Number Of Issuers Research Articles

Determining Factors Of Sharia Stock Returns With Bi Rate As A Moderating Variable

Research regarding the factors influencing Shariah stock returns is essential due to the existing disparities where Shariah stock returns continue to exhibit fluctuations amidst the annual increase in the number of issuers and stock investors. The objective of this study is to ascertain the influence of Earnings per Share (EPS), Return on Equity (ROE), and Price to Book Value (PBV) on Shariah stock returns, moderated by the BI rate. The population for this research encompasses all companies listed on the JII for the period 2017-2022. The sampling technique employed is purposive sampling, resulting in a total sample size of 18 companies, yielding 108 observations over a span of 6 years. The data analysis technique utilized is Moderated Regression Analysis (MRA), conducted using Eviews 12 software. The findings of this study reveal that EPS and PBV exhibit a negative and significant impact on Shariah stock returns, while ROE demonstrates a positive and significant influence. The BI rate weakens the influence of ROE on Shariah stock returns, whereas it reinforces the effect of PBV on Shariah stock returns. However, the BI rate does not possess the capability to moderate the impact of EPS. It's important to note that this research is confined solely to companies listed on the JII, consequently suggesting the need for future studies to broaden the population, extend the research period, and incorporate additional variables that may potentially impact Shariah stock returns.

PENGARUH KINERJA KEUANGAN DAN FIRM SIZE TERHADAP HARGA SAHAM PADA INDEX SAHAM SYARIAH

The Islamic capital market in Indonesia continues to grow, especially in the List of Sharia Securities (DES). Each year the DES on the stock effect continues to increase in the number of issuers. In Islamic stocks there are several stock indices, one of which is the Jakarta Islamic Index (JII). The JII index has decreased and increased in the 2014-2017 period. Usually, investors will analyze before buying shares, one of them is by doing a fundamental analysis or looking at the company's financial performance, so that investors will get information about the profit opportunities that they will get. Therefore this study aims to analyze and provide empirical evidence of the effect of Net Profit Margin (NPM), Return on Equity (ROE), Earning per Share (EPS), Debt Equity Ratio (DER) and Firm Size on the stock price of companies listed in JII. The samples used in this study were 18 company stock prices with the 2014-2017 time period. Based on the results of testing using EViews 10 software, simultaneously NPM, ROE, EPS, DER, and Firm Size have a significant effect on stock prices. While partially only the ROE and EPS variables have a significant effect on stock prices. Other variables, NPM, DER, and Firm Size have no significant effect on stock prices.

Decomposition of intended use of IPO proceeds: Evidence from Malaysia

The main objective of the study is to identify what Malaysian IPO issuers indicate as intended use of IPO proceeds and the use that has the highest amount of allocation. In order to achieve the objective of the study, a manual content analysis of 221 IPO prospectuses issued during the period of 2005-2015 were considered. Based on the manual content analysis, the data were analysed using descriptive statistics and analysis of variance (ANOVA). The results indicate that the three major intended uses of IPO proceeds in Malaysian IPO market are growth opportunities (53.90%), debt repayment (29.12%) and working capital (12.87%). However, growth opportunities and debt repayment have greater amount of allocation than working capital over the sample periods. Additionally results show that Malaysian IPO issuers expend more on capital expenditure and expansion rather than research and development in terms of growth opportunities. Further analysis in terms of the frequencies of number of IPO issuers indicate that number of issuers that have a designated amount for working capital (95%) supersede issuers in the growth opportunities group (90%). These results suggest that issuers can consider intended use of IPO proceeds information as a signal mechanism and potential investors can as well consider the information useful before making their investment decisions.

