Academic literature on the topic 'Non-listed markets'
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Journal articles on the topic "Non-listed markets"
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Senteney, Michael H., David L. Senteney, and Mohammad S. Bazaz. "Equity Market Response to Form 20-F Disclosures for ADR Firms." International Journal of Economics and Finance 9, no. 3 (February 22, 2017): 233. http://dx.doi.org/10.5539/ijef.v9n3p233.
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Non-U.S. companies may list securities in U.S. stock exchanges, provided that they file a set of audited financial statements as well as comply with extensive SEC disclosure requirements. We speculate that non-U.S. firms who choose to be listed in the major U.S. exchanges will comply with the supplemental disclosure requirements in order to have the supplemental disclosures impounded in the home country equity share price via the ADR share price in the manner described by Fishman and Hagerty (1989). We investigate the information content of non-U.S. firm’s earnings released vis-à-vis the SEC Form 20-F filings in both ADR and home country equity share markets. We employed models of the ADR and equity security share earnings release date abnormal returns controlling for the incremental firm-specific SEC Form 20-F disclosures required of exchange listed ADRs. Our results suggest that both ADR and home country equity share markets exhibit abnormal returns associated with the earnings release date. Particularly noteworthy, however, is the association between magnitudes of U.S. GAAP earnings and magnitudes of SEC Form 20-F filing date. Abnormal returns are significantly larger than the association between magnitudes of reported earnings and earnings report date abnormal returns in both the ADR and home country equity share markets. Our results seemingly suggest that the U.S. ADR share market’s response dominates the cross-market information flow, driving the home country equity share market response in a manner consistent with the notion that U.S. GAAP conveys price relevant information beyond reported earnings for non-U.S. firms.
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Mwambuli, Erick Lusekelo. "Does Corporate Capital Structure influence Corporate Financial Performance in Developing Economies? Evidence from East African Stock Markets." International Finance and Banking 3, no. 1 (May 10, 2016): 97. http://dx.doi.org/10.5296/ifb.v3i1.9357.
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This paper examines the statistically significant influence which capital structure has had on corporate financial performance of listed non-financial companies in East African stock markets. It used panel data of 272 observations including 34 East African non-financial listed firms listed in East African stock markets such as Dar Es Salaam Stock Market (DSE), Nairobi Securities Exchange (NSE) and Uganda Securities Exchange (USE) for a period of 8 years {i.e. 2006-2013}.Using the Panel Corrected Standard Errors (PCSEs) and Fixed Effect (FE),the study formulated two (2) econometric models with return on assets (ROA) and return on equity (ROE) as dependent variables and measures of corporate financial performance respectively, three (3) independent variables such as short term debt ratio (STDR),long term debt ratio (LTDR) and total debt ratio (TDR) as a measure of capital structure, furthermore the study used size of the firm (SIZ) as a control variable in order to control the differences in firm’s operating environment. The result indicate that capital structure has a negative and statistically significant influence on East African listed firm’s financial performance at 5% significance level. These results show that in average profitable listed firms in East African prefers to use internal source of financing in their capital structure as compared to external source of financing {like Debts-STDR,LTDR and TDR} and this results are supporting pecking order theory. Lastly the study recommends to corporate financial managers of East African non-financial listed firms should reduce financing their operations and growth by debt (STDR,LTDR and TDR) on their capital structure in order to enhance their corporate financial performance, regulatory authorities in East African region such as East African member states securities regulatory authority (EASRA) to formulate policies that will improving of financial markets in the region in order to reduce the cost of debt, further research could examine the influence {if any} of capital structure on sector wise (as per industry-like Manufacturing firms) for East African non-financial listed firms, take into account more control variables which are likely to influence financial performance such as macroeconomic variables (like gross domestic product - GDP) and consider other capital structure theories like ,market timing theory, agency theory which were not considered in our study.
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Tajudeen, Aluko Bioye, and Olaleye Abel. "UNITIZATION AND SECURITIZATION OF PROPERTY INVESTMENT: IMPLICATIONS FOR FUTURE VALUATION." Journal of Business Economics and Management 6, no. 3 (September 30, 2005): 125–34. http://dx.doi.org/10.3846/16111699.2005.9636101.
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Property investments are now mobile, being tradable securities or listed units (vehicles) comparable to stocks/ shares in the financial market. Hence, the need for valuation to be a counterpart to investment and security analysis. But, current valuation practice in the country has not placed property in a wider economy and the analytical techniques of other markets. The paper therefore demonstrates how current valuation techniques in the property market can meet the needs of investors for listed or tradeable property assets in the country. It also examines the implications on the valuation profession as well as the attendant consequences that are likely to be associated with the quest for change. The study utilizes data from both the Nigerian property and capital markets using simple descriptive, non‐statistical, techniques.
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Ashbaugh, Hollis, and Per Olsson. "An Exploratory Study of the Valuation Properties of Cross-Listed Firms' IAS and U.S. GAAP Earnings and Book Values." Accounting Review 77, no. 1 (January 1, 2002): 107–26. http://dx.doi.org/10.2308/accr.2002.77.1.107.
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Despite the increasing integration of global capital markets, there is little evidence on the valuation properties of cross-listed, non-U.S. firms' accounting variables. We use the relative performance of the earnings capitalization, the book value, and the residual income valuation models to explore the valuation properties of International Accounting Standards and U.S. Generally Accepted Accounting Principles earnings and book values reported by non-U.S., cross-listed firms trading in a common equity market. Using non-U.S./non-U.K. firms whose shares trade on the International Stock Exchange Automated Quotation system in London, we find that the earnings capitalization model is the dominant accounting-based valuation model when crosslisted firms report under International Accounting Standards. In contrast, we find that when cross-listed firms report under U.S. Generally Accepted Accounting Principles, the residual income model is the dominant accountingbased valuation model. Our exploratory study provides insights into the valuation implications of allowing a dual reporting system for foreign registrants trading in a common equity market.
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Tegtmeier, Lars. "Testing the Efficiency of Globally Listed Private Equity Markets." Journal of Risk and Financial Management 14, no. 7 (July 8, 2021): 313. http://dx.doi.org/10.3390/jrfm14070313.
