DOCSLIB.ORG

Study of Developing Corporate Bond Markets in Mongolia

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Study of Developing Corporate Bond Markets in Mongolia ECONOMIC RESEARCH INSTITUTE STUDY OF DEVELOPING CORPORATE BOND MARKETS IN MONGOLIA Final Report ULAANBAATAR 2 “CORPORATE BOND SURVEY” Final Report Team Leader: B. Tuvshintugs (Ph. D) Members: Z. Manlaibaatar T. Dulguun October 2019 3 Table of Contents 1. Introduction ........................................................................................................................................... 9 2. Current situation of macroeconomy and financial/capital markets in Mongolia ................................ 10 2.1. General situation of the macroeconomy ..................................................................................... 10 2.2. Bond market ................................................................................................................................ 10 2.2.1. Government bonds .............................................................................................................. 10 2.2.2. Corporate bond .................................................................................................................... 11 2.2.3. Private placement corporate bonds ..................................................................................... 13 2.2.4. Asset-backed securities ....................................................................................................... 14 2.2.5. International market bond issuances ................................................................................... 16 2.3. Equity market .............................................................................................................................. 17 2.3.1. Listed securities................................................................................................................... 19 2.3.2. Initial Public Offerings ........................................................................................................ 23 2.3.3. Securities on Mongolian Securities Exchange .................................................................... 24 2.4. Banking sector ............................................................................................................................ 24 2.4.1. Basel framework ................................................................................................................. 25 2.4.2. Macro prudential ................................................................................................................. 26 2.4.3. Financial soundness ............................................................................................................ 28 2.5. Nonbank sector ........................................................................................................................... 29 2.5.1. Non-bank financial institutions ........................................................................................... 29 2.5.2. Savings and credit cooperatives .......................................................................................... 30 2.6. Insurance sector .......................................................................................................................... 30 3. Current legal framework ..................................................................................................................... 31 3.1. Relevant organizations, its functions and structures ................................................................... 31 3.1.1. Financial Regulatory Commission ...................................................................................... 31 3.1.2. Bank of Mongolia ............................................................................................................... 34 3.1.3. Mongolian Stock Exchange ................................................................................................ 38 3.1.4. Mongolian Securities Exchange .......................................................................................... 38 3.1.5. Mongolian Central Securities Depository & Mongolian Securities Clearing House .......... 39 3.2. Related laws ................................................................................................................................ 41 3.2.1. Securities Market Law ........................................................................................................ 41 4 3.2.2. Banking Law ....................................................................................................................... 42 3.2.3. Company Law ..................................................................................................................... 44 3.2.4. Other legislations ................................................................................................................ 44 3.3. Regulations and oversight related to investors............................................................................ 46 3.4. Regulations and oversight related to issuers ............................................................................... 46 3.4.1. Company Law provisions ................................................................................................... 49 3.4.2. Securities Market Law provisions ....................................................................................... 50 3.4.3. Tax framework .................................................................................................................... 51 4. Market assessment and major issues ................................................................................................... 54 4.1. Issuer ........................................................................................................................................... 54 4.1.1. Cost of issuing ..................................................................................................................... 54 4.1.2. Impediments to issuing ....................................................................................................... 55 4.2. Intermediaries ............................................................................................................................. 58 4.2.1. Securities’ companies ......................................................................................................... 58 4.2.2. Insurance companies ........................................................................................................... 62 4.2.3. Credit Guarantee Fund ........................................................................................................ 63 4.2.4. Deposit Insurance Corporation ........................................................................................... 63 4.3. Investor ....................................................................................................................................... 65 4.3.1. Insurance companies ........................................................................................................... 68 4.3.2. Investment/trust funds and pension funds ........................................................................... 69 4.3.3. Cost of investing ................................................................................................................. 71 4.3.4. Impediments to investing .................................................................................................... 71 5. Outlook ............................................................................................................................................... 72 5.1. Projections of economic growth and financial requirements of domestic financial markets ...... 72 5.2. Projections of corporate bond market size .................................................................................. 74 5.3. Potential SME financing ............................................................................................................. 77 6. Recommendation ................................................................................................................................ 78 5 List of Figures Figure 1. Value of government bonds issued on MSE, billion MNT ......................................................... 11 Figure 2. Value of corporate bonds issued, billion MNT ........................................................................... 13 Figure 3. Mortgage loan financing system .................................................................................................. 14 Figure 4. Total number of borrowers and amount per RMBS .................................................................... 16 Figure 5. MSE market capitalization (LHS) and average TOP 20 Index (RHS) ........................................ 18 Figure 6. Capital adequacy ratio of bank sector .......................................................................................... 29 Figure 7. Return on asset and equity of bank sector ................................................................................... 29 Figure 8. FRC organizational structure ....................................................................................................... 33 Figure 9. BoM organizational structure ...................................................................................................... 35 Figure 10. MSE organizational structure .................................................................................................... 38 Figure 11. MSX organizational structure ...................................................................................................
