Insider Trading Returns: Does Country-level Governance Matter?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Insider Trading Returns: Does Country-level Governance Matter?"

Transcription

1 Svenska handelshögskolan / Hanken School of Economics, Insider Trading Returns: Does Country-level Governance Matter? Jyri KINNUNEN Juha-Pekka KALLUNKI Minna MARTIKAINEN Svenska handelshögskolan / Hanken School of Economics, Copyright Hanken 1

2 Introduction 1. Do corporate insiders in European countries with a different level of governance and shareholder protection earn different abnormal returns on their stock trading? 2. How insiders trading behavior has changed after the financial crisis in ? Has the financial crisis highlighted differences in insiders opportunistic trading behavior between countries? 3. Did the recent financial crisis and its volatile aftermath increase or decrease the value of insider information? Introduction» Insider trading regulation restricts the gains that corporate insiders can earn when using their private information to trade insider stocks.» A representative investor assumes that stronger country-level governance prevents insiders to misuse their informational advantage» Bhattacharya and Daouk (2002; 2009): The initial enforcement of an insider trading law decreases the cost of equity in a country» Beny (2005): Countries with more prohibitive insider trading laws have more liquid stock markets with more informative stock pricing and dispersed equity ownership» Christensen et al. (2011): The adoption and enforcement of directives that tightened insider trading regulation in the member states of the EU increased stock market liquidity and decreased the cost of equity» A relation between insider returns and country-level governance?» Fidrmuc et al. (2013): A positive relation between country-level shareholder protection and abnormal insider returns in (15 European countries + US). Copyright Hanken 2

3 Introduction» The financial crisis in offered an excellent opportunity for insiders to exploit their informational advantage» Due to turbulent market conditions, access to private information about future cash flows and discount rates not incorporated in stock prices became extremely valuable.» On the other hand, investors have become more concerned about the failures in governance and unethical behavior of corporate executives, potentially limiting opportunistic trading.» The financial crisis revealed asymmetries in country-level governance between European countries» The financial crisis evolved into the public debt crisis, which has been argued to result from weak governance in certain European countries => Lax governance a major topic» A cross-section of European countries ideal to investigate whether abnormal insider returns vary with country-level governance» The 1989 Insider Dealing Directive (89/592/EEC), the Market Abuse Directive (2003/6/EC) and Directive 2004/72/EC Introduction» We expand the limited evidence on the relation between insider returns and country-level governance and shareholder protection by investigating cross-country differences in abnormal insider returns in Europe» Governance measured by the control of corruption index and the rule of law index from the Worldwide Governance Indicators (see Kaufman et al., 2009).» Following Fidrmuc et al. (2013), we proxy shareholder protection by the anti-self-dealing (ASD) index of Djankov et al. (2008).» The ASD index is constructed on the basis of legal rules governing a hypothetical relatedparty transaction. Our measures capture a country s actual tendency to obey laws and perceptions of the extent of corruption.» Spearman s rank correlation between the country rankings implied by the ASD index and our governance classification is only Copyright Hanken 3

4 Introduction» Second, we contribute by investigating whether the effect of the countrylevel governance and shareholder protection on abnormal insider returns has changed after the global financial crisis in » During the post-crisis period, investors have become more concerned of failures in governance and unethical behavior of corporate executives (see e.g. Kirkpatrick, 2009)» Consequently, political and legal costs of informed insider trading (see e.g. Huddart and Ke, 2007; Kallunki et al., 2009) may have increased due to the crisis.» If these costs have increased asymmetrically across European countries, the relations between insider returns and country-level governance may differ between the pre- and postcrisis periods.» Third, we compare insider profits in high- and low-governance countries before and after the recent financial crisis» Previous studies address the issue only in a single-country setting. Van Geyt et al. (2013) find that the Belgian insiders earned higher profits during the peak of the financial crisis. Data» Data on insider transactions for the period from 1999 to 2011 from 2iQ Research. Stock price data and accounting data from Thomson Datastream.» The data set consists of 146,886 insider transactions in 20 European countries (44,317 sales and 102,569 purchases)» Insider trading profitability measured as the profit following a purchase transaction and the loss avoided following a sales transaction.» The market-adjusted return measured as the difference between the raw log-return over the six months (125 trading days) after the day on which the insider trades and the log-return on the respective stock market index.» We measure country-level governance by the control of corruption index and the rule of law index from the Worldwide Governance Indicators (WGI).» 20 European countries sorted in two groups (High/low governance) based on the WGI cross-country indicators of governance.» The 10 countries with the highest levels of governance are from Northern Europe. The 10 countries ranked as having the lowest levels of governance are from the Mediterranean, and Middle and Eastern Europe. Copyright Hanken 4

