scholarly journals Modelling of capital requirements in the energy sector: capital market access. Final memorandum

1978 ◽  
Author(s):  
Keyword(s):  
Capital Market ◽  
Market Access ◽  
Energy Sector ◽  
Capital Requirements

Road to default: Tracoma holding Berhad Bai Bithaman Ajil Debt securities (BaIDS)

2015 ◽  
Vol 5 (5) ◽  
pp. 1-6
Author(s):  
A.M. Hafizi ◽  
Shahida Shahimi ◽  
Mohd Hafizuddin Syah Bangaan Abdullah ◽  
M. Badrul Hakimi Daud
Keyword(s):  
Learning Outcomes ◽  
Capital Market ◽  
Credit Rating ◽  
Subject Area ◽  
Capital Requirements ◽  
Fund Raising ◽  
Case Scenario ◽  
Worst Case ◽  
Content Type ◽  
Analytical Skills

Subject area Islamic Finance and Investment Study level/applicability Level of program/audience: Advanced undergraduate and postgraduate. Courses Intermediate and Advanced Finance, Economics, Islamic Economics & Finance, Islamic Banking & Finance, Islamic Capital Market and other relevant courses. Specifictopics/syllabus Capital markets instruments, conventional or Islamic. Case overview This case focuses on Tracoma Holding Berhad Bai Bithaman Ajil Debt Securities (BaIDS) amounting to RM 100 million which was issued by Tracoma Holding Berhad in 2005. It was the first issuance of a sukuk (Islamic debt securities or bond) by the company. The proceeds were used to finance its growth and to repay existing bank borrowings and capital requirements. This case is interesting, as it allows students to study the bai bithaman ajil sukuk structure and issuance process in the Malaysian capital market. It also provides basic financial transaction and credit rating of sukuk which requires analytical skills. Being a debt-based facility, the sukuk was subjected to credit rating evaluation by the MARC, the rating agency appointed by the company. Further downgrading of the sukuk meant it would lead to the worst-case scenario. Some actions needed to be taken to solve this issue; therefore, the CFO suggested an urgent meeting with the sukuk holders. Expected learning outcomes The students should be able to: understand the issuance process and the principle of BBA (bai bithamin ajil) in sukuk structure; understand reason(s) methods of fund raising by firm and the allocations of fund; understand the sukuk default issue; analyze the reasons for sukuk default; understand the importance of debt securities credit ratings; and identify investors' protection in the case of sukuk default. Supplementary materials Teaching notes are available for educators only. Please contact your library to gain login details or email [email protected] to request teaching notes.

Information Asymmetry and REIT Capital Market Access

2018 ◽  
Vol 59 (1) ◽  
pp. 90-110 ◽  
Author(s):  
Elizabeth Devos ◽  
Erik Devos ◽  
Seow Eng Ong ◽  
Andrew C. Spieler
Keyword(s):  
Information Asymmetry ◽  
Capital Market ◽  
Market Access

Capital Market Access and Financing of Private Firms*

2011 ◽  
Vol 11 (2) ◽  
pp. 155-179 ◽  
Author(s):  
VIDHAN K. GOYAL ◽  
ALESSANDRO NOVA ◽  
LAURA ZANETTI
Keyword(s):  
Capital Market ◽  
Market Access ◽  
Private Firms

The Shanghai-Hong Kong Stock Market

2015 ◽  
Vol 07 (03) ◽  
pp. 36-45
Author(s):  
Jing WAN
Keyword(s):  
Hong Kong ◽  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Markets ◽  
Market Access ◽  
Mainland China ◽  
Opening Up ◽  
Hong Kong Stock Market ◽  
The Capital Market

The Stock Connect scheme launched on 17 November 2014 was the first mutual market access between mainland China and Hong Kong stock markets. It is the biggest move ever in the opening up of the capital market. Experiences accumulated will be of great value to mainland regulators who will decide on how these experiences could be utilised for China’s future opening up of its capital markets and for accelerating renminbi internationalisation.