Load more

Recommended publications
  • General Assembly Distr.: General Seventy-Second Session 9 January 2018
    United Nations A/C.4/72/SR.13 General Assembly Distr.: General Seventy-second session 9 January 2018 Official Records Original: English Special Political and Decolonization Committee (Fourth Committee) Summary record of the 13th meeting Held at Headquarters, New York, on Tuesday, 17 October 2017, at 3.30 p.m. Chair: Mr. Ramírez Carreño ...................... (Bolivarian Republic of Venezuela) Contents Agenda item 52: International cooperation in the peaceful uses of outer space (continued) This record is subject to correction. Corrections should be sent as soon as possible, under the signature of a member of the delegation concerned, to the Chief of the Documents Management Section ([email protected]), and incorporated in a copy of the record. Corrected records will be reissued electronically on the Official Document System of the United Nations (http://documents.un.org/). 17-18326 (E) *1718326* A/C.4/72/SR.13 The meeting was called to order at 3.30 p.m. international community to develop their capacities in that area, thus enabling them to tackle their pressing Agenda item 52: International cooperation in the economic and social challenges. peaceful uses of outer space (continued) (A/72/20) 4. Mr. Zaayman (South Africa) said that the benefits 1. Mr. Sukhee (Mongolia) said that having of outer space must be accessible to all countries, not established its first space communication station in 1971 just those with a space programme. Given the central and seen its first astronaut accomplish a space mission role of scientific and technological developments in in 1981, Mongolia had long been committed to outer space in implementing the 2030 Agenda for promoting the development and peaceful uses of space Sustainable Development, South Africa prioritized the science and technology.
    [Show full text]
  • Summer 2015 Vol
    International Bear News Tri-Annual Newsletter of the International Association for Bear Research and Management (IBA) and the IUCN/SSC Bear Specialist Group Summer 2015 Vol. 24 no.2 A bear in an enclosure at the Thessaloniki Zoo. This picture is iconic of the current situation of bears and humans in Greece. Photo: K.Tsakalidis/ARCTUROS . Read more on Greece’s brown bears on page 30. IBA website: www.bearbiology.org Table of Contents INTERNATIONAL BEAR NEWS 3 International Bear News, ISSN #1064-1564 IBA PRESIDENT⁄IUCN BSG CO-CHAIRS MANAGEMENT CORNER 4 President’s Column 30 White-tailed Deer Fawn Predation in 7 Publication Gradient Among Bear Species Pennsylvania Tied To Conservation Needs ZOO AND CAPTIVE BEAR ORGANIZATIONS IBA GRANTS PROGRAM NEWS 31 The Plight of the Zoo Polar Bear 10 Research and Conservation Grants Awarded for 2015 CONFERENCE REPORTS 12 Experience and Exchange Grants 32 Reflections of a Conference Organizer: Greek Bears at the Crossroads BEAR CONSERVATION FUND 13 Bear Conservation Fund WORKSHOP REPORTS 34 22nd Eastern Black Bear Workshop - April CONSERVATION 2015 14 A Tale of Two Bears: the Release of Two 36 12th Western Black Bear Workshop – May Brown Bear Cubs in the High Pamirs of 2015 Tajikistan 16 Working Together for Northwest Alberta’s CONFERENCE ANNOUNCEMENTS Grizzly Bears 37 24th International Conference on Bear 18 Some Insights into the Sun Bears of Brunei Research & Management, June 11-16, 2016, Darussalam Anchorage, Alaska, USA FORUMS ILLEGAL TRADE 37 Student Forum 20 Hard to Bear - Tackling the Trade in
    [Show full text]
  • Amateurfunk Über Satelliten
    Amateurfunk über Satelliten Matthias Bopp DD1US Ötisheim, den 21.04.2018 Agenda • Geschichte & Überblick • Satellitenbahnen (GEO, MEO, HEO, LEO) • Frequenzbereiche und Betriebsarten • Aktive Amateurfunksatelliten und deren Hörbarkeit • Berechnung der Bahnen von Amateurfunksatelliten • Equipment • Funkbetrieb mit der ISS • Wie geht es weiter ? • Sounds from Space Agenda • Geschichte & Überblick • Satellitenbahnen (GEO, MEO, HEO, LEO) • Frequenzbereiche und Betriebsarten • Aktive Amateurfunksatelliten und deren Hörbarkeit • Berechnung der Bahnen von Amateurfunksatelliten • Equipment • Funkbetrieb mit der ISS • Wie geht es weiter ? • Sounds from Space