5 Table 1 Cross-country indicators of governance This table shows a cross-country comparison of governance indicators. Twenty countries are ranked based on two dimensions of the Worldwide Governance Indicators (WGI): Control of Corruption and Rule of Law. The countries are sorted in an ascending order according to their average rank (Governance). Panel A (B) lists the 10 top (bottom) countries that were ranked as having the highest (lowest) levels of governance. Shareholder protection ranks the countries based on the anti-self-dealing index of Djankov et al. (2008); Legal Origin classifies the legal origin of the country s commercial law. The last column shows the period for which we have insider trading data for a country. Country Control of Corruption Rule of Law Governance Shareholder Legal origin protection Time coverage Panel A: High level of governance Denmark Scandinavian Civil Law 04/ /2011 Finland Scandinavian Civil Law 09/ /2011 Sweden Scandinavian Civil Law 02/ /2011 Norway Scandinavian Civil Law 12/ /2011 Switzerland German Civil Law 08/ /2011 Netherlands French Civil Law 12/ /2011 Austria German Civil Law 11/ /2011 Luxembourg German Civil Law 08/ /2011 United Kingdom Common Law 04/ /2011 Germany German Civil Law 12/ /2011 Panel B: Low level of governance Ireland Common Law 01/ /2011 Belgium French Civil Law 06/ /2011 France French Civil Law 07/ /2011 Spain French Civil Law 06/ /2011 Portugal French Civil Law 11/ /2011 Hungary German Civil Law 10/ /2011 Czech Republic German Civil Law 05/ /2011 Italy French Civil Law 08/ /2011 Poland German Civil Law 03/ /2011 Greece French Civil Law 01/ /2011 Empirical framework» Matched-pair insider sale and purchase samples» Linear regressions with country- and firm-specific control variables» Country-specific fixed effects and year dummies control for differences in abnormal returns across countries and over time» Standard errors adjusted for clustering at the firm level» To control for outliers and potential data errors, continuous variables winsorized to the 1st and 99th percentiles of their distribution Copyright Hanken 5

6 Conclusions» Insiders avoid about 2.0 percent points (4.0 per annum) more negative abnormal returns after their sales, if compared to outsiders» Insiders earn about 3.0 percent points (6.0 per annum) more positive abnormal returns after their purchases, if compared to outsiders Conclusions» No support for the view that stronger governance or shareholder protection prevents insiders to exploit their information advantage.» Results rather point to opposite: 1. Insiders in countries with strong governance and shareholder protection avoid significantly more abnormal negative results after selling their insider stocks than their peer group 2. Differences in abnormal returns between the groups are mostly insignificant for insider purchases. Copyright Hanken 6

7 Conclusions» The financial crisis and its volatile aftermath increased the informational advantage of corporate insiders over outside investors but also dampened differences in insiders opportunistic trading behavior between countries.» Suggests that insiders across Europe have recognized that investors have become more concerned of failures in governance and unethical behavior of corporate executives after the start of the recent financial crisis. Svenska handelshögskolan / Hanken School of Economics, hanken.fi Copyright Hanken 7

1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4

1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4 Bankruptcy Systems and In-court Reorganisation of Firms, 2010 Content: 1. Perception of the Bancruptcy System... 2 2. Perception of In-court Reorganisation... 4 3. Perception of Creditor Committees, Fast

More information

Figure 1 Statutory corporate income tax rates

Figure 1 Statutory corporate income tax rates Figure 1 Statutory corporate income tax rates 7 6 1982 2001 5 4 3 2 1 Austria Belgium Canada Finland France UK Germany Greece Ireland Italy Japan Netherlands Notes: For countries using different tax rates,

More information

SMEs access to finance survey 2014

SMEs access to finance survey 2014 EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence

More information

The Determinants of Global Factoring By Leora Klapper

The Determinants of Global Factoring By Leora Klapper The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as

More information

6 Social Welfare Payments

6 Social Welfare Payments 6 Social Welfare Payments Indicator 6.1 Indicator 6.2 Unemployment Benefits Compared to Earnings (OECD countries) Unemployment Benefits Compared to Earnings in the Republic of Ireland and the United Kingdom

More information

Judicial performance and its determinants: a cross-country perspective

Judicial performance and its determinants: a cross-country perspective No. 05 JUNE 2013 Judicial performance and its determinants: a cross-country perspective A GOING FOR GROWTH REPORT Box 1. Description of the data The data used in this study come primarily from three

More information

AMADEUS: Analyse MAjor Databases from EUropean Sources - A financial database of 4 million European companies, including Eastern Europe MODULE.

