Green Certification, Credit Rating, and Mainland Chinese Green Bonds in Hong Kong

2022 ◽  
pp. 131-149
Author(s):  
Chak Sham Wong ◽  
Stan H. M. Ho
Keyword(s):  
Hong Kong ◽  
Credit Rating ◽  
Assessment Framework ◽  
Case Study Method ◽  
Mainland Chinese ◽  
Rating Agencies ◽  
Bond Issuers ◽  
Global Investors ◽  
Green Certification

This chapter discusses green certification and credit rating on Mainland Chinese green bonds in Hong Kong. These green bonds are mostly denominated in USD, distributed to global investors, and issued with international practices of green certification and credit rating. Using qualitative analysis and case study method, the chapter finds four external reviewers sharply different in their assessment framework although they attempt to assess degree of compliance of a bond issuance or a bond issuer with some international green standards. All the three global credit rating agencies claim their incorporation of green assessment into their credit rating process. However, the chapter finds no clear evidence on such claim from their credit rating comments on selected bond issuers.

Credit Analysis and Ratings

2019 ◽  
pp. 523-546
Author(s):  
Peter Dadalt ◽  
Michael Gueli ◽  
Rafay Khalid ◽  
Ling Zhang
Keyword(s):  
Credit Rating ◽  
Financial Analysis ◽  
Critical Role ◽  
Careful Analysis ◽  
Qualitative Assessment ◽  
Rating Agencies ◽  
Subsequent Discussion ◽  
Credit Analysis

Credit analysis is more than just a quantitative exercise because qualitative factors can influence creditor decisions to lend funds. This chapter discusses the importance of balancing the strengths and weaknesses of quantitative characteristics with an analysis of qualitative characteristics. The extension of credit from a lender to a business is a decision that should follow the careful analysis of factors recognized as industry structuring tools. The “five Cs of credit” provide a framework to begin a qualitative assessment of a company, for without context, financial analysis is almost meaningless. A subsequent discussion of business, industry, and economic analysis rounds out the qualitative considerations. The chapter also offers a discussion of the critical role of the credit rating agencies as gatekeepers. Finally, a review of financial statements, metrics, ratio analysis, and firm capital structure provides a broad view of the firm when conducting a financial analysis. The chapter presents a case study to illustrate key principles.

Posthistoricity

2019 ◽  
pp. 157-195
Author(s):  
Victor Fan
Keyword(s):  
Hong Kong ◽  
Close Attention ◽  
Industrial Transformation ◽  
Civic Society ◽  
Mainland Chinese ◽  
Complex Process ◽  
1997 Handover ◽  
Economic Partnership

This chapter examines Hong Kong-Mainland co-productions made under the Closer Economic Partnership Arrangement (CEPA). CEPA facilitated the collaboration between Mainland Chinese investors and Hong Kong filmmakers to produce films that are supposed to cater to audiences in both regions. This triggered a renewed effort to individuate, subjectivise, and autonomise Hong Kong’s sociopolitical voice and position in these co-productions, which requires an active rewriting and re-understanding of extraterritoriality in the aftermath of the 1997 handover as a form of posthistoricity: (1) as a continual performance of a civic society that had already failed under global neoliberalism; (2) as an invocation of a new assembly of biopolitical lives that are eager to form a new civic society. This chapter first explicates the sociopolitical conditions and affects in Hong Kong after 1997. It then expounds how CEPA emerged out of a complex process of industrial transformation under neoliberalism between the 1990s and the early 2000s and how scholars evaluate the first ten years of Hong Kong-Mainland co-productions after CEPA. With such a background in mind, it scrutinises how Hong Kong filmmakers confront the crisis of authorship under CEPA in three registers––industrial, creative, and sociopolitical––with close attention to Johnnie To as a case study.

Position, experience, and knowledge creation: A longitudinal case study of Chinese academic networks

2013 ◽  
Vol 41 (6) ◽  
pp. 1009-1018 ◽  
Author(s):  
Su-Chin Chiu
Keyword(s):  
Hong Kong ◽  
Quantitative Analysis ◽  
Knowledge Creation ◽  
Longitudinal Case Study ◽  
Mainland Chinese ◽  
Network Position ◽  
Academic Networks ◽  
The Impact ◽  
The Relationship

I investigated the impact of experience and network position on knowledge creation in Taiwan, Hong Kong, and China with panel data on 229 scholars and 1,655 publications. Quantitative analysis of the data demonstrated an inverse U-shaped relationship between network position and knowledge creation. Additionally, tests of the different moderating impacts of experience revealed that experience negatively moderates the relationship between position and knowledge creation in the regions of Taiwan and Hong Kong, whereas it positively moderates the relationship in mainland Chinese samples.

