Do We Really Need a European Agency for Market Regulation?

In November 2007, the European Commission suggested that an EC regulatory agency should be set up for the telecommunications markets. The following paper examines the key tasks and structure of the proposed agency and identifies the limits to the delegation of powers involved by reflecting on the relevant case law and the existing doctrine. It compares the concept with a recently published rapporteur report to the European Parliament and an alternative model of a joint body of national regulatory authorities. The authors wish to thank Martin Busch, Student of Law and Politics at the University of Bonn, for his valuable assistance.     

Return patterns of South Korean stocks following large price shocks

This study tests the market efficiency of the South Korean stock market by examining returns on stocks of the constituents of the KOSPI 50 from 2000 to 2014 following large 1-month price decreases and increases. An exponential GARCH (EGARCH) event study framework is used to analyse the stock returns. The results show that large price shocks, positive and negative, are likely to be followed by positive market returns. Moreover, the results show an increase in the beta of stocks in the years following a large price shock. The overall results therefore support the Uncertain Information Hypothesis. However, beginning in 2008, return patterns more closely reflect those hypothesised by the Efficient Market Hypothesis, possibly due to increased participation by international investors. The observed returns following large price increases and decreases can be partially explained by changes in the Korean won to US dollar exchange rate and the trading behaviour of foreign investors.     

Becoming a green entrepreneur: An advanced entrepreneurial cognition model based on a practiced-based approach

International Entrepreneurship and Management Journal - This paper examines how entrepreneurs develop the intention to make their venture green, even when “being green” doesn’t...     

Global talent management by multinational enterprises post-COVID-19: The role of enterprise social networking and senior leadership

Multinational enterprises' (MNEs') workforce is made up of people from diverse backgrounds and different locations around the globe. The cross-border transfer of knowledge, skills, and best practices among MNE employees is important to maintain global standards and competitiveness. In the post-COVID-19 period, there is a greater need to exchange knowledge in the changing business environment. The purpose of this study is to examine the issues related to MNEs' global talent management, post-COVID-19. The study investigates the use of enterprise social networking applications for better knowledge exchange and tries to understand the moderating role of senior leadership team support in facilitating the usage of enterprise social networks for cross-border collaboration and talent management. After reviewing the literature and relevant theories, we developed a conceptual model, which is then validated using the SEM technique with 347 respondents from 12 MNEs. The study reveals the importance of using enterprise social networks for cross-border knowledge exchange in the post-COVID-19 period.     

Equilibrium investment with random risk aversion

We solve the problem of an investor who maximizes utility but faces random preferences. We propose a problem formulation based on expected certainty equivalents. We tackle the time-consistency issues arising from that formulation by applying the equilibrium theory approach. To this end, we provide the proper definitions and prove a rigorous verification theorem. We complete the calculations for the cases of power and exponential utility. For power utility, we illustrate in a numerical example that the equilibrium stock proportion is independent of wealth, but decreasing in time, which we also supplement by a theoretical discussion. For exponential utility, the usual constant absolute risk aversion is replaced by its expectation.