AMADEUS: Analyse MAjor Databases from EUropean Sources - A financial database of 4 million European companies, including Eastern Europe MODULE. AMADEUS http://amadeus.bvdep.com/ip AMADEUS: Analyse MAjor Databases from EUropean Sources - A financial database of 4 million European companies, including Eastern Europe MODULE. General AMADEUS contains

More information

Delegation in human resource management

Delegation in human resource management From: Government at a Glance 2009 Access the complete publication at: http://dx.doi.org/10.1787/9789264075061-en Delegation in human resource management Please cite this chapter as: OECD (2009), Delegation

More information

IMMIGRATION TO CANADA

IMMIGRATION TO CANADA NOTE: IMMIGRATION TO CANADA 1928-1971 RANK COUNTRY OF ORIGIN TOTALS 1 United Kingdom * 1152415 2 United States of America 527346 3 Italy 471940 4 Germany 370641 5 Netherlands 185664 6 Poland 117244 7 Greece

More information

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology OCTOBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology SEPTEMBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol) Indexes Construction

More information

External rebalancing is it cyclical or structural?

External rebalancing is it cyclical or structural? External rebalancing is it cyclical or structural? Conference on European Economic Integration CEEI 2014 Daniel Gros Vienna November 25, 2015 Rebalancing Large improvement in current account balances throughout

More information

Hungary s labour market indicators continue to improve

Hungary s labour market indicators continue to improve Hungary s labour market indicators continue to improve Employment rate higher again in Hungary According to the latest data, the positive trend regarding growth in the number of people in employment has

More information

relating to household s disposable income. A Gini Coefficient of zero indicates

relating to household s disposable income. A Gini Coefficient of zero indicates Gini Coefficient The Gini Coefficient is a measure of income inequality which is based on data relating to household s disposable income. A Gini Coefficient of zero indicates perfect income equality, whereas

More information

Database Grundtvig courses. January 2011 December 2012

Database Grundtvig courses. January 2011 December 2012 Database Grundtvig courses January 2011 December 2012 1. Totals courses Courses aimed at participants receiving: 10 1057 A grant for either Comenius or Grundtvig target groups (COM+GRU) 28% 299 A Grundtvig

More information

UTX Europe V2 - Enhancements

UTX Europe V2 - Enhancements UTX Europe V2 - Enhancements Global Enhancements... 2 Country-By-Country Analysis - UTX Europe V2 Feature Enhancements... 3 Austria... 3 Belgium... 3 Czech Republic... 3 Denmark... 3 Finland... 3 France...

More information

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50. Overall Results Climate Change Performance Index 2012 Table 1 Rank Country Score** Partial Score Tendency Trend Level Policy 1* Rank Country Score** Partial Score Tendency Trend Level Policy 21 - Egypt***

More information

Unemployment in an international comparison

Unemployment in an international comparison Unemployment in an international comparison Destatis, 03 March 2009 At the beginning of 2009, the global financial and economic crisis finally reached the German labour market. Generally, the labour market

More information

168/2014-4 November 2014. At risk of poverty or social exclusion 2 rate in the EU28, 2008-2013 (% of total population)

168/2014-4 November 2014. At risk of poverty or social exclusion 2 rate in the EU28, 2008-2013 (% of total population) 168/2014-4 November 2014 At risk of poverty or social exclusion in the EU28 More than 120 million persons at risk of poverty or social exclusion in 2013 Almost 1 out of every 4 persons in the EU in this

More information

Projected Population of Scotland (2008-based) Figures

Projected Population of Scotland (2008-based) Figures Projected Population of Scotland (2008-based) Figures Contents Figure 1 Estimated population of Scotland, actual and projected, 1951-2083 Figure 2 Births and deaths, actual and projected, Scotland, 1951-2033