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This study is the first to investigate the efficient market hypothesis in its weak form and the random walk behaviour of globally listed private equity (LPE) markets represented by nine global, regional, and style indices based on weekly data covering the period from January 2004 to December 2020. Autocorrelation tests, variance ratio tests, and a non-parametric runs test are employed. The results of the autocorrelation tests and the variance ratio tests tend to correspond for all indices, and they reject the random walk hypothesis for the returns of all LPE indices under investigation. In contrast, the runs test for direct weak-form market efficiency cannot reject the null hypothesis of a random walk process for almost all LPE indices under investigation. Furthermore, there is no evidence that the market efficiency of globally listed private equity markets has improved after the global financial crisis. Due to the fact that the rapidly growing asset class of LPE as a form of private equity is still relatively unknown, the implications of the results of our paper are relevant for investors, policy makers, and academics alike. In addition, the results provide valuable insights to better understand the emerging asset class of LPE.
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Magner, Nicolás S., and Cinthia K. Roa. "Terrorism and Latin-American Stocks Markets." Revista Mexicana de Economía y Finanzas 14, PNEA (August 1, 2019): 583–99. http://dx.doi.org/10.21919/remef.v14i0.424.
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This paper investigates the effects of major terrorist attacks of the last 20 years on a set of stocks listed at Latin-American stock markets. Utilizing the capital market model, we calculate abnormal returns during the day of the terror attacks for 115 stocks listed in 6 Latin-American countries. In this sense, we appreciate different reaction between countries, where Brazil, Peru, and Chile have a significant market reaction of terrorism. These results promote international diversification and the use of this loss to avoid significant capital losses. However, the results are limited by the validity of the capital market model. This paper has important implications for international investors and their investment risk management strategies. Despite the frequency of terrorist events, this is the first work that addresses a wide range of these in Latin American countries. The main conclusion is that there is a negative effect of terrorist events on Latin American markets, but this effect is mixed; there is a negative and significant impact of the US terrorist attacks and a weak and non-significant effect when the attacks occur outside the US.
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Nnadi, Matthias, Nyema Wogboroma, and Bariyima Kabel. "Determinants of dividend policy: Evidence from listed firms in the African stock exchanges." Panoeconomicus 60, no. 6 (2013): 725–41. http://dx.doi.org/10.2298/pan1306725n.
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The study demonstrates that much of the existing theoretical literature on dividend policy can be applied to the emerging capital markets of Africa. Using available financial data of listed firms in the 29 stock exchanges in Africa, the study finds similarities in the determinants of dividend policy in African firms with those in most developed economies. In particular, agency costs are found to be the most dominant determinant of dividend policy among African firms. The finding is non-synonymous with emerging capital markets which have a high concentration of private ownership and trading volumes. Agency cost theory may be important in both emerging and developed capital markets but the nature of the agency problem may be different in each case. Other factors such as level of market capitalization, age and growth of firms, as well as profitability also play key roles in the dividend policy of listed African firms.
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Wulandari, Vera Pipin, and Kusdhianto Setiawan. "ANALYSIS OF MARKET TIMING TOWARD LEVERAGE OF NON-FINANCIAL COMPANIES IN INDONESIA." Journal of Indonesian Economy and Business 30, no. 1 (September 16, 2015): 42. http://dx.doi.org/10.22146/jieb.7333.
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ABSTRACTThis study aimed to examine the effect of market timing on leverage on non-financial compa-nies in Indonesia. Market timing was tested on the hot and cold market conditions. Hot and cold markets are determined by the monthly market to book ratio. A hot (cold) market occurs when the average market to book ratio of a particular month is above (below) the value of the moving average of the monthly market to book ratio. This study also aimed to test whether non-financial companies in Indonesia persistently applied leverage policies. This study used two research models. The first model was a panel data with a sample size of 77 non-financial companies listed on the Indonesian Stock Exchange from 2002-2013.The second model was a cross section data with a sample size of 157 non-financial companies that conducted their IPO in Indonesia from 2003-2013. The dependent variable in both the research models was leveraget (levt). The independent variables were markett and leveraget-1 (levt–1). The control variables were profitabi-lityt-1 (proft-1); and sizet-1. The results of this study indicated that market timing affected the lev-erage of non-financial companies listed on the Indonesian Stock Exchange. However, market timing did not affect the leverage of non-financial companies that had their IPO in Indonesia. The non-financial companies in Indonesia were not persistently applying a leverage policy. The capital structure of non-financial companies in Indonesia changed because of the influence of variable profitability and size (which supports the pecking order and trade off theory).Keywords: market timing theory, leverage, hot and cold market, market to book ratio
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Wu, Yaoan, Dayu Wang, Jiatong Bao, and Jinglong Qu. "The Role of Regional Formal Institution and Foreign Direct Investment in the Performance of Tourism Firms." International Journal of Business Management and Finance Research 5, no. 2 (July 15, 2022): 46–66. http://dx.doi.org/10.53935/26415313.v5i2.224.
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Tourism, as one of the important pillar industries of China's economic development, has also made rapid development. At the same time, the number and the scale of tourism enterprises are also growing. This study collects the marketization index of each province in China, the actual level of foreign capital utilization in each province, and the return on total assets and return on equity of listed tourism companies. In addition, the evaluation of corporate social performance is collected by questionnaire with 500 responses. The results of the model show that the regional formal institution has a significant impact on the financial performance of tourism companies. The total index of marketization, the development of factor markets, the development of market-intermediate institutions and legal framework have significant positive effects on the ROA of tourism listed companies. Foreign direct investment has no significant impact on the performance of tourism listed companies; however, it has impact on their performance under the mediation of regional formal institutions. The total market index, the relationship between government and markets, the development of non-state enterprise sector, the development of factor markets the development of market-intermediate institutions and legal framework have moderating effects on the impact of FDI on ROA. Regional formal institution has a significant impact on consumer perception of social performance of tourism enterprises.