Current trends of the global stock market virtualization

Introduction. The rapid development of the latest information and financial technologies has led to radical changes in the process of securities trading. Effective implementation and use of various digital technologies for storage, processing and transmission of information has contributed to the rapid transformation of the global stock market. There was a transition of the global stock market to cyberspace. There is a scientific need for theoretical justification of the process of virtualization of the global stock market, highlighting its main trends and aspects.Purpose. The purpose of the study is to theoretically substantiate the hypothesis about the inevitability of the processes of the global stock market virtualization and to identify the main trends in this process.Methods. The research was carried out using such methods as: analysis and synthesis to study various aspects of the digital transformation of the global stock market; comparative analysis in identifying the main trends of its virtualization, tabular and graphical methods for visual presentation of the material.Results. In the process of scientific research, the changes in the global stock market, which have taken place and are constantly taking place under the influence of the latest information and communication technologies, are analyzed. The inevitability of the process of the global stock market virtualization is substantiated and the basis of the tendency of this process is singled out. It is noted that the rapid development of information and communication technologies has provided access to stock markets in real time and allowed to overcome the limitations of the size of the trading floor and the number of participants and instantly move capital from one point to another. It is outlined that e-commerce in financial instruments has created fundamentally new opportunities for traders. It is stated that the period of Industry 4.0. characterized by a decrease in the number of issuers on stock exchanges belonging to the group of industrial companies, and, accordingly, an increase in the number of companies that characterize the post-industrial era of society. The changes in the stock market caused by the COVID-19 pandemic have been studied. Emphasis is placed on increasing the risk of securities transactions and the need to protect systems from computer failures and cyber-attacks.Prospects. Given the relevance of this topic and available scientific developments, it is advisable to continue research on the process of the stock market virtualization due to the use of newer software and hardware, the use of new technologies and means of data transmission.

Analisis Regulasi Sukuk oleh Otoritas Jasa Keuangan dalam Peningkatan Berinvestasi di Pasar Modal Indonesia

The purpose of writing is to determine the regulations of the Financial Services Authority (OJK) on issuers that invest and an increase in the number of issuers investing in the capital market each period, whether it has increased or decreased.
 The research method is field research (field research) using a qualitative approach, which is to try to describe and explain and collect detailed information using data collection procedures during the case occurred. The data collection technique used is by interviewing and using secondary data found on the website of the Financial Services Authority (OJK).
 The results of the study, it can be concluded that the Regulation from the Financial Services Authority (OJK) is to ensure the safety of investors in investing, and the number of issuers investing is still experiencing a decline, this is because the role of the Financial Services Authority (OJK) office does not only focus on supervision and regulation of the service industry. finance but also carry out the function of education and protection of financial consumers, such as the rampant illegal investment offers that are quite unsettling to the public.

Green bonds as a source of financing pro-environmental actions in Poland

Climate changes and progressing environmental pollution enforce undertaking various actions of the global range. Implementation and execution of pro-environmental programs require appropriate financing. In 2007 a new instrument, referred to as green bonds, appeared in the market. Since that, a systematic and dynamic development of this segment of capital market has been observed. The development takes place in terms of values, a number of instruments and a number of issuers. In 2016 a pioneering issuance of green bonds issued by the Polish government appeared in the market. The objective of the study is to characterize green bonds issued by the Polish government to finance pro-environmental actions against the background of the global green market of debt securities. The hypothesis accepted in the study stated that the development of green bonds in Poland is determined by the development of the global green market of debt securities and is a response to a need for intensification of expenditure on pro-environmental programs.

ANALYSIS OF MACROECONOMIC EFFECTS ON THE YIELD OF CORPORATE BONDS IN INDONESIA

This study aims to examine and obtain empirical evidence of the effects of inflation, BI rate, exchange rate, foreign exchange reserves and the oil price to yield corporate bonds in Indonesia. An increase in the number of issuers and corporate bond issuance value in Indonesia means that many companies are using and seek financing through the issuance of bonds. Several studies have been conducted, inconsistencies results of research on factors affecting yield corporate bonds in Indonesia. This study uses a quantitative approach to the type of associative causal research. Measurement of variables in this study using a time series analysis were processed using Eviews program 10. This research was conducted using monthly data within the period of 2015 to 2018. The results of this research that inflation positively affects yield corporate bonds. BI rate has a positive effect on the yield of corporate bonds. Exchange rate positive effect on the yield of corporate bonds. Foreign exchange reserves negatively affect yield corporate bonds. Oil price positive effect on the yield of corporate bonds.

