Relevant bibliographies by topics / Going public (Securities)

Academic literature on the topic 'Going public (Securities)'

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Published: 4 June 2021
Last updated: 30 July 2024

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Journal articles on the topic "Going public (Securities)"

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Ewens, Michael, and Joan Farre-Mensa. "The Deregulation of the Private Equity Markets and the Decline in IPOs." Review of Financial Studies 33, no. 12 (May 9, 2020): 5463–509. http://dx.doi.org/10.1093/rfs/hhaa053.

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Abstract The deregulation of securities laws—in particular the National Securities Markets Improvement Act (NSMIA) of 1996—has increased the supply of private capital to late-stage private startups, which are now able to grow to a size that few private firms used to reach. NSMIA is one of a number of factors that have changed the going-public versus staying-private trade-off, helping bring about a new equilibrium where fewer startups go public, and those that do are older. This new equilibrium does not reflect an initial public offering (IPO) market failure. Rather, founders are using their increased bargaining power vis-à-vis investors to stay private longer.
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Khan, Ihtesham, Sikandar Shah, and Wisal Ahmad. "The Impact of Going Public Decision on Company Performance: Evidence from Pakistan." Global Social Sciences Review V, no. III (September 30, 2020): 156–65. http://dx.doi.org/10.31703/gssr.2020(v-iii).17.

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This study inspected the association of company performance with the choice of IPO of the firm's registered on the Pakistan Stock Exchange. In particular, two dimensions of performance, Return on Sales and Return on Asset as operating and Tobbin Q as Market performance as dependent variables, Bank debts, Capital Expenditure, Ownership Concentration, Sales Growth and Firm Size as independent variables along with the age of the firm as control variable have been used. Sample of 40 Pakistani IPOstaken for the period of 2005-2016. OLS inferences confirmed that the performance of both pre-IPO and Post-IPO show an influential association with the independent variables. This study provided a path to smaller firms that are in the process to go public. Whereas glimpses for the investors also provided who want to add profitable securities to their portfolio bucket.
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Nicholas, Phil. "The Agency That Kept Going: The Late New Deal SEC and Shareholder Democracy." Journal of Policy History 16, no. 3 (July 2004): 212–38. http://dx.doi.org/10.1353/jph.2004.0017.

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Discussions of New Deal policymaking suggest that many reforms were enacted from 1933 to 1937, but after this the New Deal ended. Although this analysis provides a generally accurate portrayal of presidential-congressional power relations, it overlooks the ability of some federal agencies to advance policies opposed by political and economic elites, and assumes that the plight of government agencies is always closely tied to the fortunes of elected leaders. The history of the Securities and Exchange Commission provides a somewhat different story. The SEC continued to pursue policies opposed by the securities industry despite increased political opposition in the late New Deal. This was due largely to the liberal-reformist ideology held by a large number of SEC commissioners and staff. They believed the agency should adopt a more mandate-driven approach and issue greater numbers of regulations than the SEC had in the early New Deal. As a result of the commissioners he appointed, President Franklin Roosevelt was largely responsible for this change in SEC policymaking.
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Noronha, Gregory, and Kenneth Yung. "Reverse LBO Underpricing: Information Asymmetry Or Price Support?" Journal of Applied Business Research (JABR) 13, no. 3 (September 7, 2011): 67. http://dx.doi.org/10.19030/jabr.v13i3.5753.

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<span>Most studies attribute the underpricing of initial public offerings of equity securities to the ex ante uncertainty resulting from the information differential between the firm going public and the market. Rund (1991, 1993), however, proposes that underpricing could result from underwriter price support in the early after-market. In this paper we examine firms that were once public, went private via leveraged buyout and then went public again. It is reasonable to expect that since these reverse LBOs (RLBOs) were once publicly traded, they should have less of an information differential with the market than firms going public for the first time. Our tests indicate that there is little or no information asymmetry between RLBOs and the market. We find that RLBO initial returns are more consistent with price support than with information asymmetry.</span>
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Geiger, Marshall A., and K. Raghunandan. "Bankruptcies, Audit Reports, and the Reform Act." AUDITING: A Journal of Practice & Theory 20, no. 1 (March 1, 2001): 187–95. http://dx.doi.org/10.2308/aud.2001.20.1.187.

