negative and positive credit information. Research limitations: The event study methodology does not consider other potentially important reasons for the information flow between markets than the ones actually investigated. The credit events and credit risk information used in this research are just a proposal and can be extended by future researchers. Originality: This paper discusses a new research area. The main research area in terms of insider trading is still the stock market, with special focus on the US market. I decided to explore the insider trading phenomenon in the credit default swap market. I only considered contracts that are quoted with reference to European underlying assets. This part of the fi nancial market is attractive in terms of economic research as credit derivatives are more commonly used not only in North America but also in Europe.
Źródło:: Management and Business Administration. Central Europe; 2013, 21, 4(123); 25-54
2084-3356
Pojawia się w:: Management and Business Administration. Central Europe
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 6.

Tytuł:: Znaczenie pozycji wewnętrznej badacza w badaniach narracji osób należących do grupy mniejszościowej
The importance of the researcher’s insider status in the study of minority group members’ narratives
Autorzy:: Bandel, Jerzy
Powiązania:: https://bibliotekanauki.pl/articles/28762804.pdf
Data publikacji:: 2023
Wydawca:: Uniwersytet im. Adama Mickiewicza w Poznaniu
Tematy:: insider research
insider status
narrative psychology
reflexivity
Opis:: Insider research, i.e. research that the researcher conducts on a population, community, or identity group of which he or she is himself or herself a member, has been gaining popularity in psychological research in recent years. A subject of lively debate in the literature is the importance of the researcher’s characteristics shared with the research participant: life experiences, specific aspects of identity, traits, skills, or attitudes. This article summarises current knowledge on insider research and draws attention to the importance of analysing the psychologist researcher’s insider and outsider status. The article begins with an outline of the history of consideration of the importance of the researcher’s status in the social sciences and four main strategies for researchers to approach their insider status: minimizing and maximizing its importance, incorporating their experiences into the research material, and using them at different stages of the research process. Then, using the example of the author’s research project, it is shown how the last strategy can be applied during narrative research in planning the study, recruiting participants, conducting interviews, and analysing the data. The final part of the text is a consideration of the ethical dilemmas surrounding the conduct of insider research.
Źródło:: Człowiek i Społeczeństwo; 2023, 56; 163-188
0239-3271
Pojawia się w:: Człowiek i Społeczeństwo
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 7.

Tytuł:: Nowe obowiązki przedsiębiorstw elektroenergetycznych wynikające z rozporządzenia MAR
New obligations for energy market participants arising from the MAR Regulation
Autorzy:: Hawranek, Paweł
Michalski, Dariusz
Wielgosz, Nina
Powiązania:: https://bibliotekanauki.pl/articles/508381.pdf
Data publikacji:: 2016-06-30
Wydawca:: Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:: MAR
MAD
MiFID II
EMIR
insider trading
rynek energii
ryzyko
hedging
informacja wewnętrzna
informacja wrażliwa
regulacje gospodarcze
regulacje wewnętrzne
Insider trading
Energy market
Risk
Hedging
Insider/Sensitive information
Economic Regulation
Firm Regulation
Opis:: W artykule podjęto próbę przybliżenia obowiązków, jakie w zakresie handlu derywatami towarowymi nakłada na spółki obrotu rozporządzenie MAR. Poruszono w nim kwestię wpływu rozporządzenia MAR na rynek towarowy i relacji tego rozporządzenia do pozostałych regulacji mających wpływ na rynek energii i gazu (REMIT, EMIR, MiFID II). Przedstawiono wątpliwości i konsekwencje skutków tak ukształtowanego zakresu przedmiotowego regulacji. Zasygnalizowano także zagadnienia związane z planowanym harmonogramem wdrażania rozporządzenia MAR, jak również wyzwania dla podmiotów działających na rynku energii.
The aim of the paper is to present the impact of the Regulation on market abuse (MAR) on duties placed on companies trading in commodity derivatives. It also tackles the issue of the influence of the MAR Regulation on the commodity market and its relation to other legislation regarding the energy and gas market (REMIT, EMIR, MiFID II). The paper discusses also the precariousness and consequences of such legislative scope. Moreover questions are posed regarding the planned implementation schedule for the MAR Regulation as well as challenges for entities active on the energy market.
Źródło:: internetowy Kwartalnik Antymonopolowy i Regulacyjny; 2016, 5, 4; 8-22
2299-5749
Pojawia się w:: internetowy Kwartalnik Antymonopolowy i Regulacyjny
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 8.

Tytuł:: Insider list in a capital group
Lista insiderów w grupie kapitałowej
Autorzy:: Jaranowski, Tomasz
Rycerski, Adrian
Powiązania:: https://bibliotekanauki.pl/articles/1052480.pdf
Data publikacji:: 2020-06-30
Wydawca:: Polskie Wydawnictwo Ekonomiczne
Tematy:: insider list
inside information
mar
market abuse
issuer
capital group
lista insiderów
informacja poufna
nadużycia na rynku
emitent
grupa kapitałowa
Opis:: The article presents the issue of maintaining the insider list referred to in Article 18 MAR in the capital group. The main research problem analysed by the authors is whether the provisions MAR constitute the legal basis for including the employees of the issuer's subsidiaries in the insider list maintained by the issuer (the parent company). In the authors' opinion, employees of subsidiaries having preferential access to inside information produced in a subsidiary should be considered as persons to be included in the insider list maintained by the issuer. The proposed interpretation is consistent with all views treating the capital group as a single economic unit, pursuing an interest that is essentially convergent for all participants of the group.
Artykuł porusza problematykę obowiązku sporządzania listy osób mających dostęp do informacji poufnych (lista insiderów), o której mowa w art. 18 MAR. Główny problem badawczy analizowany przez autorów polega na udzieleniu odpowiedzi na pytanie, czy przepisy MAR stworzą podstawę do uwzględniania pracowników spółek zależnych od emitenta (spółkę matkę) na liście insiderów. W ocenie autorów, pracowników spółek zależnych, mających preferencyjny dostęp do informacji poufnych tworzonych w otoczeniu tych spółek zależnych, należy uznać za osoby, które powinny zostać uwzględnione na liście osób mających dostęp do informacji poufnych prowadzonej przez emitenta. Zaproponowana wykładnia jest spójna z poglądami traktującymi grupę kapitałową jako jeden organizm gospodarczy (single economic unit).
Źródło:: Przegląd Ustawodawstwa Gospodarczego; 2020, 6; 10-17
0137-5490
Pojawia się w:: Przegląd Ustawodawstwa Gospodarczego
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 9.

