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Reporting on the Reasons for the Acquisition of Own Shares1
REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES Review Article Economics of Agriculture 3/2014 UDC: 347.728.2 REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES1 Vladan Pavlović2, Janko Cvijanović3, Srećko Milačić4 Summary Mere knowledge that the company has acquired own shares is not always of great importance. Information on the acquisition of own shares from dissenting shareholders or the squeeze-out of minority shareholders is not of great importance to the users of financial statements. In the first case, it is far more significant to disclose the significant event that allowed dissenting shareholders to resign from the company. However, the purchase of own shares due to certain reasons, such as the purchase of own shares at a premium in order to influence the market value of shares, the repurchase focused on preventing greater harm to the company, which is especially true at a time of financial crisis, or the repurchase of own shares as a means of disbursing shareholders, is of great importance to the users of financial statements. Therefore, modern legislation in developed countries obliges companies to disclose a range of information regarding own shares, including the reasons for the acquisition. The above is also proscribed by the relevant EU directives and national legislation. The paper points out that the legal norms governing the obligation of reporting on own shares in Serbia are not harmonized and that most public companies in Serbia, despite the legal obligation, do not disclose the reasons for the acquisition of own shares. Key words: own shares, reporting, management report, notes to financial statements JEL: M41, G32, K22 1 This paper is a part of the results of the research on Project 179001 supported by the Ministry of Education and Science of the Republic of Serbia. -
Redalyc.Market Segmentation: Venezuelan Adrs
INNOVAR. Revista de Ciencias Administrativas y Sociales ISSN: 0121-5051 [email protected] Universidad Nacional de Colombia Colombia Garay, Urbi; González, Maximiliano Market segmentation: Venezuelan ADRs INNOVAR. Revista de Ciencias Administrativas y Sociales, vol. 22, núm. 46, octubre-diciembre, 2012, pp. 73-85 Universidad Nacional de Colombia Bogotá, Colombia Available in: http://www.redalyc.org/articulo.oa?id=81827442007 How to cite Complete issue Scientific Information System More information about this article Network of Scientific Journals from Latin America, the Caribbean, Spain and Portugal Journal's homepage in redalyc.org Non-profit academic project, developed under the open access initiative Finanzas y marketing revista innovarjournal market segmentation: Venezuelan adrs Urbi Garay Ph.d. en finanzas, Universidad de massachusetts, amherst, m.a. en economía internacional y desarrollo, yale University. economista, Universidad Católica andrés Bello. Profesor, instituto de estudios superiores de administración Correo electrónico: [email protected] Maximiliano González segmentación de mercados: adrs VeneZolanos Ph.d en administración de negocios y Finanzas, tulane University. magíster en resúmen: los controles cambiarios impuestos en venezuela en 2003 administración de negocios, iesa. licenciado en Ciencias administrativas, Universidad constituyen un experimento natural que permite a los investigadores ob- metropolitana Caracas venezuela. Profesor asociado, Universidad de los andes servar el efecto que tales controles tuvieron sobre la segmentación del mercado de capitales. este trabajo presenta evidencia empírica que su- Correo electrónico: [email protected] giere que, aún cuando el mercado de capitales venezolano se encontraba altamente segmentado antes de que se impusieran los controles, las ac- ciones de la empresa Cantv estaban, por medio de sus american deposi- tary Receipts (adRs o certificados de depósito americanos), parcialmente integrados con los mercados globales. -
LME Presentation for ALFED
