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Article
Publication date: 17 October 2008

Xiangzhao Huang, Hu Wan and Hongtao Zhou

To take relative actions to cope with the threat which network finance information security now encounters by constructing controlling tactical and synergetic model.

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Abstract

Purpose

To take relative actions to cope with the threat which network finance information security now encounters by constructing controlling tactical and synergetic model.

Design/methodology/approach

It is practical to use the synergetic self‐organization theory to calculate the effects that the force of synergetic system of controlling tactics to financial information security makes on network financial system, and it is also practical to construct the synergetic model of controlling tactics to network financial information security on the basis of it.

Findings

Through applying synergetic analysis to controlling tactical system of network financial information security, it can be found out that controlling tactical system is an open system which changes from disorder to order and which keeps away from a balancing state. As an opening system, controlling tactics are interacting with outside from now and then.

Research limitations/implications

Network financial information security takes on dynamics, relativity, integrity and complexity. Accessibility of data is the main limitations which model will be applied.

Practical implications

From the view of network financial information security, constructing controlling tactical and synergetic model of information security are explained.

Originality/value

Network finance is orientated as a special social and economic system. The author does analysis on the network financial system, and expounds order parameters and model of network financial system.

Details

Kybernetes, vol. 37 no. 9/10
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 1 March 2001

Lu'ayy Minwer Al‐Rimawi

This is the second of two papers which examine the question of whether Arab securities regulations can be the subject matter of a methodological study in comparative…

Abstract

This is the second of two papers which examine the question of whether Arab securities regulations can be the subject matter of a methodological study in comparative securities regulation, especially with reference to EU regulations. Part One was published in Journal of Financial Regulation and Compliance Volume Eight, Number Four. This paper addresses the specific juridical impact of Shari'a on capital markets, before looking at its impact on capital market laws of Jordan, Kuwait and Oman. In order to provide an empirical insight into existing Arab securities regulations, the paper also surveys the securities and company laws in the aforementioned countries. Such a discussion also includes a brief examination of market conditions, especially the early factors that accompanied the genesis of such Arab securities markets, notably in Kuwait. The paper concludes by addressing the question of the suitability of the Arab markets selected for this study to comparative studies in EU securities regulation, especially in the context of contemporary internationalisation of securities regulation. It explains in the process why the European experience is relevant (particularly in light of the many EU—Arab association agreements to take effect from 2010, together with EU ‘harmonisation’, ‘minimum standards’, and ‘single passport’ regulatory concepts).

Details

Journal of Financial Regulation and Compliance, vol. 9 no. 3
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 1 February 1999

Lu'ayy Minwer Al‐Rimawi

This paper examines comparative aspects of Arab securities regulation. It provides a general introduction, overviews the aims of securities regulation and the UK…

Abstract

This paper examines comparative aspects of Arab securities regulation. It provides a general introduction, overviews the aims of securities regulation and the UK regulatory framework, and outlines the obstacles facing equity financing under Shari'a and hindrances to effective Arab securities regulation. It accounts for the major macroeconomic reasons which have enhanced interest in Arab securities markets, examines lack of Arab rules on fraud, insider dealing and possible contractual remedies. It concludes with a case study shedding light on the term ‘securities’ as understood by Article 3 of the 1997 Jordanian Securities Act.

Details

Journal of Financial Regulation and Compliance, vol. 7 no. 2
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 15 February 2021

Carlos León and Javier Miguélez

From a financial stability viewpoint, this paper aims to study cyclical interdependencies arising from the cross-holding of securities in the Colombian financial system.

Abstract

Purpose

From a financial stability viewpoint, this paper aims to study cyclical interdependencies arising from the cross-holding of securities in the Colombian financial system.

Design/methodology/approach

Cross-holding of securities in financial systems occurs when two financial institutions hold securities issued by each other or when more than two financial institutions hold securities issued by each other in a circular structure. Securities cross-holding is key for financial stability because of potential contagion arising from cyclical interdependencies in the connective architecture of financial systems. The presence of cyclical interdependencies is studied based on network analysis. The data set is a multilayer network that comprises bonds, certificates of deposit and equity issued and held by Colombian financial institutions from 2016 to 2019.

Findings

Results show that the extent of securities’ cyclical interdependencies is particularly low and stable – even when cross-holding across different types of securities is considered.

