secondary market
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2022 ◽  
pp. 150-172
Author(s):  
Sonia Stati ◽  
Paolo Ceccherini

This study provides an empirical analysis on the existence of a green bond premium on the secondary market. The green bond premium is defined as the yield differential between a green and a comparable brown bond, while controlling for liquidity. The EUR-denominated green bonds are studied to determine if they diverge from comparable conventional bonds in terms of yields, during the period from January 2018 to December 2020. Through a matching method, a sample composed of 35 bond couples is obtained. On average, this study reports a negative greenium of -3.20 bps within the sample. The greenium differs across the sub-samples, being negative for green bonds issued by financial institutions, in domestic currency, by AA- and A-rated issuers, and for those issued by issuers with low or medium ESG risk levels. Finally, the ESG risk level has been found to be the driver of the negative green bond premium.


2022 ◽  
pp. 173-193
Author(s):  
Neslihan Turguttopbaş

The purpose of this chapter is testing the existence of the green bond premium in the secondary market by using a most update data set involving the market developments in the pandemia times. The variables such as rating, sector, amount of the issue, maturity, and external review are balanced by using a matching procedure of a green bond with conventional bond issued by the same issuer. The ask-bid spread differential is regressed by using a panel regression method under fixed and random effects. The results of the analysis revealed that there exists negative premium of 39 basis points, and the green bond premium is more profound for USD denominated twins than for Euro ones as there exist a negative premium of 59 basis points for USD-denominated green bonds whereas it is -26 basis points for Euro-denominated bonds.


InFestasi ◽  
2021 ◽  
Vol 17 (2) ◽  
pp. Inpres
Author(s):  
Aulia Amin Nasution ◽  
Ali Mutasowifin

The stock market is one of the alternatives chosen by companies to meet their funding needs. The first offering of a company's shares through the stock market to investors is called an Initial Public Offering. At the time of initial public offering, underpricing often occurs when the initial stock price on the primary market is lower than the stock price on the secondary market which will disadvantage the company because the collected funds are not maximum. This research aims to analyze the effect of macroeconomic factors on underpricing in companies conducting IPOs listed on the Indonesia Stock Exchange from 2010 to 2020. Using Regression Linear Analyze we found that macroeconomic variables as Inflation, IDX Composite Index, and GDP significantly affect underpricing on IPO in Indonesia Stock Exchange for 2010 to 2020


2021 ◽  
pp. 111-124
Author(s):  
Arkadiusz Weremczuk ◽  
Michał Wielechowski ◽  
Joanna Wrzesińska-Kowal

The paper aims to present and assess the changes in real housing prices in Poland during the COVID-19 pandemic. We analyse transaction prices of residential premises in a multi-family housing (apartments) in the primary and secondary markets within 16 administrative capitals of voivodeships. We use quarterly data on House Prices Database collected by the National Bank of Poland and data on quarterly price indices of consumer goods and services from Statistics Poland. The research period covers the period 2018-2021, with distinction into COVID-19- and pre-COVID-19 periods. We observe the highest housing prices in Warszawa, Gdańsk, Kraków, and Wrocław, while the lowest in Zielona Góra and Kielce. Surprisingly, the growth rate in real housing prices in the pandemic sub-period is lower than in corresponding pre-COVID-19 period. In the COVID-19 sub-period, we observe the most significant increases in real estate prices in Zielona Góra and Szczecin in the primary market, and Kraków, Lublin, and Łódź in the secondary market. Additionally, we reveal the existence of regional price convergence in the housing market in analysed cities, both in primary and secondary markets. However, we do not observe a common price convergence, but only convergence clubs (city-groups) where the housing prices tend to converge in the COVID-19 sub-period.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Greg A. Lyons ◽  
Jackson Takach

PurposeThis paper uses novel data from a secondary market to assess how loans from nontraditional agricultural real estate lenders (NARELs) differ from traditional sources. Over $2 billion in loans from these entities were purchased by the secondary market between 2011 and 2020, but a lack of data has prevented a robust understanding of how these institutions operate.Design/methodology/approachThe authors review loans from nontraditional lenders through their lifecycle in the secondary market from application to purchase and performance.FindingsThis paper finds no observable differences between nontraditional and traditional volumes with regards to borrower credit characteristics, loan approval rates, interest margins and loan performance. It finds significant differences between loan volumes and variable rate product use.Originality/valueThis is the first paper to use internal lender data to review nontraditional agricultural real estate loans and is the first analysis of nontraditional agricultural volumes in the secondary market.


