Disruptive change and the capital markets: on information, risk and uncertainty
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
Berlin
De Gruyter
[2023]
|
| Series: | Schriften zum Europäischen und Internationalen Privat-, Bank- und Wirtschaftsrecht
Band 65 |
| Subjects: | |
| Online Access: | https://www.degruyter.com/isbn/9783111043005 Inhaltsverzeichnis |
| Physical Description: | XVIII, 298 Seiten 23 cm x 15.5 cm |
| ISBN: | 9783111043005 3111043002 |
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MARC
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| 100 | 1 | |a Fischer, Marius |d 1992- |e Verfasser |0 (DE-588)1213676614 |4 aut | |
| 245 | 1 | 0 | |a Disruptive change and the capital markets |b on information, risk and uncertainty |c Marius Fischer |
| 264 | 1 | |a Berlin |b De Gruyter |c [2023] | |
| 264 | 4 | |c ©2023 | |
| 300 | |a XVIII, 298 Seiten |c 23 cm x 15.5 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Schriften zum Europäischen und Internationalen Privat-, Bank- und Wirtschaftsrecht |v Band 65 | |
| 502 | |b Dissertation |c Ludwig-Maximilians-Universität München |d 2022 | ||
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| 650 | 0 | 7 | |a Regulierung |0 (DE-588)4201190-5 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Kapitalmarkt |0 (DE-588)4029578-3 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Kapitalmarktrecht |0 (DE-588)7573652-4 |2 gnd |9 rswk-swf |
| 653 | |a Kapitalmarktrecht | ||
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| 653 | |a Schriften zum Europäischen und Internationalen Privat-, Bank- und Wirtschaftsrecht | ||
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| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe, EPUB |z 978-3-11-104636-5 |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe, PDF |z 978-3-11-104523-8 |
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Record in the Search Index
| _version_ | 1820143325898866688 |
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| adam_text |
CONTENTS
FOREWORD
-
VII
LIST
OF
ABBREVIATIONS
-
XVII
PART
ONE
A.
INTRODUCTION
-
3
B.
A
THOUGHT
ON
OPTIMAL
REGULATION
-
6
1.
THE
EPISTEMOLOGICAL
GAP
-
6
2.
ALTERNATIVE
METAPHORS
-
9
PART
TWO
C.
WHAT
IS
DISRUPTIVE
CHANGE?
-
15
1.
TOWARD
A
MODEL
OF
DISRUPTIVE
CHANGE
-
15
2.
CONSTRUCT
CLARITY
AND
CONSTRUCT
LIMITATIONS
-
17
3.
A
MODEL
OF
DISRUPTIVE
CHANGE
-
19
A.
THE
MODEL
SETTING
-
19
AA.
ORGANIZATION-ENVIRONMENT
RELATIONSHIP
-
19
BB.
TASKS
AND
ISSUES
-
20
B.
PHASE
ONE:
THE
EMERGENCE
OF
CHANGE
-
21
AA.
ISSUE
MATURATION
-
ARENA
FOR
ISSUES
-
23
BB.
THE
PUBLIC
ARENA
-
24
CC.
RELEVANT
DISCONTINUITIES
-
25
(1)
CLIMATE
CHANGE
-
26
(2)
ADVANCEMENTS
IN
TECHNOLOGY
-
27
(3)
REGULATION
-
29
(4)
SOCIETAL
TRANSFORMATION
-
30
(5)
THE
COVID-19
PANDEMIC
-----
31
C.
PHASE
TWO:
ENDOGENIZING
UNCERTAINTY
-
32
AA.
EARLY
STAGE:
THE
ORGANIZATIONAL
ARENA
-
33
(1)
BUSINESS
MODEL
ANALYSIS
-
AN
INTEGRAL
PART
OF
THE
ISSUE
FORMULATION
-
34
X
-
CONTENTS
(2)
PREMATURE
ACTION?
-----
35
BB.
LATE
STAGE:
SHOCKS,
PHYSICAL
IMPACTS
AND
DIMINUTION
OF
RETURNS
-
37
D.
PHASE
THREE:
DISRUPTION
-
38
E.
MISCELLANEOUS
THOUGHTS
-
40
AA.
THE
VELOCITY
OF
ADAPTATION
-
40
BB.
IS
DISRUPTIVE
CHANGE
PREDICTABLE?
-
41
CC.
THE
PERFORMANCE
INDICATORS
OF
DISRUPTIVE
CHANGE
-
42
(1)
FINANCIAL
REPORTING
-
42
(2)
INSIGHTS
FOR
REGULATION
-----
43
DD.
MERGERS
AND
THE
MARKET
FOR
CORPORATE
CONTROL
-
44
D.
DISRUPTIVE
CHANGE
AND
THE
MARKET
MECHANISM
-
46
1.
THE
PRICING
MECHANISM
-
46
2.
PRICING
DISRUPTIVE
CHANGE
-
THE
MARKET
'
S
QUEST
FOR
EQUILIBRIUM?
-
48
3.
COMPLEXITY
AND
ADAPTATION
HYPOTHESES
-
49
A.
TRANSITION
PHASES
-
51
B.
THE
ROLE
OF
INFORMATION
COSTS
-
53
C.
DIVERGENT
INVESTMENT
HORIZONS
-
54
D.
SPECULATIVE
BUBBLES
AND
FIRE
SALES
-
56
4.
DISRUPTIVE
CHANGE
AND
MARKET
MICROSTRUCTURE
-
57
A.
DISRUPTIONS
AND
MARKET
LIQUIDITY
-
57
B.
DISRUPTIONS
AND
MARKET
VOLATILITY
-
60
5.
FINANCIAL
STABILITY?
-
62
6.
SUMMARY
-
63
PART
THREE
E.
DISRUPTIVE
CHANGE
AND
REGULATION
-
67
1.
ON
INFORMATIONAL
REGULATION
AND
MERIT
REGULATION
-
67
A.
STRUCTURAL
FALLACIES
OF
INFORMATIONAL
REGULATION
-
68
B.
