We show that the presence of high frequency trading (HFT) has significantly mitigated the frequency and severity of end-of-day price dislocation, counter to recent concerns expressed in the media. The effect of HFT is more pronounced on days when end of day price dislocation is more likely to be...

We examine the impact of stock exchange trading rules and surveillance on the frequency and severity of suspected insider trading cases in 22 stock exchanges around the world over the period January 2003 through June 2011. Using new indices for market manipulation, insider trading, and...

Dual-listed firms simultaneously follow the relevant rules in their home country and in their cross-listed country. In contrast, other firms only listed in the cross-listed country are only subject to the local regulations. Previous literature has found evidence that cross-listing can improve...

This chapter reviews theoretical and empirical research on the relationship between legal systems and innovation and culture and innovation. We highlight legal and cultural forces that encourage innovation activities, including strong patent protection, entrepreneur-friendly bankruptcy laws, and...

We consider whether traders are more likely to commit securities violations when trading at home, a new form of working induced by the Covid pandemic. We examine data pre- and post-Covid, during which some traders were unexpectedly forced to work at home. The data indicate the presence of both a...

On November 14th, 2014, SUERF – The European Money and Finance Forum – and CNMV, Comisión Nacional del Mercado de Valores – the Spanish Authority for supervision of securities markets – jointly organized a conference in Madrid: Challenges in Securities Markets Regulation: Investor...

This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received law and finance wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official...

Timing of Disclosure for Financial Statements in Germany after the 2007 EHUG Act: The paper analyses the timing of disclosing financial statements for small and medium enterprises (SME) in Germany in 2007 and 2008. Comparisons of different regional areas and different company sizes are made and...

The paper shows the ways of disclosing financial risks by IFRS 7 and certain types of sensitivity analysis. The different possibilities of preparing a sensitivity analysis, such as value at risk are illustrated and their suitability for reporting are faced critically. Following, the manner of...

The paper analyses a strategy for avoiding the disclosure of the financial statements of a limited partnership with a limited liability company as general partner (GmbH & Co. KG) according to German Commercial Code (HGB). It describes the formal process of the joining of a natural person as an...