LME presentation for ALFED Oscar Wehtje, Head of Product Development September 2015 Agenda • Introduction to the LME • Hedging concepts • Warehouse reforms and pricing impacts • New LME products and services – Focus on the LME Premium Aluminium contracts • Questions • Ring tour (4:30 – 5:00 pm) • Refreshments 1 Introduction to the LME 2 The London Metal Exchange LME was established in 1877 in response to industrial revolution • High metal consumption relying on imports from abroad • The need to hedge risk of price fluctuations during long shipping voyages • Shipping of Copper from Chile and Tin from Malaysia took three months to arrive in London LME was acquired by Hong Kong Exchanges and Clearing (HKEx) in December 2012 3 The London Metal Exchange New contracts have been added to the initial Copper and Tin, over the past ~100 years 1877 1920 1978 1979 1992 2002 2008 2010 2015 Copper Lead & Primary Nickel Aluminium NASAAC Steel Billet Cobalt & Aluminium & Tin Zinc Aluminium Alloy Molybdenum Premiums & Ferrous suite 4 LME Volumes • LME trading represents c. 80% of the global exchange traded base metals volume • In 2014 a total of 177.2 million lots were traded (3.5% increase vs. 2013) – $14.9 trillion notional value, or – 4 billion tonnes of metal LME trading volume, 2002 – 2014 5 Primary services of the LME 1 2 3 Pricing Hedging Delivery Terminal Market Price Convergence 6 Hedging concepts 7 Exchange – LME pricing LME prices reflect the material activities of the market Supply & Robust demand Regulated LME prices Daily Trans- Trusted parent -
Dylan WHISKY BAR
THE Dylan WHISKY BAR Menu 5 John Street • Kilkenny • Ireland Telephone: 056 77 21616 www.thedylanwhiskybar.com “A whiskey is the creation of something harmonious, balanced and fundamentally social... It brings together the mastery of the distilling process with the mystery of its humble ingredients. It is this indefinable nature that makes a Premium Whiskey far more than the sum of its parts.” The Jameson Masters Midleton distillery and irish Whiskey Midleton Distillery, located in County Cork, is the largest distillery in Ireland. • It is a diverse distillery in that it can produce a wide variety of whiskey types including Single Pot Still and Grain Irish Whiskey. • The location of Midleton Distillery is perfect, with the abundance of quality barley grown locally in the rich soils of east Cork and the plentiful supply of fresh water from the Dungourney river running through the distillery. • The term ‘Single Distillery’ refers to the practice of conducting the entire whiskey production process within the confines of one distillery. • Midleton Distillery is also unique as the location where the craft of traditional Irish ‘Single Pot Still’ Whiskey distillation has been protected, nurtured and perfected for almost 200 years. • Single Pot Still Irish Whiskey is triple distilled from a mash of malted and unmalted barley in large copper pot stills. • The Midleton distillers also produce grain whiskey which is triple distilled from a mash of maize and malt in column stills. • Grain whiskey is blended with pot still whiskey to produce some of the distillery’s most famous brands including Jameson and the Jameson Reserves. -
Characteristics of Spot-Market Rate Indexes for Truckload Transportation ASSACHS NSTTUT By
Characteristics of Spot-market Rate Indexes for Truckload Transportation ASSACHS NSTTUT by Andrew Bignell I ' B.A. (Hons), Business Administration University of Western Ontario, 2007 Submitted to the Engineering Systems Division In partial fulfillment of the requirements for the degree of Master of Engineering in Logistics at the Massachusetts Institute of Technology June 2013 © 2013 Andrew Bignell. All rights reserved. The author hereby grants to MIT permission to reproduce and to distribute publicly Paper and electronic copies of this document in whole or in part. Signature of A uthor.................................................... Andrew Bignell Master of Engineering in Logistics Program, Engineering Systems Division ayWO;013 C ertified by ................................................ (j/ Dr. Chris Caplice Executiv e Director, Center for Transportation and Logistics Thesis Supervisor A ccepted by................................................. ... ...................... Prof Yossi Sheffi ia Gray II Professor, Engineering Systems Division Civil and Environmental Engineering Department Director, Center for Transportation and Logistics Director, Engineering Systems Division 1 Characteristics of Spot-market Rate Indexes for Truckload Transportation by Andrew Bignell Submitted to the Engineering Systems Division In Partial Fulfillment of the Requirements for the Degree of Master of Engineering in Logistics ABSTRACT In the truckload transportation industry in the United States, a number of indexes are published that attempt to measure changes in rates, but no single index has emerged as an industry standard. Industry participants, particularly those exposed to the spot-market, have found that existing indexes do not effectively represent their experiences in the marketplace. A widely-used and valid spot-market index could allow for more effective tactical decision-making, the development of freight derivatives, stronger analysis and negotiation of contract rates, and contracts with index-tied rates. -
Request for Exemptive Relief
Katten 525 W. Monroe Street Chicago, lL 60661-3693 3i2.go2.5200 tel 3iz.goz.io6i fax ARTHURW. HAHN arthur.hahn Okattenlaw.com 312.902.5241 direct 312.577.8892 fax December 24,2008 Ms. Florence E. Harmon Acting Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 Re: Request for Exemptive Relief Dear Ms. Harmon: The market for credit derivatives, and in particular, credit default swaps ("CDSs") has grown exponentially over the past decade.' As this market has grown, the need for operational improvements in the clearing and settlement process has also grown, including the need for a strong central counterparty clearinghouse for these products.2 LFFE Administration and Management ("LIFFE A&M) has developed and makes available to its members an over-the- counter ("OTC") derivatives processing service, called Bclear (referred to herein as "Bclear" or the "Bclear Service"), that will provide a mechanism for the processing and centralized clearing of CDSs based on credit default swap indices ("Index CDSS").~ The Bclear Service processes OTC transactions and submits them for clearance to LCH.Clearnet Ltd. ("LCH.Clearnet"), which stands as the central counterparty to all transactions processed through c clear.^ LIFFE A&M began processing Index CDSs through Bclear on 1 The Bank for International Settlements estimated that the notional amount of outstanding CDSs in 1998 was approximately $108 billion. By 2007, that number had grown to approximately $58 trillion. Bank for International Settlements, Press Release, The Global Derivatives Market at End-June 2001, December 20, 2001, and Bank for International Settlements Monetary and Economic Department, OTC Derivatives Market Activity in the Second Half of 2007, May 2008 2 The President's Working Group on Financial Markets included in its recommendations the need to enhance the operational infrastructure for the OTC derivatives markets. -
Looking for a Safe-Haven in a Crisis-Driven Venezuela
The current issue and full text archive of this journal is available on Emerald Insight at: https://www.emerald.com/insight/1750-6166.htm Caracas stock Looking for a safe-haven in a exchange crisis-driven Venezuela The Caracas stock exchange vs gold, oil and bitcoin 475 Ida Musialkowska Received 20 January 2020 European Studies, Poznan University of Economics, Poznan, Poland Revised 20 February 2020 Accepted 1 March 2020 Agata Kliber Department of Applied Mathematics, Poznan University of Economics, Poznan, Poland Katarzyna Swierczy nska Economic Journalism and Public Relations, Poznan University of Economics, Poznan, Poland, and Paweł Marszałek Money and Banking, Poznan University of Economics, Poznan, Poland Abstract Purpose – This paper aims to find, which of the assets: gold, oil or bitcoin can be considered a safe-haven for investors in a crisis-driven Venezuela. The authors look also at the governmental change of approach towards the use and mining of cryptocurrencies being one of the assets and potential applications of bitcoin as (quasi) money. Design/methodology/approach – The authors collected the daily data (a period from 01 May 2014 to 31 July 2018) on the development of the following magnitudes: Caracas Stock Exchange main index: Índice Bursátil de Capitalisacion (IBC) index; gold price in US dollars, the oil price in US dollars and Bitcoin price in bolivar fuerte (VEF) (LocalBitcoins). The authors estimated a threshold VAR model between IBC and each of the possible safe-haven assets, where the trigger variable was the IBC; then the authors modelled the residuals from the TVAR model using MGARCH model with dynamic conditional correlation. -
