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The aim of this paper is to assess the views of market participants concerning the institutional investors’ role in implementing book-building pricing of IPOs as Nepal seeks to implement it. A total of 125 market participants were approached for data collection using a structured questionnaire that took a six-month period from January to June 2020. Descriptive and inferential statistics were employed to analyze the collected data. The study found that the role of institutional investors in the prevailing stock market is brutally meager because of the restrained regulatory provisions. Market participants opined that institutional investors play a vital role in developing the stock market and executing book building. Implementation of book building demands a rigorous amendment in the existing regulations that allow institutional investors to enter and play in the market. A precise classification and definition of the potential roles of institutional investors are essential so that the application of the building pricing mechanism could be expected to be more effective. Market participants believed that the active participation of institutional investors will help lure manufacturing and real sector companies, trading houses and hotels into the capital market for public offerings. Issue managers, portfolio managers, share registrars, and stockbrokers agree that the role of institutional investors is inevitable in implementing book-building pricing.

Research Purposes. This study aims to enrich findings about the underpricing phenomenon and to find underpricing trends in various economic conditions that affect stock market activity in the period of the year used in this study. Research Method. The underpricing phenomenon in this study was carried out in a reasonably long research period of 5 years from 2015 to 2019. A total of 72 companies were used as samples in the study. Data were analyzed using multiple regression analysis. Research Result and Findings. The results found that company size as measured by the number of company assets is the most significant factor for investors in determining their investment for companies that have just listed shares on the stock exchange. An assessment of a company's assets can be the basis for measuring risk, prospects, and the ability to provide returns in the future.

The system of high-quality risk-management is a provider of financial resistance and stability for insurance company. The point raised in this publication is the lack of formed methodology for creating organized system of effective risk control, and the second one is insufficient professional level of education of underwriter and surveyor - core experts in this system.

The aim of the article is to elucidate the main differences between certain types of professional appraisers of risks and losses in the insurance market infrastructure of Ukraine. Analyzing and summarizing the provisions of regulatory legal acts and the results of researches by leading scientists in the field of insurance, it is determined that the range of functions of the underwriter at the stage preceding the conclusion of the insurance contract are somewhat wider than those of the surveyor, and the range of functions of the emergency commissioner at the stage of settlement of the insured event are wider than those of the appraiser, the average adjuster and the adjuster. Taking into account that professional appraisers of risks and losses as well as actuaries are responsible for the appraisals and recommendations provided by them, it is advisable to insure their professional responsibility. It is found that the number of certified emergency commissioners and actuaries is low in Ukraine, which requires further stimulation of the development of the insurance market infrastructure in terms of these components. Due to the fact that the work of the surveyor and adjuster is not legally regulated in Ukraine, these issues constitute prospects for further researches in this area.

The article reveals the essence of banking scoring and the importance of compiling high-quality scoring models for assessing risks when working with borrowers. The complexity of processing surface information about the borrower and the need for clarification with additional questions are indicated. The history and causes of the appearance of scoring modeling in the middle of the 20th century are described. The main criteria for scoring used to create algorithms for assessing the financial reliability of the borrower are listed. The contribution of post-Soviet scientists to the improvement of scoring models is indicated. Further prospects of banking scoring and its relevance in the light of the emergence of more progressive evaluation programs.

The research about abnormal return of initial offering has been carried out by many other researchers. The results indicated that underpricing which signed by positive abnormal returns occurred in the short time. However, the effects that has caused underpricing was still indicate inconsistency. The objective of this research is to examine the differences of abnormal return between company that carry out initial public offering in the period before and during monetary crisis,with a special reference to Jakarta Stock Exchange. Furthermore, it also aims to find out effects of stock value uncertainty and company value that proxied by standard deviation and age, effect of informed demand proxied by delay time, and effect of underwriter reputation on abnormal return. Results indicated that there was significant abnormal return difference between the periods before and during monetary crisis. The factor that effected abnormal return in the period before monetary crisis was delay variable and underwriter reputation. The results was contrary with initial assumption. The significant factor that influenced abnormal return in the period during monetary crisis was standard deviation and age

The extant literature offers extensive support for the significant role played by institutions in financial markets, but implicit regulation and monitoring have yet to be examined. This study fills this void in the literature by employing unique Chinese datasets to explore the implicit regulation and penalties imposed by the Chinese government in regulating the initial public offering (IPO) market. Of particular interest are the economic consequences of underwriting IPO deals for client firms that violate regulatory rules in China’s capital market. We provide evidence to show that the associated underwriters’ reputations are impaired and their market share declines. We further explore whether such negative consequences result from a market disciplinary mechanism or a penalty imposed by the government. To analyze the possibility of a market disciplinary mechanism at work, we investigate (1) the market reaction to other client firms whose IPO deals were underwritten by underwriters associated with a violation at the time the violation was publicly disclosed and (2) the under-pricing of IPO deals undertaken by these underwriters after such disclosure. To analyze whether the government imposes an implicit penalty, we examine the application processing time for future IPO deals underwritten by the associated underwriters and find it to be significantly longer than for IPO deals underwritten by other underwriters. Overall, there is little evidence to suggest that the market penalizes underwriters for the rule-violating behavior of their client firms in China. Instead, the Chinese government implicitly penalizes them by imposing more stringent criteria on and lengthening the processing time of the IPO deals they subsequently underwrite.

El propósito central del presente artículo se fundamenta en conocer la regulación específica hasta el año 2013, del contrato Underwriting en cuanto a la emisión de bonos en Colombia, para determinar si puede dar lugar al lavado de activos; para ello se hace necesario un abordaje normativo acerca de la emisión de bonos en el mercado bursátil colombiano con fundamento en planteamiento de orden doctrinal, jurisprudencial y de derecho comparado; de igual forma, se toma en consideración una definición precisa sobre el contrato de Underwriting, entendido éste como una modalidad contractual atípica, e identificando a la vez sus características, ventajas y desventajas; finalmente, se indaga sobre la normatividad que sanciona el lavado de activos y su correspondiente relación con la emisión de bonos.