Modele rozwoju rynku kapitałowego w Państwach Europy Środkowo-Wschodniej

Dobrze rozwinięte rynki kapitałowe stanowią ważny element gospodarki, jako źródło finansowania przedsiębiorstw komplementarne wobec systemu bankowego. Ponadto pełnią inne ważne funkcje: pozwalają na wycenę kapitału i ryzyka, ułatwiają transfer własności akcji, ponadto stanowią miejsce inwestycji i spekulacji. Rynki państw rozwiniętych są często poddawane różnorodnym analizom, które pozwalają ocenić zarówno stan rozwoju tych rynków, jak i ich funkcjonowanie. W odniesieniu do rynków wschodzących takich analiz jest znacznie mniej. Najsłabiej zbadane w tym zakresie są rynki Europy Środkowo-Wschodniej. W celu przynajmniej częściowego wypełnienia tej luki przeprowadzono analizę rozwoju zorganizowanych rynków giełdowych w tych państw w okresie lat 2006-2017. Przyjęto szeroki zakres terytorialny – badaniem objęto: Albanię, Białoruś, Bośnię i Hercegowinę, Bułgarię, Chorwację, Czarnogórę, Czechy, Estonię, Litwę, Łotwę, Macedonię, Polskę, Rumunię, Serbię, Słowację, Słowenię, Ukrainę, Węgry. Dane wykorzystane do przeprowadzenia analizy pochodziły z dużej liczby źródeł wtórnych, takich jak strony internetowe samych giełd, ich raporty roczne, publikacje naukowe, opracowania i raporty firm doradczych, a także bazy danych organizacji międzynarodowych. Wyniki przeprowadzonej analizy wskazują, że giełdy z regionu Europy Środkowo-Wschodniej podążały trzema drogami: (1) wybierały rozwój organiczny, stawiając na samodzielność operacyjną, (2) przystępowały do aliansów regionalnych, (3) stawały się uczestnikami aliansów globalnych. Wyniki badań dotyczących zmian, jakie zaszły na tych giełdach między rokiem 2006 a 2017 dowodzą, że żadne z rozwiązań nie prowadziło do pełnego sukcesu. Wyniki te wskazują również, że giełdy generalnie lepiej radziły sobie z przezwyciężaniem barier po stronie podażowej (na części rynków wzrosła liczba emitentów i średnia wartość spółki), niż popytowej (niemal na wszystkich giełdach spadła zarówno wielkość, jak i prędkość obrotu).

Corporate Bond Market: International Experience and Russian Practice

The corporate bond market development is integral to increase the resilience of the Russian economy to external shocks and to build a new growth model in terms of sanctions. The purpose of the article is to analyze the current state of the Russian corporate bond market and to develop proposals for accelerating its further development considering the international experience. The proposals are based on a study of the legal base for the functioning of the international bond market, as well as modern technologies and tools that have proven to be effective in practice. As part of a comparative analysis, a hypothetical-deductive research method has been used. The author has proposed: to develop and adopt independent federal law “On Corporate Bonds”; to amend and supplement the Russian legislation on the protection of the rights of investors who purchase corporate bonds; to make trial (debut) issues in the Russian stock market for bonds denominated in foreign currencies (for example, in RMB); to expand the line of bond types, etc. It has been concluded that, despite the unfavorable external and internal conditions, there is a steady increase in the number of issuers and corporate bonds in circulation in Russia. Active bond issue in the Russian financial market in the near future will happen not only in the corporate, but also in the public segment. It will require more active involvement of individuals in purchasing government and corporate bonds as investors. Various types of institutional investors competing with banks will also be attracted. Corporate bond issue can ease the financial burden of banks and companies that have problems with refinancing their external debts. It can also help to solve the problem of financing of the Russian companies that have focused on obtaining various bank loans in order to implement their business plans. This will help to increase the supply of temporarily free monetary resources, to reduce their cost and more efficiently transform savings into investments.