Historie • Der erste Satellit war Sputnik1 und wurde vor mehr als 60 Jahren am 4. Oktober 1957 von der UdSSR ins All geschickt. • Der erste Amateurfunksatellit war OSCAR-1 (Orbiting Satellite Carrying Amateur Radio) und wurde von einer Gruppe von Funkamateuren in Kalifornien / USA gebaut und am 12. Dezember 1961 gestartet. • Die Raumstation MIR wurde 1986 gestartet und wurde 2001 kontrolliert zum Absturz gebracht. Von dort aus gab es zahlreiche Amateurfunkaktivitäten. • Der Bau der Internationalen Raumstation ISS wurde 1998 begonnen und sie ist bis heute in Betrieb. Von der ISS werden diverse Amateurfunkaktivitäten durchgeführt, insbesondere viele Schulkontakte und diverse Modi wie SSTV und DATV. Quelle: http://www.dd1us.de Amateurfunksatelliten • Funkamateure haben eigene Satelliten. • Bisher wurden ca. 120 Satelliten gestartet, die von Funkamateuren entwickelt , finanziert und gebaut wurden.
    [Show full text]
  • GK Digest – June 2017
    BankExamsToday.com GK Digest – June 2017 Contains Current Affairs of June 2017 Important Days World Environment Day: 5 June 2017 . June 5 is World Environment Day, the largest, most globally celebrated day for positive environmental action. Theme 2017: Connecting People to Nature. That means encouraging people to get outdoors and appreciate the beauty of the planet in a bid to show people the importance of protecting it for future generations. The theme was chosen by this year’s host country – Canada – which will be the centre of World Environment Day activities. World Oceans Day: June 8 . World Oceans Day is a global day of ocean celebration and collaboration for a better future. This site serves as the central coordinating platform for World Oceans Day, with free resources and ideas for everyone – no matter where you live – to help expand the reach and impact of World Oceans Day on June 8 and year-round. Overall theme for World Oceans Day 2017: Our Oceans, Our Future World Day Against Child Labour: 12 June . The International Labour Organization (ILO) launched the World Day Against Child Labour in 2002 to focus attention on the global extent of child labour and the action and efforts needed to eliminate it. Each year on 12 June, the World Day brings together governments, employers and workers organizations, civil society, as well as millions of people from around the world to highlight the plight of child labourers and what can be done to help them. Theme 2017: "In conflicts and disasters, protect children from child labour" World Blood Donor Day: 14 June 2017 .
    [Show full text]
  • The Pdf Here
    ISSN 2433-8818 BIRDS Project According to Bryce Space & Technology Co., among academic operators, Kyutech is No. 1 in number of small satellites launched Newsletter Members of Issue No. 42 BIRDS -1, -2, -3, (31 July 2019) and -4, on 29 Nov 2018 in front of the lab building Edited by: G. Maeda Laboratory of Spacecraft Environment Interaction Engineering (LaSEINE), Kyushu Institute of Technology (Kyutech) Kitakyushu, Japan Archive website: http://birds1.birds-project.com/newsletter.html Space All back issues are archived at this website. Engineering Acknowledgment of support: This newsletter is supported, in part, by International JSPS Core-to-Core Program, Course B. Asia-Africa Science Platforms.BIRDS Project Newsletter – No. 42 Page 1 of 111 All back issues of this newsletter can be easily downloaded. Go to here: http://birds1.birds-project.com/newsletter.html and scroll down to the desired issue. Table of Sections The Guest Box 1. Prof. Mengu Cho wins the prestigious Frank J. Malina Astronautics Medal for 2019 2. The Logistics of the International Space Station -- this is a video worth watching 3. Dr Taiwo Tejumola (BIRDS-1 Project Manager) was invited to serve as a competition judge 4. Olayinka's World – Column #12 5. Space: The next trillion dollar industry 6. G. Maeda visited Mauritius to deliver presentation & to discuss avenues of collaboration 7. Congratulations to Dr. Pauline Faure: The Lockheed Endowed Professorship 2019 award 8. Some members of BIRDS-3/4 visited local elementary school for outreach 9. BIRDS-4 member is interviewed by AeroTime News 10. Kyutech has two African students under JICA’s ABE Initiative 11.
