scholarly journals GREEN BONDS REPRESENTING GREEN FINANCE IN EUROPE – BASIC CHARACTERISTICS

2020 ◽  
Author(s):  
Simon C. Stölzle ◽  
◽  
Dominika P. Gałkiewicz ◽  
Keyword(s):  
Financial Institutions ◽  
Excess Demand ◽  
European Market ◽  
Environmental Externalities ◽  
Matched Pairs ◽  
External Costs ◽  
Financial Instruments ◽  
Green Finance ◽  
Basic Characteristics ◽  
Investment Grade

This study examines whether there is a negative green bond premium for investors in the secondary European market. To answer this question, the matched pairs method is applied, where the daily i-spreads of green bonds and the interpolated daily i-spreads of similar non-green bonds are compared. The bond sample contains 37 bond couples issued by corporations, financial institutions and governments between November 2019 and April 2020. The findings suggest that there is an average statistically significant negative very small green bond premium. The negative premium could be explained by investors’ preferences for green financial instruments leading to excess demand. The negative green bond premium may also be a compensation for the issuer’s external costs or reflect the internalization of environmental externalities. Further evidence shows that the negative green bond premium varies across industries and is not higher for lower rated investment grade bonds.

Permasalahan Manajemen Usaha Mikro Studi Kasus Pada Pabrik Kerupuk UD. Manunggal Karsa Di Kel. Lebak Bulus Kec. Cilandak Kodya Jakarta Selatan

Liquidity ◽  
2018 ◽  
Vol 1 (1) ◽  
pp. 81-90 ◽  
Author(s):  
Siti Maryama
Keyword(s):  
Organizational Structure ◽  
Financial Institutions ◽  
Raw Materials ◽  
Excess Demand ◽  
Motor Vehicles ◽  
Family Management ◽  
Drying Process ◽  
Earned Income ◽  
Qualitative Descriptive ◽  
Bad Weather

The purpose of the study are to (1) review the main problems faced by the factory of Kepuruk Manunggal Karsa (MK), and (2) assessing the entrepreneur attempts to be able to solve the problems faced. The research was carried out using qualitative descriptive design. The results showed that (1) the lack of supply of raw materials as a result of lack of capital. Sequel is due, the difficulty of the plant to meet consumer demand (excess demand). (2), the system of capital used is circulating capital (capital turnover). Earned income used up to finance the operation of the plant. (3) Innovation has been done in the form of deal with bad weather (rain) as an effort of crackers drying process is by using the oven. (4) There has been no cooperation with financial institutions. (5) There is no organizational structure as a modern factory for traditionally managed by family management. (6) Marketing using modes of transportation carts and motor vehicles.

How Finance Colonised Aotearoa: A Concise Counter-History

2019 ◽  
Vol 7 ◽  
pp. 41
Author(s):  
Catherine Cumming
Keyword(s):  
Financial Institutions ◽  
The State ◽  
Colonial History ◽  
Financial Instruments ◽  
Financial History ◽  
Early Colonial ◽  
History Of

This paper intervenes in orthodox under-standings of Aotearoa New Zealand’s colonial history to elucidate another history that is not widely recognised. This is a financial history of colonisation which, while implicit in existing accounts, is peripheral and often incidental to the central narrative. Undertaking to reread Aotearoa New Zealand’s early colonial history from 1839 to 1850, this paper seeks to render finance, financial instruments, and financial institutions explicit in their capacity as central agents of colonisation. In doing so, it offers a response to the relative inattention paid to finance as compared with the state in material practices of colonisation. The counter-history that this paper begins to elicit contains important lessons for counter-futures. For, beyond its implications for knowledge, the persistent and violent role of finance in the colonisation of Aotearoa has concrete implications for decolonial and anti-capitalist politics today.  