Barbados Stock Exchange Inc. Market Activity Report
Barbados Stock Exchange Inc. Market Activity Report 2019 Report on the Trading Activity for the Securities Issued by the Listed Companies of the Barbados Stock Exchange Inc. • • • Overview The following report reviews the overall performance of the companies listed on the Barbados Stock Exchange Inc. for the year ended December 31, 2019. Additionally, to provide greater detail on the market performance, fourth quarter market statistics have been included. General discussion was also given to the overall economic situation of the country and its impact on the general performance of the market. The report has been structured as follows: • Overall Performance • Trading Activity by Market • Indices and Market Capitalization • Advancers/Decliners for 2019 • Historical Company Trading Statistics • Market Events – 2019 • The Regulatory Roundup – 2019 • Conclusion Overall Performance Overall market performance for securities listed and traded across the board of the Barbados Stock Exchange Inc. for the year ended December 31, 2019 showed promise as total trading volume and value increased by 2,891% and 2,825% respectively. The Regular market produced mixed results as the increases experienced in traded volume did not have a corresponding effect on the traded value which suffered a decline. The Put Through Market performed well, closing out 2019 with marked increases in both traded volumes and values when compared to its performance at the close of 2018. There was one (1) trade occurring on the Block Trade Market1 while no activity was recorded on the Innovation & Growth Market (IGM) or the International Securities 1 See Block Trade Market section. 1 • • • Market (ISM). The Bond Market recorded some activity as bondholders became more familiar, and comfortable, with these newly restructured fixed income securities. -
QWI Annual Report 2020
QWI INVESTMENTS LIMITED Mission • To provide a wide variety of investors with the opportunity to own a diversified portfolio of investments, thereby spreading their investment risk. • To deliver above average returns over the short to medium term, by seeking out undervalued assets that will deliver above average returns. • Pooling management resources and investors’ savings to maximize shareholder returns. QWI INVESTMENTS LIMITED Contents 3 6 7 Notice of Corporate Shareholdings Annual Data of Note General Meeting 8 12 14 Corporate Chairman’s Directors’ Governance Report Report 16 22 23 24 Board of Management Top 10 Top 10 US Directors Discussion Jamaican Investment & Analysis Investment Holdings Holdings 26 58 Audited Proxy Financial Form Statements ANNUAL REPORT 2020 2 www.qwiinvestments.com QWI INVESTMENTS LIMITED Notice of Annual General Meeting Notice is hereby given that the Annual General Meeting of the members of QWI Investments Limited (the “Company”) will be held at The Jamaica Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5, on the 30th day of March 2021 at 4:45 p.m. for the purpose of transacting the following business: 1. To receive and approve the Audited Financial 4. To declare no dividend for the year ended Statements for the year ended 30 September 2020 30 September 2020 and the reports of the Directors and the Auditors To consider and, if thought fit, pass the following circulated herewith. resolution: - To consider and, if thought fit, pass the following Resolution No. 4 resolution: - “THAT no dividend be declared in respect of the year Resolution No. 1 ended 30 September 2020.” “THAT the Audited Financial Statements for the year 5. -
A Global Maritime Power
A Global Maritime Power Building a Better Future For Post-Brexit Britain Nusrat Ghani MP, Benjamin Barnard, Dominic Walsh, William Nicolle A Global Maritime Power Building a Better Future For Post-Brexit Britain Nusrat Ghani MP, Benjamin Barnard, Dominic Walsh, William Nicolle Policy Exchange is the UK’s leading think tank. We are an independent, non-partisan educational charity whose mission is to develop and promote new policy ideas that will deliver better public services, a stronger society and a more dynamic economy. Policy Exchange is committed to an evidence-based approach to policy development and retains copyright and full editorial control over all its written research. We work in partnership with academics and other experts