Emerging Capital Markets in the Gulf Cooperation Council: Initial Public Offerings, Ownership Structure & the New Establishment Corporations

2010 ◽  
Author(s):  
Ahmed S. Alanazi ◽  
John Forster ◽  
Benjamin Liu
Keyword(s):  
Initial Public Offerings ◽  
Capital Markets ◽  
Ownership Structure ◽  
Gulf Cooperation Council ◽  
Public Offerings ◽  
Emerging Capital Markets

Initial Public Offerings in the CMU

2018 ◽  
Author(s):  
Merritt B Fox
Keyword(s):  
Information Asymmetry ◽  
Initial Public Offerings ◽  
Capital Markets ◽  
Final Section ◽  
Public Offerings ◽  
Rating Agencies ◽  
Capital Markets Union ◽  
Preceding Discussion ◽  
Directors And Officers

This chapter begins by considering the especially severe information-asymmetry problem that plagues primary offerings of truly new securities. It then examines market-based solutions for these problems, the shortcomings of exclusive reliance on such solutions, and the rationale for having a government-designed affirmative-disclosure regime, whereby an issuer making an offering is required to answer certain questions. It also addresses the question of whether this regime should be imposed on all issuers making such offerings or only those that volunteer to be subjected to it. The remainder of the chapter considers the rationale for mandating the imposition of liability on issuers, issuer directors and officers, underwriters, dealers, and experts such as accountants or rating agencies when there have been material misstatements or material omissions of what was required to be disclosed. The final section briefly applies the preceding discussion to the efforts, as part of the Capital Markets Union, to increase the opportunities for European SMEs raise funds through public offerings.

scholarly journals Earnings management, corporate governance, and ownership structure of Philippine initial public offerings

2021 ◽  
Vol 18 (4) ◽  
pp. 175-191
Author(s):  
Angelo O. Burdeos
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Initial Public Offerings ◽  
Ownership Structure ◽  
Stock Exchange ◽  
The Philippines ◽  
Ownership Concentration ◽  
Independent Directors ◽  
Ceo Duality ◽  
Public Offerings

Prior studies examined the effect of corporate governance variables on discretionary current accrual, the most widely used measurement of earnings management. The principal-agent conflict implies that the size of the board, the percent of independent directors, CEO duality, and auditor prestige limit discretionary current accruals (DCA). This paper extends past studies by examining the effect of ownership structure on discretionary current accruals. The study determines the level of income-increasing earnings management of initial public offerings (IPOs) in the Philippines and the factors that explain it. Particularly, the paper examines the effect of ownership concentration and largest shareholder ownership on discretionary current accruals. The study uses a final sample of 105 IPO firms in Philippine Stock Exchange (PSE) from 2008 to 2018. Employing the modified Jones’s (1991) model to measure discretionary current accrual and multiple regression analysis, the study finds -4.19% discretionary current accrual on the average. It also reveals that the 2002 Philippine Code of Corporate Governance (PCCG) is ineffective in curbing earnings management. In addition, there is an insignificant relationship between the size of the board, CEO duality, ownership concentration, largest shareholder ownership and auditor prestige, and earnings management. Furthermore, the paper finds a significant relationship between the percent of independent directors, industry sector, return on assets (ROA) and cash flow from operations and earnings management.

Wettbewerbsbeschränkungen auf Märkten für börsennotierte Aktien und Aktienderivate

2019 ◽  
Author(s):  
Hendrik Wessling
Keyword(s):  
Financial Markets ◽  
Initial Public Offerings ◽  
Capital Markets ◽  
Comprehensive Analysis ◽  
Antitrust Law ◽  
Market Manipulation ◽  
Public Offerings ◽  
Long Time ◽  
Damage Claims ◽  
The Relationship

For a long time, markets for listed stocks and listed stock derivatives have been regarded as immune to competition restrictions or distortions. This dissertation disproves this generally accepted theory and shows that numerous anticompetitive practices can and do occur in this segment of financial markets. Its comprehensive analysis includes market cornering, agreements that restrict supply in initial public offerings and instances of coordinated market manipulation. It considers the latest empirical findings relating to capital markets and, since it refers to the point at which antitrust law and capital markets law overlap, also examines the relationship between both legal fields. Using the example of coordinated market manipulation, the author ultimately analyses sanctions and damage claims arising from parallel violations of antitrust law and capital markets law.

scholarly journals Trends of non-financial corporations listed on Borsa Istanbul: Rethinking corporate ownership and governance under COVID-19

2020 ◽  
Vol 9 (3) ◽  
pp. 132-143
Author(s):  
Gonca Atici ◽  
Guner Gursoy
Keyword(s):  
Corporate Governance ◽  
Initial Public Offerings ◽  
Capital Markets ◽  
State Ownership ◽  
Corporate Ownership ◽  
Governance Mechanisms ◽  
Public Offerings ◽  
Corporate Governance Mechanisms ◽  
A Minor

The purpose of this study is to analyze trends of non-financial corporations listed on Borsa Istanbul (BIST) in terms of ownership structure for the period of 2002-2019. According to our findings, Turkish non-financial corporations reveal a concentrated nature as an example of family capitalism. Findings also reveal that initial public offerings are mainly from family-controlled corporations. This is noteworthy as corporations integrate more to the capital markets of Turkey. Besides, they get more disciplined as they subject to the regulations of the governing bodies and internalise corporate governance criteria. In terms of ownership mix, findings denote that non-financial corporations listed on BIST benefit from the advantages of conglomerates, cross-ownership, and foreign ownership in line with the literature. Contrary to several emerging economies, state-ownership has a minor share which renders strength and quality of governance level. The concentrated nature of corporations is believed to have a positive effect on governance mechanisms for controlling agency problems especially in the environment of uncertainty during COVID-19. Although Turkish capital markets have promising and progressing corporate governance mechanisms, steps to build up advanced digital governance mechanisms for the “digital new normal” should be taken as soon as possible.

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