THE
ASYMMETRY-CENTERED
INFORMATION
REGIME
-
70
AA.
THEORETICAL
BACKGROUND
-
70
BB.
LIMITATIONS
-----
71
C.
A
SYSTEM-BASED
INFORMATION
REGIME
-
73
2.
A
NEW
REGULATORY
PROGRAM:
SYSTEM
GOVERNANCE
-
74
3.
OUTLOOK
AND
FURTHER
ANALYSIS
-
76
4.
THE
ENVIRONMENT,
INFORMATION
AND
UNCERTAINTY
-
77
A.
RISKS
-
78
CONTENTS
-
XI
B.
INFORMATION
AND
THE
"
RESOLUTION
"
OF
UNCERTAINTY
-
79
AA.
INDIVIDUAL
DECISION
MAKING
UNDER
CERTAINTY,
RISK
AND
UNCERTAINTY
-
80
(1)
DECISION
MAKING
AS
ECONOMIZING
-
81
(2)
DECISIONS,
INFORMATION
AND
KNOWLEDGE
-
82
(3)
MULTIPERIOD
DECISIONS
AND
PATH
DEPENDENCIES
-
84
(4)
DECISIONS
AND
ASSUMPTIONS
ABOUT
THE
FUTURE
-
85
(5)
HEURISTICS
AND
UNCERTAINTY
-
87
BB.
UNCERTAINTY
AND
SOCIAL
INTERACTION
-
88
C.
ON
THE
THRESHOLD
BETWEEN
RISK
AND
UNCERTAINTY
-
90
5.
UNCERTAINTY
AND
RISK-BASED
FINANCIAL
REGULATION
-
92
A
PROCESS-ORIENTED
APPROACH
TO
INFORMATIONAL
REGULATION
-
95
1.
THE
FUNCTIONING
OF
THE
FINANCIAL
MARKET
-
95
A.
THE
EFFICIENCY
OF
THE
CAPITAL
MARKET
-
96
B.
THE
UNDERLYING
MARKET
VIEW
-
98
AA.
THE
EFFICIENT
MARKET
HYPOTHESIS
-
98
BB.
MARKET
PROCESS
THEORY
-
100
CC.
THE
ADAPTIVE
MARKET
HYPOTHESIS
-
101
C.
EVOLUTIONARY
EFFICIENCY
-
102
AA.
AN
INSTITUTIONAL
APPROACH
TO
INFORMATIONAL
REGULATION
-
104
BB.
LIMITATIONS
OF
THE
MARKET
EFFICIENCY
RATIONALE
-
105
D.
THE
NON-BINARY
CHARACTER
OF
MARKET
EFFICIENCY
-
107
2.
A
LACK
OF
POSITIVE
THEORY
-
SYSTEM
EXPLORATION
-
107
A.
INFORMATION
AS
A
REGULATORY
OBJECT
-
109
AA.
THE
CONCEPT
OF
INFORMATION
-
109
BB.
A
DIFFERENCE
THAT
MAKES
A
DIFFERENCE?
-
109
B.
CONCLUSION:
REGULATING
AGENTS
INSTEAD
-
112
C.
THE
MICRO-MESO-MACRO
PARADIGM
-
112
AA.
MAKING
USE
OF
COMPLEXITY
THEORY
IN
FINANCIAL
REGULATION
-
114
BB.
MICRO-LEVEL:
AN
ECOLOGY
OF
PLANS
AND
EXPECTATIONS
-
115
(1)
ENVIRONMENTAL
UNCERTAINTY
AND
INITIAL
DISTRIBUTION
OF
INFORMATION
-
116
(2)
A
MATTER
OF
ASYMMETRIC
INFORMATION?
-
117
(3)
THE
HETEROGENEITY
OF
AGENTS
-
118
CC.
INTERACTION
ON
MICRO-LEVEL:
INFORMATION
GOODS?
-
119
(1)
MANIFESTATIONS
OF
THE
MARKET
FOR
INFORMATION
-
120
(2)
LIMITATIONS
TO
THE
MARKET
EXCHANGE
OF
INFORMATION
-
121
I.
THE
INFORMATIONAL
DILEMMA
-
122
II.
SELF-CORRECTING
MECHANISMS
-
123
XII
-
CONTENTS
(3)
INFORMATION
RULES
INSTEAD
OF
INFORMATION
GOODS
-----
125
I.
ACTUALIZATION
OF
INFORMATION
-----
125
II.
THE
GENETIC
ALGORITHM
ANALOGY
-----
126
III.
THE
LEARNING
AGENT
-----
127
IV.
SELF-SIMILARITY
-----
128
(4)
INFORMATION,
INSURANCE
AND
HEDGING
-
130
(5)
HERDING:
LOCALIZED
CONFORMITY
-
131
DD.
MACRO:
A
FUNDAMENTALLY
EFFICIENT
MARKET
PRICE
-
132
(1)
SYSTEM
BEHAVIOR
-
133
(2)
MARKET
CONFIGURATIONS
AND
TRANSITIONS
-
134
(3)
SOURCE
OF
INFORMATION
OR
INFORMATION
SURROGATE?
-
135
(4)
PRICES
AND
ADAPTATIONS
-
136
(5)
COMPUTATIONAL
MODELS
AND
INDUSTRY
ENDGAMES
-----
138
EE.
MESO-LEVEL?
-
140
FF.
INFORMATIONAL
EXTERNALITIES
-
140
GG.
CONCLUSION:
A
NEW
MARKET
ONTOLOGY
-
142
D.
THE
LEGAL
FRAMEWORK
THAT
GOVERNS
THE
MARKET
FOR
INFORMATION
-
142
AA.
THE
DOGMATICS
OF
EUROPEAN
DISCLOSURE
REGULATION
-
142
(1)
DOGMATIC
THEORY
-
143
(2)
ECONOMIC
ANALYSIS
AND
DECENTRALISED
LAW
-
OBSTACLES
FOR
LEGAL
DOGMATICS?