Tytuł:: A Floating Homeland: (De)Constructing Canadianness from the Insider‑Outsider Perspective of Japanese‑Canadians
Autorzy:: Madeja, Rafał
Powiązania:: https://bibliotekanauki.pl/articles/701188.pdf
Data publikacji:: 2015
Wydawca:: Wydawnictwo Uniwersytetu Śląskiego
Opis:: On the basis of Joy Kogawa’s Obasan, the main objective of this paper is to take under the scrutinizing eye how the central protagonist retrieves a selective portion of her childhood memories during the Second World War in an effort to reshape her fragmented identity as a Japanese‑Canadian and to deal with the feeling of displacement. Analyzing essential memories, conversations, and stories within the plotline, the aim is to demonstrate that Naomi, in order to fight her identity crisis and feeling of displacement - due to the Japanese community’s sense of belonging in Canada being shuttered by the Canadian government - recasts her personal experiences to her own needs for the identity refashioning in‑between cultures, therefore, in Homi Bhabha’s terms, giving life to a sort of “Third Space.” This paper will therefore demonstrate numerous ways in terms of which the protagonist intrudes upon iconic wilderness and rural landscapes in Canada - hitherto emptied of the indigenous and minorities and thus functioning as a sort of privileged sites of national identity - so as to transform them into heterogeneous and more inclusive spaces, breaking the binary opposition between away and home, a newcomer and native. Significantly, the protagonist’s storytelling may be distinguished by great attention to nature, botanical imagery, and landscapes shaped by experiences of displacement, and it may be argued that the novel is targeted at re‑visiting traditional sites of identity construction as well as bringing into tensions historicizing and idealizing visions of the natural environment to challenge the myths of Japanese‑Canadians’ identity that these sites were hitherto created to support. It brings into life a “Third Space” in the form of a personal island which will neither float to the Japanese Archipelago nor towards Canada, but it will be a separate entity including both. Hence, the dialogic relation between identity and rural and wilderness landscapes provides alternative forms of meaningful emplacement for the self - a personal “floating homeland” anchored in‑between the two cultures. Key words: Japanese‑Canadian, diasporic self, feeling of displacement, sense of belonging, Third Space, nature, landscape
Źródło:: Romanica Silesiana; 2015, 10
1898-2433
2353-9887
Pojawia się w:: Romanica Silesiana
Dostawca treści:: Biblioteka Nauki

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Skocz do pozycji: 10.

Tytuł:: Insider attacks as one of the main threats to resolute support personnel in Afghanistan
Autorzy:: Frącik, Krystian
Powiązania:: https://bibliotekanauki.pl/articles/576471.pdf
Data publikacji:: 2016-09-23
Wydawca:: Akademia Sztuki Wojennej
Opis:: From July 2015, the International Security Assistance Force (ISAF) moved into the Resolute Support Mission (RSM) and started acting in the supporting role. From that time, one of the most important Security Force Assistance tasks has been maintaining and developing relationships with its counterparts in the Afghan Security Institutions (ASI) and Afghan National Defence Security Forces (ANDSF). Being aware of the importance of those connections, the enemies of Afghan society have attempted a tactic named Insider Attack (IA). Insider Attack is not a new means of tactic. In the 19th and 20th centuries, Britain and the Soviet Union were victim to insider attacks. Insider attacks have a significant strategic impact on the campaign, as they erode the relationship between the Afghan National Defence Security Forces and Coalition Forces. Insider attacks occur for numerous reasons, including personal grievances, insurgent influences, psychological distress, and ideological motivations. More than half of the attackers have insurgent ties. NATO utilises Target Focused Analysis & Neutralisation and Counter Intelligence Support Teams to screen, vet, and interview persons of interest, as well as collect, analyse, and exploit biometric data, documents, and media. Other measures implemented to mitigate insider threats are the threat Awareness and Reporting Programme (TARP) and the Terrorism Espionage and Sedition briefing to RSM personnel. Incorporating appropriate lessons learned from the British, Russian and ISAF experience into RSM training and operations will have a positive impact on responding to Insider Attacks while reducing their frequency across the Combined Joint Operational Area - Afghanistan. It is clear that the common approach to defeating Insider Threats must be holistic and each activity should be conducted according to equal principles. The conceptual framework for countering Insider Threats has five functions: prepare, deter, detect, respond, recover and exploit. This conceptual framework underpins the common approach and guides of counter - measures. While skills and drills are important, combatting Insider Threats is first and foremost about mindset and therefore it needs to be command-led. If proper preparation makes Coalition Forces members culturally adaptive, develops effective systems and procedures, and hones military skills and Tactics, Techniques, and Procedures, NATO will be able succeed in the Resolute Support Mission.
Źródło:: Security and Defence Quarterly; 2016, 12, 3; 3-18
2300-8741
2544-994X
Pojawia się w:: Security and Defence Quarterly
Dostawca treści:: Biblioteka Nauki

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