Research limitations/implications

The monetary value of exposures and their size with respect to financial institutions’ balance sheets are not considered. Studying the impact on the financial system’s solvency is a compulsory research path.

Practical implications

The network topology suggests that increased potential contagion by cyclical interdependencies and feedback effects from securities cross-holding is rather limited.

Originality/value

To the best of the authors’ knowledge, this is the first time that cyclical interdependencies arising from the securities cross-holding are studied. From a financial stability perspective, the methodology is general and promising for monitoring and analytical purposes.

Details

Studies in Economics and Finance, vol. 38 no. 4
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 3 September 2018

Stephan David Whitaker

The purpose of this paper is to measure how frequently innovative financial products appeared or became widely adopted in the municipal securities markets over the last…

Abstract

Purpose

The purpose of this paper is to measure how frequently innovative financial products appeared or became widely adopted in the municipal securities markets over the last two decades; and also investigate what types of issuers adopted the innovations, the relationship between yields and innovation and the patterns of diffusion within states.

Design/methodology/approach

Using comprehensive data on municipal securities issued from 1992 to 2015, the author searches for financial innovations as defined in the literature. The author uses issuer fixed effects models to characterize the relationship between yields and use of innovative products. Other models provide estimates of the conditional correlations between issuer characteristics and innovation usage. Finally, the author fits trend models to identify significant differences in the pace of adoption between different types of issuers.

Findings

In total, 35 security features fit one or more definitions of innovation. Extensive analysis is presented for four innovations that represent significant transfers of risk: variable rates, put options, corporate backers and derivatives. Small issuers used these innovative products, but the largest issuers adopted them to a greater extent. Usage appears to diffuse within states. Issuance of innovative securities fell during the financial crisis and has not recovered. Novel securities since the financial crisis have been created by legislation rather than by market participants.

Research limitations/implications

The data appear to cover all or nearly all municipal securities, but they do not cover loans or other types of municipal borrowing.

Practical implications

This analysis reveals that financial innovations in municipal securities markets usually take the form of a rare practice becoming widespread rather than a never-before-seen feature appearing in the market. Changes in response to legislation are an exception.

Social implications

Regulators concerned about financial stability can monitor the expansion of formerly rare securities features. This will be informative about new risks or transfers of risk in the market. They can also anticipate that expanded use of an innovation by states and high-volume issuers will be followed by adoption of the innovations by smaller, less sophisticated issuers in subsequent years.

Originality/value

This paper is the first attempt to empirically analyze the extent of financial innovation in municipal securities. Existing public finance literature has proposed definitions of financial innovation, qualitatively documented some specific innovations and empirically analyzed others. However, no previous study has empirically analyzed the entire municipal securities market for all possible innovations.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 30 no. 3
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 1 June 2003

Roman Jordans

Abstract

Details

Journal of Financial Regulation and Compliance, vol. 11 no. 2
Type: Research Article
ISSN: 1358-1988

Keywords

Content available
Article
Publication date: 7 September 2021

Ming Qi, Jiawei Zhang, Jing Xiao, Pei Wang, Danyang Shi and Amuji Bridget Nnenna

In this paper the interconnectedness among financial institutions and the level of systemic risks of four types of Chinese financial institutions are investigated.

Abstract

Purpose

In this paper the interconnectedness among financial institutions and the level of systemic risks of four types of Chinese financial institutions are investigated.

Design/methodology/approach

By the means of RAS algorithm, the interconnection among financial institutions are illustrated. Different methods, including Linear Granger, Systemic impact index (SII), vulnerability index (VI), CoVaR, and MES are used to measure the systemic risk exposures across different institutions.

Findings

The results illustrate that big banks are more interconnected and hold the biggest scales of inter-bank transactions in the financial network. The institutions which have larger size tend to have more connection with others. Insurance and security companies contribute more to the systemic risk where as other institutions, such as trusts, financial companies, etc. may bring about severe loss and endanger the financial system as a whole.

Practical implications

Since other institutions with low levels of regulation may bring about higher extreme loss and suffer the whole system, it deserves more attention by regulators considering the contagion of potential risks in the financial system.