-----
144
(3)
TELEOLOGICAL
AND
SYSTEMATIC
ANALYSIS?
-----
146
BB.
ECONOMIC
ANALYSIS
OF
THE
LAW
-
148
(1)
COMMAND
AND
CONTROL
-
148
(2)
THE
CHEAPEST
COST
AVOIDER
-
A
KALDOR-HICKS
EFFICIENT
DISTRIBUTION
------
149
(3)
TWO
INFORMATION
CYCLES?
-
151
(4)
DECISION-USEFULNESS
AND
INFORMATION
-
153
I.
OPTIMIZATION
-----
153
II.
ACCOUNTABILITY
-
154
(5)
INFORMATION
ATTRIBUTES
-
156
I.
RELIABILITY
AND
RELEVANCE
-
157
II.
UNDERSTANDABILITY
AND
READABILITY
-
158
III.
MATERIALITY
-
159
E.
THE
FRAMEWORK
'
S
ABILITY
TO
COPE
WITH
UNCERTAINTY
AND
TRANSITIONS
-----
160
AA.
UNCERTAINTY
AND
THE
DOGMATICS
OF
THE
EU
DISCLOSURE
REGIME
-----
161
CONTENTS
-
XIII
BB.
RULES
ON
INFORMATION
PRODUCTION
-
LEVEL-1
ACTS
-
162
(1)
TEXTUAL
INTERPRETATION
-----
162
(2)
TELEOLOGICAL
AND
SYSTEMATIC
INTERPRETATION
-----
164
CC.
MANAGEMENT
REPORT,
ART.
4(2B)
TD,
ART.
19(1)
AD
----
165
(1)
CURRENT
POSITION
AND
LIKELY
FUTURE
DEVELOPMENT,
ART.
19(1)
AND
ART.
19(2A)
AD
166
(2)
PRINCIPAL
RISKS
AND
OPPORTUNITIES,
ART.
19(1)
AD
-----
168
DD.
NON-FINANCIAL
REPORTING
-
169
EE.
SUSTAINABILITY
REPORTING
-
171
(1)
EU
TAXONOMY
REGULATION
-----
172
(2)
THE
PROPOSED
CSRD
-----
173
(3)
THE
DRAFT
ESRS
-----
175
I.
DRAFT
ESRS
1
&
2
-
CROSS-CUTTING
STANDARDS
-
176
II.
DRAFT
ESRS
E1
-
TOPICAL
STANDARD
CLIMATE
CHANGE
-----
177
FF.
STATEMENT
OF
BUSINESS
MODEL,
ART.
19A
AD
-----
178
GG.
INTERNAL
CONTROL
SYSTEM,
ART.
20(1C)
AD
-----
180
HH.
SUBSTANTIVE
DISCLOSURE
RULES
AND
UNCERTAINTY
-
IFRS
-
181
(1)
INCOME
STATEMENT
-
182
(2)
RECOGNITION
OF
ASSETS
AND
IMPAIRMENTS
-
183
(3)
STRANDED
ASSETS
-----
185
(4)
INTANGIBLES
----
186
(5)
FAIR
VALUE
AND
INFORMATIONALIST
TENDENCIES
-
187
(6)
THE
NOTES
-----
189
(7)
SEGMENT
REPORTING
-
191
II.
QUARTERLY
FINANCIAL
REPORTS
AND
ADAPTATION
PROCESSES
-
191
JJ.
VOLUNTARY
REPORTS
AND
INVESTOR
RELATIONSHIP
MANAGEMENT
-
192
(1)
NATURE
AND
RELEVANCE
-
192
(2)
IMPACT
AND
CRITICISM
-----
194
(3)
CONCLUSION
-----
195
KK.
FORWARD-LOOKING
INFORMATION
AND
THE
EUROPEAN
DISCLOSURE
FRAMEWORK
----
195
(1)
THE
ROLE
OF
FORWARD-LOOKING
INFORMATION
-
195
(2)
A
LEGAL
TERMINOLOGY?
-----
197
(3)
A
EUROPEAN
STANDARD
FOR
FORWARD-LOOKING
INFORMATION?
----
198
I.
A
BESPOKE
SYSTEM?
-----
199
II.
SAFE
HARBOR
RULES
AND
DIAMETRICALLY
OPPOSING
INTERESTS
-----
200
F.
RULES
ON
INFORMATION
DISSEMINATION
-
BEYOND
EQUAL
ACCESS
-
200
AA.
AD-HOC
DISCLOSURES
-
201
XIV
YY
-
CONTENTS
BB.
POLICY
GOALS
-
202
CC.
HOW
COULD
INSIDE
INFORMATION
OCCUR
IN
ADAPTATION
PROCESSES?
-
203
DD.
RELATING
DIRECTLY
OR
INDIRECTLY
TO
AN
ISSUER
-
203
EE.
PRECISE
INFORMATION
-----
204
FF.
PRICE
RELEVANCE
-
205
GG.
UNKNOWN
TO
THE
WIDER
PUBLIC
-----
206
HH.
RIGHT
TO
DELAY
-
207
II.
CONCLUSIONS
-
207
G.
VOLUNTARY,
SELECTIVE
DISCLOSURES
TO
INVESTORS
AND
ANALYSTS
-
207
H.
OVERALL
COHERENCE
OF
THE
ANNUAL
REPORT
-
209
3.
INVESTOR
PROTECTION,
MARKET
INTEGRITY
AND
INFORMATION
-
210
A.
INVESTORS
AS
HETEROGENEOUS
AGENTS
-
212
B.
MARKET
TRUST
AND
MARKET
INTEGRITY
-
213
C.
CONCLUSION
-
215
4.
FINANCIAL
STABILITY
AND
A
SYSTEM-BASED
INFORMATION
REGIME
-
215
A.
TOWARDS
AN
OPERATIONAL
DEFINITION
OF
FINANCIAL
STABILITY
-
216
AA.