    [Show full text]
  • Mars Options
    Spaceflight A British Interplanetary Society Publication Mars UK boosts options space spending NASA’s Radiation Atlantis threats display Shuttle: icon of an age Vol 60 No 8 September 2017 www.bis-space.com CONTENTS Editor: Published by the British Interplanetary Society David Baker, PhD, BSc, FBIS, FRHS Sub-editor: Volume 60 No. 9 September 2017 Ann Page Production Assistant: 331-334 Living with the Legend Ben Jones Author of the seminal work on NASA’s Space Shuttle, Dennis Jenkins describes how he came to follow the programme through work and, as Spaceflight Promotion: a genuine enthusiast, create the massive three-volume history of its Gillian Norman design evolution and engineering. Spaceflight Arthur C. Clarke House, 334 An icon immortalised 27/29 South Lambeth Road, Laurence Withers recounts a visit to the Kennedy Space Center where he London, SW8 1SZ, England. missed a launch and came across the Space Shuttle Atlantis, more by Tel: +44 (0)20 7735 3160 Fax: +44 (0)20 7582 7167 mistake than by pre-planning, to impress and astound with its display of Email: [email protected] space artefacts. www.bis-space.com 336-342 Evaluating Mars Programme Designs ADVERTISING Stephen Ashworth has a particular view on Mars missions and judges a Tel: +44 (0)1424 883401 range of potential expeditionary modes to comment on the architecture Email: [email protected] being discussed by government agencies DISTRIBUTION and commercial providers alike. Spaceflight may be received worldwide by mail through membership of the British Interplanetary Society. Details including Library subscriptions are available from the above address.
    [Show full text]
  • Targeting Icarus
    Spaceflight A British Interplanetary Society Publication CASSINI Space art Grand finale in Wells Australia’s Smallsats place in UK space Rocket Targeting models Icarus down under Vol 59 No 10 October 2017 £4.50 www.bis-space.com CONTENTS Editor: Published by the British Interplanetary Society David Baker, PhD, BSc, FBIS, FRHS Sub-editor: Volume 59 No. 10 October 2017 Ann Page Production Assistant: 371 A Target for Icarus Ben Jones Peter Milne continues his occasional series on the Icarus interstellar project with a description of the evolving work to find a suitable Spaceflight Promotion: destination for the spacecraft, finding several options but only one Gillian Norman preferred target. Spaceflight Arthur C. Clarke House, 372-376 “Houston, this is Honeysuckle…” 27/29 South Lambeth Road, A veteran of more space missions than most people can remember, London, SW8 1SZ, England. Hamish Lindsay describes the vital role played by Australia’s tracking Tel: +44 (0)20 7735 3160 Fax: +44 (0)20 7582 7167 stations during manned and unmanned flights, including personal Email: [email protected] memories of the Honeysuckle Creek facility. www.bis-space.com 377-379 New Horizons for Space Modellers ADVERTISING Spaceflight asked Tony Radosevic to describe the motivation behind Tel: +44 (0)1424 883401 his new range of model kits depicting early launch vehicles, ICBMs Email: [email protected] and spacecraft and to tell us what he envisaged for the future of his DISTRIBUTION company in Australia. Spaceflight may be received worldwide by mail through membership of the British Interplanetary Society. Details including Library 380-383 Cassini - The Grand Finale 1: Steps onto the stage subscriptions are available from the above A historic mission is coming to an end and, in the first of a three-part address.