The Effect of NAV Flotation on the Management of Prime Money Fund Portfolios

The October, 2016 money-fund reform obliged institutional prime funds to start floating their Net Asset Values (NAVs), whereas retail prime funds could continue with stable NAVs. We use this contrast to assess the effect of NAV flotation on fund management. We find that institutional funds reduced their interest-rate, liquidity and credit risk around the reform, contributing to lower yields and NAVs, and less volatile NAVs, but by all measures, their relative risk taking was approximately back to where it was well before the reform by the end of 2017. Prime funds adjusted to their shrinkage largely through transaction sizes, but also somewhat through the number of securities per issuer they invested in, and to a small extent through the number of issuers they invested in. Transaction-size shrinkage harms transaction quality, though the quality of a fund’s transactions relates more strongly to the size of its fund complex than to the size of the transactions themselves.

Structural-functional deformations of the stock market in Ukraine: macro- and micro-measurements

The article highlights the factors of the classification of issuers and their securities (forms of circulation and admission to trading, listing, publicity, type of offering, liquidity, objectivity of pricing) in the context of determining the reasons for the limited number of instruments in Ukraine's regulated market and signs of its unattractiveness for issuers and investors. The author defines peculiarities of the formation and structure of investment portfolios of financial institutions and other investors (in comparison with international indicators) and difficulties of the valuation and diversification of assets. It has been revealed that a sharp reduction in the number of issuers and financial intermediaries (through variable legislation, increased regulatory requirements and controversial enforcement) led to a reduction in liquidity and competition, an increase in transaction costs, and did not contribute to market development, its infrastructure, and the objectivity of pricing. The emphasis is on the conventionalities of market benchmarks (stock indexes of shares, total capitalization) in Ukraine due to the limited financial instruments, lack of public companies, scanty liquidity, high volatility and artificiality of pricing. Indicated various signs of illiquidity of Ukraine's regulated stock market in comparison with world trading platforms (first of all, in relation to shares), as well as reasons of irregularity of the trades, mainly the purpose oriented conclusion of agreements, absence of active market and actual prices (in particular, due to unsatisfactory regulation of exchange pricing). However, it is worth emphasizing the significant role of government bonds that differ from other securities in Ukraine in that they have increased liquidity, strong investor demand, more predictability and price adequacy, which is a sufficiently anticipated factor for an underdeveloped stock market. The author highlights peculiarities and problems of pricing in the underdeveloped stock market, which considerably complicate the task of counteracting market abuse, in particular due to total illiquidity, the absence of contradiction in the implementation of international practice, and subjectivity of the existing regulatory criteria for the detection of manipulation.

Sukuk Dan Kontribusinya Dalam Pembiayaan Pembangunan

This study analyzes the role of sukuk in national economic development. During this time the source of development financing consists of several kinds including taxes, bonds, foreign debt and Islamic bonds (sukuk). Sukuk has been developed in Indonesia since 2002 (published Indosat) and is still growing and the number of issuers are even greater. The research method using descriptive quantitative, data source in this research is secondary data obtained, balance of payments in the government, the state budget. This study uses a quantitative descriptive approach. Data were processed using matrix comparison of the performance of sukuk and conventional bonds to finance national development. The role and contribution of sukuk to finance the construction has been increasing. In 2011 amounted to 34% of financing needs are met through sukuk. Until 2016 the proportion was 60%. Instead the role of foreign debt be decreased. In 2011 only 7%, and by 2016 the portion close to 0%.

Impact of economic indicators on development of capital market

The capital market is one of the most important elements of any healthy, well-functioning economy. The volume and value of executed capital market transactions are affected not only by the number of issuers and investor’s willingness to buy, but also by economic development in the broadest sense. This article discusses the relationship between macroeconomic indicators and development of stock market index in different countries. It assesses the direction and intensity of relationships between macroeconomic indicators and stock market index and explains possible causes of these conditions. Analysis of the relationship is carried out in different countries with different levels of economic development, both in Europe and overseas. Emphasis was put on the selection of those countries, which were significantly affected by the economic recession. The indicators that affect value of stock market index were selected based on economic theory. Among them belong: gross domestic product, inflation, interest rate, export, and import and unemployment rate. After determining the degree of dependence between macroeconomic indicators and value of stock market index, countries were grouped together in clusters. Clustering was therefore not conducted on the basis of the values of macroeconomic indicators of a country, but on the basis of these indicators having a similar effect on the value of the stock market index. Before cluster analysis, input matrix of variables was subjected to factor analysis to reduce the original number of variables.

