A Qatar solution is unlikely at the Gulf summit

2017 ◽  
Keyword(s):  
Saudi Arabia ◽  
Financial Markets ◽  
United Arab Emirates ◽  
Stock Exchange ◽  
Content Type ◽  
Face To Face ◽  
Self Sufficiency

Significance As the primary mediator in the dispute between Qatar and three of its GCC neighbours, Kuwait is seeking the first face-to-face meeting of the countries’ leaders since Saudi Arabia, the United Arab Emirates (UAE) and Bahrain launched their boycott of Qatar in June. Since then, both sides’ positions have become more entrenched. Impacts Whatever happens with the boycott, Qatar will focus on developing greater self-sufficiency and security through direct imports. A breakthrough deal would likely boost Gulf financial markets, particularly Qatar’s stock exchange, which is at a six-year low. The outcome of the summit will influence wider regional geopolitics, including Gulf rivalry with Iran in Yemen, Iraq and Lebanon.

The relationship between knowledge-based economy and fraudulent financial reporting

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Abbas Koolivand ◽  
Mahdi Salehi ◽  
Meysam Arabzadeh ◽  
Hassan Ghodrati
Keyword(s):  
Financial Markets ◽  
Financial Reporting ◽  
Fixed Effects ◽  
Stock Exchange ◽  
Fraudulent Financial Reporting ◽  
Content Type ◽  
Knowledge Based ◽  
Robust Testing ◽  
Knowledge Based Economy ◽  
The Relationship

Purpose This paper aims to assess the relationship between a knowledge-based economy and fraudulent financial reporting. Design/methodology/approach The study is descriptive-correlation based on published information from enlisted firms on the Tehran Stock Exchange during 2013–2019 with a sample of 178 firms (1,246 observations). The method used for hypothesis testing is linear regression using the panel data. Findings The results show that a knowledge-based economy is associated negatively and significantly with financial reporting. Moreover, robust testing has also examined the hypotheses (including fixed effects, OLS and t + 1) that confirmed the study’s preliminary results. Originality/value As the study was carried out in the emergent financial markets, like Iran, to figure out the relationship between knowledge-based economy and financial reporting, it can provide helpful information for the practitioners in this field.

The effect of auditor narcissism on audit market competition

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hojat Mohammadi ◽  
Mahdi Salehi ◽  
Meysam Arabzadeh ◽  
Hassan Ghodrati
Keyword(s):  
Financial Markets ◽  
Significant Relationship ◽  
Design Methodology ◽  
Audit Quality ◽  
Stock Exchange ◽  
Market Competition ◽  
Competitive Pressure ◽  
Content Type ◽  
Listed Firms ◽  
Audit Market

Purpose This paper aims to assess auditor narcissism’s effect on audit market competition (auditor concentration, clients’ concentration and competitive pressure). Design/methodology/approach This paper’s method is descriptive-correlational based on published information from listed firms on the Tehran Stock Exchange from 2012 to 2018 using a sample of 188 firms (1,310 observations). The method used for hypothesis testing is linear regression using panel data. Findings The results show a negative and significant relationship between auditor narcissism and audit market competition and its indices, including auditor concentration, clients’ concentration and competitive pressure. Moreover, a positive and significant relationship was observed between audit quality and audit market competition and its indices, including auditor concentration, client concentration and competitive pressure. Originality/value To analyzes competition indices in the audit market (auditor concentration, clients’ concentration and competitive pressure). The variable is assessed once more using the exploratory factor analysis of the so-called three variables single variable, named audit market competition. So the central question of the study is investigated within a broader sense. Moreover, as the present study is carried out in the emergent financial markets with extremely competitive audit markets to figure out the effect of auditors’ intrinsic characteristics on such markets’ competitiveness, it can provide useful information in this field.

Market reaction to the Karachi stock exchange floor imposition

2015 ◽  
Vol 4 (2) ◽  
pp. 275-291 ◽  
Author(s):  
Saqib Sharif
Keyword(s):  
Financial Markets ◽  
Market Reaction ◽  
Stock Exchange ◽  
Price Volatility ◽  
Price Limits ◽  
Content Type ◽  
Market Intervention ◽  
Price Floor ◽  
Price Freeze ◽  
Regulatory Intervention