    [Show full text]
  • REVUE Radioamateurs France Numéro 13, Semaine 45 / Nov 2018
    REVUE RadioAmateurs France Numéro 13, semaine 45 / Nov 2018 La REVUE des RadioAmateurs Français RADIOAMATEURS 1 REVUE RadioAmateurs France Association 1901 déclarée EDITORIAL Préfecture n° W833002643 Bonjour à toutes et tous, Siège social Les jours, semaines, … passent trop vite RadioAmateurs France Après la Louvière, ce fut Monteux (84) qui fut parfait comme d’habitude. Impasse des Flouns L’ambiance des copains, la brocante et les exposants pro, sans oublier l’équipe organi- satrice toujours à la hauteur pour une super journée radioamateur. 83170 TOURVES A cette occasion, nous étions, F1MDT Alain et F5DBT Dan présents pour vous recevoir au stand RAF. Pour informations, questions, Le travail fut intense entre les demandes de renseignements, les cours, la revue, les iden- contacter la rédaction via tifiants SWL, et bien sûr les adhésions / ré adhésions / dons pour 2019. radioamateurs.france Nous vous remercions tous pour vos encouragements et soutiens. @gmail.com ——————————————————————————————————————————————————————— L’administration (DGE) nous a fait parvenir 3 textes que vous trouverez en intégralité Adhésions via: dans ce numéro avec en plus une consultation sur le 50 Mhz faite par l’ANFR. Là encore vous avez l’intégralité du texte. http://www.radioamateurs- Vous informer directement et rapidement, c’est l’un de nos engagements depuis le début. france.fr/adhesion/ ——————————————————————————————————————————————————————— Ces textes (arrêtés et décret) ne correspondent pas à nos demandes et remarques faites Site de news: lors de la réunion de juin dernier et à la réunion précédente. Nous répondrons directement, comme d’habitude au sujet des 3 textes en reprenant vos http://www.radioamateurs- remarques que nous avons reçu, comme pour la consultation 50 Mhz.
    [Show full text]
  • Space Activities 2017
    Space Activities in 2017 Jonathan McDowell [email protected] 2018 Jan 15 (rev 2) Preface In this paper I present some statistics characterizing astronautical activity in calendar year 2017. In the 2014 edition of this review, I described my methodological approach and some issues of definitional ambguity; that discussion is not repeated here, and it is assumed that the reader has consulted the earlier document, available at http://planet4589.org/space/papers/space14.pdf (This paper may be found as space17.pdf at the same location). In rev 2, I have adjusted the payload mass figures in Table 5 (see note 2 to that table). Orbital Launch Attempts During 2017 there were 91 orbital launch attempts. Table 1: Orbital Launch Attempts 2009-2013 2014 2015 2016 2017 Average USA 19.0 24 20 22 30 Russia 30.2 32 26 17 19 China 14.8 16 19 22 18 Europe 11 12 11 11 Japan 4 4 4 0 7 India 4 5 7 0 5 Israel 1 0 1 0 0 N Korea 0 0 1 0 0 S Korea 0 0 0 0 0 Iran 0 1 0 0 1 Other 9 10 13 13 Total 79.0 92 87 85 91 There were two Arianespace-managed Soyuz launches from French Guiana which are counted as European. 1 Launch failures During the year there were 4 orbital launch failures and 2 launch failures which reached orbit, tabulated below. To evaluate average launch vehicle reliability I allocate each launch a score between 0.0 (total failure) and 1.0 (success).
    [Show full text]
  • Thermal Analysis of a Small Satellite in Post- Mission Phase
    Journal of Multidisciplinary Engineering Science and Technology (JMEST) ISSN: 2458-9403 Vol. 6 Issue 2, February - 2019 Thermal Analysis of a Small Satellite in Post- Mission Phase Ahmed Elhefnawy Ahmed Elweteedy Space Technology Center Military Technical College Cairo, Egypt Cairo, Egypt [email protected] [email protected] Abstract— The objective of satellite thermal perigee altitude of 354 km, an apogee altitude of 1447 control is maintaining all satellite components km and an inclination of 71˚. A passive thermal control within their operational temperature range for system was used, with a small electric heater for the different missions. Most small satellites are battery. Thermal models were developed within both designed to have passive thermal control system. MATLAB/Simulink and ESATAN/ESARAD In this paper the thermal analysis of a small environments. satellite in post-mission phase is introduced. The Dinh [4] illustrated the modeling of a nanosatellite European Student Earth Orbiter (ESEO) satellite using Thermal Desktop software. The satellite has a was chosen in this study. This phase starts at the passive thermal control system. It was designed to end of the operational phase and should last at operate in LEO with altitude of 400 km. least 2 years for the chosen satellite. A finite Bulut et al [5] described the thermal control system difference thermal model using a commercial of Turksat-3U Nanosatellite [6]. The satellite orbit is software “Thermal Desktop” was described for the sun-synchronous orbit with altitude 600 km and selected satellite. Model results verification were inclination 98˚. The satellite has passive thermal performed by varying design variables and seeing control system.
