In this paper, the impact of significant short selling disclosures (> 0.5%) on returns and trading activity is studied. By investigating how Swedish small cap shares are impacted through an event study on the returns and analysing the change in daily volume and turnover, our study contributes with a Swedish perspective to the short selling literature. Short selling is widely debated, where some scholars argue that it improves market efficiency and price informativeness, while others argue that it is damaging for liquidity and leads to abnormally negative returns. Following the 2008 financial crisis, authorities around the world increased the regulation on short selling. Subsequently, in 2012 the European Securities and Markets Authority mandated a reporting threshold of 0.5% on net short positions on traded securities (ESMA, 2022). We find insignificant CARs after a disclosure, where the closest to significance is the (0,1) window with a CAR of 1.08%, contradicting previous research on short-term impact (Aitken et al.,1998) and how small cap firms are affected (Israel & Moskowitz, 2013; Asquith et al., 2005). We detect no significant change in trading activity in the five or ten trading days after a disclosure. Small cap is not deemed to be a significant factor in predicting the CAR, with the slope having a 7.98% p-value. Ultimately, mandated disclosures are concluded to not impact Swedish small cap securities, contradicting previous research that short selling has a greater impact on smaller firms. The conclusion drawn is that the news value is low, and therefore is not relevant enough to drive price change or trading activity.

A prática de preservação de bens móveis e imóveis como patrimônio cultural existe, de maneira institucionalizada no Brasil e na Argentina desde a década de 1930, vinculada a uma ideia de nacionalidade e de nação, a partir de uma origem comum a todos. As décadas de 1960 e 1970 ficaram marcadas pelos sucessivos golpes militares que levaram à implantação de ditaduras por toda a América Latina. A década de 1980, por outro lado, marcou o retorno da Democracia a muitos países, e com isso, a reivindicação por distintas memórias sobre os anos de terror que foram impostos às suas sociedades. O presente trabalho visa analisar, em perspectiva comparada, de que forma alguns edifícios simbólicos da ditadura civil militar de São Paulo e de Buenos Aires foram declarados patrimônio cultural de suas sociedades, como prática de reparação ou de reconhecimento de valores subjetivos intrínsecos àqueles lugares. Para tanto, foram estudadas as atuações do Condephaat e da Comisión para la Preservación del Patrimonio Histórico Cultural (CPPHC) na preservação dos prédios da Maria Antônia e do Presídio Tiradentes, no Brasil e do Club Atletico e do Olimpo, na Argentina. Em análise destacada, foram estudados os processos de tombamento do Antigo DOPS pelo Condephaat e da ESMA pela CNMMyLH, que tiveram suas reformas mais recentes examinadas em profundidade. Essa abordagem permitiu identificar se as reformas seguiram critérios técnicos preconizados em Cartas Patrimoniais, além de identificar como impactaram na conversão desses em memoriais que remetem a uma memória sobre a ditadura (a memória de pessoas diretamente atingidas pela violência dos órgãos de repressão), e, portanto, em sítios de consciência. Essa pesquisa aborda a questão da prática de preservação de memórias difíceis por parte desses órgãos e identifica alguns dos conflitos sociais que permearam tais processos. O patrimônio, entendido como portador de valores simbólicos que permeiam uma sociedade e, portanto, objeto de disputas, não é reflexo de um consenso, e a preservação desses locais é essencial para que o debate se mantenha na sociedade, estimulando reflexões sobre os sentidos do presente e as perspectivas para o futuro por meio do patrimônio cultural. / The practice of conservation of movable and immovable property as cultural heritage exists, as an official public policy, in Brazil and Argentina since the 1930s, associated with an idea of nationality and nation shared and recognized by all. The 1960s and 1970s were marked by successive military coups that led to the establishment of dictatorships throughout Latin America. The 1980s, by contrast, marked the return of democracy in several countries, and with it, the demand for the acknowledgement of memories that evoke the imposed terror for years on those societies. The present work aims to analyze, from a comparative perspective, how some symbolic buildings of the civil-military dictatorship period, situated in São Paulo and Buenos Aires, were declared cultural heritage in either country as a practical repair or recognition of those places intrinsic subjective values. For so, studies were carried on the experiences of Condephaat and Comisión para la Preservación del Património Histórico Cultural (CPPHC) on the preservation of the Maria Antonia and the Presidio Tiradentes buildings in Brazil, and the Club Atletico and the Club Olimpo in Argentina, respectively. Furthermore, the process of heritage listing of the Antigo DOPS by Condephaat and the ESMA by Comisión Nacional de Museos y Monumentos y Lugares Históricos (CNMMyLH) were thoroughly analyzed as well as their latest physical interventions. This approach led to a scrutiny whether reforms followed technical criteria recommended by the International Heritage Charters, and its impacts on the conversion to memorials that recall memories of the dictatorship (those of the people directly affected by the violence of enforcement agencies), and therefore into sites of consciousness. This research addresses the difficult practice of preserving memories by those institutions and identifies some of the conflicts in these processes. The cultural heritage, having symbolic values that permeate a society, which therefore turns it into object of disputes, is not the reflection of a consensus. The preservation of these sites is essential to maintain the debate in society, stimulating considerations on the meanings of the present and prospects for the future through cultural heritage.