Stock market reactions to layoff announcements – analysis of the renewable energy sector

2017 ◽  
Vol 11 (2) ◽  
pp. 311-328 ◽  
Author(s):  
Stephan Kunert ◽  
Dirk Schiereck ◽  
Christopher Welkoborsky
Keyword(s):  
Renewable Energy ◽  
Stock Market ◽  
Capital Market ◽  
Abnormal Returns ◽  
Shareholder Wealth ◽  
Energy Sector ◽  
Market Reactions ◽  
Content Type ◽  
The Public ◽  
Stock Market Reactions

Purpose This study aims to analyze stock market reactions to layoff announcements in the renewable energy sector. The global renewable energy sector and most of the producers of wind and solar energy equipment are struggling. While changes in the regulation and in the promotion of energy production from renewable sources reduced the attractiveness of these technologies, many involved companies had to downsized their workforce to increase performance. The public often perceives these announcements as a way of increasing shareholder wealth at the cost of the employees. Support for this claim is often given in the form of isolated case study considerations. However, the case may be different for the renewable energy sector as changes in the overall institutional environment have sustainably deteriorated the prospects of this industry. Design/methodology/approach This study analyses stock market reactions of 65 layoff announcements made by companies in the renewable energy industry in the years from 2005 to 2014. The reactions are measured by cumulative abnormal returns, which are obtained by using the event study methodology. Findings It shows a significantly negative market reaction to the announcement of a layoff plan on the event day. The findings are generally in line with our expectations and underline the negative perspectives of the sector from a capital market point of view and the declining importance of the sector with respect to employment numbers. Originality/value The results of this study are important for investors when estimating the capital market reactions to layoff announcements and when they form their own expectations regarding possible future layoff announcements. For the public, the results are of interest as the prejudice, that layoff plans are used to increase shareholder wealth, can be dismantled. The opposite is shown.

scholarly journals Pemberdayaan Masyarakat Menuju Desa Tangguh Bencana di Area Terdampak Bencana Lumpur Lapindo, Sidoarjo

2021 ◽  
Vol 17 (1) ◽  
pp. 181-201
Author(s):  
Eny Sulistyowati ◽  
June Ekawat
Keyword(s):  
Disaster Preparedness ◽  
Swot Analysis ◽  
Market Access ◽  
Raw Materials ◽  
Capital Requirements ◽  
Community Empowerment ◽  
Village Communities ◽  
The Government ◽  
The Impact ◽  
Depth Interviews

The economy is one of the important factors that influence the condition of vulnerability of community  after a disaster. This study aims to determine the factors that are of interest to the community in starting a business by SWOT analysis of community empowerment programs in areas impacted by the Lapindo mudflow disaster, Sidoarjo, and the implementation of programs towards disaster resilient villages. The method used is a combination of quantitative and qualitative with questionnaires and in-depth interviews. The results showed that people's awareness of the importance of family savings as a disaster preparedness increased significantly even though some respondents experienced a decrease in income. The results of the SWOT analysis of the training alternatives offered to the community indicate that the factors of ease of obtaining raw materials, small initial capital requirements, mastery of the production process and market access of the products produced will attract the interest of the community to run a business. The participation of village communities in the study areas to help reduce the impact of disaster risks related to the environment around the settlements, can be encouraged by forming disaster resilient villages managed by the community themselves with the full support of the government. Keywords: Vulnerability, community empowerment, disaster resilient villages

scholarly journals Reflections on the EU Third Country Regime for Capital Markets in the Shadow of Brexit

2020 ◽  
Vol 17 (1) ◽  
pp. 35-71
Author(s):  
Niamh Moloney
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Financial Services ◽  
Market Access ◽  
European Parliament ◽  
Direct Application ◽  
The Political ◽  
Economic Context ◽  
Legislative Reforms ◽  
The Eu

This article considers the recent evolution of the EU’s third country regime for capital market access in light of Brexit, the important series of legislative reforms adopted in March 2019 as the 2014-2019 European Parliament/Commission term closed, and the emergence of the European Securities and Markets Authority (ESMA) as a material technocratic influence. The article suggests that while the capital market third country regime is changing (with Brexit a key but not exclusive driver of change), it is not being radically recast, although it is tightening. The regime remains broadly based on the more-or-less liberal ‘deference’ model which has long characterised EU third-country financial services policy. But it is becoming increasingly ‘on-shored’ by means of the direct application of EU rules and by ESMA’s oversight/supervision of certain third country actors. The significantly more restrictive approach being taken to third country central clearing counterparties is a marked development, but here the political and economic context is distinct. The implications of the overall shift towards a more ‘on-shore’, centralised, and potentially restrictive access regime are considered, and a modest reform prescription is offered.

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