Bitcoin and the Uniform Commercial Code

Much of the discussion of bitcoin in the popular press has concentrated on its status as a currency. Putting aside a vocal minority of radical libertarians and anarchists, however, many bitcoin enthusiasts are concentrating on how its underlying technology – the blockchain – can be put to use for wide variety of uses. For example, economists at the Fed and other central banks have suggested that they should encourage the evolution of bitcoin’s blockchain protocol which might allow financial transactions to clear much efficiently than under our current systems. As such, it also holds out the possibility of becoming that holy grail of commerce – a payment system that would eliminate or minimize the roles of third party intermediaries. In addition, the NASDAQ and a number of issuers are experimenting with using the blockchain to record the issuing and trading of investments securities.In this Article, I examine the implications for bitcoin under the Uniform Commercial Code (the “U.C.C.”). Specifically, I consider three issues. In Part 1, I discuss the characterization of bitcoin – which I am using generically to refer to any virtual or cryptocurrency – under Article 9. The bad news is that it does not, and cannot be made to fit into, the U.C.C.’s definition of “money”. If held directly by the owner, bitcoin constitutes a “general intangible”. Unfortunately, general intangibles are non-negotiable. This could greatly impinge on bitcoin’s liquidity and, therefore, its utility as a payment system.In Part 2, I show how this may be mitigated by the rules of Article 8 governing investment securities. If the owner of bitcoin were to choose to hold it indirectly through a financial intermediary, then she and the intermediary could elect to have it treated as a “financial asset” which is super-negotiable. Unfortunately, this comes at the cost of eliminating one of the primary attractions of cryptocurrency, namely the ability to engage in financial transactions directly without a third-party intermediary. However, Article 8, may already provide a legal regime for another contemplated use for the blockchain – namely as a readily searchable means of recording the ownership and transfer of property generally.In Part 3, I explain how cryptosecurities fall squarely within Article 8's definition of “uncertificated securities.” Ironically, therefore, the creation of bitcoin securities may finally breathe life to little used provisions that were invented almost 40 years ago in a failed attempt to solve a completely different problem.

The Model of Financila Instruments Influence on the Capital Flow in Kazakhstan

The article objective is the study of exchange market and stock market financial instruments influence on capital flows in Kazakhstan. For this purpose possible influence factors on capital flows in Kazakhstan were analyzed. Statistical data on capital flows in Kazakhstan over a period from 2007 to 2013 were collected. Dynamics of capitalization on Kazakhstan Stock Exchange, the amount of issues of securities and number of issuers, Kazakhstan Stock Exchange index dynamics, banks residents’ exchange transactions’ volume, currency in cash transactions, foreign exchange cash import/ export by second-tier banks, currency trade volume in Kazakhstan Stock Exchange, interbank credit and deposits in Kazakhstan, on exchange average weighted exchange rate volume were collected and analyzed. Regression analysis is carried out, conclusions and recommendations are given. Found determination coefficient of 99% confirms the hypothesis of stock market and exchange market instruments influence on capital flows in Kazakhstan. The conclusion on the interrelation of capital flows and exchange market and stock market instruments is drawn based on calculated model. The following factors were also detected: the number of issues of securities eligible for trading in Kazakhstan Stock Exchange (KASE); the number of issuers of securities eligible for trading in stock exchange; banks residents’ transactions volume; net transactions by exchange offices (foreign exchange cash); foreign exchange cash import/ export by second-tier banks.

