Information Issues on Wall Street 2.0
Billions of dollars have flooded new online marketplaces for trading private company stock. These marketplaces stand poised to become important, lasting features of the private company world as they provide a central meeting place for buyers and sellers and potentially increase the liquidity of private company stock. Increased liquidity is particularly important to investors in start-up companies, as these companies have faced longer periods of time before going public or being acquired. The new marketplaces also raise significant information issues, however, that threaten their legitimacy and efficiency. This Article is the first to examine these information issues — lack of information, asymmetric information, conflicts of interest, and insider trading — as well as possible solutions that would allow the markets to continue to evolve while promoting their integrity and investor protection goals. Specifically, the Article proposes establishing a minimum information requirement for secondary trading in private company stock and reexamining the thresholds for accredited investor status in order to ensure that market participants can fend for themselves without additional protections. The Article also examines potential responses to insider trading in these markets, arguing that a case exists for the SEC to take action in the private market context, since harm may be cognizable and the arguments for regulating insider trading are as strong in the private market arena as in the public.
Reforming Securities and Derivatives Trading in the Eu: From Emir to MiFIR
The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation and the proposed new Markets in Financial Instruments Directive and Regulation, will expand “public” securities and derivatives markets, while correspondingly reducing the scope of “private” markets (which broadly coincide with the “unregulated” over-the-counter markets). We also ask whether these reforms will on the whole reduce systemic risks and transaction costs of securities and derivatives trading in Europe. For these purposes, we formulate conjectures that are partly based on the experience of past reforms in the area of equity trading.
Using Fuzzy-Delphi technique to determine the concession period in BOT projects
BOT projects are affected by several risks and uncertainties. One of the most important issues in this type of contract is to determine the length of concession period considering these uncertainties. The previous studies have developed several models to determine the concession period. However, the uncertainties are not taking into account in most of the previous works. Moreover, none of the previous researches has the capability to aggregate the opinions of different experts being involved in a project regarding the values of the uncertain input parameters. In this research, a Fuzzy-Delphi technique is implemented to determine the length of concession period considering uncertainties. Using the proposed Fuzzy-Delphi technique, the values of different uncertain factors affecting a BOT project is determined considering opinions of a group of experts. The NPV value is calculated considering the resulted aggregated values of uncertain input parameters. Finally, the concession period is determined using fuzzy approach. A case study is conducted to evaluate the performance of the proposed methodology. It is shown that the concession period is determined more effectively using the proposed approach.