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Valls Pereira, Pedro L., and André Barbosa Oliveira. "Strategies of portfolio investment with estimates of bull and bear markets." Brazilian Review of Finance 19, no. 4 (December 24, 2021): 160–85. http://dx.doi.org/10.12660/rbfin.v19n4.2021.80765.
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The financial market has non-linear patterns, with different return behavior in bull versus bear markets. This article uses multivariate model estimates to study portfolios in changing conditions, and develops investment strategies for portfolios in light of uncertainty about the bear or bull status of the stock market. Portfolios were optimized for the main stocks listed on the Brazilian market index Ibovespa. The portfolios proposed with estimates of changing market status outperformed others over the analyzed period, with rebalancing adjustments made either weekly or monthly.
Dissertations / Theses on the topic "Non-listed markets"
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Hodgson, Victoria Louise, and n/a. "Linking Marketing to Shareholder Value in Listed and Non-Listed Markets." Griffith University. School of Marketing, 2004. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20040116.094444.
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In this thesis it is recognised that marketing has a dual role to satisfy both customer and shareholder objectives. The issue of shareholder value creation of marketing is an important and immediate agenda for marketing executives, management and academics. To date, marketers have not been able to adequately quantify and measure shareholder value creation through marketing assets and marketing expenditure. This has led to a dilution of marketing power and influence in the boardroom with management tending to treat marketing as discretionary expenditure and not as an asset. Academics have responded with conceptual models that relate marketing assets back to shareholder value, generally through cash flow or sales models. The creation of shareholder value through marketing assets and expenditure is then conceptualised and tested empirically. The conceptual model builds on the theory of agency and incomplete markets setting to illustrate the flow effects through marketing assets to shareholder value. The conceptual model also demonstrates that marketing expenditure can have stock and/or flow impacts on shareholder value. Flow effects are indirect effects that are mediated through sales, cash flows, and earnings and can be either temporary or longer term. It is concluded that in listed markets stock prices are the general surrogate for shareholder value, and risk adjusted earnings are the appropriate surrogate in non-listed markets. The thesis then empirically illustrates and tests the relationships between marketing communications expenditure on two data sets representing firms in listed and non-listed settings. The empirical results reveal that marketing expenditure does play an important role in the creation of shareholder value and that stock and flow effects are both present. Knowledge of the various empirical impacts from marketing across firm size, industry and listed and non-listed market settings observed in this thesis should prove highly valuable for marketers and managers. Finally, a conceptual understanding by marketers of the financial metrics that are required to be influenced in order to increase shareholder equity will provide greater clout in negotiations with management and boards of directors.
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Mourato, Pedro. "How differently do our non-large companies listed on the Portuguese stock exchange perform?" Master's thesis, NSBE - UNL, 2010. http://hdl.handle.net/10362/9905.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and EconomicsBehind the glamour of the largest and more mature companies listed on Stock Exchanges all over the world there is a much larger segment of companies also listed that tend to perform differently from the most visible ones. This visibility is also magnified by the fact that those large companies are part of the sample indices computed for most markets in order to translate the entire listed market with a small but manageable sample of companies. However, on many exchanges new indices have been created to place the different segments of the remaining listed market – micro, small and medium capitalization companies – under the spotlight of investors. This not only brings more visibility to these non-large firms, but also contributes to improving the liquidity of these companies and, more importantly, to uncovering the so-called Size Effect. Through the construction of a new MidCap share Index, this work aims to bring visibility to our companies that are not included in the PSI20 Index and check the existence of the above mentioned Size Effect in our market.
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Schwarz, Patrick. "Capital Structure and Profitability in German Family Firms : An Investigation of stock market listed family and non-family firms." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-260101.
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Chiung-Ying, Tseng, and 曾瓊瑩. "A Study on the Relationship among Non-Performing Loans, Cost Efficiency and Capital of the Banks Listed on TSE and OTC Markets in Taiwan." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/05263201705196767869.
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碩士國立臺北科技大學
商業自動化與管理研究所
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Ever since the regulatory deregulation in 1991, the increased amount of commercial banks resulted in intensive competition in Taiwan banking industry. The economic downturn deteriorated the situation, which caused the increased amount of nonperforming loans as well as the declining figures of the banks’ performance measurement. Therefore, it aroused public attention on issues of the relationship between nonperforming loans and bank efficiency (or bank failure). However, the direction of this relationship is yet to be identified. The purpose of this research is to shed some light on this question by employing Granger-causality analysis to test four hypotheses that describe the intertemporal relationship among nonperforming loans, cost efficiency, and financial capital. The four hypotheses are “bad luck”, “bad management”, “skimping”, and “moral hazard”. This study intends to do the following:（1）Use Stochastic Frontier Analysis (SFA) to estimate the cost efficiency of banks.（2）Employ Granger-causality techniques to test four hypotheses regarding the relationships among loan quality, cost efficiency, and bank capital.（3）According to the characteristics of the sample, this study groups Taiwan banks into different clusters：CAP(-1) above and below the sample median, NPL(-1) above and below the sample median and XEFF(-1) above and below the sample median. Then we examine the above four hypotheses whether the conclusion varies with clusters. Finally, the four hypotheses are tested again after adding “the possible loss of classified assets/reserves ratios” to the nonperforming loan ratio. Our empirical results show that banks with high capital ratios Granger cause the high cost efficiency and also low the non-performing loan ratio. The data CAP(-1) below the sample median support the moral hazard hypothesis. The data NPL(-1) below the sample median support the skimping hypothesis. The data XEFF(-1) above the sample median support the bad luck hypothesis. The result of the sample added the possible loss of classified assets/reserves ratios is the same as the total sample support the moral hazard hypothesis.
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Oseifuah, Emmanuel K. "Impact of working capital management on the performance of non-financial firms listed on the Johannesburg Stock Exchange (JSE)." Thesis, 2017. http://hdl.handle.net/11602/1077.
