At some point, you likely will have seen the movie "The Wolf of Wall Street," starring Leonardo DiCaprio as the lead actor. The movie follows the life of an analyst as he tries to sell so-called "penny stocks," which are stocks trading at very low prices at Over-The-Counter (OTC) markets. OTC markets are essentially market platforms that operate without a central body overseeing the listings, implying direct trading between parties. These markets operate with only a minimum or even complete absence of regulation. This also holds in terms of accounting rules: firms on OTC markets are generally not required to make any public disclosures of accounting information. The most known OTC market is the so-called "Pink Sheets" in the United States, on which disclosure regulation is non-existent. Firms are not required to make any public disclosures, and if they do, it is on a voluntary basis and completely unregulated. For this task, you will go to https://www.otcmarkets.com/research/stock-screener and select under "Markets" the "Pink" market. Sort by name and choose a couple of stocks with a low stock price but exceeding $0.00. Have a look at the price, range, and volatility. Explain 1) how accounting information affects these market conditions and 2) why voluntary accounting information may not suffice for a full-functioning market, tying this back to the accounting principles contained in the IFRS Conceptual Framework. Next, consider the case of the Alternative Investment Market of the London Stock Exchange. Read the article of Gerakos, Lang and Maffett (2013) for some further insight into the peculiarities of the AIM segment. In contrast to the OTC markets, the AIM is self-regulated, with so-called Nomadic Advisors in a lead role. 3) Evaluate the system of the AIM and the role of Nomadic Advisors. Highlight the strengths and weaknesses of this system