G14 - Information and Market Efficiency; Event Studies; Insider TradingNávrat zpět

The purpose of this article is to compare overall market values of football national representations which took part in UEFA EURO 2016 in France. The total team market value is determined by combining all the team players' market value regardless of their participation in matches. The highest market value was achieved by the national team of Spain, the lowest by the national team of Hungary. The overall team market value is related to success (failure) at EURO 2016 which is expressed by a total number of points gained. There is an evident middle strong influence of team market value on the result gained at UEFA EURO 2016 based on the results of regression and correlation analysis. The value of the correlation coefficient is 0.61. Another target was determining the effectiveness of national football teams at UEFA EURO 2016 as a proportion of the representation quality and the overall amount of points gained at the tournament. From this point of view the most effective team was that representing Hungary.

Short selling exchange-traded funds (ETFs) has become a common means of speculating or hedging in response to pessimistic expectations about a specific market or sector, as the short interest of ETFs is more than 10 times that of individual stocks, on average. The study determines the specific characteristics of globally available ETFs, which influence the level of short interest (such as trading volume, price stability, market capitalization, expense ratio, geographical focus, investment strategy and the availability of derivatives for the underlying index), and tests three most common short sale motivation hypotheses (overpricing, arbitrage and hedging and transaction costs). Using the monthly short interest ratio and the characteristics of ETFs traded in the US market, empirical evidence to support all three short sale motivation hypotheses is provided. The possibility of achieving abnormal returns based on previous levels of short sale is also tested.

Commodity markets are substantial for the shape of the world economy and experienced numerous structural changes over the span of last decades. The financial sector of the economy started to play the commanding role. The prices became more volatile as more and more financial investors began to speculate on commodity markets. Such process combined with other crucial factors leads to market abuses, decreasing transparency of trade and excessive speculation. These issues surged and were mostly observed during the subprime mortgage crisis and in the period straight after it. The policymakers around the globe made an effort in order to diminish those effects and introduced a new policy framework towards commodity markets. This paper focuses on current works and actions taken by the European Union policymakers and their United States counterparts.