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PhD (Economics)Department of Economics
This is the first study to investigate the impact of working capital management on the performance (profitability and value) of South African firms listed on the Johannesburg Securities Exchange (JSE) before, during and after the 2008/2009 global financial crisis. Richards and Laughlin’s (1980) Cash Conversion Cycle (CCC) theory was used as the theoretical framework for analysing and linking working capital management to firm performance. In addition, the study investigates how the separate working capital management components impact the performance of firms. The study used both accounting and market based secondary data obtained from I-Net Bridge/BFA McGregor database and the JSE for 75 firms for the 10 year period, 2003 to 2012. Panel data regression models were used in the analyses. The key findings from the study indicate the following. First, the average profitability (ROA) for the sample firms decreased from 27% (before the financial crisis) to 20.2% during the crisis period and increased to 25.9% after the financial crisis. Second, the average market capitalisation (firm value) decreased from R18.9 billion before the crisis to R16.3 billion during the crisis period, and thereafter increased to a high of R24.4 billion after the crisis. Third, the average firm’s CCC was 28.4 days before the crisis and decreased to 12.5 days during the crisis period and later increased to 16.2 days after the crisis. Fourth, and interestingly, of the four working capital management variables, only accounts receivable conversion period is significantly negatively related to profitability during the financial crisis. Fifth, the three firm-specific variables (size, financial leverage, and current assets to total assets ratio) have no significant relation with profitability during the crisis period. Sixth, the external variable, change in GDP growth rate, has a significant positive relation with profitability. This suggests firms perform better when the economy is booming and otherwise during economic downturns, which is consistent with economic theory. Finally, and perhaps the most important contribution is that the study found an inverted U-shape relationship between working capital management (proxied by cash conversion cycle) and firm value before the crisis. This implies that there exists an optimal level of investment in working capital for which the sampled firms’ value is maximized. At this point, costs and benefits are balanced. Thus corporate managers should aim to keep as close to the optimal level as possible and try to avoid any deviations from it that destroy firm value. On the contrary, the results have not established any such relationship between working capital management and profitability for any of the three financial crisis periods. Based on the findings, it is recommended that firm managers should aim at keeping as close to the optimal working capital level as possible and try to avoid any deviations from it that may destroy firm value.
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Munthali, Ronald. "The impact of the global financial crisis on the cash flow sensitivity of investment: some evidence from the Johannesburg Stock Exchange listed non-financial firms." Diss., 2017. http://hdl.handle.net/11602/1121.
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MCom (Cost and Management Accounting)Department of Accountancy
The relationship between a firm’s investment behaviour, financial constraints and the level of internally generated cash flows has been a subject of extensive discussion in finance literature. The discussion revolves around the effectiveness of investment cash flow sensitivity (ICFS) as a measure of financial constraints with contradicting conclusions. Empirical literature is also not in agreement about the best firm-specific proxy to distinguish firms into financially-constrained versus financially-unconstrained ones and the effect of the 2007 to 2009 global financial crisis on the ICFS of South African firms is still to be determined. There are very limited studies that have investigated ICFS in developing economies. This is important as institutional differences and capital market developments between developed and developing economies justify a separate study of South Africa as a developing economy. This study used data drawn from 131 Johannesburg Stock Exchange listed non-financial firms for the period 2003 to 2016 to establish the most suitable criterion for distinguishing firms into financially constrained versus unconstrained, to determine the effect of the 2007 to 2009 global financial crisis on the ICFS and to determine if ICFS is a good measure of financial constraints. The data for the 131 sampled firms was obtained from the financial statements on the IRESS database. The dataset was split into constrained versus unconstrained firms using three firm specific splitting variables: firm size, cash flow holding and dividends pay-out. The data was further split into panel 1 (2003 to 2006 covering the period before the global crisis); panel 2 (2006 to 2010 covering the period including the global financial crisis period) and panel 3 (2010 to 2016 covering the post global financial crisis period). The study utilised the system generalized moments method (GMM) regression model that yields consistent estimates even with unbalanced panel data sets and the Fixed Effects estimator. The models were both implemented on STATA 15 software. Samples split based on the dividend pay-out showed the highest ICFS for financially-constrained firms before, during and after the global financial crisis period. ICFS is highest during the period including the global financial crisis years compared to samples split using firm size and cash flow holding. The study concludes that dividends pay-out is the best criterion to distinguish firms into financially-constrained versus unconstrained; the global financial crisis constrained all firms; and that ICFS can be a good measure of financial constraints. The main limitation to the study was that it used a small sample size in relation to other international studies.
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Vergas, Nelson da Cruz. "The determinants of the capital structure of listed on stock market non-financial firms: Evidence for Portugal." Master's thesis, 2014. https://repositorio-aberto.up.pt/handle/10216/77314.
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Vergas, Nelson da Cruz. "The determinants of the capital structure of listed on stock market non-financial firms: Evidence for Portugal." Dissertação, 2014. https://repositorio-aberto.up.pt/handle/10216/77314.
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Lin, Yi-Tsung, and 林易璁. "The Impact of Business Model on Management Performance : Evidence from the Listed Non-Electronic Companies in Taiwan''s Primary Stock Market." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/57850503439565553865.
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碩士淡江大學
管理科學研究所企業經營碩士在職專班
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The main research objective is to investigate the impact of business model (BM) on management performance from the listed non-electronic companies in Taiwan''s primary stock market. It defines five business models : Type i (International marketing brand BM), Type ii (OEM/ODM/EMS BM), Type iii (Domestic market BM), Type iv (Mixed BM), Type v (Niche and innovation BM). It also takes Revenue compound annual growth rate and Income after tax compound annual growth rate as operational definitions of management performance. The research uses secondary data analysis and questionnaire survey as databases. The research results are : Find out the distribution pattern of each type of business models in the market; the association of business model and management performance is certain; experts interviewed almost agree the two hypotheses below be accepted : Type v (Niche and innovation BM) is the most suitable business model for Taiwan economy (or industrial structure) in the near future; the proformance of the Type iv (Mixed BM) is worse than the pure type.
Books on the topic "Non-listed markets"
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Organisation for Economic Co-Operation a. Corporate Governance of Non-listed Companies in Emerging Markets. OECD, 2006.
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Corporate Governance of Non-Listed Companies in Emerging Markets. OECD, 2006. http://dx.doi.org/10.1787/9789264035744-en.
