Reporting on the Reasons for the Acquisition of Own Shares1
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Liquidity Risks and Asset Pricing in Asian Stock Markets
CAPITAL UNIVERSITY OF SCIENCE AND TECHNOLOGY, ISLAMABAD Liquidity Risks and Asset Pricing in Asian Stock Markets by Sadia Saeed A thesis submitted in partial fulfillment for the degree of Doctor of Philosophy in the Faculty of Management & Social Sciences Department of Management Sciences 2020 i Liquidity Risks and Asset Pricing in Asian Stock Markets By Sadia Saeed (PM131010) Dr.Biagio Simonetti , Associate Professor Universita del Sannio,Italy (Foreign Examiner 1) Dr.Zam Zuriyati Binti Mohammad, Assistant Professor University Tunku Abdul Rehman, Malaysia (Foreign Examiner 2) Dr. Arshad Hassan (Thesis Supervisor) Dr. Mueen Aizaz Zafar (Head, Department of Management Sciences) Dr. Arshad Hassan (Dean, Faculty of Management & Social Sciences) DEPARTMENT OF MANAGEMENT SCIENCES CAPITAL UNIVERSITY OF SCIENCE AND TECHNOLOGY ISLAMABAD 2020 ii Copyright c 2020 by Ms. Sadia Saeed All rights reserved. No part of this thesis may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, by any information storage and retrieval system without the prior written permission of the author. iii This thesis is dedicated to my beloved parents; To whom I owe my whole life. To my brother; Usman Saeed. To my sister Nadia Saeed vii List of Publications It is certified that following publication(s) have been made out of the research work that has been carried out for this thesis:- 1. Saeed, S., & Hassan, A. (2018). Inter-linkages between Liquidity and Stock Returns: An Empirical investigation through Panel Cointegration. Pakistan Journal of Commerce and Social Sciences (PJCSS), 12(2), 617-637. 2. Saeed, S.,& Hassan, A. -
Sustainability-Related Indices Should Be Attuned to the Cohort Driving Growth in Sustainable Investing – Millennials
Sustainability-Related Indices Should Be Attuned to the Cohort Driving Growth in Sustainable Investing – Millennials The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation Curtis, Daryl. 2019. Sustainability-Related Indices Should Be Attuned to the Cohort Driving Growth in Sustainable Investing – Millennials. Master's thesis, Harvard Extension School. Citable link https://nrs.harvard.edu/URN-3:HUL.INSTREPOS:37365395 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA Sustainability-related Indices Should be Attuned to the Cohort Driving Growth in Sustainable Investing – Millennials Daryl D. Curtis A Thesis in the Field of Sustainability and Environmental Management for the Degree of Master of Liberal Arts in Extension Studies Harvard University April 2019 1 Copyright 2019 Daryl D. Curtis 2 Abstract This research explored to what extent sustainability-related indices are attuned to millennial investor’s interests. Current and projected growth in millennials’ wealth, increases in sustainably-invested assets, millennials’ interests in sustainable investing, ESG integration in the investment profession, and the United Nations’ implementation of sustainability initiatives are amongst several factors which indicate there’s a demand for sustainability-related indexed products for retail and institutional millennial investors. The basis for this research is product issuers can only develop and bring to market sustainability-related index-based products (e.g., Exchanged Traded Funds (ETFs), mutual funds, tracker funds, and derivatives) for the millennial cohort if index providers construct indices based on millennial investors’ interests. -
143 Belgrade Stock Exchange
EKONOMSKI HORIZONTI, 2011, 13, (1) str. 143-154 Stru čni članak 336.761(497.11) ∗ Jelena Purić BELGRADE STOCK EXCHANGE: Post-Crisis Economy- lessons and possibillites Abstract: The first ideas about establishing an organization the purpose of which would be to control the money minimum appeared during the 30es of the 19 th century in Serbia. Since then many laws have been made, many meetings have been held and as many reforms have been carried out. The last decade is considered to be the turning point in the development of the Belgrade stock exchange. Namely, there has been an improvement of the development of the trading systems; the cooperation with other developed stock exchange markets in the neighbouring countries has been intensified, the first index of the BelexFm has been made and the improvement of the cooperation with the improvement of the relationship with the entities who issue securities and bonds, which lead to the first listing of shares. Key words : stock exchange, prime market, turnover, indexes JEL Classification: G20 INTRODUCTION Stock market is a place where authorized persons trade in standardized goods according to established rules. In all its complexity and diversity the stock market did not emerge as a product of pre-planned actions. It was created primarily as a result of a series of spontaneous and accidental circumstances, at a time when business scale of the traders grows over their individual abilities and directs them toward each other to jointly promote business in all aspects of mediation. As the original mediative circle formed the basic forms of future organizations, thus spontaneity constricted in further act, and to the extent necessary to develop the organization of stock exchange activity in order to meet the challenges of the changing environment. -
