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Regulated short selling after the global financial crisis: a comparative law perspective.
No full textThe regulation of short selling is one of the most debated topics of the immediate post-crisis financial regulatory landscape. Notwithstanding, nothing – or at least very little – has been written about it moving the analysis of such controversial issue from a legal perspective. \ud
Against this background, the main purpose of this work is to complement the ongoing international policy discussion enriching the existent debate with new considerations which are deemed to be essential for a deeper understanding of such investment technique. In particular, it presents a comprehensive analysis of short selling regimes as currently in place in the United States and at the European Union level, in the wider context of transatlantic dialogues.\ud
In doing so, the study of short selling regulations is proposed along to two main descriptive lines of research, which are clearly reflected in two distinct, although interconnected, parts.\ud
Common thread of Part I (Short Selling Regulation from a Comparative Perspective) can be identified in the need to provide solid methodological justification to the research. \ud
Chapter 1 investigates first of all the reasons behind the adoption of a comparative law perspective in the analysis of short selling regulation, moving from the scrutiny of short selling as described until now by economic studies. In particular, it moves from commenting on the status quo of research – with reference both to the identification of the different ‘mechanisms’ of short sales and to their impact on financial markets – evidencing economists’ difficulties in providing an uncontroversial response on whether regulatory intervention in this field is need. A legal perspective becomes thus critical in order to fill the gaps left by economic analysis, bringing to the debate considerations on the role of regulation in the direction of financial markets and on the necessity to provide market operators with a safe environment relying on legal certainty of financial operations. In this sense, the research further investigate the added value of a comparative approach in addressing risks posed by potential divergences in the regulation of short selling, in particular with reference to risks of ‘regulatory arbitrage’, upholding the key role of comparative law in the as transitional step towards international regulatory harmonization. \ud
Chapter 2 faces instead the absence of comparative law research in the field of financial regulation, questioning the appropriateness of the comparative law traditional methodology once applied to the topic in hand. In this respect, criticisms move from evidencing that financial regulation has been traditionally disregarded as object of comparison, tracing back this lack of interest in the difficulties in ascribing it within classical comparative law categories. In this sense, this work support the abandonment of a rigid compartmentalization – addressing in particular, the private/public law distinction, legal families, and the impact of globalization on comparative studies – in order to show that comparative studies on financial regulation are possible, but require a flexible methodology.\ud
Lastly, Chapter 3 will deal with the rationale behind a comparison of short selling regulations enacted by two different ‘forms of government’: the United States, as main point of reference and pioneer in the regulation of financial markets since the Great Crush of 1929, and the European Union, as its emerging new counter-party in international regulatory dialogues. In this context, it held that despite institutionally different – the former being a federal State and the latter a supranational organization – regulatory choices recently undertaken by the European Union show strong signs of convergence towards the traditional approach which characterizes financial regulation in the United States, at least from the perspective of the interaction between the Union and its Member States. This position is supported by the analysis of the U.S. ´dual system’ of financial regulation against strong harmonization trends in the EU Framework, observed from the adoption of the EU Financial Services Action Plan to the project for a EU Single European Rulebook. As a consequence, comparison of these two sets of rules represents, at the current stage, the most appropriate choice for a comparative analysis of short selling regulations, also in light of the increasing importance of transatlantic regulatory dialogues.\ud
Part II of the research (Short Selling Regulatory Choices – European Union and United States Compared) is then dedicated to the in depth comparative analysis of the current regulatory framework of short selling in the in the United States and in the European Union, in order to support the methodological assumption on the convergence of the two normative frameworks. \ud
Chapter 4, after addressing the main evolutionary steps in the regulation of short selling from an historical perspective, provides an overview of the regulations which are in force, at the current juncture, in the two systems. In particular, space is given to the regulatory debates which led to the enactment of Regulation SHO for United States and of Regulation 236/2012 for the European Union, offering a preliminary outline of the main legislative measures governing short selling. \ud
Chapter 5 thus enters into the detail of the analysis of the content of the two regulatory regimes. In particular, it describes the scope of application of Regulation 236/2012 and Regulation SHO, moving the analysis from emphasising the importance of legal definitions in the context of short selling. Against a widespread common understanding on the mechanics of short sales, the absence of clear legal definitions represented a misleading element in the study of short selling regulations, since generic reference to this practice has often led researchers to take for granted that measures adopted in different legislations were referring to the exact same phenomenon. Consistently, short selling is described focusing on the definitions provided under the two regulatory frameworks, with specific reference to the impact of the concept of ‘ownership’, of the calculation of ‘positions’ and of the privileged treatment of professional investors embodied in the U.S. regime. Scope of the two frameworks is then completed by the identification of the instruments covered and of their geographical applicability, with specific reference to the controversial issue of extraterritoriality.\ud
Chapter 6 presents the core provisions of the two regulatory frameworks, namely the way in which EU and U.S. legislators addressed short selling with reference to transparency of transactions and to the particular risks posed by ‘naked’ short selling. With respect to the first, it provides on overview on pro and cons of two divergent approaches: a notification and disclosure regime, as adopted in the EU, and a ‘marking’ system, as in force in the U.S. As for the second, it addressed the instruments adopted by the EU and U.S. regulators in order to curb the risks connected to ‘naked’ short selling. Main focus is posed on the functioning of ‘locate rules’ and on the application of ‘buy-in’ or ‘close-out’ requirements, with references to the measures implemented in order to address short selling when used as instrument for market abuses. In addition, attention is paid to the exceptions provided for the applicability of those rules, with emphasis on the different approaches adopted in the treatment of ‘market marking’ activities.\ud
Ultimately, Chapter 7 completes the analysis of short selling regulatory frameworks addressing powers of intervention granted to national competent authorities in order to face risks posed by short under specific circumstances. In particular, it describes the treatment of short selling in declining markets, under discretional and automatic ‘circuit breakers’, as well as extra-ordinary powers triggered by ‘exceptional’ or ‘emergency’ circumstances. In this context, particular attention is paid to the European regime, setting forth rules for the interaction among Member States competent authorities and the European Securities and Markets Authority. Cooperation arrangements are also taken into consideration under an international dimension, identifying the main instruments which foster the establishment of effective information sharing systems and collaboration in the enforcement of short selling regulatory regimes.\u
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
Author Under Sail The Imagination of Jack London, 1893-1902
No full textIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Intro -- Title Page -- Copyright Page -- Dedication -- Contents -- Acknowledgments -- Introduction -- 1. Spirit Truth -- 2. From Absorption to Theatricality and Back Again -- 3. "I Will Build a New Present" -- 4. Sons as Authors -- 5. Fathers as Publishers -- 6. The Daughter as Author -- 7. Lovers as Authors -- 8. At Sea with the Family -- 9. Yellow News, Yellow Stories -- 10. The Return Home -- Notes -- Bibliography -- Index -- About Jay WilliamsIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Description based on publisher supplied metadata and other sources.Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, YYYY. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
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