https://www.um.edu.mt/library/oar/handle/123456789/31507 2026-05-06T11:58:31Z 2026-05-06T11:58:31Z Cristea, Mirela Thalassinos, Eleftherios https://www.um.edu.mt/library/oar/handle/123456789/31750 2018-07-17T01:34:34Z 2016-01-01T00:00:00Z

Title: Private pension plans : an important component of the financial market Authors: Cristea, Mirela; Thalassinos, Eleftherios Abstract: One of the European financial market’s components is the pension fund, which does not represent a common scheme valid in all member-states. Each member-state has established a specific scheme being in accordance with other financial and working characteristics as well as in accordance with social, economic and political aspects of the economy. This article analyses the main components of the private pension market in the European Union, as part of the financial market and in comparison with other issues by presenting comparative pension systems beeing established by a number of countries in the EU. It also presents their structure, their asset management, the financial risks associated with and the methods of counteracting them.

2016-01-01T00:00:00Z Stamatakis, D. https://www.um.edu.mt/library/oar/handle/123456789/31749 2018-07-17T01:34:42Z 2016-01-01T00:00:00Z

Title: Convergence on alternative human capital proxy variables : a cross country empirical investigation Authors: Stamatakis, D. Abstract: This article conducts an empirical investigation comparing human capital convergence in three country groups of significantly different development levels: G7, developed and less developed. The contribution of this work is that Human capital evaluation surpasses enrolment and/or attainment rates. In addition to enrollment rates and government spending, alternative factors that determine the contribution of human capital are incorporated, such as book availability, researchers per capita and students per teacher. The results indicate moderate evidence of convergence among the three-country groups when “traditional” variables are included. Nevertheless, the convergence “picture” becomes remarkably transformed in reference to unconventional human capital proxies; indicating the incapacity of traditional variables to capture the complexity of human capital creation, implying the existence of a “convergence trap” that emphasizes on ‘more’ qualitative variables -ignored by traditional variables, suggesting a possible scenario of worldwide polarization, ultimately reinforced by political factors.

2016-01-01T00:00:00Z Uddin, Hamid Ann, Won Kie https://www.um.edu.mt/library/oar/handle/123456789/31748 2018-07-17T01:34:35Z 2016-01-01T00:00:00Z

Title: Further test on stock liquidity risk with a relative measure Authors: Uddin, Hamid; Ann, Won Kie Abstract: Negative relationship between stock’s return and its liquidity suggests that illiquid stocks are riskier than liquid stocks hence illiquid stocks should earn more return. Researchers subsequently considered liquidity as another variable for asset pricing when they found commonality in liquidity. Earlier studies tested stock and market liquidities independently. We therefore further test the relationship of stock’s return with its liquidity relative to market-wide liquidity by a relative measure linking the individual liquidity with market-wide liquidity. Results confirm the negative relationship between stock’s return and liquidity, but the relationship is non-linear and the relative measure of liquidity complements the liquidity measures used in prior studies. We find that fluctuations in relative liquidity do not have positive effect on stock return, raising a question whether variability in liquidity captures liquidity risk.

2016-01-01T00:00:00Z Grima, Simon Romanova, Inna Bezzina, Frank Chetcuti Dimech, Frank https://www.um.edu.mt/library/oar/handle/123456789/31746 2018-07-17T01:34:35Z 2016-01-01T00:00:00Z

Title: Alternative investment fund managers directive and its impact on Malta’s financial service industry Authors: Grima, Simon; Romanova, Inna; Bezzina, Frank; Chetcuti Dimech, Frank Abstract: The introduction of the Directive on Alternative Investment Fund Managers (AIFM Directive 2011/61/EU) in 2013 means a radical transformation of the EU regulatory landscape for the whole alternative investment fund industry. Taking into account the growing meaning of the alternative investment fund industry in Europe, the aim of the paper is to assess the impact the Directive on Alternative Investment Fund Managers (AIFMD) will have on the Alternative Investment Fund Managers (AIFMs) managing Alternative Investment Funds (AIFs) in the EU. The research is based on the case of Malta, which is a quickly growing financial centre. The main findings are based on an analysis of questionnaire responses conducted with key players in the fund industry regulated and licensed by the Malta Financial Services Authority. This study provides an extensive analysis of the AIFMD and its impact on Malta’s financial service industry. It has highlighted various factors that will have a positive or negative impact on the industry resulting from the AIFMD. The paper provides recommendations for further development of the Maltese fund industry in the context of the AIFMD that can be partially applied to other fund domiciles.

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