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The Private Securities Litigation Reform Act (Reform Act) was enacted as law in 1995 and represents a major victory for the public accounting profession. Since audit reporting for publicly traded companies that enter bankruptcy continues to be of interest to legislators and the public, the Reform Act also includes audit reporting requirements regarding the auditor's assessments of a company's ability to continue as a going concern. This study examines the potential impact of the Reform Act on auditor reporting by examining audit reports for 383 bankrupt companies during the 1991–1998 period. The results indicate that, after controlling for financial stress, company size, default status, audit reporting lag and bankruptcy filing lag, auditors were less likely to have issued prior going-concern modified audit reports for bankrupt companies after the Reform Act.
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Wachira, Moses Muchemi, and Peter Ng’ang’a. "Macroeconomic Effects of Initial Public Offer and Performance Equity Prices of Firms Listed in Nairobi Securities Exchange, Kenya." International Journal of Current Aspects in Finance, Banking and Accounting 3, no. 2 (October 21, 2021): 65–78. http://dx.doi.org/10.35942/ijcfa.v3i2.197.

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Market reacts differently to various factors ranging from economic political, and socio-cultural. The stock prices of quoted companies in Kenya are affected either positivity or negatively by a number of factors occurring within or without the economic system. Initial public offering is often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded. The initial public offering is a vital step for young entrepreneurial firms, providing them access to the public equity market for the first time. Previous literature had focused primarily on initial public offering under-pricing phenomenon to measure the performance of companies. However, researchers argued that initial public offering pricing, which was a key factor in under-pricing had remained relatively unexplored in literature. The study employed descriptive research design. The study targeted a total population of 7 quoted companies in Nairobi security market, which had issued IPO from 2006-2020. The study depended on secondary data collected from the Nairobi Securities Exchange. Data was analysed by the use of SPSS. From the panel regression analysis, the interclass correlation (rho) was 0.310 implying that 31% of the variations in equity share prices are due to differences among the quoted firms. The within and between R-square was 0.0154 and 0.9967 respectively. The overall R2 was 0.9885, indicating that the variables considered in the model account for about 98.85% percent change in the dependent variables, while the remaining percent change may be as a result of other variables not addressed by this model. Dividend per share improved significantly after the IPO. Dividend per share was also established to improved significantly after the IPO. The study concludes that dividend per share, market capitalization and market liquidity improved in the post going public period. This is due to the proceeds received by companies from the sale of their shares to the public. In addition, the study concludes that firms benefit by going public despite potentially higher agency problems, at least for the first few years after the IPO. Becoming publicly traded provides financial capital to firms that helps them commercialize their products.
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Brady, Andrew, Brian Breheny, Michelle Gasaway, Stacy Kanter, Michael Zeidel, and Monika Zhou. "SEC permits all issuers to submit confidential draft registration statements." Journal of Investment Compliance 18, no. 4 (November 6, 2017): 16–21. http://dx.doi.org/10.1108/joic-08-2017-0051.

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Purpose To explain the US Securities and Exchange Commission’s (SEC’s) June 29, 2017 announcement (as updated August 17, 2017) that the staff of its Division of Corporation Finance will accept draft registration statement submissions from all companies for nonpublic review, thereby expanding a popular benefit previously available only to emerging growth companies (ECGs) under the JOBS Act and, in limited circumstances, to certain foreign private issuers under historical Staff practices. Design/methodology/approach Explains the rationale and limitations of the new policy, the existing confidential submission process, the expanded class of issuers and transactions that now qualifies for the nonpublic review process, and content and staff processing details. Findings Recognizing that the confidential submission process for EGCs proved highly popular and quickly became standard practice for eligible companies seeking to conduct an IPO, the SEC has made the nonpublic review process available to an expanded class of issuers and transactions. The expanded confidential submission process for IPOs addresses some of the typical concerns associated with engaging in the IPO process by giving a company more time and flexibility to determine whether it actually will be able to achieve the benefits of going public before it incurs the burdens and expenses of doing so. Originality/value Practical guidance from experienced securities and corporate finance lawyers.
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Clayton, John. "The Two Faces of Janus: The Jurisprudential Past and New Beginning of Rule 10b-5." University of Michigan Journal of Law Reform, no. 47.3 (2014): 853. http://dx.doi.org/10.36646/mjlr.47.3.two.