FINANCIAL
STABILITY,
INTERTEMPORAL
ALLOCATION
AND
UNCERTAINTY
-
218
BB.
ON
THE
RELATIONSHIP
BETWEEN
MARKET
EFFICIENCY
AND
FINANCIAL
STABILITY
221
(1)
THE
POSITIVE
CONFLICT
-
221
(2)
A
NORMATIVE
CONFLICT?
-
223
B.
DISRUPTIONS
-
A
SYSTEMIC
RISK?
-
224
C.
SUPERVISION
OF
INDUSTRY
DISRUPTIONS?
-
226
5.
SUSTAINABILITY
-
227
A.
A
RATIONALE
FOR
CAPITAL
MARKETS
REGULATION?
-
229
B.
ENVIRONMENTAL
DISCONTINUITIES
AND
THE
TRAGEDY
OF
THE
HORIZON
-
230
6.
SUMMARY
-
232
PART
FOUR
G.
RESPONDING
TO
DISRUPTIVE
CHANGE
-
235
1.
THE
REGULATORY
GOAL
-
235
2.
REGULATORY
DESIGN
-
235
A.
REGULATORY
FATALISM
-
235
B.
ENVIRONMENTAL
UNCERTAINTY
AND
MANDATORY
DISCLOSURES
-
235
C.
ADAPTIVE
INFORMATIONAL
REGULATION
-
236
D.
RELATIVITY
-
238
CONTENTS
-
XV
3.
TOWARD
A
EUROPEAN
FRAMEWORK
FOR
SCENARIO
ANALYSES
-
239
A.
THE
PRODUCTION
OF
INFORMATION?
-
239
B.
THE
ITEMIZATION
OF
THREATS
-
240
C.
IDENTIFICATION
OF
BUSINESS
MODEL
THREATS
-
241
AA.
A
VOLUNTARY
REPORTING
PROGRAM
-
241
BB.
A
PRINCIPLES-BASED
APPROACH
-
243
CC.
THE
REGULATEES
-
245
4.
SCENARIO
ANALYSES
IN
PERIODIC
DISCLOSURES
-
245
A.
POINT
OF
REFERENCE:
BUSINESS
MODEL
REPORTING
-
246
AA.
"
OBJECTIFYING
"
BUSINESS
MODEL
REPORTING
-
247
BB.
BUSINESS
MODEL
RESILIENCE
-
248
CC.
ADAPTIVE
CAPABILITIES
-
250
B.
THE
UNCERTAINTY
REPORT
-
250
C.
THE
TRANSITIONS
REPORT
-
252
AA.
ON
"
LONG
AND
SHORT-TERM
"
INFORMATION
-
253
BB.
REPORTING
ON
ORGANIZATIONAL
INERTIA
-
254
5.
ENSURING
THE
RELIABILITY
OF
THE
REPORT
-
254
A.
A
CLEAR
SEPARATION
-
255
B.
PLAUSIBILITY
-
255
C.
FAITHFULNESS
AND
COMPLETENESS
-
256
D.
COMPARABILITY
-----
257
E.
ENFORCEMENT
AND
SUPERVISION
-
258
F.
THIRD
PARTY
ASSURANCES
-
260
6.
THE
RELATIONSHIP
WITH
EXISTING
REPORTING
FORMATS
-
261
7.
DECISION-USEFUL
-
IN
WHICH
ENVIRONMENT?
-
261
H.
FURTHER
RESEARCH
AND
RELATED
ISSUES
-
264
1.
AUDIT
----
264
2.
CORPORATE
GOVERNANCE
-
265
I.
MAIN
THESES
-
267
THE
PHENOMENOLOGY
----
267
RATIONALES
FOR
REGULATION
-
268
1.
THE
ASYMMETRY-CENTRED
DISCLOSURE
REGIME
-
268
2.
RISK
AND
UNCERTAINTY
-
268
3.
MARKET
EFFICIENCY
-
269
4.
FINANCIAL
STABILITY
-
270
5.
INVESTOR
PROTECTION
AND
SUSTAINABILITY
-
270
XVI
-
CONTENTS
UNCERTAINTY
AND
THE
EUROPEAN
DISCLOSURE
FRAMEWORK
-----
270
TOWARD
A
EUROPEAN
FRAMEWORK
FOR
SCENARIO
ANALYSES
IN
PERIODIC
DISCLOSURES
-----
272
REFERENCES
-
273 |
| adam_txt |
CONTENTS
FOREWORD
-
VII
LIST
OF
ABBREVIATIONS
-
XVII
PART
ONE
A.
INTRODUCTION
-
3
B.
A
THOUGHT
ON
OPTIMAL
REGULATION
-
6
1.
THE
EPISTEMOLOGICAL
GAP
-
6
2.
ALTERNATIVE
METAPHORS
-
9
PART
TWO
C.
WHAT
IS
DISRUPTIVE
CHANGE?
-
15
1.
TOWARD
A
MODEL
OF
DISRUPTIVE
CHANGE
-
15
2.
CONSTRUCT
CLARITY
AND
CONSTRUCT
LIMITATIONS
-
17
3.
A
MODEL
OF
DISRUPTIVE
CHANGE
-
19
A.
THE
MODEL
SETTING
-
19
AA.
ORGANIZATION-ENVIRONMENT
RELATIONSHIP
-
19
BB.
TASKS
AND
ISSUES
-
20
B.
PHASE
ONE:
THE
EMERGENCE
OF
CHANGE
-
21
AA.
ISSUE
MATURATION
-
ARENA
FOR
ISSUES
-
23
BB.
THE
PUBLIC
ARENA
-
24
CC.
RELEVANT
DISCONTINUITIES
-
25
(1)
CLIMATE
CHANGE
-
26
(2)
ADVANCEMENTS
IN
TECHNOLOGY
-
27
(3)
REGULATION
-
29
(4)
SOCIETAL
TRANSFORMATION
-
30
(5)
THE
COVID-19
PANDEMIC
-----
31
C.