A prática de preservação de bens móveis e imóveis como patrimônio cultural existe, de maneira institucionalizada no Brasil e na Argentina desde a década de 1930, vinculada a uma ideia de nacionalidade e de nação, a partir de uma origem comum a todos. As décadas de 1960 e 1970 ficaram marcadas pelos sucessivos golpes militares que levaram à implantação de ditaduras por toda a América Latina. A década de 1980, por outro lado, marcou o retorno da Democracia a muitos países, e com isso, a reivindicação por distintas memórias sobre os anos de terror que foram impostos às suas sociedades. O presente trabalho visa analisar, em perspectiva comparada, de que forma alguns edifícios simbólicos da ditadura civil militar de São Paulo e de Buenos Aires foram declarados patrimônio cultural de suas sociedades, como prática de reparação ou de reconhecimento de valores subjetivos intrínsecos àqueles lugares. Para tanto, foram estudadas as atuações do Condephaat e da Comisión para la Preservación del Patrimonio Histórico Cultural (CPPHC) na preservação dos prédios da Maria Antônia e do Presídio Tiradentes, no Brasil e do Club Atletico e do Olimpo, na Argentina. Em análise destacada, foram estudados os processos de tombamento do Antigo DOPS pelo Condephaat e da ESMA pela CNMMyLH, que tiveram suas reformas mais recentes examinadas em profundidade. Essa abordagem permitiu identificar se as reformas seguiram critérios técnicos preconizados em Cartas Patrimoniais, além de identificar como impactaram na conversão desses em memoriais que remetem a uma memória sobre a ditadura (a memória de pessoas diretamente atingidas pela violência dos órgãos de repressão), e, portanto, em sítios de consciência. Essa pesquisa aborda a questão da prática de preservação de memórias difíceis por parte desses órgãos e identifica alguns dos conflitos sociais que permearam tais processos. O patrimônio, entendido como portador de valores simbólicos que permeiam uma sociedade e, portanto, objeto de disputas, não é reflexo de um consenso, e a preservação desses locais é essencial para que o debate se mantenha na sociedade, estimulando reflexões sobre os sentidos do presente e as perspectivas para o futuro por meio do patrimônio cultural. / The practice of conservation of movable and immovable property as cultural heritage exists, as an official public policy, in Brazil and Argentina since the 1930s, associated with an idea of nationality and nation shared and recognized by all. The 1960s and 1970s were marked by successive military coups that led to the establishment of dictatorships throughout Latin America. The 1980s, by contrast, marked the return of democracy in several countries, and with it, the demand for the acknowledgement of memories that evoke the imposed terror for years on those societies. The present work aims to analyze, from a comparative perspective, how some symbolic buildings of the civil-military dictatorship period, situated in São Paulo and Buenos Aires, were declared cultural heritage in either country as a practical repair or recognition of those places intrinsic subjective values. For so, studies were carried on the experiences of Condephaat and Comisión para la Preservación del Património Histórico Cultural (CPPHC) on the preservation of the Maria Antonia and the Presidio Tiradentes buildings in Brazil, and the Club Atletico and the Club Olimpo in Argentina, respectively. Furthermore, the process of heritage listing of the Antigo DOPS by Condephaat and the ESMA by Comisión Nacional de Museos y Monumentos y Lugares Históricos (CNMMyLH) were thoroughly analyzed as well as their latest physical interventions. This approach led to a scrutiny whether reforms followed technical criteria recommended by the International Heritage Charters, and its impacts on the conversion to memorials that recall memories of the dictatorship (those of the people directly affected by the violence of enforcement agencies), and therefore into sites of consciousness. This research addresses the difficult practice of preserving memories by those institutions and identifies some of the conflicts in these processes. The cultural heritage, having symbolic values that permeate a society, which therefore turns it into object of disputes, is not the reflection of a consensus. The preservation of these sites is essential to maintain the debate in society, stimulating considerations on the meanings of the present and prospects for the future through cultural heritage.

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal

No description available.