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Section 10(b) of the Securities Exchange Act and its implementing Rule 10b-5 are the primary antifraud provisions for both private and public enforcement of the federal securities laws. Neither the statute nor the rule expressly provides for a private right of action, but federal courts have long recognized such an implied right, and the Securities and Exchange Commission has supported the implied private right of action as a “necessary supplement” to its own efforts. However, after a decade of applying an expansive interpretation to Section 10(b), in the early 1970s the U.S. Supreme Court began to narrowly interpret this implied private right of action, citing concerns about the costs that frivolous litigation may impose on capital markets. Most recently, in Janus Capital Group, Inc. v. First Derivative Traders, the Supreme Court constricted the ambit of Rule 10b-5(b) — which imposes liability for fraudulent misstatements — by narrowly interpreting the word “make” in a way that effectively removes entire categories of plaintiffs from liability under Rule 10b-5(b). While Janus involved private plaintiffs, the Court’s interpretation cannot easily be distinguished on the basis of the plaintiff’s identity. Therefore, Janus appears to limit the Commission to the same extent that it does private plaintiffs, even if such a limitation was not the Court’s intent. This Note offers a solution to the Commission’s Janus problem, whereby the Commission could use its rulemaking authority to implement a “New Rule 10b-5.” This New Rule 10b-5 would be drafted so that only the Commission could use it to prosecute fraud, addressing the Court’s concern about the potential costs of expanding private litigation. Additionally, the New Rule 10b-5 could substitute different language for the word “make” so that the Commission could sidestep the Court’s restrictive interpretation of that word’s meaning. Going forward, this bifurcated approach to Section 10(b) — with separate rules for private and public enforcement — would allow the courts to interpret the contours of each cause of action without inadvertently restricting or expanding the scope of the other.
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Bortolon, Patricia Maria, and Annor da Silva Junior. "Determining Factors for Delisting of Companies Listed on BM&FBOVESPA." Revista Contabilidade & Finanças 26, no. 68 (July 10, 2015): 140–53. http://dx.doi.org/10.1590/1808-057x201500910.

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<p>Traditionally, the capital market has attracted the interest of scholars and researchers, motivated to understand the process of going public and trading securities of companies on a stock exchange. In this research context, an aspect had been neglected, something which indi cates a gap in the body of knowledge about the capital market and corporate governance: delisting of companies. We aim to identify the determining factors for delisting companies from the Commodity & Futures Exchange BOVESPA (BM&FBOVESPA). Methodologically, this research has related a set of variables collected from secondary data available on the database of the Securities Commission of Brazil (CVM), BM&FBOVESPA, and Economatica. By analyzing 227 listing cancellations, between 2001 and 2012, the results indicate that de listing of companies from BM&FBOVESPA is determined by the following factors: (i) greater concentration of ownership and control; (ii) lower free float; (iii) lower liquidity of shares; (iv) greater availability of cash; and (v) larger size. The fact that the controlling shareholder is a public or private company determines significant differences in the decision to delist. While in the first case cash availability is the most important factor, in the second liquidity is the main determining factor for delisting. From the academic viewpoint, this research extends the studies on delisting, still incipient in the Brazilian capital market context. For the capital market, identifying the characteristics of companies prone to cancel listing may prevent investors concerned about inherent risks at the time of acquiring shares by the controlling group interested in delisting.</p>
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Dutta, Saurav K., Dennis H. Caplan, and David J. Marcinko. "Growing Pains at Groupon." Issues in Accounting Education 29, no. 1 (August 1, 2013): 229–45. http://dx.doi.org/10.2308/iace-50595.