Heterogeneous investors and trading platforms competition

2015 ◽  
Vol 16 (3) ◽  
pp. 303-320 ◽  
Author(s):  
Nathalie Oriol ◽  
Alexandra Rufini ◽  
Dominique Torre
Keyword(s):  
Design Methodology ◽  
Network Externalities ◽  
International Competitiveness ◽  
Foreign Market ◽  
International Competition ◽  
European Market ◽  
Financial Instruments ◽  
International Context ◽  
Trade Off ◽  
Content Type

Purpose – The purpose of this paper is to consider competition’s issues between European market firms, such as Euronext, and multilateral trading facilities, following Markets in Financial Instruments Directive’s enforcement. This new domestic competition is adding to the existing international competition among financial centers. While diversification of local trading services can improve the international competitiveness of a financial center, the fragmentation of order flows can harm its attractiveness. Design/methodology/approach – The theoretical setting analyzes the interaction between heterogeneous who experiment network externalities, and heterogeneous local trading services providers (alternative platforms and incumbent) in an international context. The authors compare two forms of organizations of the market: a consolidated market, and a fragmented market with alternative platforms – in both cases, in competition with a foreign universe. Findings – The results of this study point out the importance of the trade-off between diversification and externalities. With alternative platforms entry, enhanced competition decreases fees and redistributes informed investors between the foreign market and the domestic one. The increase of domestic platforms’ number then has more complex effects on externalities (of information and liquidity). When the liquidity externalities are low, the diversification of financial platforms increases the number of investors on domestic centers. When liquidity externalities are not negligible, despite the decrease of fees, this same diversification orientates more informed investors to the foreign center. Originality/value – This model is the first to analyze jointly the internal and international competition of trading platforms with heterogeneous investors.

Investing in Sustainable Infrastructure in Latin America: Instruments, Strategies and Partnerships for Institutional Investors Mobilization

2021 ◽  
Author(s):  
Giovanni Leo Frisari ◽  
Max Messervy
Keyword(s):  
Latin America ◽  
Financial Institutions ◽  
Institutional Investors ◽  
Economic Recovery ◽  
Economic Systems ◽  
Investment Strategies ◽  
Financial Instruments ◽  
Low Carbon ◽  
Investment Opportunity ◽  
Sustainable Infrastructure

Despite the significant challenges in mobilizing investors resources towards sustainable infrasctrure investments in Latin America and the Carribbean, an investment opportunity in low carbon and resilient assets exists and represents a critical step towards a sustainable economic recovery from the financial duress due to the COVID-19 pandemic and its impacts on health and economic systems of the region. This papers contribuition is two-fold: it attempts to estimate and size an ideal sustainable investable pipeline accross the region generated by several policies promoting public-private-partnerships (PPP) in the transport and energy sectors. Then it identifies and details different investment strategies and financial instruments available to institutional investors to invest in the region while mitigating the risks they perceived and hinder the mobilization of their resources. Such strategies discussed in the paper include: joint ventures with local counterparties, direct and active investments in the national markets, and/or access to markets via partnerships with development financial institutions.

Issues and challenges of IFRS 9 in Malaysian Islamic financial institutions: recognition criteria perspective

2021 ◽  
Vol 12 (2) ◽  
pp. 239-257
Author(s):  
Marziana Madah Marzuki ◽  
Abdul Rahim Abdul Rahman ◽  
Ainulashikin Marzuki ◽  
Nathasa Mazna Ramli ◽  
Wan Amalina Wan Abdullah
Keyword(s):  
Financial Institutions ◽  
Financial Reporting ◽  
Business Models ◽  
Fair Value ◽  
Financial Instruments ◽  
Structured Interviews ◽  
Content Type ◽  
Reporting Framework ◽  
Islamic Financial Institutions ◽  
Ifrs 9

