Rapporter og tendenser

OECD: Stor succes med bekæmpelse af offshore-skatteunddragelse: Minerva Analytics skriver i en opdatering : “According to the Organisation for Economic Cooperation and Development (OECD), the group has achieved “unprecedented success” in diminishing offshore tax evasion over the last 10 years thanks to new transparency rules designed to bolster the exchange of information. These rules include the exchange of information on request (EOIR) standards, which outlawed bank secrecy for the purpose of trading information, and the automatic exchange of information (AEOI) on offshore financial accounts introduced in 2013. The Global Forum, which saw more 500 delegates gather in Paris last week to celebrate its 10th anniversary, revealed the use of bilateral tax information exchange agreements had enabled more than 250,000 information requests during the past decade. In 2018 alone, nearly 100 of its 158 member jurisdictions automatically exchanged information on 47 million financial accounts, covering total assets of $4.9trn.”

Næsten ni ud af ti professionelle investorer tvivler på, at klimarisici er korrekt afspejlet i de børsnoterede selskabers værdiansættelser: ”Nearly nine in 10 investment professionals doubt that climate risks are being correctly priced into company valuations, a major poll reveals.The survey , conducted by the prominent Global Sustainable Investment Alliance (GSIA), found an overwhelming 87% of respondents do not believe markets are consistently and correctly pricing climate risks into company and sector assessments. Disbelief was highest in the US and UK (97% and 95%, respectively) and lowest in Japan (77%, with 23% unsure). The poll , which comprised responses from nearly 300 asset managers, owners and advisors from around the globe, sought to explore whether the investment industry is successfully implementing the influential Task Force on Climate-related Financial Disclosures (TCFD). Established in December 2015, the TCFDs are viewed as a crucial tool to help companies identify and disclose consistent information about their material climate-related financial risks and opportunities. The recommendations are also applied to asset owners and managers in their reporting to stakeholders. According to the survey, while the number of organisations supporting the TCFD recommendations has grown, investors are generally dissatisfied with publicly-traded companies’ climate-related disclosures.”

Investorer tjener mere på at handle hurtigt på nyheder end på at forudsige den fremtidige kursudvikling: I forskningspapiret ” Institutional Trading around Corporate News: Evidence from Textual Analysis ”, at ”we find that such news-driven institutional trades result in economically significant abnormal returns. A one standard deviation increase—a standard way of measuring economic significance—in institutional trading results in an annualized abnormal return of 12.5 basis points over five days following the news on top of the return predicted by news tone. This economic significance is meaningful as institutions oftentimes vie for a few basis points in gains. Institutional trading and news tone reinforce each other to predict returns over the next two weeks. While institutional trading predicts returns, the return predictability is mostly present when such trading is consistent with the news direction. Our results are relevant to practitioners at large for at least a few reasons. First, our results suggest that the trading advantage of institutional investors stems more from their ability to process information in a very timely manner than from their ability to predict (or to obtain) private information about corporate events ahead of their public release. Second, we show that institutions are key to information becoming quickly incorporated into prices, suggesting a market efficiency improving role for institutional investors. And, third, our results suggest that investors should be aware that this high-frequency information is available to the market, and that investors may be able to exploit these data to generate return alpha.”