PHASE
TWO:
ENDOGENIZING
UNCERTAINTY
-
32
AA.
EARLY
STAGE:
THE
ORGANIZATIONAL
ARENA
-
33
(1)
BUSINESS
MODEL
ANALYSIS
-
AN
INTEGRAL
PART
OF
THE
ISSUE
FORMULATION
-
34
X
-
CONTENTS
(2)
PREMATURE
ACTION?
-----
35
BB.
LATE
STAGE:
SHOCKS,
PHYSICAL
IMPACTS
AND
DIMINUTION
OF
RETURNS
-
37
D.
PHASE
THREE:
DISRUPTION
-
38
E.
MISCELLANEOUS
THOUGHTS
-
40
AA.
THE
VELOCITY
OF
ADAPTATION
-
40
BB.
IS
DISRUPTIVE
CHANGE
PREDICTABLE?
-
41
CC.
THE
PERFORMANCE
INDICATORS
OF
DISRUPTIVE
CHANGE
-
42
(1)
FINANCIAL
REPORTING
-
42
(2)
INSIGHTS
FOR
REGULATION
-----
43
DD.
MERGERS
AND
THE
MARKET
FOR
CORPORATE
CONTROL
-
44
D.
DISRUPTIVE
CHANGE
AND
THE
MARKET
MECHANISM
-
46
1.
THE
PRICING
MECHANISM
-
46
2.
PRICING
DISRUPTIVE
CHANGE
-
THE
MARKET
'
S
QUEST
FOR
EQUILIBRIUM?
-
48
3.
COMPLEXITY
AND
ADAPTATION
HYPOTHESES
-
49
A.
TRANSITION
PHASES
-
51
B.
THE
ROLE
OF
INFORMATION
COSTS
-
53
C.
DIVERGENT
INVESTMENT
HORIZONS
-
54
D.
SPECULATIVE
BUBBLES
AND
FIRE
SALES
-
56
4.
DISRUPTIVE
CHANGE
AND
MARKET
MICROSTRUCTURE
-
57
A.
DISRUPTIONS
AND
MARKET
LIQUIDITY
-
57
B.
DISRUPTIONS
AND
MARKET
VOLATILITY
-
60
5.
FINANCIAL
STABILITY?
-
62
6.
SUMMARY
-
63
PART
THREE
E.
DISRUPTIVE
CHANGE
AND
REGULATION
-
67
1.
ON
INFORMATIONAL
REGULATION
AND
MERIT
REGULATION
-
67
A.
STRUCTURAL
FALLACIES
OF
INFORMATIONAL
REGULATION
-
68
B.
THE
ASYMMETRY-CENTERED
INFORMATION
REGIME
-
70
AA.
THEORETICAL
BACKGROUND
-
70
BB.
LIMITATIONS
-----
71
C.
A
SYSTEM-BASED
INFORMATION
REGIME
-
73
2.
A
NEW
REGULATORY
PROGRAM:
SYSTEM
GOVERNANCE
-
74
3.
OUTLOOK
AND
FURTHER
ANALYSIS
-
76
4.
THE
ENVIRONMENT,
INFORMATION
AND
UNCERTAINTY
-
77
A.
RISKS
-
78
CONTENTS
-
XI
B.
INFORMATION
AND
THE
"
RESOLUTION
"
OF
UNCERTAINTY
-
79
AA.
INDIVIDUAL
DECISION
MAKING
UNDER
CERTAINTY,
RISK
AND
UNCERTAINTY
-
80
(1)
DECISION
MAKING
AS
ECONOMIZING
-
81
(2)
DECISIONS,
INFORMATION
AND
KNOWLEDGE
-
82
(3)
MULTIPERIOD
DECISIONS
AND
PATH
DEPENDENCIES
-
84
(4)
DECISIONS
AND
ASSUMPTIONS
ABOUT
THE
FUTURE
-
85
(5)
HEURISTICS
AND
UNCERTAINTY
-
87
BB.
UNCERTAINTY
AND
SOCIAL
INTERACTION
-
88
C.
ON
THE
THRESHOLD
BETWEEN
RISK
AND
UNCERTAINTY
-
90
5.
UNCERTAINTY
AND
RISK-BASED
FINANCIAL
REGULATION
-
92
A
PROCESS-ORIENTED
APPROACH
TO
INFORMATIONAL
REGULATION
-
95
1.
THE
FUNCTIONING
OF
THE
FINANCIAL
MARKET
-
95
A.
THE
EFFICIENCY
OF
THE
CAPITAL
MARKET
-
96
B.
THE
UNDERLYING
MARKET
VIEW
-
98
AA.
THE
EFFICIENT
MARKET
HYPOTHESIS
-
98
BB.
MARKET
PROCESS
THEORY
-
100
CC.
THE
ADAPTIVE
MARKET
HYPOTHESIS
-
101
C.
EVOLUTIONARY
EFFICIENCY
-
102
AA.
AN
INSTITUTIONAL
APPROACH
TO
INFORMATIONAL
REGULATION
-
104
BB.
LIMITATIONS
OF
THE
MARKET
EFFICIENCY
RATIONALE
-
105
D.
THE
NON-BINARY
CHARACTER
OF
MARKET
EFFICIENCY
-
107
2.
A
LACK
OF
POSITIVE
THEORY
-
SYSTEM
EXPLORATION
-
107
A.
INFORMATION
AS
A
REGULATORY
OBJECT
-
109
AA.
THE
CONCEPT
OF
INFORMATION
-
109
BB.
A
DIFFERENCE
THAT
MAKES
A
DIFFERENCE?
-
109
B.
CONCLUSION:
REGULATING
AGENTS
INSTEAD
-
112
C.
THE
MICRO-MESO-MACRO
PARADIGM
-
112
AA.
MAKING
USE
OF
COMPLEXITY
THEORY
IN
FINANCIAL
REGULATION
-
114
BB.
