Publication type: Article in scientific journal
Type of review: Editorial review
Title: Vertrauen im Kapitalmarkt
Authors : Bärtschi, Harald
Hirschi, Yannick
et. al : No
Published in : Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht
Volume(Issue) : 2017
Issue : 6
Pages : 771
Pages to: 791
Issue Date: 2017
Publisher / Ed. Institution : Schulthess
ISSN: 1662-8705
Language : German
Subject (DDC) : 332: Financial economics
Abstract: Trust is an essential element of a capital market. The market participants want to be confident that the other actors behave as expected. Financial market regulation supports the underlying expectations by ensuring transparency, prohibiting market abuses, stipulating various duties and imposing sanctions or liability in the event of breach. The objectives of most regulation, i.e., the protection of investors and the proper functioning of the market, relate to trust either on an individual or a collective level. The legislation should, however, take into account that the perception of investors is adversely affected in a variety of ways, as behavioral finance shows. Not every investor acts like the ideal homo oeconomicus, and overcoming structural information asymmetries among the market participants by imposing additional information duties is not sufficient. The importance of trust will not expire in future capital markets using blockchain technology. Nevertheless, the basis of trust will be modified: Trust in financial institutions, central counterparties and other intermediaries will be replaced to some extent by trust in the technical system. The financial market legislator has to meet the upcoming challenges and to ensure that trust will remain the implied essence of each capital market which functions properly.
Fulltext version : Published version
License (according to publishing contract) : Licence according to publishing contract
Departement: School of Management and Law
Organisational Unit: Center for Corporate and Tax Law (ZUS)
Appears in Collections:Publikationen School of Management and Law

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