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ABSTRACT On November 4, 2011, Groupon Inc. went public with an initial market capitalization of $13 billion. The business was formed a couple of years earlier as an offshoot of “The Point.” The business grew rapidly and increased its reported revenue from $14.5 million in 2009 to $1.6 billion in 2011. Soon after going public, prior to its announcement of its first-quarter results, the company's auditors required Groupon to disclose a material weakness in its internal controls over financial reporting that impacted its disclosures on revenue and its estimation of returns. This case uses Groupon to motivate discussion of financial reporting issues in e-commerce businesses. Specifically, the case focuses on (1) revenue recognition practices for “agency” type e-commerce businesses, (2) accounting for sales with a right of return for new products, and (3) use of alternative financial metrics to better convey the intrinsic value of a business. The case requires students to critically read, analyze, and apply authoritative accounting guidance, and to read and analyze communications between the Securities and Exchange Commission (SEC) and the registrant.
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Dissertations / Theses on the topic "Going public (Securities)"

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Woo, Bo-loy. "Hong Kong's initial public offerings 1991-1995 /." Hong Kong : University of Hong Kong, 1997. http://sunzi.lib.hku.hk/hkuto/record.jsp?B20718044.

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Tai, Shu-Fen. "A study and comparison of the IPO communications environments and communications strategies in the United States and Hong Kong." online access from Digital Dissertation Consortium, 2007. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?1443870.

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Wong, Chun-keung Damian. "Pricing of initial public offerings in Hong Kong /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19878515.

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Woo, Bo-loy, and 胡寶萊. "Hong Kong's initial public offerings: 1991-1995." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1997. http://hub.hku.hk/bib/B31954832.

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Lam, Lai-chu Fiona. "The offering mechanism in Hong Kong /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19877961.

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Tam, Hon Keung. "Estimation risk, information asymmetry and information production in public equity offerings /." View abstract or full-text, 2004. http://library.ust.hk/cgi/db/thesis.pl?FINA%202004%20TAM.

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Lee, Fo-yee. "Competing for quality IPO : Hong Kong market fights to retain regional leadership /." Hong Kong : University of Hong Kong, 2001. http://sunzi.lib.hku.hk/hkuto/record.jsp?B24534456.

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Moon, Gisung. "Mergers and IPOS : the case of industry-consolidating IPOS /." free to MU campus, to others for purchase, 2003. http://wwwlib.umi.com/cr/mo/fullcit?p3099620.

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Wang, Weicheng. "Venture capital and initial public offering." Pullman, Wash. : Washington State University, 2010. http://www.dissertations.wsu.edu/Dissertations/Spring2010/w_wang_041210.pdf.

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Lo, Chung-hing. "A study of the first batch of H-shares fund raising activities in Hong Kong /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B18003564.

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Books on the topic "Going public (Securities)"

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Edelmann, Gerhard. Going public in Österreich. Wien: Wirtschaftsverlag A. Orac, 1990.

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Dobbin, Muriel. Going public: A novel. Seacaucus, N.J: Carol Pub. Group, 1991.

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Hoff, Jonathan M. Public companies. New York, N.Y: Law Journal Press, 2002.

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Bloomenthal, Harold S. Going public and the public corporation. 2nd ed. [St. Paul, Minn.]: Thomson/West, 2003.

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Bloomenthal, Harold S. Going public and the public corporation. [St. Paul, MN]: Thomson/West, 2003.

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Bloomenthal, Harold S. Going public and the public corporation. St. Paul, MN: West Group, 1986.

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Nigeria. Securities and Exchange Commission. Public offerings & sales of securities. Abuja: Securities & Exchange Commission, 2000.

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Jenkinson, Tim. Going public: The theory and evidence on how companies raise equity finance. Oxford: Clarendon Press, 1996.

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Ghadri, F. Philipp. IPOs and venture backed IPOs: A theoretical and practical code of practice plus implication. Baden-Baden: Nomos, 2012.