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Interprofessional Association for Non Listed Securities., ed. MIM : the Interprofessional Market for non listed securities. Bruxelles: Interprofessional Association for Non Listed Securities, 1996.
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Vermeulen, Erik P. M. New Metrics for Corporate Governance. Edited by Jeffrey N. Gordon and Wolf-Georg Ringe. Oxford University Press, 2015. http://dx.doi.org/10.1093/oxfordhb/9780198743682.013.36.
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This chapter examines initial public offerings (IPOs) as funding rounds for high-tech companies and exit mechanisms for investors, as well as the stringent corporate governance requirements that apply to newly listed companies in the growth stages of their development. Current investment trends seem to indicate that the IPO market is aging: More and more high-tech companies decide to remain private longer. Moreover, public market investors, such as hedge funds and mutual funds, increasingly invest in non-listed high-tech companies, making “IPO-like” investment rounds at massive valuations a normal phenomenon in the private market. These developments have led to the belief that we are in the next tech bubble. Fortunately, however, a new “establishment” amongst investors is emerging. They realize that in order to prevent the bursting of the bubble, they must collaborate with management and actively contribute to a company’s medium-term and long-term performance.
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Anheier, Helmut K., and Theodor Baums, eds. Advances in Corporate Governance. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198866367.001.0001.
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The governance of the modern corporation is broadly understood as the mechanisms, relations, and processes for balancing the interests of stakeholders. It spells out the rules and procedures for decision-making, accountability and transparency, and distributional rights. Corporate governance thus provides the framework in which corporate objectives are set, the means of attaining them, the kind of performance monitoring required, and by whom. In the aftermath of the global financial crisis and large-scale corporate failures, the issue of corporate governance has repeatedly received the attention of policy-makers and the wider public. Extending the study of corporate governance beyond that of listed corporations sheds new light on the overall performance of corporations in market economies. These include small and medium-sized corporations, non-profit organisations and philanthropic foundations, public corporations and public–private partnerships, social enterprises and cooperatives, international organisations, and corporations in cyberspace. A decade after the massive failures in the governance of financial corporations, and with continued governance failures in other parts of the economy since then, this volume takes stock and asks: what has been the performance of corporate governance regimes, and have regulatory changes and corporate governance codes made a difference? What are the strengths and weaknesses of current corporate governance systems and codes? How do corporate forms differ in their governance performance, and what have been the experiences across countries? And, finally, what implications for understanding governance behaviour and for policy-makers and regulators come to mind?
Book chapters on the topic "Non-listed markets"
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Cao, Honghui, and Huazhao Liu. "An Appraisal of the Impacts of Non-tradable Shares Reform on Large Shareholders’ Behavioral Modes of Listed Companies in the A-Share Market." In China's Emerging Financial Markets, 617–34. Boston, MA: Springer US, 2009. http://dx.doi.org/10.1007/978-0-387-93769-4_21.
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Onnig H, Dombalagian. "Part II Trading Infrastructures, 7 Securities and Derivatives Exchanges in the United States." In Financial Market Infrastructures: Law and Regulation. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198865858.003.0007.
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This chapter evaluates securities and derivatives exchanges in the United States. Securities and derivatives exchanges have long enjoyed a central role in the ordering of US trading markets, insofar as they established much of the contemporary framework for coordinating the interests and obligations of brokers, floor traders, specialists and market makers, listed companies and sponsors of exchange-traded products, and other market participants. Congress enshrined this role by vesting exchanges with broad rulemaking and disciplinary authority in eponymous legislation, while at the same time ensuring accountability through governance requirements, public transparency and access standards, and federal oversight of their self-regulatory activities. The past several decades have threatened to disrupt such arrangements as US exchanges have lost primacy of place in their respective markets. To face these challenges, exchanges have demutualized to compete more effectively with alternative trading venues, while ceding much of the authority they exercised over listed issuers, brokers, and dealers to federal regulators and non-market self-regulatory organizations (SROs). Addressing, in turn, the role of exchanges’ listing rules for the corporate governance of listed companies, the regulatory requirements pertaining to the provision of liquidity to market participants, as well as the legal and regulatory regime for the dissemination of market information, the chapter builds on the theoretical framework developed in the previous chapter and discusses the applicable provisions in US securities regulation.
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N., Deepika, Nirupama Bhat Mundukur, and Victer Paul. "Study on Indian Stock Market Performance Based on Commodities." In Advances in Marketing, Customer Relationship Management, and E-Services, 415–31. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-5077-9.ch020.
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A stock exchange facilitates trading shares of pubicly listed companies. The trading process is operated through two non-separable and mutually supporting segments called as primary and secondary markets, governed by the Security and Exchange Board of India abbreviated as SEBI. The platform which forms and sale the new securities is known as primary market and the platform in which dealings of these previously issued securities is known as secondary market. Stock market or equity market is the area that facilitates the trading of the publicly listed security shares in the secondary market, and as of now, more than 1300 securities are available in the exchange for trading. The trading process is analyzed using trading ring in earlier days. The authors focus on analyzing the effect of dollar sell, dollar purchase, and commodities price under the oil and gas group crude oil on Indian stock indices.
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Rahaman, Mohammad Mizenur, and Mohammad Ashraful Ferdous Chowdhury. "Impact of Financial Performance on Stock Price of Non-Bank Financial Institutions (NBFI) in Bangladesh." In Advances in Business Strategy and Competitive Advantage, 199–211. IGI Global, 2017. http://dx.doi.org/10.4018/978-1-5225-1886-0.ch011.
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Share price determination is a central question which the academicians and researchers in the field of Capital markets are trying to address through different angles. This study is about to find impact of financial performance on stock prices of a listed Non-Bank Financial Institutions (NBFI) in stock exchanges of Bangladesh. The main objective of the study is to investigate the impact of financial performance on stock prices of listed NBFI in Bangladesh. The research thus analyzes the impact of total earnings (NIAT), EPS announce, yearly dividend declaration, and NAV of the company on stock prices of NBFI in DSE by using recent tools such as static model and dynamic models such as GMM for the period of 2009 to 2013. This study reveals EPS has a strong positive correlation with stock price and NIAT & DPS came out with weak positive correlation with stock price however NAV and stock price has medium positive correlation.