    [Show full text]
  • Changes to the Database for May 1, 2021 Release This Version of the Database Includes Launches Through April 30, 2021
    Changes to the Database for May 1, 2021 Release This version of the Database includes launches through April 30, 2021. There are currently 4,084 active satellites in the database. The changes to this version of the database include: • The addition of 836 satellites • The deletion of 124 satellites • The addition of and corrections to some satellite data Satellites Deleted from Database for May 1, 2021 Release Quetzal-1 – 1998-057RK ChubuSat 1 – 2014-070C Lacrosse/Onyx 3 (USA 133) – 1997-064A TSUBAME – 2014-070E Diwata-1 – 1998-067HT GRIFEX – 2015-003D HaloSat – 1998-067NX Tianwang 1C – 2015-051B UiTMSAT-1 – 1998-067PD Fox-1A – 2015-058D Maya-1 -- 1998-067PE ChubuSat 2 – 2016-012B Tanyusha No. 3 – 1998-067PJ ChubuSat 3 – 2016-012C Tanyusha No. 4 – 1998-067PK AIST-2D – 2016-026B Catsat-2 -- 1998-067PV ÑuSat-1 – 2016-033B Delphini – 1998-067PW ÑuSat-2 – 2016-033C Catsat-1 – 1998-067PZ Dove 2p-6 – 2016-040H IOD-1 GEMS – 1998-067QK Dove 2p-10 – 2016-040P SWIATOWID – 1998-067QM Dove 2p-12 – 2016-040R NARSSCUBE-1 – 1998-067QX Beesat-4 – 2016-040W TechEdSat-10 – 1998-067RQ Dove 3p-51 – 2017-008E Radsat-U – 1998-067RF Dove 3p-79 – 2017-008AN ABS-7 – 1999-046A Dove 3p-86 – 2017-008AP Nimiq-2 – 2002-062A Dove 3p-35 – 2017-008AT DirecTV-7S – 2004-016A Dove 3p-68 – 2017-008BH Apstar-6 – 2005-012A Dove 3p-14 – 2017-008BS Sinah-1 – 2005-043D Dove 3p-20 – 2017-008C MTSAT-2 – 2006-004A Dove 3p-77 – 2017-008CF INSAT-4CR – 2007-037A Dove 3p-47 – 2017-008CN Yubileiny – 2008-025A Dove 3p-81 – 2017-008CZ AIST-2 – 2013-015D Dove 3p-87 – 2017-008DA Yaogan-18
    [Show full text]
  • A Statistical and Personal History of University-Class Satellites
    SSC18-WKVIII-03 Reliving 24 Years in the Next 12 Minutes: A Statistical and Personal History of University-Class Satellites Michael Swartwout Saint Louis University 3450 Lindell Blvd, St. Louis, MO 63103; 314-977-8214 [email protected] ABSTRACT In 2018, university-class satellites -- spacecraft built by university students for the express purpose of student training -- are widely accepted as a means to recruit undergraduate students into the space workforce, train them effectively before graduation and retain them in the field after graduation. Hundreds of undergraduates at dozens of schools around the world have directly contributed to missions that operated on-orbit. The spacecraft themselves are capable of performance research-grade science or demonstrate new enabling technologies. This was not always the case. For the first forty years of spaceflight, there were exceedingly few university-class missions; those that flew were expensive, marginally-performing and had modest success rates. What changed? Why are university-class missions now commonplace? And, with respect to on-orbit success, are they as good (or as bad) as rumor and hearsay make them out to be? In this paper and all-too-brief talk, the history of university-class spacecraft will be discussed, with an emphasis on the types of missions and their success rates. Beginning in 1994 (the author's first time attending this conference, as a wide-eyed student) and reaching through to 2018 (the author's 21st, now as a world-weary professor) a statistical and anecdotal review of
    [Show full text]