Hybridity in contemporary commercial organizations: implications for employee trust

This study advances the concept of organizational hybridity (OH). By doing so, it takes into account the individual level of analysis often neglected in organizational theory. More specifically, it aims to understand the implications of organizational hybridity for employees’ trust in contemporary commercial organizations. Informed and guided by current literature, this study argues that the current literature on organizational hybridity fails to adequately address the consequences of hybridity for employees' behaviour. The empirical study was conducted in 2014 using data collected via semi-structured interviews and document analysis. The study was based on a comparison of two case studies in Nigeria: Alter Securities Limited and Barak Petroleum Limited. A total of forty (40) interviews were conducted; twenty (20) from each organization. The data were analysed using thematic analysis. The main findings are that organizational hybridity in this study produced tensions that resulted in negative behavioural responses and employees’ distrust in the commercial hybrid organizations. However, employees’ identification with non-market orientated institutional logics such as family, philanthropic and religious logics is seen to facilitate their commitment, honesty, and trust in the organizations. Nevertheless, caution is required here as religious logics may also lead to an acceptance of unethical behaviour by employees. Overall, this study contributes to the literature on organizational hybridity by extending on Battilana and Lee’s (2014) framework, which highlights governance, leadership, organizational culture and intra-organizational relationships as core organizational attributes in the context of which issues may arise in commercial hybrid organizations. Furthermore, it addresses a gap in Besharov and Smith’s (2014) hybrid typology framework by providing an alternative line of argument focused on understanding how tensions manifest within commercial hybrid organizations. The key recommendations of this research underscore the need for commercial hybrid organizations to invest in mechanisms for improving employees’ trust so as to reap the benefits associated with trust. This could be achieved by involving employees in the decision-making process and clearly communicating the organizations’ values, so as to minimise the misinterpretation of the embodied institutional logics by employees.

Análisis de las sanciones internacionales en el marco del tratado de no proliferación nuclear. Estudio de caso: energía atómica en Irán (2006-2015)

El presente trabajo de Grado tiene como propósito examinar la incidencia de las sancionesinternacionales en el marco del régimen de no proliferación nuclear en el caso de Irán durante el periodo 2006-2015, teniendo en cuenta factores históricos de años anteriores. Se analiza y explica cómo las sanciones internacionales pueden ser una medida persuasiva por violar ciertos artículos del Tratado de no Proliferación Nuclear. Finalmente identifica y analiza los tipos de sanciones económicas, financieras y comerciales que los Estados y el Consejo de Seguridad de las Naciones Unidas le han impuesto a Irán, así como la manera en que estas han incidido en la esfera política iraní y mundial.

Synthetic portfolio for event studies: Estimating the effects of volatility call auctions

We propose a method denoted as synthetic portfolio for event studies in market microstructure that is particularly interesting to use with high frequency data and thinly traded markets. The method is based on Synthetic Control Method and provides a robust data driven method to build a counterfactual for evaluating the effects of the volatility call auctions. We find that SMC could be used if the loss function is defined as the difference between the returns of the asset and the returns of a synthetic portfolio. We apply SCM to test the performance of the volatility call auction as a circuit breaker in the context of an event study. We find that for Colombian Stock Market securities, the asynchronicity of intraday data reduces the analysis to a selected group of stocks, however it is possible to build a tracking portfolio. The realized volatility increases after the auction, indicating that the mechanism is not enhancing the price discovery process.

Alcances y limitaciones del tercer pilar de la doctrina de responsabilidad de proteger en la intervención militar de la crisis Libia (2011-2013)

El siguiente trabajo de investigación pretende analizar no solo la manera en la que la Intervención en la crisis Libia (2011-2013) se vio justificada a la luz de lo que establece la Doctrina de R2P, sino también investigar si logró cumplir con los objetivos de la misma. Con tal propósito, se evaluará si la intervención Militar Humanitaria por parte de la OTAN bajo la resolución 1973 del Consejo de Seguridad de la ONU, se justifica desde los objetivos que establece la Doctrina de Responsabilidad de Proteger y cumple parcialmente con los propósitos fundamentales de prevenir, reaccionar y reconstruir en la crisis Libia de 2011- 2013. El método que se utilizará para responder a la pregunta de este estudio de caso, será en su totalidad cualitativo, descriptivo y analítico. En lo que respecta a las fuentes, se usarán fuentes secundarias como artículos académicos y fuentes primarias provenientes de noticias de periódicos, revistas, resoluciones AG y del CS de la ONU.

O papel da custódia de títulos financeiros nos mercados financeiros internacionais: mercados auto compensados e não compensados

Este relatório de estágio tem como objetivo descrever e contextualizar aspetos práticos relativos ao funcionamento dos mercados financeiros que não são habitualmente abordados nos manuais sobre este tipo de mercados. O relatório tem por base o estágio profissional realizado no BNP Paribas Securities Services, que proporcionou contacto direto com várias práticas, principalmente no domínio da prestação de serviços de custódia de títulos financeiros. A custódia é um serviço de post-trading, com grande relevância para a gestão e manutenção dos títulos financeiros e abrange todos os procedimentos que decorrem da negociação, de entre os quais se destacam aqueles que dizem respeito à distribuição de rendimentos; The AUD’s (assets under custody) role in the international financial markets: auto compensated markets and non compensated markets Abstract: This report aims to describe and contextualize practical aspects related to the functioning of financial markets that are not usually addressed in handbooks on such markets. The report is based on a professional internship at BNP Paribas Securities Services, which provided direct contact with various practices, particularly in the provision of financial securities custody services. The custody is a post-trading service, with great relevance for the management and maintenance of financial securities and covers all the procedures resulting from the negotiations, of which are especially relevant those relating to the distribution of income earnings.