Titel: Frivillighet under tvång? – Är ESMA:s riktlinjer om presentationen av alternativa prestationsmått befogade? Bakgrund: Den tredje juli 2016 träder ESMA:s riktlinjer om presentation av alternativa prestationsmått (APM) ikraft. Bakgrunden till riktlinjerna är att nuvarande reglering ansetts bristfällig eftersom företag haft möjlighet att presentera APM på ett subjektivt sätt till användares nackdel. Frågeställning: Är ESMA:s riktlinjer rörande presentationen av APM befogade med avseende på den reglering som finns idag? Syfte: Författarnas syfte med uppsatsen är att undersöka om nuvarande möjlighet till presentation av APM är i behov av ny reglering. Resultat: Det är författarnas uppfattning att ESMA:s riktlinjer är befogade och nödvändiga för att hantera den nuvarande problematiken avseende presentation av APM. Kunskapsbidrag: Uppsatsen bidrar med kunskap som bekräftar att presentationen av APM är i behov av ytterligare reglering. / Title: Volunteerism whilst under Regulation? – Are ESMA’s Guidelines Regarding the Presentation of Alternative Performance Measures Justified? Background: On the third of July 2016 ESMA’s guidelines regarding the presentation of Alternative Performance Measures (APM) will enter into force. Current regulation has been regarded as deficient and companies have had the opportunity to present APM subjectively to the detriment of users. Thesis problem: Are ESMA’s guidelines regarding the presentation of APM justified considering current regulations? Purpose: The purpose of the thesis is to examine whether current opportunities to present APM are in need of new regulation. Results: It is the opinion of the authors that ESMA’s guidelines are justified and necessary in order to handle the current problems of companies’ possibility to present APM. Contribution: The thesis confirms that the presentation of APM is in need of further regulation.

På finansmarknaden finns det flera olika typer finansiella instrument och utbudet ökar stadigt. Utvecklingen har lett till att det har blivit svårare för icke-professionella kunder att utvärdera riskerna med instrumenten. Vissa finansiella instrument som finns på marknaden är så kallade finansiella derivatinstrument, vars värde beror på en underliggande tillgångs värdeutveckling. En ny reglering om produktgodkännande av finansiella instrument introducerades genom Europaparlamentets och rådets direktiv 2014/65/EU. Processen för produktgodkännande är reglerad i 8 kap. 13 § lag (2007:528) om värdepappersmarknaden. Regleringen innebär att, värdepappersinstitut måste ha en välordnad process för godkännande av egenproducerade finansiella instrument innan marknadsföring eller distribution till kund får ske. I och med Europaparlamentets och rådets direktiv 2014/65/EU och Europaparlamentets och rådets förordning (EU) nr 600/2014, har nationella behöriga myndigheter och Esma erhållit befogenhet att utföra produktingripanden. Syftet med produktingripanden är att skydda ickeprofessionella kunder från produkter på finansmarknaden som är riskfyllda och har svårbedömda egenskaper. Esma har nyligen publicerat ett åtgärdsförslag avseende begränsningar av marknadsföring, distribution och försäljning av contracts for difference samt ett förbud av marknadsföring, distribution och försäljning av binära optioner till ickeprofessionella kunder. I uppsatsen visas att produktingripanden är ett verktyg som kan komma att gynna både nationella behöriga myndigheter och Esma i tillsynsarbetet, i syfte att stärka investerarskyddet för icke-professionella kunder. Samarbetet mellan Esma och nationella behöriga myndigheter bör även utvecklas för att genomdriva framtida åtgärdsförslag. Åtgärdsförslag bör främst vara antagna av Esma för att därefter antas av nationella behöriga myndigheter inom EU. Genom ett sådant tillvägagångssätt kan harmoniseringsarbetet, avseende regleringen av kapitalmarknaden i EU, fortsätta på ett ändamålsenligt sätt. I uppsatsen visas även att Esma:s nuvarande åtgärdsförslag, angående begränsningar och förbud av marknadsföring, distribution och försäljning av contracts for difference och binära optioner, är ett välgrundat förslag med beaktande av de risker som icke-professionella kunder utsätts för vid handel av dessa riskfyllda finansiella derivatinstrument.

La persistance des fraudes financières depuis les origines de la création de la bourse conduit au constat selon lequel la sanction est un élément fondamental du bon fonctionnement des marchés financiers. En l’état actuel du droit positif, notre système de sanction repose pour l’essentiel sur l’Autorité des marchés financiers. À première vue, le droit français offre le visage d’une architecture moderne. Pourtant, l’actualité n’en finit pas de démontrer l’existence d’affaires et de fraudes sensibles affectant drastiquement la confiance des investisseurs dans le système. En vue d’une amélioration de notre système de sanction, la comparaison avec le droit canadien se révèle très enrichissante. Il en ressort que le système de sanction en droit des marchés financiers français pourrait être rendu plus efficace par la création d’une juridiction spécialisée à laquelle serait confiée l’ensemble du contentieux relatif aux marchés financiers. Une telle réforme favoriserait l’harmonisation et la cohérence du système de sanction. / The persistence of financial frauds since the creation of the stock exchange has made it clear that sanctions are a fundamental aspect to ensure the effective functioning of financial markets. Currently, our sanction system relies, for the most part, on the action of the financial regulator, the Autorité des marchés financiers. At first sight, French law offers a very modern system. However, frauds keep on happening, affecting drastically the trust of the investors in the system. In order to improve our sanction system, the comparison with Canadian law has revealed to be very rewarding. It is possible to make our system more efficient by implementing a special jurisdiction, which would be responsible for all the financial markets disputes, in order to make our sanction system more coherent and unified.