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Bannock, Graham. Going public: The markets in unlisted securities. London: Harper & Row, 1987.

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Book chapters on the topic "Going public (Securities)"

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Knott, Geoffrey. "‘Going Public’ and the Securities Market." In Financial Management, 159–71. London: Macmillan Education UK, 1998. http://dx.doi.org/10.1007/978-1-349-14766-3_12.

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Ferran, Eilís, Elizabeth Howell, and Felix Steffek. "Public Offers and Listings of Equity Securities." In Principles of Corporate Finance Law, 459—C14N682. 3rd ed. Oxford University PressOxford, 2023. http://dx.doi.org/10.1093/oso/9780198854074.003.0013.

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Abstract This chapter focuses on the process whereby a company raises finance by offering its equity securities to investors in the market. Topics discussed include reasons for going public, where shares can be listed, EU capital market regulation, the impact of Brexit on UK primary market regulation, standards for admission to trading on the Alternative Investment Market (AIM), forms of public offer of shares, determining the issue price, the principle of mandatory prospectus disclosure, the operation of the mandatory prospectus disclosure regime, enforcement of securities laws regulating public issues and admission to trading, civil liability in the UK for defective prospectuses, civil liability for false prospectuses, periodic and episodic disclosure obligations of listed and quoted companies, issuer disclosure obligations derived from the transparency obligations directive, annual corporate governance disclosures by issuers admitted to trading on a regulated market, and civil liability for periodic and episodic disclosures.
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Hellmann, Thomas. "Going Public and the Option Value of Convertible Securities in Venture Capital." In Venture Capital Contracting and the Valuation of High-technology Firms, 60–72. Oxford University PressOxford, 2004. http://dx.doi.org/10.1093/oso/9780199270132.003.0003.

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Yago, Glenn. "Leveraged Buyouts and Industrial Competitiveness." In Junk Bonds, 161–78. Oxford University PressNew York, NY, 1990. http://dx.doi.org/10.1093/oso/9780195061116.003.0009.

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Abstract So far, we have seen that junk bonds have been associated with positive improvements in operating performance among public companies and those going private through leveraged buyouts. Since operating performance is a primary indicator of industrial competitiveness, it would seem logical to conclude that high yield securities have had a positive influence on corporate competition.
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French, Derek. "7. Offering shares to the public." In Mayson, French & Ryan on Company Law, 181–212. Oxford University Press, 2019. http://dx.doi.org/10.1093/he/9780198841517.003.0007.

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This chapter focuses on public offering of shares as a source of finance for companies, with emphasis on the legal requirements to provide the necessary information to prospective investors. It also considers the importance of a marketplace for selling shares at the best possible price, as well as the regulation of the financial services industry by the Financial Services and Markets Act 2000. In addition, it discusses two controls on share offers to the public under the Companies Act 2006 with respect to payment of underwriting commission and repayment of subscribers’ money if a share offer is not completely successful. The chapter examines the regulatory regimes for securities markets, some of the main reasons or advantages for going public, the prospectus requirement and any exemptions to it and how the law deals with misleading statements and omissions in prospectuses.
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French, Derek. "7. Offering shares to the public." In Mayson, French & Ryan on Company Law. Oxford University Press, 2017. http://dx.doi.org/10.1093/he/9780198797234.003.0007.

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This chapter focuses on public offering of shares as a source of finance for companies, with emphasis on the legal requirements to provide the necessary information to prospective investors. It also considers the importance of a marketplace for selling shares at the best possible price, as well as the regulation of the financial services industry by the Financial Services and Markets Act 2000. In addition, it discusses two controls on share offers to the public under the Companies Act 2006 with respect to payment of underwriting commission and repayment of subscribers’ money if a share offer is not completely successful. The chapter examines the regulatory regimes for securities markets, some of the main reasons or advantages for going public, the prospectus requirement and any exemptions to it and how the law deals with misleading statements and omissions in prospectuses.
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French, Derek. "7. Offering shares to the public." In Mayson, French & Ryan on Company Law, 177–206. Oxford University Press, 2021. http://dx.doi.org/10.1093/he/9780198870029.003.0007.