More information

Supported Payment Methods

Supported Payment Methods Sell Globally in a Snap Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

OECD Countries Local Government Fiscal Context [DRAFT ] Hal Wolman and Diana Hincapie, George Washington Institute of Public Policy

OECD Countries Local Government Fiscal Context [DRAFT ] Hal Wolman and Diana Hincapie, George Washington Institute of Public Policy OECD Countries Local Government Fiscal Context [DRAFT 1-29-133-31-14] Hal Wolman and Diana Hincapie, George Washington Institute of Public Policy Below we present a contextual overview of local government

More information

Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women

Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women 75/2015-27 April 2015 Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women Among the 44.1 million persons in the European Union

More information

How many students study abroad and where do they go?

How many students study abroad and where do they go? From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter

More information

The Tax Burden of Typical Workers in the EU 28 2015

The Tax Burden of Typical Workers in the EU 28 2015 The Tax Burden of Typical Workers in the EU 28 2015 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite

More information

UTILISATION IN OECD COUNTRIES

UTILISATION IN OECD COUNTRIES INEQUALITIES IN HEALTH CARE UTILISATION IN OECD COUNTRIES Marion Devaux, OECD Health Division EU Expert Group Meeting on Social Determinants and Health Inequalities, 21-Jan-2013 1 Equity OECD framework

More information

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family

More information

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014 Quarterly Statistical Release September 2014, N 58 This release and other statistical releases are available on efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Second

More information

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments January 20, 2015 ShadEcEurope31_January2015.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments by Friedrich Schneider *)

More information

NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth

NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth 4 Distribution of Income and Wealth 53 54 Indicator 4.1 Income per capita in the EU Indicator defined National income (GDP) in per capita (per head of population) terms expressed in Euro and adjusted for

More information

Health Care Systems: Efficiency and Policy Settings

Health Care Systems: Efficiency and Policy Settings Health Care Systems: Efficiency and Policy Settings Summary in English People in OECD countries are healthier than ever before, as shown by longer life expectancy and lower mortality for diseases such

More information

Plants Plants Plants Plants Plants

Plants Plants Plants Plants Plants Students Presentation: Nina Wachendorf 1 Structure Company Structure Company Coordination Company Distribution EWC Structure EWC Distribution EWC Coordination EWC Parts Company Structure Corporation Country

More information

INTERNATIONAL TRACKED POSTAGE SERVICE

INTERNATIONAL TRACKED POSTAGE SERVICE INTERNATIONAL TRACKED POSTAGE SERVICE Index Expanding Internationally...03 The Post NL Service...04 How it works... 05 Post NL Rates...06 Transit times...07 Customer Service...08 Expanding Internationally

More information

Global Effective Tax Rates

Global Effective Tax Rates www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes

More information

Actual annual working time in France and in Europe in 2013

Actual annual working time in France and in Europe in 2013 Actual annual working time in France and in Europe in 2013 Update to the January 2012 study plus new data Summary of the Working Paper N.49 : La durée effective du travail en France et en Europe (June

More information

Expenditure on Health Care in the UK: A Review of the Issues

Expenditure on Health Care in the UK: A Review of the Issues Expenditure on Health Care in the UK: A Review of the Issues Carol Propper Department of Economics and CMPO, University of Bristol NIERC 25 April 2001 1 Expenditure on health care in the UK: The facts

More information

Supported Payment Methods

Supported Payment Methods Supported Payment Methods Global In the global payments market, credit cards are the most popular payment method. However, BlueSnap expands the payment selection by including not only the major credit

More information

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Prepared by Dr. Ann Hope This report should be referenced: Hope, A. (2007). Alcohol consumption in Ireland 1986-2006.

More information

FDI IN FIGURES. April 2013

FDI IN FIGURES. April 2013 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 p p FDI IN FIGURES April 213 According to preliminary estimates, global FDI flows have declined in 212 by 14% from 211 to USD 1.4 trillion

More information

Alison Fennah, VP Research & Marketing IAB Europe. IAB Hungary Research Day - Budapest 15 th June @IABEurope

Alison Fennah, VP Research & Marketing IAB Europe. IAB Hungary Research Day - Budapest 15 th June @IABEurope Alison Fennah, VP Research & Marketing IAB IAB Hungary Research Day - Budapest 15 th June @IAB Presentation Agenda 1. Introduction Background Coverage and Methodology 2. Main Findings The Media Evolution