This thesis is a photographic essay that examines the work of memory in Argentina related to the dictatorship of 1976 and its aftermath. In it, I examine various sites of memory that can be broadly defined as archival, performative and pedagogic and attempt to relate these sites to the scene of contemporary memory. An estimated 30,000 people were disappeared during “El Proceso” from 1976-1983 and these absent visages continue to haunt the nation. Officials from the outgoing regime remained protected from prosecution for 20 years after the formation of the constitutional government. Over time and without access to juridical redress, Argentine human rights groups have resorted to assorted means to recuperate the memories of the disappeared and the excesses of the regime. Groups like Las Madres de Plaza Mayor, HIJOS, and Grupo Etcetera developed performative practices – from the sanguine march to the carnavalesque protest. Neighborhood associations attempted to mark and recuperate former clandestine detention centers as public sites. Student activists mark sites with elaborate murals narrating the cityscape’s connection to its political ghosts. Municipal and provincial organizations emerged to catalogue, film, record, archive and listen. Lastly, with the election of center-left president Nestor Kirchner (2003-2007) and his commitment to this memory work, along with his support of the legal prosecution of former regime officials, there emerged more monumental projects such as the creation the Parque de la Memoria and the memory museum at the largest detention and torture center in Argentina during the dictatorship, ESMA. This study enters into these sites of memory and attempts to narrate their affect and grammar in relation to the politics of memory that Argentines continue to struggle with to this day. / text

Kreditvärderingsinstituten marknadsför sig som oberoende aktörer som ska vägleda investerare att övervinna informationsasymmetrier på kapitalmarknaden. Kreditvärderingsinstituten har på det sättet skaffat sig en framträdande roll på kapitalmarknaden. Kreditvärderingsinstituten ger en förenklad spegling av verkligheten samtidigt som de besitter en stor makt. Kommersiella fastighetsbolag kan förbättra sin kreditvärdighet om de överensstämmer med kreditvärderingsinstitutets normer. Analysen använder sig av en Foucaultinspirerade maktanalys för att beskriva hur maktrelationen ser ut och vilka effekter den får.  Syftet med studien är att undersöka hur de kommersiella fastighetsbolag som tagit upp ett officiellt kreditbetyg har påverkats av kreditvärderingsinstitutets normer och vilka inverkningar det har haft på organisationen. På så sätt kan det ge en ökad förståelse för hur yttre påtryckningar kan normaliseras och leda till ett självreglerande beteende inom en organisation.   Studien har antagit en kvalitativ forskningsstrategi med ett abduktivt arbetssätt. Den befintliga forskningen har varit vägledande i studien men inte styrande utan studien har löpande stämt av observationerna mot den. Studiens primärdata har samlats in genom semistrukturerade intervjuer av fyra finanschefer och en medarbetare på finansavdelningen på fem kommersiella fastighetsbolag i Sverige. Därigenom utforskas huruvida kreditvärderingsinstitutets normer och metodologi har internaliserats och bidragit till organisatoriska förändringar.  Resultatet visade att kreditvärderingsinstitutets normer i form av deras metodologi för kreditvärdighet hade införts av organisationerna i varierad utsträckning. / The credit rating agencies market themselves as independent actors who should guide investors to overcome information asymmetries in the capital market. In this way, the credit rating agencies have acquired a prominent role in the capital market. The credit rating agencies provide a simplified reflection of reality while exercising power. Commercial real estate companies can improve their credit rating if they comply with the credit rating agency's standards. The analysis uses a Foucault-inspired power analysis to try to describe what the power relationship looks like and what effects it has. The purpose of the study is to investigate how the commercial real estate companies that have taken up an official credit rating experience the credit rating agency's standards and how it affects the organization. In this way, it can provide an increased understanding of how external pressures can be normalized and transformed into self-regulating behavior within an organization. The study has adopted a qualitative research strategy with an abductive approach. The existing research has been guiding in the study but not governing, but the study has continuously adjusted the observations against it. The study's primary data has been collected through semi-structured interviews of four finance managers and one employee in the finance department at five commercial real estate companies in Sweden. In doing so, it is explored whether the credit rating agency's standards and methodology have been internalized and contributed to organizational changes. The result showed that the credit rating institute's standards in the form of their methodology for creditworthiness had been introduced by the organizations to a varying extent.