Illiquidity of Frontier Financial Market: Case of Serbia 351
PANOECONOMICUS, 2010, 3, pp. 349-367 UDC 336.76(497.1) Received: 5 November 2009; Accepted: 29 January 2010. DOI: 10.2298/PAN1003349Z Scientific review Boško Živković Illiquidity of Frontier Financial Faculty of Economics, University of Belgrade, Serbia Market: Case of Serbia [email protected] Jelena Minović Summary: The paper explores illiquidity of the Serbian financial market for the period of 2005-2009. The financial market in Serbia is, by its type, a frontier Faculty for Banking, Insurance and Finance, market. We used daily data from the BELEXline index, as well as all stocks Belgrade Banking Academy, within this index in examined timeframe, provided by the Belgrade Stock Ex- Union University, Serbia change. Results of this paper suggest that level of market liquidity is low and [email protected] persistent in Serbia. Additionally, results confirm that time-varying illiquidity and its volatility is highly unstable in this market. This is the first paper that analyses liquidity issues in case of Serbia. It identifies different periods and shows that, in most cases, ups and downs in foreign investors’ participation leads to dra- matic falls and rises in market illiquidity and its volatility. Key words: Frontier market, Illiquidity, Volatility of illiquidity, Conditional stan- dard deviation. JEL: G10. Apart from old and developed markets, there are the so-called emerging markets. These are primarily markets in Asia and Latin America. A new group of markets has lately been defined in Eastern and South-Eastern European countries, the so-called frontier markets (Dragan Šestović and Mladen Latković 1998). Frontier or pre- emerging markets are to, in any of the forthcoming evolution phases only, share similar levels of liquidity, and similar risk and outputs characteristics with emerging markets. -
Listing on the Belgrade Stock Exchange Belgrade a Guide to Listing Equity Securities on the Belgrade Stock Exchange
Listing on the Belgrade Stock Exchange Belgrade A guide to listing equity securities on the Belgrade Stock Exchange This project is funded by the Shareholder Special Fund of the European Bank for Reconstruction and Development Thinking of raising capital on the Belgrade Stock Exchange (BELEX)? The Belgrade Stock Exchange, as an organizer of regulated marketplace and multilateral trading platform, represents a part of regional marketplace of Central and Eastern Europe. In order to secure protection of interests of investors, as well as other members of the market, activities of the Belgrade Stock Exchange are aimed at ensuring fair, efficient and transparent trading of securities on the Serbian capital market. Activities of the Belgrade Stock Exchange are regulated according to the laws regulating functioning of the capital market, numerous by- laws and internal business rules. Republic of Serbia Securities Commission performs direct supervision over the activities of the Belgrade Stock Exchange. The Stock Exchange ensures infrastructure and formal conditions for matching of interest for buying and selling of specific securities, thus enabling transparent determination of a fair trade price of financial instruments. In order to ensure the highest quality services for all players on the market, the Belgrade Stock Exchange continuously works on improving BELEXFIX trading system, business processes, internal rules and procedures, while special emphasis was put on development of cooperation with leading global and regional exchanges. Strengths -
Banking Sector in Serbia: Impacts of Late Transition and Global Crisis Prof Dr Milorad Filipović
Overcoming the Crisis: Economic and Financial Developments in Asia and Europe Edited by Štefan Bojnec, Josef C. Brada, and Masaaki Kuboniwa http://www.hippocampus.si/ISBN/978-961-6832-32-8/contents.pdf Banking Sector in Serbia: Impacts of late transition and Global Crisis Prof dr Milorad Filipović, Belgrade University, Faculty of Economics, [email protected] Prof dr Miroljub Hadžić, University Singidunum, Faculty of Business, [email protected] Abstract The modest recovery of Serbian economy has started from late 2009, but from the mid 2011 it is facing repeat recession. Last two years Serbian banks are in stagnation of crediting activity, assets and capital increase, with decreasing employment, increasing risky placement and changing credit structure oriented more toward state and public sector. The limits for further banking development one can see in domestic factors, like in no sustainable development of the real economy and also in foreign factors, like weak foreign demand, low foreign direct investments and relatively high share of Italian, Greece and Austrian banks. JEL Classification: E44, E52, E58, E60 Key words: banking, transition, crisis, recovery I. Introduction Transition of the banking sector in Serbia has started in 2000, late in comparison to other countries in Eastern and Central Europe. The situation at the beginning was catastrophic, considering domestic and foreign debt and level of credit activity. The transition was difficult task as consolidation of large existed banks was impossible and entrance of foreign banks was inevitable. After ten years of transition one has to note that the first phase of the process was over. -