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Sayari, Naz, and Bill Marcum. "Corporate Governance and Financial Performance in the Emerging Markets: Do ADRs Perform any Better than Non-Cross-Listed Firms?" In Financial Management from an Emerging Market Perspective. InTech, 2018. http://dx.doi.org/10.5772/intechopen.72297.
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Camilleri, Mark Anthony. "The Market for Socially Responsible Investments." In CSR and Socially Responsible Investing Strategies in Transitioning and Emerging Economies, 171–88. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-2193-9.ch009.
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This chapter explains how socially responsible investing (SRI) has evolved in the last few decades and sheds light on its latest developments. It describes different forms of SRI in the financial markets and deliberates on the rationale for the utilisation of positive and negative screenings of listed businesses and public organisations. It also presents key theoretical underpinnings on the subject and reports that the market for the responsible investments has recently led to an increase in contractors, non-governmental organisations (NGOs), and research firms who are involved in the scrutinisation of the enterprises' environmental, social, and governance (ESG) credentials. This contribution raises awareness on the screenings of positive impact and sustainable investments. It puts forward future research avenues in this promising field of study.
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Wheeler, Sally. "What Have We Learned about the Corporate Sector in COVID-19?" In Pandemic Legalities, 155–70. Policy Press, 2021. http://dx.doi.org/10.1332/policypress/9781529218916.003.0013.
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Business failure usually offers an opportunity to critique the adoption or not of innovation, the adaptation or not to changing markets and consumer preferences, the ratio of loan to equity capital, the quality of management decisions and so on. However the light shone by the UK lockdown which required all non-essential businesses to close by March 26th 2020 and its staggered reopening by mid-June illuminated the practices of an apparently successful business. This chapter focuses on Boohoo, a publicly listed company on the Alternative Investment Market (AIM); and the rise of fast fashion and the credibility of Environmental, Social and Governance investing. It exposes the fault line that separates workplace conditions and environmental degradation from monetary return on investment. The chapter ends by offering some thoughts on the behavior of those who enable industries such as fast fashion to take hold and thrive - consumers and investors. It suggests what a post-COVID future for corporate accountability might look like.
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Al Amosh, Hamzeh Adel. "The Role of Governance Attributes in Corporate Social Responsibility (CSR) Practices Evidence From Jordan." In Corporate Governance and Its Implications on Accounting and Finance, 255–79. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-4852-3.ch012.
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The importance of information disclosure is increasing for stakeholders, mainly the non-financial disclosure, and the primary objective of the current study is to investigate the impact of a set of governance attributes on the level of corporate social responsibility disclosure in the Jordanian context. The study sample consisted of 51 industrial companies listed during 2012 to 2017; a set of statistical analyzes were used, such as descriptive statistics and multiple regression. Empirical evidence shows that the board size and audit committee play a crucial role in the social responsibility disclosure, while other factors (board activity, board compensation, non-executive directors, and audit company type) have no effect on disclosure. The findings are expected to have potential effects on the capital market in Jordan in terms of focusing on the strengths that support the social responsibility disclosure and the development of guidelines that contribute to promoting a disclosure culture between the listed companies, which support government plans in achieving sustainability.
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Al Amosh, Hamzeh Adel. "The Role of Governance Attributes in Corporate Social Responsibility (CSR) Practices Evidence From Jordan." In Research Anthology on Developing Socially Responsible Businesses, 1229–53. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-6684-5590-6.ch061.
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The importance of information disclosure is increasing for stakeholders, mainly the non-financial disclosure, and the primary objective of the current study is to investigate the impact of a set of governance attributes on the level of corporate social responsibility disclosure in the Jordanian context. The study sample consisted of 51 industrial companies listed during 2012 to 2017; a set of statistical analyzes were used, such as descriptive statistics and multiple regression. Empirical evidence shows that the board size and audit committee play a crucial role in the social responsibility disclosure, while other factors (board activity, board compensation, non-executive directors, and audit company type) have no effect on disclosure. The findings are expected to have potential effects on the capital market in Jordan in terms of focusing on the strengths that support the social responsibility disclosure and the development of guidelines that contribute to promoting a disclosure culture between the listed companies, which support government plans in achieving sustainability.
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Hassaan, Marwa. "Corporate Governance Codes in a Transitional Economy." In Advances in Electronic Government, Digital Divide, and Regional Development, 27–47. IGI Global, 2014. http://dx.doi.org/10.4018/978-1-4666-4639-1.ch003.
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This study aims to investigate the influence of the introduction of a corporate governance code in 2005 on the levels of compliance with mandatory IFRS disclosure requirements by companies listed on the Egyptian Exchange (EGX) as a leading stock exchange in the Middle East. Using a disclosure index derived from mandatory IFRS disclosure requirements for the fiscal year 2007, this study measures the levels of compliance by a sample of 75 non-financial companies listed on the focus stock exchange. This study extends the financial reporting literature and the emerging market disclosure literature by being the first to investigate the influence of corporate governance requirements for best practices on the levels of compliance with mandatory IFRS disclosure requirements by companies listed on the EGX. Results provide evidence of the lack of influence of corporate governance best practices on the levels of compliance with mandatory IFRS disclosure requirements as it is not yet part of the cultural values within the Egyptian context. These findings are consistent with the notions of the proposed theoretical foundation.
Conference papers on the topic "Non-listed markets"
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Breuer, Wilhelm, and Christopher Jäger. "Listed versus Non-Listed Real Estate: In which market phases is arbitrage possible between listed and non-listed real estate?" In 28th Annual European Real Estate Society Conference. European Real Estate Society, 2022. http://dx.doi.org/10.15396/eres2022_259.
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Khangura, Jasan, Melanie Flores, and Jane Ishmael. "Product text labels indicate the presence of other pharmacologically active ingredients in many OTC hemp- and CBD-containing preparations." In 2021 Virtual Scientific Meeting of the Research Society on Marijuana. Research Society on Marijuana, 2022. http://dx.doi.org/10.26828/cannabis.2022.01.000.32.