Purpose The purpose of this paper is to investigate the effects and challenges of the new amendment of International Financial Reporting Standards (IFRS) 9 in Malaysia from the perspectives of regulators, auditors, accountants and academicians in Malaysian Islamic financial institutions. For the purpose of this study, this paper focuses on the recognition criteria perspective of the standard, which provides a basic understanding of the financial reporting framework. Design/methodology/approach Using 10 series of semi-structured interviews undertaken with key individuals in regulatory bodies, audit companies, full-fledged Malaysian Islamic Banks and Malaysian higher learning institutions. Findings The findings revealed that IFRS 9 strengthens International Accounting Standards 39 in terms of relevance and reliability, recognition of financial instruments and identification of business models. Nevertheless, Islamic financial institutions face challenges in terms of a faithful representation of fair value, substance over form, identification of financial instruments before recognition criteria and the extent of the role of risk management in reducing manipulation in identifying business models. Research limitations/implications This study provides implications to regulators and standard setters in Malaysia to enhance the quality of financial reporting framework and practices in Islamic financial institutions in this country using IFRS 9. Practical implications Practically, the findings of this study can be used by the regulators to resolve the issues that arise in adopting IFRS 9 among Islamic financial institutions to further enhance financial reporting quality. Originality/value The findings of this study are very important to ensure that the adoption of IFRS among Islamic financial institutions are in line with Sharīʿah principles. To date, no studies have been done on the challenges of adopting IFRS 9 among Islamic financial institutions in Malaysia.

scholarly journals Institutional structure formation of the global green finance market

Upravlenie ◽  
2022 ◽  
Vol 9 (4) ◽  
pp. 100-111
Author(s):  
A. S. Issenov
Keyword(s):  
International Development ◽  
Institutional Structure ◽  
Bond Market ◽  
Green Economy ◽  
Financial Instruments ◽  
Development Bank ◽  
World Region ◽  
Rating Agencies ◽  
Green Finance ◽  
Development Institutions

The article studies the strategic directions of the Eurasian Development Bank as an important element of the institutional structure of the global green finance market.The current differentiated global structure of green finance market institutions has been shown, and the substantive focus of organisations at two levels of the institutional structure of this market has been shown. A statistical overview of green finance institutions by country, region, type and financial instruments used has been made. The role of multilateral development banks in the structure of such institutions has been shown. The need for the formation of institutions in the green financial market segment as a necessary element of green finance has been substantiated.The structure of institutions on two levels has been given: 1) subjects – participants of the green bond market; 2) a set of institutions developing and shaping the methodology for green financial instruments assessment, standards, taxonomy, ratings. Using the global green bond market as an example, up-to-date statistics and analysis of the broader composition of issuers of green financial instruments by country, world region, sovereign and corporate participants, and development institutions have been presented. Emphasis has been placed on public issuers and the participation of multilateral development institutions in financing green economy projects in various countries. The experience of Eurasian Economic Union countries in developing green finance has been summarised and the prospects for Russia and Kazakhstan in the green finance movement have been noted.The institutions of the differentiated structure of the global green finance market identified in the study have been grouped into two levels depending on the profile of their participation in the green economy; the directions and tools for the prospective development of the Eurasian Development Bank’s green finance activities have been defined; recommendations for prospective aspects of the methodological and analytical activities of the bank in the context of the Eurasian Development Bank Strategy 2022–2026 have been proposed.The study applied an analysis of scientific literature in the field of institutional theory, green economy and green finance, statistical, comparative, factual analysis, review and analysis of information from official websites of international development institutions, government and corporate entities, international rating agencies included in the architecture of the global green finance market.

scholarly journals Green finance incentives: An empirical study of the Pakistan banking sector

2021 ◽  
Vol 10 (41) ◽  
pp. 169-176
Author(s):  
Fakhr E Alam Afridi ◽  
Shahid Jan ◽  
Bushra Ayaz ◽  
Muhammad Irfan
Keyword(s):  
Financial Institutions ◽  
Default Risk ◽  
Carbon Emission ◽  
Banking Sector ◽  
Least Square ◽  
Know How ◽  
Green Finance ◽  
Business Loan ◽  
Financing Gap ◽  
Reduce Carbon Emission