and commission major studies involving thorough empirical research of alternative policy outcomes. We believe that the policy experience of other countries offers important lessons for government in the UK. We also believe that government has much to learn from business and the voluntary sector. Registered charity no: 1096300. Trustees Diana Berry, Alexander Downer, Pamela Dow, Andrew Feldman, David Harding, Patricia Hodgson, Greta Jones, Edward Lee, Charlotte Metcalf, David Ord, Roger Orf, Andrew Roberts, George Robinson, Robert Rosenkranz, William Salomon, Peter Wall, Simon Wolfson, Nigel Wright. A Global Maritime Power About the Author Nusrat Ghani MP is the Conservative MP for Wealden and a Senior Fellow at Policy Exchange. She previously served in the Department of Transport as Minister for Maritime between January 2018 and February 2020, during which time she became the first female Muslim Minister to speak from the House of Commons despatch box. -
Pricing and Spread Components at the Lima Stock Exchange
Pricing and spread components at the Lima Stock Exchange Luis Chávez-Bedoya, Carlos Loaiza Álamo and Giannio Téllez De Vettori ABSTRT AC This paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of order flow, whose price impact is temporary in both cases. KEYWORDS Stock markets, stocks, prices, econometric models, Peru JEL CLASSIFICATION G11, G12, G15 AUS THOR Luis Chávez-Bedoya teaches finance at the esan Graduate School of Business, Lima, Peru. [email protected] Carlos Loaiza Álamo teaches at the Faculty of Administration and Finance of the Peruvian University of Applied Sciences (upc), Lima, Peru. [email protected] Giannio Téllez De Vettori is a teaching assistant at the Department of Economics of the Catholic University of Peru and a researcher affiliated with the esan Graduate School of Business, Lima, Peru. [email protected] CEPAL_Review_115_3.indd 115 06/08/15 08:18 116 CEPAL REVIEW 115 • april 2015 I Introduction The Peruvian stock market has struggled to develop obtain this information for the present study, however, sustainably as an investment alternative, yet little with a view to obtaining a better understanding of the basic or applied research has been done on it. -
Integration Level of Equity Markets in APEC's Emerging
Integration level of equity markets in APEC’s emerging countries: Are emerging markets regionally or globally integrated? Authors: Cynthia Ho Szee Yah Dinh Thi Quynh Anh Supervisor: Per Nilsson Student Umeå School of Business Autumn semester 2010 Master thesis, two-year, 30 hp Integration level of equity markets in APEC’s emerging countries: Are emerging markets regionally or globally integrated? Anh Dinh Cynthia Ho Abstract Supported by the investment barriers removal, financial deregulation and improved macroeconomic policies during the last three decades, the process of financial integration in those markets, emerging markets in general and emerging markets within Asia Pacific Economic Cooperation (APEC) in particular, has been pro-actively accessed these days. Moreover, recent trend in globalization in many APEC countries and especially in the emerging markets has triggered a stronger financial integration progress across countries. Nevertheless, it is surprising to find that these countries not only benefited from regional financial integration but also experienced global financial integration in the same period. Markets over the last two decades, which have been highlighted by financial crises occurred among those APEC emerging countries in the early of the year 1997, have raised political, social and economic questions. One of prominent questions among them: “Are emerging markets in APEC regionally or globally integrated?” has raised our interest in measuring the integration level in these countries. Our thesis paper, therefore, seeks to answer the question on the degree of financial integration level in nine APEC emerging countries. Collecting stock indexes from the Chile (Santiago Stock Exchange), China (Shanghai Stock Exchange), Indonesia (Indonesia Stock Exchange), Malaysia (Bursa Malaysia), Mexico (Mexican Stock Exchange), Philippines (Philippines Stock Exchange), Peru (Lima Stock Exchange), Russia (RTS Russian Stock Exchange), Thailand (Thailand Stock Exchange), we compute empirically the integration scores for these nine countries.