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Introduction: The 2018 Farm Bill changed the legal status of cannabis plants that meet the definition of industrial hemp and allowed for the rapid expansion of hemp-based products into commercial spaces. With an emphasis on industrial hemp as the source of naturally-occurring cannabinoid compounds, a niche market for cannabidiol (CBD)-containing products was quickly established in pharmacies and grocery stores. Although the U.S. Food and Drug Administration (FDA) has retained oversight of all cannabis-based products, labelling of hemp-derived products for retail markets remains largely unregulated. Under federal law, CBD cannot be added to foods, beverages, sold as a dietary supplement or marketed for a therapeutic benefit, however the perceived health benefits of CBD as an acceptable and safe ingredient contribute to the growing market for these health products. Objective: The objective of this study was to evaluate the range of over-the-counter (OTC) hemp- and CBD-based products available to consumers and determine the prevalence of other pharmacologically active agents identified as ingredients in these products. Labels were scored for the presence of: active and inactive ingredients, percent CBD, full-spectrum hemp, full-spectrum CBD or CBD isolate. Methods: Two large pharmacy chains and one medium-sized grocery store located in the Pacific Northwest were surveyed between May 2020 and February 2021 and OTC hemp-derived products on display were recorded. Identification of pharmacologically active ingredients on the product label was validated using the National Medicines Comprehensive Database. Products that were noted to have CBD or hemp ingredients were included in the study, while any products that did not accurately report the amount of CBD in the product were excluded. Products that did not list the total weight of the product were excluded from the analysis. Results: Thirty-three unique products were recorded from 19 different manufacturers. 39% of product labels indicated the presence of Full-Spectrum Hemp as part of the base product, while 66% of products listed Hemp Extract as the base product. Text labels on CBD-containing products, on average, indicated more than 3 additional pharmacologically active ingredients were contained in each product. Topical CBD products were more likely to have other ingredients such as arnica montana, menthol and camphor, whereas products for oral ingestion were more likely to have only CBD as the primary active ingredient. Text labels on 52% of topical CBD products listed the presence of 10% menthol. Average concentrations of CBD in OTC products was found to be 1.12% ± 1.48 %, based on dry weight. Conclusion: Product text labels on OTC hemp-and CBD-containing preparations is varied and presented in a non-standardized format. Topical CBD products were more likely to contain other pharmacologically active natural products that can be used for the treatment of pain symptoms. Concentrations of arnica montana, menthol and camphor were as much as 10-fold higher than the proportion of CBD contained in these products. The absence of a standard format for labelling of OTC hemp- and CBD-derived products and the frequent presence of other active ingredients has the potential to create confusion and risk for the consumer.
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Chen, Yan-ying, and Li-li Wang. "Non-Market Strategy and Firm Performance: The Empirical Study of Listed Companies in China." In 2010 International Conference on Management and Service Science (MASS 2010). IEEE, 2010. http://dx.doi.org/10.1109/icmss.2010.5576692.
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Zumente, Ilze, Nataļja Lāce, and Jūlija Bistrova. "ESG disclosure patterns in the Baltics." In 11th International Scientific Conference „Business and Management 2020“. VGTU Technika, 2020. http://dx.doi.org/10.3846/bm.2020.484.
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The goal of this article is to provide evidence on the volume of ESG disclosures of 34 companies listed on the NASDAQ Baltic stock exchange. It provides a broad view of the non-financial disclosure thoroughness and offers conclusions on the key characteristics of the Baltic listed companies in terms of ESG. By performing content analysis of the publicly available reports based on 106 ESG criteria and statistical analysis of the retrieved data, the disclosure patterns across reporting dimensions, industries, and company characteristics are analyzed. Authors find a wide range (8% to 67%) ESG transparency scores with an average of 41%. On aggregate, governance and social dimensions are reported better (49% and 44%) than environmental (24%). Correlation analysis was performed to test the correlation between ESG and selected financial metrics revealing that the ESG disclosure score correlates with the firm’s market capitalization.
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Veronika Sitinjak, Ellis, and Dwi Martani. "Analysis of Financial Derivative Effects on Tax Avoidance in Non-Financial Companies Listed on The Indonesian Stock Exchange Market (BEI)." In Proceedings of the Asia Pacific Business and Economics Conference (APBEC 2018). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/apbec-18.2019.27.
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Perello-Marin, M. Rosario, Mariola Fontoba-Jordá, and Aurelio Herrero-Blasco. "Gender Equality in IBEX 35." In 3rd International Conference. Business Meets Technology. Valencia: Editorial Universitat Politècnica de València, 2021. http://dx.doi.org/10.4995/bmt2021.2021.13699.
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Gender equality is a debate that is becoming more and more integrated into everyday life, both politically, economically and socially. This paper analyses the situation of gender equality in 10 Spanish listed companies in IBEX 35, the Spanish stock market index par excellence. Specifically, 10 companies from different sectors were chosen in order to find out, firstly, whether there are differences in behaviour between industries within their organisations in this area. Secondly, various common indicators are proposed to be sought in the non-financial reports of the companies, in order to subsequently compare the transparency of data and the way in which they are communicated offered by each of the selected corporations.
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"New Directions for European non-listed property funds- A focus on the roles of the players in the European property investment market." In 8th European Real Estate Society Conference: ERES Conference 2001. ERES, 2001. http://dx.doi.org/10.15396/eres2001_286.
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Wellings, Stuart, Przemyslaw Lutkiewicz, and David Robertson. "Fugitive Emission for Different Seals and Flange Designs – Test Results and Design Prediction." In ASME 2022 Pressure Vessels & Piping Conference. American Society of Mechanical Engineers, 2022. http://dx.doi.org/10.1115/pvp2022-84173.