Originality/value

This study builds a valuable contribution by examine the systemic risks from the perspectives of both interconnection and tail risk measures. Furthermore; Four types financial institutions are investigated in this paper.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 27 June 2020

Esther Dzidzah, Kwame Owusu Kwateng and Benjamin Kofi Asante

The inception of mobile financial services (MFSs) has positively provoked economic growth and productivity, nonetheless, it has pessimistically caused an upward surge in…

Abstract

Purpose

The inception of mobile financial services (MFSs) has positively provoked economic growth and productivity, nonetheless, it has pessimistically caused an upward surge in cybersecurity threat. Customers are progressively becoming conscious of some of the threat and several of them now shun away from some suspicious activities over the internet as a form of protection. This study aims to explore the factors that influence users’ to adopt security behaviour.

Design/methodology/approach

A synthesis of theories – Self-efficacy and technology threat avoidance theories – was used to examine the security behaviour of users of MFSs. Data was gathered from 530 students in Ghana using convenience sampling technique. Data analysis was carried out using descriptive statistics, inferential statistics and structural equation model.

Findings

Outcome of the investigation indicate that both mastery experience and verbal persuasion have substantial effect on the avoidance motivation of MFSs users. It was, however, found that emotional state and vicarious experience of users do not influence their avoidance motivation. Also, it was established that avoidance motivation is a positive prognosticator of avoidance behaviour.

Practical implications

Understanding the security behaviour of MFS users will help the operators to outline strategies to sustain the successes achieved.

Originality/value

Studies on user security behaviour are rare, especially in sub Saharan Africa, thus, this study will contribute to extant literature by adding a new dimension of user security behaviour.

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Article
Publication date: 20 November 2009

Princely Ifinedo

The purpose of this paper is to add a layer of understanding to a previous survey of information technology (IT) security concerns and issues in global financial services…

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2192

Abstract

Purpose

The purpose of this paper is to add a layer of understanding to a previous survey of information technology (IT) security concerns and issues in global financial services institutions (GFSI).

Design/methodology/approach

This paper uses data obtained from a secondary source. The dimensions of national culture used in this paper come from Hofstede's work. Two analyses are performed on the data. First, a non‐parametric test is conducted to determine whether there are significant differences on the 13 IT security concerns when the dimensions of national culture are used to group responses. Second, a correlation analysis is carried out between the study's variables.

Findings

First, the results indicate that the dimensions of national culture are not statistically important in differentiating responses and perceptions of IT security concerns across GFSI. Second, some of the dimensions of national culture are found to have significant correlations with a few of the IT security concerns investigated.

Research limitations/implications

The use of a secondary data source introduces some limitations. The views captured in the survey are those of management team, it is likely that end‐users' perceptions may vary considerably. Nonetheless, the main finding of the paper for corporate managers in the financial services industry is that IT security concerns appear to be uniform across cultures. Further, the data show that the dimension of uncertainty avoidance deserves further attention with regard to the assessment of security concerns in GFSI. This information may be useful for decision making and planning purposes in the financial services industry.

Originality/value

This paper is believed to be among the first to examine the impacts of national culture on IT security concerns in GFSI. The paper's conclusions may offer useful insights to corporate managers in the industry.

Details

Information Management & Computer Security, vol. 17 no. 5
Type: Research Article
ISSN: 0968-5227

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Article
Publication date: 30 November 2020

Natalia V. Trusova, Inna Ye. Yakusheva, Yuliia M. Zavoloka, Alina H. Yefremenko, Yuliia A. Malashenko and Maryna V. Sidnenko

The article deals with the imperatives of functioning of the financial market of Ukraine in the global space of debt loading.

Abstract

Purpose

The article deals with the imperatives of functioning of the financial market of Ukraine in the global space of debt loading.

Design/methodology/approach

Within the Laffer debt curve model, the dependence of gross domestic product (GDP) change on the level of debt of the financial system for countries that form the economic core in the global financial space and well control the level of the indicator, as well as new member states that have a different level of secure debt loading and affect the portion of the financial market that forms a portfolio of securities to cover the cost of nonperforming government securities is mentioned.

Findings

It has been shown that stock indices, as constituent indicators of changes in the price environment of a certain group of securities in time space, allow to estimate the general direction of the market movement even when prices within the index basket change in different directions.

Originality/value

The dynamics of changing the debt loading of the financial system of Ukraine in the current, medium-term perspective is analyzed. The amount of the fixed and floating rate debt of the government internal securities is determined to ensure the diversification of interest rate risk. Using the parameters of the model of approximation functions of dimensionless quantities, the corridor of a safe level of general government debt in the country was determined.

Details

Journal of Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3585

Keywords

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