More information

EUF STATISTICS. 31 December 2013

EUF STATISTICS. 31 December 2013 . ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover

More information

Facts: Population Baldwin & Wyplosz 2006

Facts: Population Baldwin & Wyplosz 2006 Facts: Population Facts: Population 6 big nations: > 35 million (Germany, the UK, France, Italy, Spain and Poland). Netherlands: 16 million people. 8 small nations (size of a big city): 8 to 11 million:

More information

Eliminating Double Taxation through Corporate Integration

Eliminating Double Taxation through Corporate Integration FISCAL FACT Feb. 2015 No. 453 Eliminating Double Taxation through Corporate Integration By Kyle Pomerleau Economist Key Findings The United States tax code places a double-tax on corporate income with

More information

Erasmus+ International Cooperation

Erasmus+ International Cooperation International Cooperation Work together with European higher education institutions ? The EU's programme to support education, training youth & sport Funding for programmes, projects & scholarships Fosters

More information

Waiting times and other barriers to health care access

Waiting times and other barriers to health care access Dr. Frank Niehaus Wissenschaftliches Institut der PKV (Scientific Research Institute of the Association of German Private Health Insurers) Waiting times and other barriers to health care access 31.8 %

More information

The Legal Origins of Corporate Social Responsibility

The Legal Origins of Corporate Social Responsibility The Legal Origins of Corporate Social Responsibility Leonardo Becchetti 1 Rocco Ciciretti 2 Pierluigi Conzo 3 1 University of Rome Tor Vergata 2 University of Rome Tor Vergata, CEIS and RCEA-Rimini 3 University

More information

Capital Market Access and Financing of Private Firms n

Capital Market Access and Financing of Private Firms n International Review of Finance, 11:2, 2011: pp. 155 179 DOI: 10.1111/j.1468-2443.2011.01131.x Capital Market Access and Financing of Private Firms n VIDHAN K. GOYAL w, ALESSANDRO NOVA ¼ AND LAURA ZANETTI

More information

Prospects for the Construction Industry. Oebele Vries

Prospects for the Construction Industry. Oebele Vries Prospects for the Construction Industry Oebele Vries Economic framework Credit crisis: deep global recession Strongly decreasing investment demand Lack of commercial credit possiblities Bottom has been

More information

Survey on the access to finance of enterprises (SAFE) Analytical Report 2014

Survey on the access to finance of enterprises (SAFE) Analytical Report 2014 Survey on the access to finance of enterprises (SAFE) Analytical Report 2014 Written by Sophie Doove, Petra Gibcus, Ton Kwaak, Lia Smit, Tommy Span November 2014 LEGAL NOTICE This document has been prepared

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Masters level

More information

Expenditure and Outputs in the Irish Health System: A Cross Country Comparison

Expenditure and Outputs in the Irish Health System: A Cross Country Comparison Expenditure and Outputs in the Irish Health System: A Cross Country Comparison Paul Redmond Overview This document analyzes expenditure and outputs in the Irish health system and compares Ireland to other

More information

DSF POLICY BRIEFS No. 34/ September 2014

DSF POLICY BRIEFS No. 34/ September 2014 DSF POLICY BRIEFS No. 34/ September 2014 New Evidence on the Home Bias in European Investment Dirk Schoenmaker, Duisenberg school of finance Chiel Soeter, Duisenberg school of finance Abstract The introduction

More information

Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003

Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Presentation of «Quantification of the Macro-Economic Impact of Integration of EU Financial Markets» by London

More information

NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE EUROPEAN UNION 1 Quarter 4 2015

NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE EUROPEAN UNION 1 Quarter 4 2015 NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE Quarter 4 2015 Alternative fuel vehicle (AFV) registrations: +20.0% in 2015; +21.1% in Q4 In the fourth quarter of 2015, total alternative

More information

Value of production of agricultural products and foodstuffs, wines, aromatised wines and spirits protected by a geographical indication (GI)

Value of production of agricultural products and foodstuffs, wines, aromatised wines and spirits protected by a geographical indication (GI) Value of production of agricultural products and foodstuffs, wines, aromatised wines and spirits protected by a geographical indication (GI) TENDER N AGRI 2011 EVAL 04 Leaflet October 2012 The information

More information

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD

More information

Long-Term Underperformance of New Issues: Is Earnings Management the Villain?