MICRO-LEVEL:
AN
ECOLOGY
OF
PLANS
AND
EXPECTATIONS
-
115
(1)
ENVIRONMENTAL
UNCERTAINTY
AND
INITIAL
DISTRIBUTION
OF
INFORMATION
-
116
(2)
A
MATTER
OF
ASYMMETRIC
INFORMATION?
-
117
(3)
THE
HETEROGENEITY
OF
AGENTS
-
118
CC.
INTERACTION
ON
MICRO-LEVEL:
INFORMATION
GOODS?
-
119
(1)
MANIFESTATIONS
OF
THE
MARKET
FOR
INFORMATION
-
120
(2)
LIMITATIONS
TO
THE
MARKET
EXCHANGE
OF
INFORMATION
-
121
I.
THE
INFORMATIONAL
DILEMMA
-
122
II.
SELF-CORRECTING
MECHANISMS
-
123
XII
-
CONTENTS
(3)
INFORMATION
RULES
INSTEAD
OF
INFORMATION
GOODS
-----
125
I.
ACTUALIZATION
OF
INFORMATION
-----
125
II.
THE
GENETIC
ALGORITHM
ANALOGY
-----
126
III.
THE
LEARNING
AGENT
-----
127
IV.
SELF-SIMILARITY
-----
128
(4)
INFORMATION,
INSURANCE
AND
HEDGING
-
130
(5)
HERDING:
LOCALIZED
CONFORMITY
-
131
DD.
MACRO:
A
FUNDAMENTALLY
EFFICIENT
MARKET
PRICE
-
132
(1)
SYSTEM
BEHAVIOR
-
133
(2)
MARKET
CONFIGURATIONS
AND
TRANSITIONS
-
134
(3)
SOURCE
OF
INFORMATION
OR
INFORMATION
SURROGATE?
-
135
(4)
PRICES
AND
ADAPTATIONS
-
136
(5)
COMPUTATIONAL
MODELS
AND
INDUSTRY
ENDGAMES
-----
138
EE.
MESO-LEVEL?
-
140
FF.
INFORMATIONAL
EXTERNALITIES
-
140
GG.
CONCLUSION:
A
NEW
MARKET
ONTOLOGY
-
142
D.
THE
LEGAL
FRAMEWORK
THAT
GOVERNS
THE
MARKET
FOR
INFORMATION
-
142
AA.
THE
DOGMATICS
OF
EUROPEAN
DISCLOSURE
REGULATION
-
142
(1)
DOGMATIC
THEORY
-
143
(2)
ECONOMIC
ANALYSIS
AND
DECENTRALISED
LAW
-
OBSTACLES
FOR
LEGAL
DOGMATICS?
-----
144
(3)
TELEOLOGICAL
AND
SYSTEMATIC
ANALYSIS?
-----
146
BB.
ECONOMIC
ANALYSIS
OF
THE
LAW
-
148
(1)
COMMAND
AND
CONTROL
-
148
(2)
THE
CHEAPEST
COST
AVOIDER
-
A
KALDOR-HICKS
EFFICIENT
DISTRIBUTION
------
149
(3)
TWO
INFORMATION
CYCLES?
-
151
(4)
DECISION-USEFULNESS
AND
INFORMATION
-
153
I.
OPTIMIZATION
-----
153
II.
ACCOUNTABILITY
-
154
(5)
INFORMATION
ATTRIBUTES
-
156
I.
RELIABILITY
AND
RELEVANCE
-
157
II.
UNDERSTANDABILITY
AND
READABILITY
-
158
III.
MATERIALITY
-
159
E.
THE
FRAMEWORK
'
S
ABILITY
TO
COPE
WITH
UNCERTAINTY
AND
TRANSITIONS
-----
160
AA.
UNCERTAINTY
AND
THE
DOGMATICS
OF
THE
EU
DISCLOSURE
REGIME
-----
161
CONTENTS
-
XIII
BB.
RULES
ON
INFORMATION
PRODUCTION
-
LEVEL-1
ACTS
-
162
(1)
TEXTUAL
INTERPRETATION
-----
162
(2)
TELEOLOGICAL
AND
SYSTEMATIC
INTERPRETATION
-----
164
CC.
MANAGEMENT
REPORT,
ART.
4(2B)
TD,
ART.
19(1)
AD
----
165
(1)
CURRENT
POSITION
AND
LIKELY
FUTURE
DEVELOPMENT,
ART.
19(1)
AND
ART.
19(2A)
AD
166
(2)
PRINCIPAL
RISKS
AND
OPPORTUNITIES,
ART.
19(1)
AD
-----
168
DD.
NON-FINANCIAL
REPORTING
-
169
EE.
SUSTAINABILITY
REPORTING
-
171
(1)
EU
TAXONOMY
REGULATION
-----
172
(2)
THE
PROPOSED
CSRD
-----
173
(3)
THE
DRAFT
ESRS
-----
175
I.
DRAFT
ESRS
1
&
2
-
CROSS-CUTTING
STANDARDS
-
176
II.
DRAFT
ESRS
E1
-
TOPICAL
STANDARD
CLIMATE
CHANGE
-----
177
FF.
STATEMENT
OF
BUSINESS
MODEL,
ART.
19A
AD
-----
178
GG.
INTERNAL
CONTROL
SYSTEM,
ART.
20(1C)
AD
-----
180
HH.
SUBSTANTIVE
DISCLOSURE
RULES
AND
UNCERTAINTY
-
IFRS
-
181
(1)
INCOME
STATEMENT
-
182
(2)
RECOGNITION
OF
ASSETS
AND
IMPAIRMENTS
-
183
(3)
STRANDED
ASSETS
-----
185
(4)
INTANGIBLES
----
186
(5)
FAIR
VALUE
AND
INFORMATIONALIST
TENDENCIES
-
187
(6)
THE
NOTES
-----
189
(7)
SEGMENT
REPORTING
-
191
II.
QUARTERLY
FINANCIAL
REPORTS
AND
ADAPTATION
PROCESSES
-
191
JJ.