Initial Public Offering As a Source of Financing and Its
ЕКОНОМИКА Vol. 65, april-june 2019, № 2 ISSN 0350-137X, EISSN 2334-9190, UDK 338 (497,1) P. 99-108 Miloš Jovanović1 SCIENTIFIC REVIEW ARTICLE BDD DIL BROKER AD Beograd doi:10.5937/ekonomika1902099J Received: May 14, 2019 Accepted: Jun, 28, 2019 INITIAL PUBLIC OFFERING AS A SOURCE OF FINANCING AND ITS SIGNIFICANCE FOR THE DEVELOPMENT OF THE SERBIAN CAPITAL MARKET Abstract Initial public offering has often been used in many economies in the privatization process of state-owned companies, primarily with those companies of strategic importance for the country. This further affected the private sector companies to decide on this step and thus gain additional capital in order to finance their further development. Based on the previous experience of many developed countries and countries in the region, the privatization through public offering of shares has significantly contributed to the development of the capital market in these countries, which is predominantly reflected in the growth of market capitalization, volume of turnover, number of transactions and participation of local and foreign investors in these markets. Through the conducted analysis of the capital market of Serbia, this paper points to its modest market capitalization and low level of liquidity largely caused by the long-term negligence of the role that the stock market can have on its development. The aim of the paper is to present the initial public offering of shares as a form of financing of companies, which can also make a significant contribution to the development of the Serbian capital market. Key words: initial public offering, capital market, privatization, market capitalization. -
Doing Data Differently
General Company Overview Doing data differently V.14.9. Company Overview Helping the global financial community make informed decisions through the provision of fast, accurate, timely and affordable reference data services With more than 20 years of experience, we offer comprehensive and complete securities reference and pricing data for equities, fixed income and derivative instruments around the globe. Our customers can rely on our successful track record to efficiently deliver high quality data sets including: § Worldwide Corporate Actions § Worldwide Fixed Income § Security Reference File § Worldwide End-of-Day Prices Exchange Data International has recently expanded its data coverage to include economic data. Currently it has three products: § African Economic Data www.africadata.com § Economic Indicator Service (EIS) § Global Economic Data Our professional sales, support and data/research teams deliver the lowest cost of ownership whilst at the same time being the most responsive to client requests. As a result of our on-going commitment to providing cost effective and innovative data solutions, whilst at the same time ensuring the highest standards, we have been awarded the internationally recognized symbol of quality ISO 9001. Headquartered in United Kingdom, we have staff in Canada, India, Morocco, South Africa and United States. www.exchange-data.com 2 Company Overview Contents Reference Data ............................................................................................................................................ -
Over 100 Exchanges Worldwide 'Ring the Bell for Gender Equality in 2021' with Women in Etfs and Five Partner Organizations
OVER 100 EXCHANGES WORLDWIDE 'RING THE BELL FOR GENDER EQUALITY IN 2021’ WITH WOMEN IN ETFS AND FIVE PARTNER ORGANIZATIONS Wednesday March 3, 2021, London – For the seventh consecutive year, a global collaboration across over 100 exchanges around the world plan to hold a bell ringing event to celebrate International Women’s Day 2021 (8 March 2020). The events - which start on Monday 1 March, and will last for two weeks - are a partnership between IFC, Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact, UN Women, the World Federation of Exchanges and Women in ETFs, The UN Women’s theme for International Women’s Day 2021 - “Women in leadership: Achieving an equal future in a COVID-19 world ” celebrates the tremendous efforts by women and girls around the world in shaping a more equal future and recovery from the COVID-19 pandemic. Women leaders and women’s organizations have demonstrated their skills, knowledge and networks to effectively lead in COVID-19 response and recovery efforts. Today there is more recognition than ever before that women bring different experiences, perspectives and skills to the table, and make irreplaceable contributions to decisions, policies and laws that work better for all. Women in ETFs leadership globally are united in the view that “There is a natural synergy for Women in ETFs to celebrate International Women’s Day with bell ringings. Gender equality is central to driving the global economy and the private sector has an important role to play. Our mission is to create opportunities for professional development and advancement of women by expanding connections among women and men in the financial industry.” The list of exchanges and organisations that have registered to hold an in person or virtual bell ringing event are shown on the following pages. -