Long-Term Underperformance of New Issues: Is Earnings Management the Villain? Long-Term Underperformance of New Issues: Is Earnings Management the Villain? S. Ghon Rhee K. J. Luke Distinguished Professor Of International Finance and Banking University of Hawai i FIMA Research Center,

More information

Cancer Care: Chart Set.

Cancer Care: Chart Set. Cancer Care: Chart Set www.oecd.org/health/health-systems/cancer-care.htm 110 123 129 120 130 146 143 138 144 164 167 163 156 163 162 166 156 149 172 172 175 166 167 179 182 173 138 187 189 178 192 186

More information

INTERNATIONAL COMPARISONS OF PART-TIME WORK

INTERNATIONAL COMPARISONS OF PART-TIME WORK OECD Economic Studies No. 29, 1997/II INTERNATIONAL COMPARISONS OF PART-TIME WORK Georges Lemaitre, Pascal Marianna and Alois van Bastelaer TABLE OF CONTENTS Introduction... 140 International definitions

More information

SURVEY ON THE TRAINING OF GENERAL CARE NURSES IN THE EUROPEAN UNION. The current minimum training requirements for general care nurses

SURVEY ON THE TRAINING OF GENERAL CARE NURSES IN THE EUROPEAN UNION. The current minimum training requirements for general care nurses SURVEY ON THE TRAINING OF GENERAL CARE NURSES IN THE EUROPEAN UNION This survey serves as a background document for the discussion of the Commission's legislative proposal to modernize the minimum requirements

More information

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN OCTOBER 2016

TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN OCTOBER 2016 TRIPS OF BULGARIAN RESIDENTS ABROAD AND ARRIVALS OF VISITORS FROM ABROAD TO BULGARIA IN OCTOBER 2016 In October 2016, the number of the trips of Bulgarian residents abroad was 404.0 thousand (Annex, Table

More information

Pan-European Launch Presentation Summary

Pan-European Launch Presentation Summary Pan-European Launch Presentation Summary May 2012 Presentation Agenda 1. Introduction Background Coverage and Methodology 2. Findings The Media Evolution Internet everywhere by any means Media multi-tasking

More information

Regulatory aspects of Energy Investment Conditions in European Countries

Regulatory aspects of Energy Investment Conditions in European Countries CEER Memo on Regulatory aspects of Energy Investment Conditions in European Countries Ref: C14-IRB-23-03a 27-April-2015 Council of European Energy Regulators asbl Cours Saint-Michel 30a, Box F 1040 Brussels,

More information

13 th Economic Trends Survey of the Architects Council of Europe

13 th Economic Trends Survey of the Architects Council of Europe 13 th Economic Trends Survey 13 th Economic Trends Survey of the Architects Council of Europe 13 th Economic Trends Survey Breakdown of responses COUNTRY ANSWERS France 1464 Belgium 399 Spain 365 Italy

More information

TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS. Paulo Magina Public Sector Integrity Division

TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS. Paulo Magina Public Sector Integrity Division TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS Paulo Magina Public Sector Integrity Division 10 th Public Procurement Knowledge Exchange Platform Istanbul, May 2014 The Organization for Economic

More information

SAFETY OF MACHINERY - RISK ASSESSMENT - PART 1: PRINCIPLES (ISO :2007) IRISH STANDARD I.S. EN ISO :2007. Price Code

SAFETY OF MACHINERY - RISK ASSESSMENT - PART 1: PRINCIPLES (ISO :2007) IRISH STANDARD I.S. EN ISO :2007. Price Code IRISH STANDARD I.S. EN ISO 14121-1:2007 ICS 13.110 SAFETY OF MACHINERY - RISK ASSESSMENT - PART 1: PRINCIPLES (ISO National Standards Authority of Ireland Glasnevin, Dublin 9 Ireland Tel: +353 1 807 3800

More information

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS

More information

Introduction to the European Patent Office and the European patent system

Introduction to the European Patent Office and the European patent system Introduction to the European Patent Office and the European patent system Michaël De Smet European Patent Office 28-09-202 Contents The European Patent Convention The European Patent Office The European

More information

Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX

Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Summary Prospectus October 30, 2015 Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Before you invest, you may

More information

Data Centre Pricing in Europe 2013 to 2018

Data Centre Pricing in Europe 2013 to 2018 Brochure More information from http://www.researchandmarkets.com/reports/2712847/ Data Centre Pricing in Europe 2013 to Description: The third edition of the Data Centre Pricing in Europe 2013 to report

More information

Equity Release Schemes in the European Union

Equity Release Schemes in the European Union Reifner Clerc-Renaud Perez-Carillo Tiffe Knobloch Equity Release Schemes in the European Union institut fur finanzdienstleistungen e.v. Contents PREFACE I EXECUTIVE SUMMARY V TABLES XXIX FIGURES XXX 1.