VOLUNTARY
REPORTS
AND
INVESTOR
RELATIONSHIP
MANAGEMENT
-
192
(1)
NATURE
AND
RELEVANCE
-
192
(2)
IMPACT
AND
CRITICISM
-----
194
(3)
CONCLUSION
-----
195
KK.
FORWARD-LOOKING
INFORMATION
AND
THE
EUROPEAN
DISCLOSURE
FRAMEWORK
----
195
(1)
THE
ROLE
OF
FORWARD-LOOKING
INFORMATION
-
195
(2)
A
LEGAL
TERMINOLOGY?
-----
197
(3)
A
EUROPEAN
STANDARD
FOR
FORWARD-LOOKING
INFORMATION?
----
198
I.
A
BESPOKE
SYSTEM?
-----
199
II.
SAFE
HARBOR
RULES
AND
DIAMETRICALLY
OPPOSING
INTERESTS
-----
200
F.
RULES
ON
INFORMATION
DISSEMINATION
-
BEYOND
EQUAL
ACCESS
-
200
AA.
AD-HOC
DISCLOSURES
-
201
XIV
YY
-
CONTENTS
BB.
POLICY
GOALS
-
202
CC.
HOW
COULD
INSIDE
INFORMATION
OCCUR
IN
ADAPTATION
PROCESSES?
-
203
DD.
RELATING
DIRECTLY
OR
INDIRECTLY
TO
AN
ISSUER
-
203
EE.
PRECISE
INFORMATION
-----
204
FF.
PRICE
RELEVANCE
-
205
GG.
UNKNOWN
TO
THE
WIDER
PUBLIC
-----
206
HH.
RIGHT
TO
DELAY
-
207
II.
CONCLUSIONS
-
207
G.
VOLUNTARY,
SELECTIVE
DISCLOSURES
TO
INVESTORS
AND
ANALYSTS
-
207
H.
OVERALL
COHERENCE
OF
THE
ANNUAL
REPORT
-
209
3.
INVESTOR
PROTECTION,
MARKET
INTEGRITY
AND
INFORMATION
-
210
A.
INVESTORS
AS
HETEROGENEOUS
AGENTS
-
212
B.
MARKET
TRUST
AND
MARKET
INTEGRITY
-
213
C.
CONCLUSION
-
215
4.
FINANCIAL
STABILITY
AND
A
SYSTEM-BASED
INFORMATION
REGIME
-
215
A.
TOWARDS
AN
OPERATIONAL
DEFINITION
OF
FINANCIAL
STABILITY
-
216
AA.
FINANCIAL
STABILITY,
INTERTEMPORAL
ALLOCATION
AND
UNCERTAINTY
-
218
BB.
ON
THE
RELATIONSHIP
BETWEEN
MARKET
EFFICIENCY
AND
FINANCIAL
STABILITY
221
(1)
THE
POSITIVE
CONFLICT
-
221
(2)
A
NORMATIVE
CONFLICT?
-
223
B.
DISRUPTIONS
-
A
SYSTEMIC
RISK?
-
224
C.
SUPERVISION
OF
INDUSTRY
DISRUPTIONS?
-
226
5.
SUSTAINABILITY
-
227
A.
A
RATIONALE
FOR
CAPITAL
MARKETS
REGULATION?
-
229
B.
ENVIRONMENTAL
DISCONTINUITIES
AND
THE
TRAGEDY
OF
THE
HORIZON
-
230
6.
SUMMARY
-
232
PART
FOUR
G.
RESPONDING
TO
DISRUPTIVE
CHANGE
-
235
1.
THE
REGULATORY
GOAL
-
235
2.
REGULATORY
DESIGN
-
235
A.
REGULATORY
FATALISM
-
235
B.
ENVIRONMENTAL
UNCERTAINTY
AND
MANDATORY
DISCLOSURES
-
235
C.
ADAPTIVE
INFORMATIONAL
REGULATION
-
236
D.
RELATIVITY
-
238
CONTENTS
-
XV
3.
TOWARD
A
EUROPEAN
FRAMEWORK
FOR
SCENARIO
ANALYSES
-
239
A.
THE
PRODUCTION
OF
INFORMATION?
-
239
B.
THE
ITEMIZATION
OF
THREATS
-
240
C.
IDENTIFICATION
OF
BUSINESS
MODEL
THREATS
-
241
AA.
A
VOLUNTARY
REPORTING
PROGRAM
-
241
BB.
A
PRINCIPLES-BASED
APPROACH
-
243
CC.
THE
REGULATEES
-
245
4.
SCENARIO
ANALYSES
IN
PERIODIC
DISCLOSURES
-
245
A.
POINT
OF
REFERENCE:
BUSINESS
MODEL
REPORTING
-
246
AA.
"
OBJECTIFYING
"
BUSINESS
MODEL
REPORTING
-
247
BB.
BUSINESS
MODEL
RESILIENCE
-
248
CC.
ADAPTIVE
CAPABILITIES
-
250
B.
THE
UNCERTAINTY
REPORT
-
250
C.
THE
TRANSITIONS
REPORT
-
252
AA.
ON
"
LONG
AND
SHORT-TERM
"
INFORMATION
-
253
BB.
REPORTING
ON
ORGANIZATIONAL
INERTIA
-
254
5.
ENSURING
THE
RELIABILITY
OF
THE
REPORT
-
254
A.
A
CLEAR
SEPARATION
-
255
B.
PLAUSIBILITY
-
255
C.
FAITHFULNESS
AND
COMPLETENESS
-
256
D.
COMPARABILITY
-----
257
E.
ENFORCEMENT
AND
SUPERVISION
-
258
F.
THIRD
PARTY
ASSURANCES
-
260
6.
THE
RELATIONSHIP
WITH
EXISTING
REPORTING
FORMATS
-
261
7.
DECISION-USEFUL
-
IN
WHICH
ENVIRONMENT?
-
261
H.
FURTHER
RESEARCH
AND
RELATED
ISSUES
-
264
1.
AUDIT
----
264
2.