AssessingSukukdefaults using value-at-risk techniques

2018 ◽  
Vol 44 (6) ◽  
pp. 665-687 ◽  
Author(s):  
Nafis Alam ◽  
Muhammad Bhatti ◽  
James T.F. Wong
Keyword(s):  
At Risk ◽  
Value At Risk ◽  
Credit Rating ◽  
Secondary Market ◽  
Economic Sectors ◽  
Content Type ◽  
Rating Agencies ◽  
Bond Issuers ◽  
Research Findings ◽  
Fundamental Value

PurposeThe purpose of this paper is to investigate the default characteristics of Sukuk issues by corporate firms in Malaysia using value-at-risk (VaR) techniques over a period of 16 years from 2000 to 2015 and across nine economic sectors.Design/methodology/approachThe paper employs non-parametric and Monte Carlo simulations to estimate Sukuk defaults.FindingsThe authors analyses revealed that the VaR predictions were fairly consistent with the ratings provided by credit rating agencies, despite the limited tradability of Sukuk in the secondary market. The study was able to demonstrate that Sukuk is not riskier than conventional bonds in the Malaysian context.Research limitations/implicationsThe research findings suggested that VaR values will depend on the fundamental value of a firm based on the considerations of market, credit and operational risk. It does not rely on the type of debt instrument, whether a Sukuk or conventional bonds.Practical implicationsThe use of Sukuk along with conventional bonds as debt instruments creates opportunities for investors and bond issuers globally.Originality/valueAlthough Sukuk has generated much interest among financial market players, studies are lacking on how to predict Sukuk defaults and whether Sukuk has the same risk profile compared to conventional bonds.

scholarly journals IMMIGRANTS AS VOTERS IN ELECTORAL AUTOCRACIES: THE CASE OF MAINLAND CHINESE IMMIGRANTS IN HONG KONG

2018 ◽  
Vol 18 (1) ◽  
pp. 67-95 ◽  
Author(s):  
Stan Hok-Wui Wong ◽  
Ngok Ma ◽  
Wai-man Lam
Keyword(s):  
Hong Kong ◽  
Domestic Politics ◽  
Local Politics ◽  
Economic Status ◽  
Chinese Immigrants ◽  
Status Quo ◽  
Mainland Chinese ◽  
Public Opinion Surveys ◽  
Mainland Chinese Immigrants

AbstractMigration to electoral autocracies has become increasingly common. Extant studies, however, accord little attention to the immigrants' influences on the domestic politics of these regimes. We argue that immigrants have attributes (status quo bias and lack of prior exposure to local politics) that make them an attractive co-optation target of the authoritarian regime. We provide a case study of mainland Chinese immigrants in Hong Kong to illustrate our argument. Since the sovereignty transfer, the Hong Kong government has devised various schemes to attract these immigrants, while pro-establishment political parties and groups have actively sought to co-opt them. Using two distinct public opinion surveys, we also find that immigrants are more likely to approve of the political and economic status quo, and less likely to vote for pro-democracy opposition parties than the natives. In addition, we find no evidence that exposure to political information can change the immigrants' vote choice.

scholarly journals The Effect of Reputation Shocks to Rating Agencies on Corporate Disclosures

2018 ◽  
Vol 94 (1) ◽  
pp. 299-326 ◽  
Author(s):  
Mani Sethuraman
Keyword(s):  
Credit Risk ◽  
Voluntary Disclosure ◽  
Credit Rating ◽  
Credit Ratings ◽  
Earnings Forecasts ◽  
Corporate Bond ◽  
Management Earnings Forecasts ◽  
Rating Agencies ◽  
Theoretical Predictions ◽  
Bond Issuers

ABSTRACT This paper explores the effect of a credit rating agency's (CRA) reputation on the voluntary disclosures of corporate bond issuers. Academics, practitioners, and regulators disagree on the informational role played by major CRAs and the usefulness of credit ratings in influencing investors' perception of the credit risk of bond issuers. Using management earnings forecasts as a measure of voluntary disclosure, I find that investors demand more (less) disclosure from corporate bond issuers when the ratings become less (more) credible. In addition, using content analytics, I find that bond issuers disclose more qualitative information during periods of low CRA reputation to aid investors in assessing credit risk. My findings are consistent with credit ratings providing incremental information to investors and reducing adverse selection in lending markets. Further, consistent with theoretical predictions, my findings suggest that managers rely on voluntary disclosure as a credible mechanism to reduce information asymmetry in bond markets.

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