More information

Why Invest in International Now?

Why Invest in International Now? July 2015 As of the end of June 2015 over 62% of the weight of the world stock market capitalization consisted of non-u.s. companies. The largest companies in many industries are in fact internationally

More information

IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS

IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS Bernd Geiss* Germany, Destination for Migrants Germany is in the middle of Europe and has common borders with nine countries. Therefore,

More information

COMMUNICATION FROM THE COMMISSION

COMMUNICATION FROM THE COMMISSION EUROPEAN COMMISSION Brussels, 17.9.2014 C(2014) 6767 final COMMUNICATION FROM THE COMMISSION Updating of data used to calculate lump sum and penalty payments to be proposed by the Commission to the Court

More information

Leading causes of death in Israel

Leading causes of death in Israel www.health.gov.il Health Information Division Leading causes of death in Israel 2000-2012 Nehama Goldberger, Myriam Aburbeh, Ziona Haklai September 2015 Health.info@moh.health.gov.il Contents Leading causes

More information

Evaluating Managers on an After-Tax Basis

Evaluating Managers on an After-Tax Basis Evaluating Managers on an After-Tax Basis Brian La Bore Senior Manager Research Analyst Head of Traditional Research Greycourt & Co., Inc. March 25 th, 2009 Is Your Alpha Big Enough to Cover Its Taxes?

More information

Waste. Copenhagen, 3 rd September 2014. Almut Reichel Project Manager Sustainable consumption and production & waste, European Environment Agency

Waste. Copenhagen, 3 rd September 2014. Almut Reichel Project Manager Sustainable consumption and production & waste, European Environment Agency Waste Copenhagen, 3 rd September 2014 Almut Reichel Project Manager Sustainable consumption and production & waste, European Environment Agency Waste and material resources MAWP Strategic Area 1.9 Objective

More information

The Legal Protection Insurance Market in Europe. October 2013

The Legal Protection Insurance Market in Europe. October 2013 The Legal Protection Insurance Market in Europe October 2013 The Legal Protection Insurance Market in Europe October 2013 In its latest publication RIAD, the International Association of Legal Protection

More information

Corporate Office 19200 Von Karman Ave Suite 150 Irvine, California 92612-8501. Toll Free: 888-643-3133 Fax: 949-502-0048 www.ifa.

Corporate Office 19200 Von Karman Ave Suite 150 Irvine, California 92612-8501. Toll Free: 888-643-3133 Fax: 949-502-0048 www.ifa. Corporate Office 19200 Von Karman Ave Suite 150 Irvine, California 92612-8501 Toll Free: 888-643-3133 Fax: 949-502-0048 www.ifa.com All Dimensional portfolio returns are net of all fees unless otherwise

More information

Report on Government Information Requests

Report on Government Information Requests Report on Government Information July 1 - December 31, 2014 apple Apple takes our commitment to protecting your data very seriously and we work incredibly hard to deliver the most secure hardware, software

More information

Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU

Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU 92/2015-27 May 2015 Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU In the European Union (EU), household electricity prices 1 rose by

More information

Global Economic Indicators: Global Leading Indicators

Global Economic Indicators: Global Leading Indicators Global Economic Indicators: Global Leading Indicators September 12, 2016 Dr. Edward Yardeni 516-2-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit

More information

EIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011

EIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011 EIOPA Stress Test 2011 Press Briefing Frankfurt am Main, 4 July 2011 Topics 1. Objectives 2. Initial remarks 3. Framework 4. Participation 5. Results 6. Summary 7. Follow up 2 Objectives Overall objective

More information

Challenges in Combating Pensioner Poverty Helsinki, 4-5 Dec 2006

Challenges in Combating Pensioner Poverty Helsinki, 4-5 Dec 2006 Challenges in Combating Pensioner Poverty Helsinki, 4-5 Dec 2006 1st Afternoon Plenary session Design and reform of minimum income guarantee and general public earnings related pension schemes and their