CORPORATE
GOVERNANCE
-
265
I.
MAIN
THESES
-
267
THE
PHENOMENOLOGY
----
267
RATIONALES
FOR
REGULATION
-
268
1.
THE
ASYMMETRY-CENTRED
DISCLOSURE
REGIME
-
268
2.
RISK
AND
UNCERTAINTY
-
268
3.
MARKET
EFFICIENCY
-
269
4.
FINANCIAL
STABILITY
-
270
5.
INVESTOR
PROTECTION
AND
SUSTAINABILITY
-
270
XVI
-
CONTENTS
UNCERTAINTY
AND
THE
EUROPEAN
DISCLOSURE
FRAMEWORK
-----
270
TOWARD
A
EUROPEAN
FRAMEWORK
FOR
SCENARIO
ANALYSES
IN
PERIODIC
DISCLOSURES
-----
272
REFERENCES
-
273 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Fischer, Marius 1992- |
| author_GND | (DE-588)1213676614 |
| author_facet | Fischer, Marius 1992- |
| author_role | aut |
| author_sort | Fischer, Marius 1992- |
| author_variant | m f mf |
| building | Verbundindex |
| bvnumber | BV048851981 |
| classification_rvk | PS 3280 |
| ctrlnum | (OCoLC)1372485567 (DE-599)DNB1270290916 |
| discipline | Rechtswissenschaft |
| discipline_str_mv | Rechtswissenschaft |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV048851981 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T21:40:28Z |
| indexdate | 2025-01-02T13:19:01Z |
| institution | BVB |
| institution_GND | (DE-588)10095502-2 |
| isbn | 9783111043005 3111043002 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034117238 |
| oclc_num | 1372485567 |
| open_access_boolean | |
| owner | DE-19 DE-BY-UBM DE-M382 DE-12 DE-11 |
| owner_facet | DE-19 DE-BY-UBM DE-M382 DE-12 DE-11 |
| physical | XVIII, 298 Seiten 23 cm x 15.5 cm |
| publishDate | 2023 |
| publishDateSearch | 2023 |
| publishDateSort | 2023 |
| publisher | De Gruyter |
| record_format | marc |
| series | Schriften zum Europäischen und Internationalen Privat-, Bank- und Wirtschaftsrecht |
| series2 | Schriften zum Europäischen und Internationalen Privat-, Bank- und Wirtschaftsrecht |
| spelling | Fischer, Marius 1992- Verfasser (DE-588)1213676614 aut Disruptive change and the capital markets on information, risk and uncertainty Marius Fischer Berlin De Gruyter [2023] ©2023 XVIII, 298 Seiten 23 cm x 15.5 cm txt rdacontent n rdamedia nc rdacarrier Schriften zum Europäischen und Internationalen Privat-, Bank- und Wirtschaftsrecht Band 65 Dissertation Ludwig-Maximilians-Universität München 2022 Europäische Union (DE-588)5098525-5 gnd rswk-swf Regulierung (DE-588)4201190-5 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Kapitalmarktrecht (DE-588)7573652-4 gnd rswk-swf Kapitalmarktrecht EIW Schriften zum Europäischen und Internationalen Privat-, Bank- und Wirtschaftsrecht (DE-588)4113937-9 Hochschulschrift gnd-content Europäische Union (DE-588)5098525-5 b Kapitalmarkt (DE-588)4029578-3 s Regulierung (DE-588)4201190-5 s Kapitalmarktrecht (DE-588)7573652-4 s DE-604 Walter de Gruyter GmbH & Co. KG (DE-588)10095502-2 pbl Erscheint auch als Online-Ausgabe, EPUB 978-3-11-104636-5 Erscheint auch als Online-Ausgabe, PDF 978-3-11-104523-8 Schriften zum Europäischen und Internationalen Privat-, Bank- und Wirtschaftsrecht Band 65 (DE-604)BV019867633 65 X:MVB https://www.degruyter.com/isbn/9783111043005 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034117238&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p vlb 20221014 DE-101 https://d-nb.info/provenance/plan#vlb |
| spellingShingle | Fischer, Marius 1992- Disruptive change and the capital markets on information, risk and uncertainty Schriften zum Europäischen und Internationalen Privat-, Bank- und Wirtschaftsrecht Europäische Union (DE-588)5098525-5 gnd Regulierung (DE-588)4201190-5 gnd Kapitalmarkt (DE-588)4029578-3 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4201190-5 (DE-588)4029578-3 (DE-588)7573652-4 (DE-588)4113937-9 |
| title | Disruptive change and the capital markets on information, risk and uncertainty |
| title_auth | Disruptive change and the capital markets on information, risk and uncertainty |
| title_exact_search | Disruptive change and the capital markets on information, risk and uncertainty |
| title_exact_search_txtP | Disruptive change and the capital markets on information, risk and uncertainty |
| title_full | Disruptive change and the capital markets on information, risk and uncertainty Marius Fischer |
| title_fullStr | Disruptive change and the capital markets on information, risk and uncertainty Marius Fischer |
| title_full_unstemmed | Disruptive change and the capital markets on information, risk and uncertainty Marius Fischer |
| title_short | Disruptive change and the capital markets |
| title_sort | disruptive change and the capital markets on information risk and uncertainty |
| title_sub | on information, risk and uncertainty |
| topic | Europäische Union (DE-588)5098525-5 gnd Regulierung (DE-588)4201190-5 gnd Kapitalmarkt (DE-588)4029578-3 gnd Kapitalmarktrecht (DE-588)7573652-4 gnd |
| topic_facet | Europäische Union Regulierung Kapitalmarkt Kapitalmarktrecht Hochschulschrift |
| url | https://www.degruyter.com/isbn/9783111043005 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034117238&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV019867633 |
| work_keys_str_mv | AT fischermarius disruptivechangeandthecapitalmarketsoninformationriskanduncertainty AT walterdegruytergmbhcokg disruptivechangeandthecapitalmarketsoninformationriskanduncertainty |