Purpose – The purpose of this paper is to investigate the market reaction to the decision made by the management of the Karachi Stock Exchange (KSE) to impose a price floor that resulted in trading curbs in 2008. The paper analyzes if regulatory intervention helped in restoring investor confidence. Design/methodology/approach – The paper examines the effect of enforcement of a price floor and trading curbs by splitting the time period studied into two periods: pre-floor and post-floor period. The parametric t-statistics and non-parametric Mann-Whitney test are used to compare the abnormal returns (ARs), abnormal trading volume, bid-ask spread, Amihud illiquidity ratio, and price volatility between the two periods. Event study was conducted to observe the behavior of market returns surrounding market-wide price floor. Finally, multivariate regression analysis was also applied by controlling for factors that might influence valuation, liquidity, and volatility. The standard errors have been corrected for cross-sectional clustering due to market-wide restrictions. Findings – The study found an adverse impact of price freeze and trading curb in the KSE, following the relaxation of floor (resumption of active trading). First, the price of securities (or ARs) significantly declined following the relaxation of the price freeze. Second, the market liquidity deteriorated following the relaxation of the price floor. Third, the price volatility increased in the post-floor period. It seems that the decision made by the KSE’s board to implement lower cap on prices for an extended period was ineffective. Practical implications – Market intervention by regulators to bring calm in the financial markets have negative consequences across the globe. The results presented in this paper suggest that implementing price floor brought inefficiency in the market and prevented firms from raising capital to finance their future investments. The author believe this study will add to the knowledge base of regulatory intervention and its impact on the performance of financial markets. Originality/value – There is no empirical evidence on the impact of price limits on volatility in emerging markets. The author selected Pakistan as a case study, where we particularly focus upon impact of the enforcement of a price floor around the peak of Global Financial Crisis (or market intervention) in Pakistan. This study also documents the effect of trading curb on liquidity and volatility in an emerging market, given that a majority of research on trading halt/price limits is based on developed markets.

Securities markets and protection of small investors in public shareholding companies of United Arab Emirates

2019 ◽  
Vol 11 (1) ◽  
pp. 73-80
Author(s):  
Nashat Jaradt
Keyword(s):  
United Arab Emirates ◽  
Best Practice ◽  
Stock Exchange ◽  
Securities Markets ◽  
Legal Cases ◽  
Content Type ◽  
Roles And Responsibilities ◽  
Doing Business ◽  
Small Investors ◽  
The Subject

Purpose The purpose of this paper is to review the laws in relation to the role of the securities markets in protecting small investors and examine legal cases that have recently been observed in this area. Design/methodology/approach A research-based qualitative analysis was undertaken to determine the governing authorities on the subject of international trade contracts globally. Various internet searches were conducted and information was collected to represent the subject at large and to the best and most current understanding. The information was assessed in its joined context to prepare recommendations for best practice. Findings In the United Arab Emirates (UAE), the rights of small investors in public shareholding companies are protected through many different legal stipulations that all must adhere to in order to offer stock. Through an examination of the laws of the UAE in relation to securities markets’ roles and responsibilities, a clear picture of protection is created that ensures small investors’ risks are minimized. In this regard, the UAE has implemented additional regulations in comparison to any other country as evident through the Doing Business Report (2014). Research limitations/implications The review of available documents is limited to UAE and hence cannot be generalized into a broader context. Originality/value This paper work contributes the research about the existing conditions of securities markets of protected small investor in UAE stock exchange market as serious as that of protecting the national economy.

Gulf to look beyond Pakistan as insecurity rises

2015 ◽  
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
Prime Minister ◽  
Military Intervention ◽  
Gulf Cooperation Council ◽  
Nuclear Technology ◽  
Content Type ◽  
The Relationship

Subject Outlook for Pakistan-Gulf relations. Significance Pakistan's parliament last month voted against joining the Saudi-led military intervention in Yemen. Since then Pakistan's Prime Minister Nawaz Sharif and Chief of Army Staff Raheel Sharif have visited Riyadh to clarify the decision, reassuring Saudi Arabia of Pakistan's support in case of any external aggression against the kingdom. The Yemen intervention has exposed some faultlines in the relationship between the two allies, as well as in Pakistan's ties with other members of the Gulf Cooperation Council (GCC), some of whom -- most notably the United Arab Emirates (UAE) -- described Pakistan's decision as "dangerous and unexpected". Impacts Pakistan will lose leverage in GCC states as the latter opt to provide aid via multilateral, international mechanisms. Islamabad will be reluctant to share nuclear technology with GCC states -- primarily for fear of provoking Washington. China will increasingly become Pakistan's preferred diplomatic and economic partner, despite a degree of mutual suspicion.