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Abstract In today’s environment, the functionality of a sealing solution is highly valued. The ability to provide a solution with high sealing integrity and low fugitive emissions follows the industry trend for developing a more environmentally friendly solution. There are some existing standards and methodologies that provide a basis for practical testing activities. Other methodologies, such as FEA and hand calculations, are available to evaluate the seal tightness on a theoretical basis during the design stage and predict fugitive emissions values. Test measurement for fugitive emissions is subject to the design of the flange and seal components, the quality of those components, and the test set-up methods employed. This paper will focus on the comparison of different flange designs currently available in the market, as well as a comparison of various metal to metal seal types. The scope of this paper covers flanges designed to ASME B16.5, API 6A, non-standard flanges (e.g. compact flanges) as well as clamp connectors. For metal seals, this paper will cover HX, BX and Techlok seal rings. Test methodologies and set up will be detailed and the test results listed, with the theoretical predicted fugitive emissions values also provided for comparison. Results for previous compact flange analysis are also included for reference.
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Al-Rawi, Akram, Faouzi Bouslama, and Azzedine Lansari. "Preparing Undergraduate Students for IT Certification." In InSITE 2006: Informing Science + IT Education Conference. Informing Science Institute, 2006. http://dx.doi.org/10.28945/2963.
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Current demand for Information System (IS) graduates requires that they master specific technical skills needed by industry and government institutions. Revising the IS curriculum to keep it up to date while meeting demands of the Information Technology (IT) labor market continues to be a challenging task. In order to graduate students that are competitive, post-secondary educational institutions must adopt a new methodology where IT certification is an integral part of the IS curriculum. The IEEE and ACM recognize the importance of IT certification and provide its members with over 800 online courses that lead to various IT certificates. The selection of the appropriate IT certificate for integration into the IS curriculum is a complex task as it entails a thorough knowledge of the curriculum and the certificate objectives. The goal of this paper is to propose a selection of IT certificates which can be readily integrated into the IS curriculum. Three potential certification tracks for the purpose of this study are identified: Networking, Programming, and IT hardware and software. A list of vendors and non-vendors IT certificates and their exam requirements is developed, and the IS courses which can lead to the listed IT certificates are identified. This identification is based on matching specific course objectives with the IT certificate and the timeline needed for the certificate completion. The selection of the IT certificates for each track is optimized to facilitate both student learning and the completion of the certificate. Integrating IT certification in computing curricula makes IS programs more attractive to students. Moreover, the acquisition of IT certification is a valued asset for graduates seeking employment or advancement in the computing field.
Reports on the topic "Non-listed markets"
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Boyle, M., and Elizabeth Rico. Terrestrial vegetation monitoring at Cumberland Island National Seashore: 2020 data summary. National Park Service, September 2022. http://dx.doi.org/10.36967/2294287.
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The Southeast Coast Network (SECN) conducts long-term terrestrial vegetation monitoring as part of the nationwide Inventory and Monitoring Program of the National Park Service (NPS). The vegetation community vital sign is one of the primary-tier resources identified by SECN park managers, and it is currently conducted at 15 network parks (DeVivo et al. 2008). Monitoring plants and their associated communities over time allows for targeted understanding of ecosystems within the SECN geography, which provides managers information about the degree of change within their parks’ natural vegetation. 2020 marks the first year of conducting this monitoring effort at Cumberland Island National Seashore (CUIS). Fifty-six vegetation plots were established throughout the park from May through July. Data collected in each plot included species richness across multiple spatial scales, species-specific cover and constancy, species-specific woody stem seedling/sapling counts and adult tree (greater than 10 centimeters [3.9 inches {in}]) diameter at breast height (DBH), overall tree health, landform, soil, observed disturbance, and woody biomass (i.e., fuel load) estimates. This report summarizes the baseline (year 1) terrestrial vegetation data collected at Cumberland Island National Seashore in 2020. Data were stratified across three dominant broadly defined habitats within the park, including Coastal Plain Upland Open Woodlands, Maritime Open Upland Grasslands, and Maritime Upland Forests and Shrublands. Noteworthy findings include: 213 vascular plant taxa (species or lower) were observed across 56 vegetation plots, including 12 species not previously documented within the park. The most frequently encountered species in each broadly defined habitat included: Coastal Plain Upland Open Woodlands: longleaf + pond pine (Pinus palustris; P. serotina), redbay (Persea borbonia), saw palmetto (Serenoa repens), wax-myrtle (Morella cerifera), deerberry (Vaccinium stamineum), variable panicgrass (Dichanthelium commutatum), and hemlock rosette grass (Dichanthelium portoricense). Maritime Open Upland Grasslands: wax-myrtle, saw greenbrier (Smilax auriculata), sea oats (Uniola paniculata), and other forbs and graminoids. Maritime Upland Forests and Shrublands: live oak (Quercus virginiana), redbay, saw palmetto, muscadine (Muscadinia rotundifolia), and Spanish moss (Tillandsia usneoides) Two non-native species, Chinaberry (Melia azedarach) and bahiagrass (Paspalum notatum), categorized as invasive by the Georgia Exotic Pest Plant Council (GA-EPPC 2018) were encountered in four different Maritime Upland Forest and Shrubland plots during this monitoring effort. Six vascular plant species listed as rare and tracked by the Georgia Department of Natural Resources (GADNR 2022) were observed in these monitoring plots, including the state listed “Rare” Florida swampprivet (Forestiera segregata var. segregata) and sandywoods sedge (Carex dasycarpa) and the “Unusual” green fly orchid (Epidendrum conopseum). Longleaf and pond pine were the most dominant species within the tree stratum of Coastal Plain Upland Open Woodland habitat types; live oak was the most dominant species of Maritime Upland Forest and Shrubland types. Saw palmetto and rusty staggerbush (Lyonia ferruginea) dominated the sapling stratum within Maritime Upland Forest and Shrubland habitat types. Of the 20 tree-sized redbay trees measured during this monitoring effort only three were living and these were observed with severely declining vigor, indicating the prevalence and recent historical impact of laurel wilt disease (LWD) across the island’s maritime forest ecosystems. There was an unexpectedly low abundance of sweet grass (Muhlenbergia sericea) and saltmeadow cordgrass (Spartina patens) within interdune swale plots of Maritime Open Upland habitats on the island, which could be a result of grazing activity by feral horses. Live oak is the dominant tree-sized species across...