- Author
- Fijałkowska Dominika (Wrocław University of Economics, Poland), Muszyński Michał (Wrocław University of Economics, Poland), Pauka Marek (Wrocław University of Economics, Poland)
- Title
- Disclosure Obligations on Selected European Alternative Investment Markets - Comparison and Conclusion
Wymogi informacyjne raportów spółek notowanych na Europejskich Alternatywnych Systemach Obrotu - analiza porównawcza - Source
- Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu, 2012, nr 1 (10), s. 141-154, tab., bibliogr. 19 poz.
Financial Sciences / Uniwersytet Ekonomiczny we Wrocławiu - Keyword
- Inwestor giełdowy, Alternatywny System Obrotu (ASO)
Stock exchange investor, Alternative Investment Market (AIM) - Note
- streszcz., summ.
- Abstract
- Celem artykułu jest analiza porównawcza wymogów informacyjnych w raportach spółek notowanych na Europejskich Alternatywnych Systemach Obrotu i ocena stopnia formalizacji rynku New Connect. Alternatywne Systemy Obrotu w przeciwieństwie do rynków głównych są regulowane tylko przez wewnętrzne prawo ustalane przez Giełdy Papierów Wartościowych, co wpływa na istotne różnice wymogów dla emitentów, inwestorów i podmiotów trzecich. Również wymogi dotyczące raportów charakteryzuje różny stopień szczegółowości. Najważniejsze różnice w wymogach informacyjnych to metody publikacji raportów oraz wyższy stopień formacji rynku polskiego i włoskich, czego przyczyną jest geneza ich powstania. (abstrakt oryginalny)
The article's objective is a comparison of selected European Alternative Investment Markets (AIMs) in the context of disclosure obligations and the evaluation of New Connect formalisation degree. AIMs, as distinct from the main stock exchanges, are regulated only by local stock exchanges which is the reason for significant differences in obligations for issuers, investors and third parties. Also disclosure obligations are characterised by different level of minuteness. The main peculiarities which distinguish each market are the different disclosures methods of publications and the particular regulations of the Italian and Polish markets, which is a consequence of their origin. (original abstract) - Accessibility
- The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics - Full text
- Show
- Bibliography
-
- AIM Italia, AIM Italia Rules for Companies, 7 June 2010, http://www.borsaitaliana.it/azioni/mercati/ aim-italia/aim-italia.htm.
- Alternext Brussels, Organization Memo of ALTERNEXT MTF organized by EURONEXT BRUSSELS; 21MARCH 2011, http://europeanequities.nyx.com/en/regulation/nyse-alternext.
- Alternext Paris, ALTERNEXT RULES Paris; 21 March 2011, http://europeanequities.nyx.com/en/regulation/ nyse-alternext.
- Entry Standard, General Terms and Conditions of Deutsche Boerse AG for the Regulated Unofficial Market on FWB, 23 May 2011, http://deutsche-boerse.com.
- Euronext Amsterdam: Alternext - Rules - MTF organized by EURONEXT AMSTERDAM, 21 March 2011; http://europeanequities.nyx.com/en/regulation/nyse-alternext.
- Euronext Lisbon: Alternext - Rules - MTF organized by EURONEXT LISBON, 21 March 2011; http:// europeanequities.nyx.com/en/regulation/nyse-alternext;
- Fijałkowska D., Muszyński M., Pauka M., Analiza jakości sprawozdań okresowych spółek notowanych na NewConnect, [in:] Współczesne problemy nadzoru korporacyjnego, Prace i Materiały Wydziału Zarządzania Uniwersytetu Gdańskiego nr 2/1/2011; Uniwersytet Gdański, Sopot 2011, pp. 343-352.
- First North, First North Nordic - Rulebook, 4 April 2011, http://nasdaqomx.com/listingcenter/nordicmarket/ rulesandregulations/.
- Mallin Ch., Ow-Yong K., Corporate Governance in Alternative Investment Market (AIM) Companies: Determinants of Corporate Governance Disclosure, Presenter of paper at the Third Singapore International Conference on Finance 2009, http://ssrn.com/abstract=1326627.
- Mendoza J.M., Securities regulation in low-tier listing venues: The rise of the alternative investment market, Fordham Journal of Corporate and Financial Law 2008, vol. 12, no. 2, pp. 257-328.
- Mercato Alternativo del Capitale, Rules of Alternative Capital Market, 28 March 2011, http://www. borsaitaliana.it/azioni/mercati/mac/mercato-alternativo-capitale.htm.
- NewConnect, Current and Periodical Information in the Alternative Trading System on the NewConnect Market, 2010, http://www.newconnect.pl.
- Rousseau S. London calling? The experience of the alternative investment market and the competitiveness of Canadian Stock Exchanges, Banking and Finance Law Review 2007, vol. 23, no. 1, SSRN: http://ssrn.com/abstract=1157645.
- deutsche-boerse.com.
- www.borsaitaliana.it.
- www.euronext.com.
- www.mercatoalternativocapitale.it.
- www.nasdaqomxnordic.com/firstnorth.
- www.newconnect.pl.
- Cited by
- ISSN
- 2080-5993
- Language
- eng