Jihadists will slow stabilisation of Yemen's south

2015 ◽  
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
Central Government ◽  
The South ◽  
Content Type ◽  
State Actors ◽  
The Government ◽  
Crown Prince ◽  
Government Authority

Significance The bombing represents the latest setback to Saudi Arabia and the United Arab Emirates (UAE)'s efforts to stabilise southern Yemen and reinstall the government of President Abd Rabbu Mansour Hadi. ISG is just one of a number of sub-state actors that have been empowered by the conflict and that will seek to challenge central government authority. Impacts Insecurity in Aden will deal a blow to the legitimacy of the Saudi-backed Hadi government. A major setback in the south will reflect badly on the reputation of Saudi Defence Minister Deputy Crown Prince Mohammed bin Salman. Reconstruction efforts in southern Yemen will place increased long-term strain on the Saudi budget in particular. Southern Yemen could emerge as a key battleground in the rivalry between al-Qaida and ISG for leadership of the global jihad.

Iran is set to become a formidable cyber actor

2017 ◽  
Keyword(s):  
United States ◽  
Saudi Arabia ◽  
United Arab Emirates ◽  
The United States ◽  
Cyber Warfare ◽  
New Wave ◽  
Primary Target ◽  
Content Type ◽  
Technology Sector

Subject Iran's cyber capabilities. Significance Tehran has invested in its technology sector in recent years to become one of the world’s most cyber-capable nations. Though perhaps not on the same level as China and Russia, it is not far behind. Iranian hackers have carried out successful attacks in a number of countries, including Saudi Arabia and the United States. Impacts Saudi Arabia is Iran’s primary target for cyber operations, followed by Saudi supporters such as the United Arab Emirates and Bahrain. Iran will augment its own cyber warfare capabilities through proxies such as the 'Syrian Electronic Army'. US reversals over the nuclear deal may lead Iran to unleash a new wave of cyberattacks against US interests.

Chances of renewed conflict in western Yemen are high

2019 ◽  
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
Humanitarian Crisis ◽  
Content Type ◽  
Cross Border ◽  
The City

Significance That is one of the terms of the Stockholm Agreement, signed in December 2018, which was the first -- and thus far only -- successful step toward de-escalation taken by the warring parties. Despite ongoing violations by all sides and their continued failure to pull back, a local ceasefire has largely been maintained, reducing the intensity of fighting in Hodeida. Forces backed by the Saudi-United Arab Emirates (UAE) coalition are positioning themselves to launch another offensive to capture the city and its port. Impacts Any renewed offensive will exacerbate the humanitarian crisis by further restricting the delivery of essential aid. The Huthis may increase cross-border raids into Saudi Arabia and drone and missile attacks on coalition targets in Yemen and Saudi Arabia. Coalition air forces would intensify their bombing of targets in Huthi-held territory.

Nuclear cooperation will bolster South Korea-Gulf ties

2015 ◽  
Keyword(s):  
Saudi Arabia ◽  
South Korea ◽  
United Arab Emirates ◽  
Energy Demand ◽  
Nuclear Power ◽  
Youth Unemployment ◽  
Content Type ◽  
Knowledge Based ◽  
Gulf Countries ◽  
Knowledge Based Economy

Subject South Korea-Gulf ties. Significance As Saudi Arabia and the United Arab Emirates seek to reduce their economic dependence on oil, they have been deepening their ties with South Korea. Saudi Arabia and the United Arab Emirates (UAE) view South Korea as a development model because of its swift and successful transition to a knowledge-based economy. For its part, Seoul believes that developing ties with Gulf countries will enhance its energy security and boost trade flows. Impacts Increased renewables capacity will help meet the Gulf's rising domestic energy demand that threatens to erode its capacity to export oil. South Korean technology transfer and expertise should stimulate job creation in downstream industries, and help reduce youth unemployment. Construction of nuclear plants in the Gulf will establish South Korea as a credible exporter of nuclear power technology.

Riyadh may agree to Yemen talks, but in its own time

2018 ◽  
Keyword(s):  
Saudi Arabia ◽  
United Arab Emirates ◽  
Content Type ◽  
The City ◽  
High Threat

Significance Prior to that, medical sources had reported 150 deaths in the space of 24 hours in fighting in the city. Washington and London are putting renewed pressure on Saudi Arabia and the United Arab Emirates (UAE), which lead a coalition supporting President Abd Rabbu Mansur Hadi’s internationally recognised government, to end the fighting across Yemen. Impacts Seizing Hodeida from the Huthis is an opportunity for a victory, and fighting will likely continue until it falls. Capturing Hodeida will not reduce the Huthis’ ability to control the capital Sanaa and the mountainous north. Any damage to Hodeida or the cutting of vital supply routes will increase the already high threat of famine. Washington and London will voice concern, but will stop short of action threatening vital defence and commercial interests. Even if the coalition agrees to talks, agreeing terms for a lasting ceasefire will be challenging.

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