List of Approved Regulated Stock Exchanges
Index Governance LIST OF APPROVED REGULATED STOCK EXCHANGES The following announcement applies to all equity indices calculated and owned by Solactive AG (“Solactive”). With respect to the term “regulated stock exchange” as widely used throughout the guidelines of our Indices, Solactive has decided to apply following definition: A Regulated Stock Exchange must – to be approved by Solactive for the purpose calculation of its indices - fulfil a set of criteria to enable foreign investors to trade listed shares without undue restrictions. Solactive will regularly review and update a list of eligible Regulated Stock Exchanges which at least 1) are Regulated Markets comparable to the definition in Art. 4(1) 21 of Directive 2014/65/EU, except Title III thereof; and 2) provide for an investor registration procedure, if any, not unduly restricting foreign investors. Other factors taken into account are the limits on foreign ownership, if any, imposed by the jurisdiction in which the Regulated Stock Exchange is located and other factors related to market accessibility and investability. Using above definition, Solactive has evaluated the global stock exchanges and decided to include the following in its List of Approved Regulated Stock Exchanges. This List will henceforth be used for calculating all of Solactive’s equity indices and will be reviewed and updated, if necessary, at least annually. List of Approved Regulated Stock Exchanges (February 2017): Argentina Bosnia and Herzegovina Bolsa de Comercio de Buenos Aires Banja Luka Stock Exchange -
Information on Broker-Dealer Company Momentum Securities
INFORMATION ON BROKER-DEALER COMPANY MOMENTUM SECURITIES Momentum Securities ad Novi Sad (hereinafter referred to as: the Company) as an investment company authorized for the provision of investment and ancillary services and performance of investment activities shall – in accordance with the provisions of the Law on the capital market provide its clients and potential clients with all necessary information regarding investment services and activities in order that all Clients and potential Clients may, within reasonable frameworks, comprehend the nature and risks of such investment services, as well as specific types of financial instruments offered so that each of them should be enabled to make well-informed investment decisions. Information on Investment Company and its services BDC Momentum Securities ad Novi Sad is an Investment Company based in Novi Sad, 1A/104 Futoška St. Securities Commission (Omladinskih brigada St. 1, Novi Beograd) adopted the Decision on granting license for the performance of activities of Broker-Dealer Company no. 5/0-03-2039/7-12 and thus granted license for the performance of the following investment activities: 1. Receipt and transfer of orders related to sale and purchase of financial instruments; 2. Execution of orders for account of the client; 3. Services in relation to the offer and sale of financial instruments without redemption obligation. Additional services and activities which the Company is licensed to provide and perform are the following: • storage and administering of financial instruments -
The Belgrade Stock Exchange - an Embryo
UNIVERSITY OF NIŠ The scientific journal FACTA UNIVERSITATIS Series: Economics and Organization, Vol.1, No 5, 1997 pp. 79 - 86 Editor of Series: Dragiša Grozdanović Address: Univerzitetski trg 2, 18000 Niš, YU Tel: +381 18 547-095, Fax: +381 18-547-950 THE BELGRADE STOCK EXCHANGE - AN EMBRYO OF THE FINANCIAL MARKETS IN YUGOSLAVIA UDC: 336.76 Jadranka Djurović-Todorović Faculty of Economics, University of Niš, Trg VJ 11, 18000 Niš, Yugoslavia Abstract. Although the idea of a stock exchange appeared in Serbia as early as 1830, The Belgrade Stock Exchange founded in 1894. At this general and mixed Stock Exchange were traded shares, bonds, commodities and foreign currency. Its work was interrupted in 1941, and in 1953 the Stock Exchange was officially closed. The Stock Exchange was reestablished in December 1989, under the name of The Yugoslav Capital Market - Belgrade, and from 1992 works under name The Belgrade Stock Exchange. At this trades, above all, with short-term securities. 1. INTRODUCTION In modern conditions the financial markets takes basic place in the economy all country. That we can see from fact that the turnover realized at the financial markets were 5-6 times higher than the overall turnover of international trading of goods and services. As we can see it is very important fact because by us in Yugoslavia the Exchange again founded after almost 50 years at the end of 1989 under name Yugoslav capital market - Belgrade, when Yugoslav money market founded, too. From 1992 this institution (Yugoslav capital market) trading under name Belgrade Stock Exchange. It is mixed exchange and it has twenty members (1, p.5).