It is important that consumers are not only financially literate, but that they are also capable of making prudent financial decisions. Effective financial education programs should empower individuals to make wise financial decisions and avoid financial scams. The purpose of this study was to evaluate the effectiveness of the Investor Education Seminars taught by the Utah Division of Securities. The effectiveness of the educational program was measured by changes in financial knowledge, confidence, attitudes, and behavior compared to individuals who did not participate in the course. A logic model was used to outline program objectives and to determine the research questions. Data for this study were collected from participants through three online questionnaires. A comparison group, who had not yet attended the Investor Education Seminars, was asked to answer the same three surveys. Initially, there were 81 respondents in this study, 46 seminar participants, and 35 comparison group participants. Results from chi-square crosstabulations showed that age, ethnicity, and employment status were the only significant group differences between seminar participants and the comparison group. The results of this study suggest that the Investor Education Seminars were beneficial in helping participants increase their financial confidence and progress to a higher stage in the Transtheoretical Model of Change (TTM). Hierarchical regression analyses found a significant increase from pretest to posttest in financial confidence for seminar participants. Although there was no significant change in financial knowledge from pretest to posttest for the treatment group, the knowledge scores were high on the pretest. The average financial attitude score decreased for the treatment group. Results for the Transtheoretical Model for Change (TTM) showed that many participants in the treatment group moved from struggler to saver in the Stages of Change. The majority of participants reported being satisfied with the seminar and would recommend it to others.

The research questions investigated are: 1. Are the expected post-issue fractional holdings of the directors and officers, venture capitalists and institutions signals of firm value? 2. Are the expected post-issue fractional holdings of the directors and officers, venture capitalists and institutions signals of underpricing? and 3. Are the directors and officers, venture capitalists and institutions monitors of IPO investments? The signaling theory developed by Grinblatt and Hwang (1989) (GH) and the monitoring theory for IPO investments have been used to develop the hypotheses for this dissertation. Four factors make my methodology unique. These factors are: 1. I apply and test the GH IPO signaling model over a unique data set collected from the IPO prospectuses, proxy statements and annual reports; 2. I disaggregate the expected post-issue holdings of the different groups of pre-issue blockholders and insiders and hypothesizes that these individual groups represents signals of firm value and underpricing; 3. I hypothesize that these groups, in aggregate and separately, monitor IPO investments over the long term; And 4. I develop signaling and monitoring hypotheses to make predictions at the two stages of the IPO. The results show that firm value is positively related to the level of underpricing, at a given variance of the firms cash flows; the level of underpricing is positively related to the holdings of the directors and officers as a group and the aggregate of the directors and officers, VCs and institutions, at given variances of the firm's cash flows; the firm value is not related to the level of underpricing, at a given level of capital outlay and holdings of either the aggregate blockholders, directors and officers, VCs or institutions. For the monitoring hypotheses, the results show that the long-run buy-and-hold-returns are positively related to the investment bank reputation and the gross spread. Also, the results do not support the theories that the holdings of the VCs, institutions and the aggregate holdings of the different groups, represent the level of monitoring. Therefore, these groups do not increase the value of IPO investments over the long-run.

En France, la notion de valeurs mobilières se situe à un carrefour à la fois juridique, conceptuel et historique. Pourtant, elle est aujourd'hui menacée par la place grandissante prise par les titres financiers, et a été supprimée du Code monétaire et financier par l'ordonnance du 8 janvier 2009. La question du maintien des valeurs mobilières est régulièrement posée, sans que toutefois des réponses définitives ne soient apportées. Or, il en va aujourd'hui non seulement de la lisibilité de notre droit face aux investisseurs, mais également de son efficience au sein de marchés mondialisés. L'utilité bien réelle de la notion de valeurs mobilières leur a permis d'être maintenues jusqu'à aujourd'hui. La notion apparaît en effet au sein de nombreux textes et se trouve au centre de constructions juridiques intéressantes. Il pourrait également exister un risque d'insécurité juridique en cas de disparition de la notion. Pourtant, les titres financiers, qui présentent les caractéristiques de remplacement des valeurs mobilières, pourraient constituer une réponse de poids. / The French concept of valeurs mobilières finds itself at a legal, conceptual and historical crossroads. Despite this situation, the notion of valeurs mobilières is now threatened by the exponential role of the titres financiers, and was also removed from the French Financial and Monetary Code by the order of 8 January 2009. The issue of maintaining valeurs mobilières in French law is regularly raised and no definitive answer is forthcoming. The legibility of French law for investors is at stake, as well as its efficiency within global markets.The utility of the concept of valeurs mobilières has allowed it to be preserved until today. Effectively, the concept is within numerous texts and appears to be central in various interesting legal interpretations. The risk of legal uncertainty could also be important in the event of the disparition of the concept of valeurs mobilières. Notwithstanding these disadvantages, the concept of titres financiers, which presents the characteristics for replacing valeurs mobilières, could provide a cogent response.