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This chapter focuses on public offering of shares as a source of finance for companies, with emphasis on the legal requirements to provide the necessary information to prospective investors. It also considers the importance of a marketplace for selling shares at the best possible price, as well as the regulation of the financial services industry by the Financial Services and Markets Act 2000. In addition, it discusses two controls on share offers to the public under the Companies Act 2006 with respect to payment of underwriting commission and repayment of subscribers’ money if a share offer is not completely successful. The chapter examines the regulatory regimes for securities markets, some of the main reasons or advantages for going public, the prospectus requirement and any exemptions to it and how the law deals with misleading statements and omissions in prospectuses.
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French, Derek. "7. Offering shares to the public." In Mayson, French, and Ryan on Company Law, 177–206. Oxford University Press, 2023. http://dx.doi.org/10.1093/he/9780198874317.003.0007.

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This chapter focuses on public offering of shares as a source of finance for companies, with emphasis on the legal requirements to provide the necessary information to prospective investors. It also considers the importance of a marketplace for selling shares at the best possible price, as well as the regulation of the financial services industry by the Financial Services and Markets Act 2000. In addition, it discusses two controls on share offers to the public under the Companies Act 2006 with respect to payment of underwriting commission and repayment of subscribers’ money if a share offer is not completely successful. The chapter examines the regulatory regimes for securities markets, some of the main reasons or advantages for going public, the prospectus requirement and any exemptions to it and how the law deals with misleading statements and omissions in prospectuses.
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"Watercraft Capital S.A.: Refinancing Project Finance Transactions 1 (*) 1This case study is based on public information only. The bond prospectus for the Watercraft Capital S.A. is available at http://araomai.cat/wp-content/uploads/2014/11/Project-Castor-Prospectus_CL-low-res-4.pdf. Please read the entire disclaimer before going through the contents. (*)Disclaimer:This case was prepared by Professor Stefano Gatti (Bocconi University) and Andrea Florio (Bocconi University) as a basis for class discussion rather than to illustrate some of the typical issues of bond refinancing of a project finance transaction or to judge the effectiveness of credit enhancement mechanisms. This document may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those which are anticipated. In addition, this document has been prepared for didactical purposes only: all forward looking data, figures, and projections and all forward-looking statements included must not be considered as representative of any real situation. All valuation considerations included in this document have been developed and reported for the sole purpose of providing students with a better understanding of refinancing schemes using available public information only, and are not, to all extents, related to any confidential document produced to advise any of the companies mentioned in this document. Neither the results of the analysis, nor any other conclusion that one can reach through this document, should be considered indicative of any actual market situation, and therefore the authors decline any responsibility for improper use of the data cited in this document. The authors do not undertake any obligation to update the forward-looking statements contained or incorporated in this document to reflect actual results, changes in assumptions, or changes in other factors affecting said statements. The authors would like to thank Matteo Di Castelnuovo, Caterina Miriello Miguel Vasquez Martinez and Veronica Vecchi for valuable comments on earlier drafts of the case. The responsibility of the contents remains ours." In Project Finance in Theory and Practice, 497–513. Elsevier, 2018. http://dx.doi.org/10.1016/b978-0-12-811401-8.00018-0.

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Conference papers on the topic "Going public (Securities)"

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Odobaša, Rajko, and Katarina Marošević. "EXPECTED CONTRIBUTIONS OF THE EUROPEAN CORPORATE SUSTAINABILITY REPORTING DIRECTIVE (CSRD) TO THE SUSTAINABLE DEVELOPMENT OF THE EUROPEAN UNION." In International Scientific Conference “Digitalization and Green Transformation of the EU“. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2023. http://dx.doi.org/10.25234/eclic/27463.