2021 ◽  
Vol 2 (4) ◽  
pp. 34-69
Author(s):  
Jos Dumortier ◽  
Irina Yurievna Bogdanovskaya ◽  
Niels Vandezande ◽  
Mikail Yakushev

In most countries academic researchers have access to advanced academic telecommunications networks and infrastructures to test and demonstrate the results of their research work. These networks are usually funded by national or regional public authorities. To provide access to the academic networks on a wider scale, European and international collaboration initiatives have been taken. For the fixed network environment this may suffice but the situation is different in the wireless context, partly because here, researchers must, in one way or another, obtain spectrum usage rights. Today spectrum usage rights can be quite easily obtained in the restricted territorial space of a testbed. Yet, small-scale testbeds are not sufficient anymore for realistic validation, and the scientific community today needs large-scale field deployments working with the same radio spectrum as the commercial networks and capable of supporting new technologies and services. The evolution from lab testbeds to field deployments is required to increase the validation capabilities for complex systems like connected cars, massive Internet of Things (IoT) or eHealth solutions. Appropriate frequency bands, needed by researchers to carry out, for example, large-scale 5G experiments, are generally allocated via auctions and on an exclusive basis to large mobile network operators. While it is perfectly feasible for these MNOs to keep dedicated slices for tests and demonstrations in their networks separate from their day-to-day operations without negative effects for the latter, there are few regulatory mechanisms for stimulating MNOs to make parts of their spectrum usage rights available for the academic research community. All EU Member States allow short-term licenses for the use of radio spectrum for research, testing, and experimental purposes, but procedures, requirements, and costs for obtaining such license vary significantly. These national differences do not allow for the creation of a persistent and pan-European network of wireless capacity for research, testing, and experimental purposes. On the secondary market, leasing or transferring radio spectrum usage rights is possible, and procedures seem more harmonized.


2021 ◽  
Vol 8 (3) ◽  
pp. 97-103
Author(s):  
Nurul Hayati ◽  
Lydia Goenadhi ◽  
Nor Baiti ◽  
Mujennah ◽  
Budi Artinah

Differences in shares prices before being traded on the secondary market caused investors to prefer to buy shares through the initial market at a much lower set price (underpricing of shares The Company wants to signal open information in terms of financial statements to investors by publishing a prospectus financial statement containing the financial performance of the company so that the company can make the right decisions regarding future investments and avoid information asymmetry (Guiness, 1992). This research aims to empirically test independent variables namely financial performance against variable dependent underpricing shares of banking corporations in 2019-2020, both simultaneously and partially. This study sampled as many as 60 banking corporations taken by purposive sampling methods. This study sampled as many as 60 banking corporations taken by purposive sampling methods. This research uses a quantitative approach through multiple regression analysis testing. The researcher found by partially testing that Earnings Per Share (X4), and Price Earning Ratio (X5) variables together influenced on Of Shares underpricing, whereas, the Current Ratio (X1), Return on Equity-ROE (X1), and Return of Assets-ROA (X3) variables had no significant influence on under-pricing of shares.


2021 ◽  
pp. 54-70
Author(s):  
S. R. Moiseev

In 2022, Russian investors will get access to the wide possibilities of the global financial market. The Bank of Russia opens the market for foreign exchange-traded funds (ETFs) — one of the main savings instruments for households. The economy of ETFs differs from other investment funds, whose shares do not have secondary market. The opening of the ETFs market is intended to solve a number of issues for retail investors: moving away from the preference to individual foreign shares towards portfolio diversification, cost reduction, ensuring sustainable profitability, abandoning the aggressive securities trading, and supporting market competition. Soon, ETFs will be one of the driving forces in financial markets. However, their rapid growth is fraught with little-studied effects.


Energies ◽  
2021 ◽  
Vol 14 (21) ◽  
pp. 6985
Author(s):  
Jae-Do Song ◽  
Young-Hwan Ahn

A consignment auction aims to increase political feasibility by reducing the financial burden of initial permits allocation and to do the role of price discovery. However, previous analytical models presented contradictory results for the price discovery function of a consignment auction. Thus, this study reexamines whether a consignment auction can perform its price discovery function. The study uses a simple game model with several assumptions differentiated from previous analytical models: explicit consideration of the secondary market and firms as price-takers with various behaviors to respond to uncertainty about the price in the secondary market. Firms are classified into three types: speculators who seek arbitrage, doctrinarians who determine a permit demand based on an estimation of their marginal abatement cost, and neutralists who keep a permit demand the same as initial emission endowments. The results reveal that when a consignment auction was introduced, the expected equilibrium price was identical to that of the secondary market price, demonstrating that the auction could deliver the price discovery function. This is because speculators and doctrinarians provide information about their price expectations and marginal abatement cost through their estimated demand functions. Additionally, the smaller number of neutralists is, and the higher the risk-seeking propensity of speculators is, the more effective the price discovery function is.


Information ◽  
2021 ◽  
Vol 12 (11) ◽  
pp. 434
Author(s):  
Jordan Blocher ◽  
Frederick C. Harris

Internet service providers are offering shared data plans where multiple users may buy and sell their overage data in a secondary market managed by the ISP. We propose a game-theoretic approach to a software-defined network for modeling this wireless data exchange market: a fully connected, non-cooperative network. We identify and define the rules for the underlying progressive second price (PSP) auction for the respective network and market structure. We allow for a single degree of statistical freedom—the reserve price—and show that the secondary data exchange market allows for greater flexibility in the acquisition decision making of mechanism design. We have designed a framework to optimize the strategy space using the elasticity of supply and demand. Wireless users are modeled as a distribution of buyers and sellers with normal incentives. Our derivation of a buyer-response strategy for wireless users based on second price market dynamics leads us to prove the existence of a balanced pricing scheme. We examine shifts in the market price function and prove that our network upholds the desired properties for optimization with respect to software-defined networks and prove the existence of a Nash equilibrium in the overlying non-cooperative game.


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