More information

9 th World Telecommunication/ICT Indicators Meeting (WTIM-11) Mauritius, 7-9 December 2011

9 th World Telecommunication/ICT Indicators Meeting (WTIM-11) Mauritius, 7-9 December 2011 9 th World Telecommunication/ICT Indicators Meeting (WTIM-11) Mauritius, 7-9 December 2011 Contribution to WTIM-11 session Document C/28-E 9 December 2011 English SOURCE: TITLE: Czech Statistical Office,

More information

Employment by Economic Activity

Employment by Economic Activity Employment by Economic Activity Short Term Indicators of the Labour Market Employment Trends through 2nd Quarter 2013 Department of Statistics Contents Methodological Note 2 Summary of Employment Trends

More information

English Version. Resilient, textile and laminate floor coverings - Floor covering standard symbols

English Version. Resilient, textile and laminate floor coverings - Floor covering standard symbols TECHNICAL SPECIFICATION SPÉCIFICATION TECHNIQUE TECHNISCHE SPEZIFIKATION CEN/TS 15398 July 2008 ICS 59.080.60; 97.150 Supersedes CEN/TS 15398:2006 English Version Resilient, textile and laminate floor

More information

Cross-country comparison of health care system efficiency

Cross-country comparison of health care system efficiency Cross-country comparison of health care system efficiency Isabelle Joumard, OECD, Economics Department IMF conference, June 21, 2011 Public Health Care Reforms: Challenges and Lessons for Advanced and

More information

The Tax Burden of Typical Workers in the EU 28 2016

The Tax Burden of Typical Workers in the EU 28 2016 The Tax Burden of Typical Workers in the EU 28 2016 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite

More information

EBA Report. High Earners and 2011 data. High Earners

EBA Report. High Earners and 2011 data. High Earners EBA Report High Earners 2010 and 2011 data High Earners 2010 and 2011 data Contents 1 Introduction 3 2 Template 4 3 2010 data 5 4 2011 data 15 2 Introduction Directive 2010/76/EC (CRDIII) introduced the

More information

Going for Growth: Structural Surveillance in the OECD

Going for Growth: Structural Surveillance in the OECD Going for Growth: Structural Surveillance in the OECD OECD World Bank Conference on Innovation and Sustainable Growth in a Globalised World, Paris, 18-19 November 2008 Sven Blondal Sven Blondal, Economics

More information

Social insurance, private insurance and social protection. The example of health care systems in some OECD countries

Social insurance, private insurance and social protection. The example of health care systems in some OECD countries Social insurance, private insurance and social protection. The example of health care systems in some OECD countries References OECD publications on Health care Swiss Re publications Sigma No 6/2007 on

More information

187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter

187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter 187/2014-5 December 2014 This News Release has been revised following an error in the data for Gross Fixed Capital Formation. This affects both the growth of GFCF and its contribution to GDP growth. All

More information

Electricity, Gas and Water: The European Market Report 2014

Electricity, Gas and Water: The European Market Report 2014 Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS Ref. Ares(2015)660570-17/02/2015 ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students

More information

193/2014-15 December 2014. Hourly labour costs in the EU28 Member States, 2012 (in )

193/2014-15 December 2014. Hourly labour costs in the EU28 Member States, 2012 (in ) 193/2014-15 December 2014 Labour Cost Survey 2012 in the EU28 Labour costs highest in the financial and insurance sector Three times higher than in the accommodation and food sector In 2012, average hourly

More information

EN ISO 14121-1. Safety of machinery Risk assessment. Sicherheit von Maschinen Risikobeurteilung Teil 1: Leitsätze (ISO 14121-1:2007)

EN ISO 14121-1. Safety of machinery Risk assessment. Sicherheit von Maschinen Risikobeurteilung Teil 1: Leitsätze (ISO 14121-1:2007) ÖNORM EN ISO 14121-1 Edition: 2008-01-01 Safety of machinery Risk assessment Part 1: Principles (ISO 14121-1:2007) Sicherheit von Maschinen Risikobeurteilung Teil 1: Leitsätze (ISO 14121-1:2007) Sécurité

More information

Trends in the European Investment Fund Industry. in the First Quarter of 2016

Trends in the European Investment Fund Industry. in the First Quarter of 2016 Quarterly Statistical Release May 2016, N 65 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the First Quarter

More information