I mercati di crescita per le PMI

La tesi studia ed approfondisce la disciplina dei mercati di crescita per le PMI, indagando il regime normativo delle società ivi quotate. Considerata la struttura composita dell’architettura regolamentare (direttive e regolamenti europei, fonti primarie nazionali e regolamento del mercato) l’indagine adotta una prospettiva olistica sulla regolamentazione, al fine di individuare principii comuni e risolevere dubbi interpretativi. Inoltre, l’approfondimento in chiave storica e di economia politica, volto a ricostruire le ragioni per l’introduzione dei mercati di crescita e gli obiettivi perseguiti dal legislatore europeo, permette di identificare le rationes sottostanti alle disposizioni e di facilitarne l’interpretazione. Il primo capitolo approfondisce l’evoluzione storica e istituzionale dei mercati di crescita per le PMI e gli obiettivi che il legislatore europeo si prefigge di raggiungere. Il secondo capitolo affronta invece il processo di registrazione dei sistemi multilaterali di negoziazione come mercati di crescita. Il capitolo indaga quali siano i requisiti affinché un sistema multilaterale possa essere registrato come mercato di crescita, come si svolga il processo di registrazione e quale sia il ruolo dell’autorità di vigilanza. Il terzo capitolo approfondisce quali siano le disposizioni di diritto societario applicabili agli emittenti quotati sui mercati di crescita. Infatti, mentre la disciplina per gli emittenti quotati sui mercati regolamentati non è direttamente applicabile a queste società, non si può neppure escludere in via preliminare che determinate disposizioni non siano applicabili in via analogica, a causa delle specifiche caratteristiche conferite a questi emittenti ed ai titoli ammessi alla negoziazione dalla quotazione. Il quarto capitolo analizza diverse disposizioni relative all’informazione, intesa in senso ampio. Infine, il quinto capitolo affronta la disciplina dell’o.p.a. obbligatoria prevista dal regolamento del mercato di crescita AIM Italia.

Price manipulation: theoretical models and empirical investigation

Understanding why market manipulation is conducted, under which conditions it is the most profitable and investigating the magnitude of these practices are crucial questions for financial regulators. Closing price manipulation induced by derivatives’ expiration is the primary subject of this thesis. The first chapter provides a mathematical framework in continuous time to study the incentive to manipulate a set of securities induced by a derivative position. An agent holding a European-type contingent claim, depending on the price of a basket of underlying securities, is considered. The agent can affect the price of the underlying securities by trading on each of them before expiration. The elements of novelty are at least twofold: (1) a multi-asset market is considered; (2) the problem is solved by means of both classic optimisation and stochastic control techniques. Both linear and option payoffs are considered. In the second chapter an empirical investigation is conducted on the existence of expiration day effects on the UK equity market. Intraday data on FTSE 350 stocks over a six-year period from 2015-2020 are used. The results show that the expiration of index derivatives is associated with a rise in both trading activity and volatility, together with significant price distortions. The expiration of single stock options appears to have little to no impact on the underlying securities. The last chapter examines the existence of patterns in line with closing price manipulation of UK stocks on option expiration days. The main contributions are threefold: (1) this is one of the few empirical studies on manipulation induced by the options market; (2) proprietary equity orderbook and transaction data sets are used to define manipulation proxies, providing a more detailed analysis; (3) the behaviour of proprietary trading firms is studied. Despite the industry concerns, no evidence is found of this type of manipulative behaviour.

Verso una regolamentazione dei contratti intelligenti: particolare riferimento al settore finanziario

Esta tesis doctoral aborda un tema complejo y de actualidad. Complejo, porque no es posible estudiarlo desde un punto de vista jurídico, sin un conocimiento previo de la tecnología subyacente - el blockchain. Y de actualidad, porque esta tecnología ya ha tenido un profundo impacto en el sector financiero en general, coincidiendo con una tendencia reguladora en este campo que no tiene precedentes normativos en los que basarse. El mundo financiero, el derecho bancario, el derecho de valores y los contratos comerciales se enfrentan a retos que no se pueden ignorar. Este trabajo de investigación aborda esta tecnología desde una perspectiva jurídica, valorando en qué medida el ordenamiento jurídico se está adaptando al ritmo exigido; en qué medida el régimen jurídico vigente ofrece soluciones y puede aplicarse, con ligeras adaptaciones, a esta nueva realidad económico-comercial; y, por último, cuáles son los elementos y características diferenciales de las aplicaciones de la tecnología blockchain, que deben tenerse en cuenta para una adecuada regulación de las mismas, que responda a los problemas que plantean. Conocer los beneficios, riesgos y ventajas son elementos esenciales a considerar en el proceso de regulación, ya iniciado y guiado por la UE, en su voluntad de apostar por la innovación digital en la economía de la Eurozona.