Abstract not available

The purpose of this thesis is to investigate the relationship between the annualised volatility and correlation of G7 ten-year bond returns for the period July 1992 to June 1998 and the effects that such a relationship has on portfolio diversification. The stock market crash of 1987 and the growing importance of global equity markets has encouraged a plethora of research into the volatility and correlations between international equity markets. Despite this, very little attention has been paid to the transmission of currency-based bond returns across national boundaries. The findings in this thesis are important because evidence is provided that suggests the benefits of international bond diversification are limited. The evidence provided clearly indicates that because correlations amongst G7 currency-hedged bond returns are high, the relationship between bond volatility and correlation of returns has limited benefits for portfolio managers and traders. As a result, diversification may not significantly reduce portfolio risk. Even during periods of ongoing annualised volatility decreases, the correlation between most markets remains high. Unlike the volatility trends presented in this thesis, there appears to be no trend or consistency amongst the correlation of returns between G7 markets. / Master of Commerce (Hons)

Originally presented as the author's doctoral Thesis (Universität, St. Gallen, 2006). / Description based on print version record. Includes bibliographical references.

It is important that consumers are not only financially literate, but that they are also capable of making prudent financial decisions. Effective financial education programs should empower individuals to make wise financial decisions and avoid financial scams. The purpose of this study was to evaluate the effectiveness of the Investor Education Seminars taught by the Utah Division of Securities. The effectiveness of the educational program was measured by changes in financial knowledge, confidence, attitudes, and behavior compared to individuals who did not participate in the course. A logic model was used to outline program objectives and to determine the research questions. Data for this study were collected from participants through three online questionnaires. A comparison group, who had not yet attended the Investor Education Seminars, was asked to answer the same three surveys. Initially, there were 81 respondents in this study, 46 seminar participants, and 35 comparison group participants. Results from chi-square crosstabulations showed that age, ethnicity, and employment status were the only significant group differences between seminar participants and the comparison group. The results of this study suggest that the Investor Education Seminars were beneficial in helping participants increase their financial confidence and progress to a higher stage in the Transtheoretical Model of Change (TTM). Hierarchical regression analyses found a significant increase from pretest to posttest in financial confidence for seminar participants. Although there was no significant change in financial knowledge from pretest to posttest for the treatment group, the knowledge scores were high on the pretest. The average financial attitude score decreased for the treatment group. Results for the Transtheoretical Model for Change (TTM) showed that many participants in the treatment group moved from struggler to saver in the Stages of Change. The majority of participants reported being satisfied with the seminar and would recommend it to others.

This paper argues in favour of principle-based securities regulation for Canada. The author examines the current state of Canadian securities regulation and why change is needed. The author then examines the characteristics of principle-based regulation and contrasts it against rule-based regulation while exposing the advantages and disadvantages of both regulatory models. In proposing a principle-based model for Canadian securities regulation, the author looks to the use of this type of regulation in the capital markets of certain Canadian provinces, the United States and the United Kingdom and then examines certain attributes of Canadian capital markets that have to be considered in the application of principle-based securities regulation to Canada. In supporting principle-based regulation as the modern form of securities regulation, the author discusses lessons learned from the global financial crisis and how those lessons can be applied in the promotion of principle-based securities regulation for Canada.

Forecasts, predictions and opinions about the future should not be treated in the same way as hard information is treated under the Securities Act. Because this type of soft information cannot be verified in advance, the imposition of liability in respect of these statements about the future may hinder their production and have a result that is adverse to the interests of investors – who would prefer to hear management speak candidly about its thoughts on the company’s future performance. This essay examines the way in which the Ontario Securities Act treats statements about the future, as well as the most important decision in this area up to the present: Kerr v. Danier Leather. It will also discuss whether there should be a duty to update predictions when the circumstances that formed the basis of these forecasts have changed significantly.

Forecasts, predictions and opinions about the future should not be treated in the same way as hard information is treated under the Securities Act. Because this type of soft information cannot be verified in advance, the imposition of liability in respect of these statements about the future may hinder their production and have a result that is adverse to the interests of investors – who would prefer to hear management speak candidly about its thoughts on the company’s future performance. This essay examines the way in which the Ontario Securities Act treats statements about the future, as well as the most important decision in this area up to the present: Kerr v. Danier Leather. It will also discuss whether there should be a duty to update predictions when the circumstances that formed the basis of these forecasts have changed significantly.