We studied the effect of the end of Daylight Saving Time (DST) on stock markets around the globe. Using a detailed cross-country daily returns data set we found that (a) market returns on the day following the clock shift were significantly lower than the corresponding day of a week unaffected...

This paper deals with the problem of how the risk perception among retail customers is affected by the consumer protection regulation on the financial market. Through a questionnaire survey, we have measured the effect of selected consumer protection measures on banking or investment decisions...

The author suggests the 2008 financial crisis was the culmination of an accelerating process of financial market evolution that is inherently unstable. From his viewpoint markets are not well organized to manage the power financial assets have to generate emotion and their wider effect on human...

The author suggests that the 2008 financial crisis was the culmination of an acceleratting and inherently unstable process of financial market evolution. He argues that markets are not well organized to manage the power that financial assets have to generate emotion and their wider effect on...

The global trend towards tighten regulation of financial institutions and the adoption of International Financial Reporting Standards (IFRS) may hasten the unwinding of cross-shareholdings in Japan, and there are signs that this is already happening. Finding buyers for such shares is therefore a...

Classical financial theory assumes that individuals are perfectly rational and act by usingcomplete and homogeneous information sets. For a long time, this has been used both ondescriptive and normative grounds. However, empirical research has shown thatinvestors systematically commit reasoning...

Rolling spot forex is a growing business. The key problem is whether it could be classified as a financial instrument or could be classified as gambling contract. Each legal system has different approach. Nevertheless the legal position of rolling spot forex is unclear. This submission is...

The regulation of financial products is generally increasing in response to misconduct or crises that have led to losses for (retail) investors. Under the guise of various directives and laws, international and national regulators have introduced rules and standards to restore investor...

We analyze early-venture fundraising from dispersed, endogenously informed investors. An entrepreneur chooses a payoff-maximizing offering, and investors communicate their information by either contributing capital or by abstaining. The entrepreneur uses the information conveyed by fundraising...