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In January 2023, the European Corporate Sustainability Reporting Directive (CSRD) came into power, and its application from the fiscal year 2024 becomes mandatory for all large European companies with over 500 employees, as well as for medium and small companies, except for micro-enterprises, whose securities are listed for trading on a regulated market in the European Union. The directive also covers non-European trading companies that generate more than EUR 150 million in net income per year in the Union and have at least one daughter company or subsidiary that exceeds this income threshold. The directive adapts the deadlines, areas and standards of application of the new sustainability reporting rules to the capacities and resources of individual categories of companies. Businesses covered by the directive will have to submit publicly available and detailed non-financial reports on a number of aspects of sustainability in their operations, as well as on the impact of external sustainability factors on current operations, market position and development of companies. The directive represents a strengthening of the existing European rules for the creation and publication of sustainability reports introduced by the Non-Financial Reporting Directive (NFRD) from 2014, which are no longer adequate for the realization of the goals of the European Green Plan and the successful transition of the EU to a sustainable economy and society. This paper analyzes the historical and legal context of the creation of the Directive, goals and the scope of the Directive’s application, the indicators of reporting by companies with regard to the economic, social and ecological dimensions of sustainability covering also limitations bonded with theoretical and empirical circular economy perspective and the expected benefits of standardized reporting on aspects of sustainability of important stakeholders of the society. Besides, the possible burdens and costs are going to be presented, ocuuring when preparing sustainability reports and during practical application of the Directive. The purpose of the paper is to point out possible contributions of the Directive to strengthening the responsibility of companies for an accelerated and easier transition to a sustainable economy and society as a key development goal of the Union, and the potential positive impacts of a broader reduction of the negative environmental and social footprint on the sustainable operations of companies and the economy as a whole. Historical, legal normative and political economic methods are most often used in the analysis of the provisions and effects of the new legislative solution regarding the quantification of the effects of business operations on the sustainability of the European environment and society and the feedback effects of progress in wider sustainability on the operations and market position of businesses.
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Reports on the topic "Going public (Securities)"

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Financial Stability Report - First Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.1sem.eng-2020.

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In the face of the multiple shocks currently experienced by the domestic economy (resulting from the drop in oil prices and the appearance of a global pandemic), the Colombian financial system is in a position of sound solvency and adequate liquidity. At the same time, credit quality has been recovering and the exposure of credit institutions to firms with currency mismatches has declined relative to previous episodes of sudden drops in oil prices. These trends are reflected in the recent fading of red and blue tonalities in the performance and credit risk segments of the risk heatmaps in Graphs A and B.1 Naturally, the sudden, unanticipated change in macroeconomic conditions has caused the appearance of vulnerabilities for short-term financial stability. These vulnerabilities require close and continuous monitoring on the part of economic authorities. The main vulnerability is the response of credit and credit risk to a potential, temporarily extreme macroeconomic situation in the context of: (i) recently increased exposure of some banks to household sector, and (ii) reductions in net interest income that have led to a decline in the profitability of the banking business in the recent past. Furthermore, as a consequence of greater uncertainty and risk aversion, occasional problems may arise in the distribution of liquidity between agents and financial markets. With regards to local markets, spikes have been registered in the volatility of public and private fixed income securities in recent weeks that are consistent with the behavior of the international markets and have had a significant impact on the liquidity of those instruments (red portions in the most recent past of some market risk items on the map in Graph A). In order to adopt a forward-looking approach to those vulnerabilities, this Report presents a stress test that evaluates the resilience of credit institutions in the event of a hypothetical scenario thatseeks to simulate an extreme version of current macroeconomic conditions. The scenario assumes a hypothetical negative growth that is temporarily strong but recovers going into the middle of the coming year and has extreme effects on credit quality. The results suggest that credit institutions have the ability to withstand a significant deterioration in economic conditions in the short term. Even though there could be a strong impact on credit, liquidity, and profitability under the scenario being considered, aggregate capital ratios would probably remain at above their regulatory limits over the horizon of a year. In this context, the recent measures taken by both Banco de la República and the Office of the Financial Superintendent of Colombia that are intended to help preserve the financial stability of the Colombian economy become highly relevant. In compliance with its constitutional objectives and in coordination with the financial system’s security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth functioning of the payment system. Juan José Echavarría Governor
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