Credit Rating Categories

In this paper I develop a model that explains why credit rating agencies classify bonds into coarse categories. The optimal number of categories and their cutoffs are outcomes of profit maximization by a rating agency. The trade-off between the number of issuers that are willing to pay for a rating and how much they are willing to pay determines these optima. The model predicts that rating standards will be tighter during non-crisis periods. It also predicts that new issuer-pay rating agencies will not use finer categories because finer categories provide less incentive for bond issuers to solicit (pay for) a rating. Consistent with the model's prediction, empirical tests show that rating standards are tighter during non-crisis periods.

Development of Public Market of Corporate Bonds in Poland

By the end of 2010, corporate bonds had not been very popular in Poland. Most of the issues were not public, which limited their volume and value, and mainly resulted from the lack of a proper public market for trading. The situation changed in September 2009 when the Warsaw Stock Exchange launched the bond market Catalyst that is a public market for trading in debt instruments. The aim of this work is to analyse corporate bonds available on Catalyst to prove that this market has become a significant place for raising capital by companies and has influenced popularity of bonds as a source of financing business activity. The primary methods used during the preparation of this work included: analysis of legal acts and papers on the Catalyst market. The author also conducted an analysis of statistical data on, for example, number of issuers as well as the volume and value of issues over the whole period of Catalyst operations, i.e. from September 2009 until the end of the first half of 2014.The analysis allowed achieving the aim and confirmed that launching the Catalyst market encouraged companies to raise funding through issues of bonds.

'Cold' IPOs or Hidden Gems? On the Medium-Run Performance of IPOs

Over a third of Initial Public Offerings (IPOs) listing on NYSE, AMEX and NASDAQ from 1981 through 2008 accepted offer prices on or below the minimum of their initial price range. This is a striking number of issuers accepting large discounts, and has been given no attention in the extant IPO literature. I argue that issuers are only willing to accept such discounts if the expected returns on funds raised are exceptional, and make up for the foregone assets-in- place. If the low demand for allocations in these “cold” IPOs are a result of investors bounded rationality, then abnormal returns will be observed as the market corrects. Using a sample of more than 5000 IPOs, I document significant and robust abnormal returns up towards 5% (excluding Initial Day Returns) during the first months of trading. These abnormal returns are greater and more persistent if general market conditions are strong, supporting a bounded rationality explanation.

Dodging Reform: As Some Credit Card Abuses are Outlawed, New Ones Proliferate

Faced with pending and proposed reforms in the form of the Credit CARD Act designed to protect consumers from a series of unfair charges, credit card issuers have established or expanded the use of at least eight hidden charges across more than four hundred million accounts. The pricing strategies discussed in this paper all appear to be primarily designed to take advantage of inattention, lack of knowledge, and documented behavioral biases exhibited by consumers. An increasing number of issuers have adopted a practice we have identified as “pick-a-rate,” where an issuer manipulates the variable rate index used with 117 million accounts currently affected. Hidden “pick-a-rate” pricing charges consumers APRs 0.3 percentage points higher on average than traditional pricing and results in a total cost to consumers of $720 million per year. Other rate-maximizing practices discussed that increase costs for cardholders include minimum finance charges and variable rate floors. Issuers have manipulated penalty fee structures to charge almost everyone (87 percent) the highest penalty fee possible, while taking advantage of cognitive limits to project the appearance of charging lower fees. Issuers are padding their other miscellaneous fees since the announcement of new Federal Reserve rules and passage of the Credit CARD Act and have disguised many of these charges. Fee changes include: adding inactivity fees, expanding the definition of an international transaction, and raising consumer costs by changing cash advance/balance transfer floors, ceilings, and related charges.

Peering into the Crystal Ball

An increasing number of issuers bearing merchant power risks are expected to approach agencies such as Moody9s for credit rating in the coming year. Power rate projections are arguably the most significant risk factor for merchant powers. In any given region, there are a function of the current and projected supply and demand for energy, the actual electricity produced by a power plant, and capacity, the ability of a power plant to produce electricity. Among the variables are how the region is defined, the mix of generation technologies reserve margins, whether generation supply and demand are in equilibrium, fuel costs and other fixed and variable plant power costs. Additional considerations include the use of base-load plants, midmerit plants, peakers, and super-peakers; differences among markets; and transmission considerations.