In 21 century the climate change has become an important issues for businesses as well as stockholders. Consequently, to reduce carbon emission financial institutions offer green financing to businesses to mitigate this issue. However, the availability of green loan remains the important case. Therefore this research aims to know how this financing gap can be minimized. A panel design dataset was collected which consists of green financing data for the period 2009 to 2015 from 24 banks operating in Pakistan. We applied Two-stage Least Square Regression Analysis for data analysis. The results revealed that green loans are a less risky investments. Further, the findings also provides useful information to managers who look for grow their business loan and minimize default risk. This study contributes to the existing literature in green financing by filling the gap, particularly for developing countries through empirical evidence. The finding suggests that banks must invest more in green projects.

scholarly journals Factors Affecting the Sustainability Performance of Financial Institutions in Bangladesh: The Role of Green Finance

2021 ◽  
Vol 13 (18) ◽  
pp. 10165
Author(s):  
Guang-Wen Zheng ◽  
Abu Bakkar Siddik ◽  
Mohammad Masukujjaman ◽  
Nazneen Fatema
Keyword(s):  
Financial Institutions ◽  
Structural Equation ◽  
Developing Economies ◽  
Essential Element ◽  
The Body ◽  
Policy Implications ◽  
Equation Modeling ◽  
Factors Affecting ◽  
Sustainability Performance ◽  
Green Finance

Despite the increasing popularity of green finance and sustainable investment in the field of Sustainable Development Goals (SDGs), very few studies have investigated the effect of green finance dimensions on the sustainable performance of banks. Therefore, this study attempts to examine the dimensions of green finance and their effects on the sustainability performance of financial institutions in developing economies such as Bangladesh. The study also depicts the level of green financing adoption among the banks and non-bank financial institutions in the country between 2015 and 2020. Considering the nature of the dataset, the structural equation modeling technique was employed in this study to fulfil the research objectives. Amongst banks and non-bank financial institutions, the study highlighted private commercial banks as being the highest contributor to green financing, accounting for 78.12% of the total green financing in Bangladesh. In addition, the empirical findings revealed that the dimensions of green finance are related to the economic, social, and environmental aspects of the SDGs. Furthermore, empirical findings indicated that the dimensions of green finance—social, economic, and environmental—have a strong positive effect on the sustainability performance of banks. The study also discovered that approximately 95% of bankers identify green financing as an essential element in the short- and long-term development of banking strategies in Bangladesh. Consequently, this study adds to the body of knowledge on green finance development and the sustainability performance of banks and financial institutions in emerging economies such as Bangladesh. Therefore, major managerial policy implications are discussed.

scholarly journals User Views On The Complex Accounting For Financial Instruments

2011 ◽  
Vol 4 (12) ◽  
Author(s):  
Chyi Woan Tan ◽  
Greg Tower ◽  
Phil Hancock ◽  
Ross Taplin
Keyword(s):  
User Experience ◽  
Financial Institutions ◽  
Fair Value ◽  
User Preferences ◽  
Financial Instruments ◽  
Fair Value Accounting ◽  
General Support ◽  
Accounting Model ◽  
Topical Area

This paper examines Australian and Singaporean users views on fair value accounting for all financial instruments in financial institutions via a survey on various aspects of contention in this debate. Overall, users showed general support for fair value accounting for all financial instruments. In addition, the findings revealed that users will support fair value accounting so long as there is no perceived difference between the banking and trading books, fair values of non-traded financial instruments are reliable and volatility in earnings will not be misunderstood. It was also found that user experience increases the level of support for the proposed fair value accounting model. These results highlight actual user preferences with noticeable support for arguments from both sides of the debate (JWG and JWGBA) in this highly contentious and topical area of accounting for financial instruments.

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