Board of Directors Decisions And Performance of Deposit Money Banks: An Analytical Approach

The study examines the relationship between Board of Directors Decisions and Performance of Deposit Money Banks: An analytical approach in Nigeria for the period 1990–2018. The study measured Ordinary share capital, Debenture, Investment in subsidiaries, and Loans /advances as proxies for Board of Directors decisions while Return on Equity was used as proxies for Performance of deposit money banks for the said periods under review. In the course of the study, data were obtained from the website of Central Bank Statistical bulletin and annual report of Nigerian Deposit Insurance Corporation (NDIC). The Augmented Dickey Fuller (ADF) test option was used to test for unit root. The ARDL and Bounds test were used to estimate the short and long run relationships. This study found that at short run, the board of director’s decisions on financing and investment decisions has positive relationship with return on equity, but are not significant predictors of return on equity. However, at long run the director’s decisions on financing options i.e. ordinary share capital and debenture, investment in subsidiaries and granting of loans have a long run relationship with return on equity of deposit money banks in Nigeria for the period 1990-2018. Strong credit risk administration/procedures should be religiously followed especially (know your customer) and complied with by credit risk managers in all deposit money banks in Nigeria. Ordinary share capital should be a source of financing at the short run. These were some of the recommendations proffered, to the Government, monetary authorities, Central Bank of Nigeria, researchers and Deposit Money Banks in Nigeria.

A mezőhegyesi ménesbirtok privatizációja és annak előzményei az éves beszámolók és üzleti tervek tükrében

A Mezőhegyesi Ménesbirtok the adverse meteorological one - two exceptionally drought years - , and into an other economic crisis situation avoided often in the examined period because of relations, indebted, his liquidity was deteriorating. They saw the definitive solution in the privatization, which they accomplished in an one-turn procedure, on the road of an open application. A Ménesbirtok Rt. shares in 85,5% are property of Határhaszon Rt., 13% employee's share and 1,5% ordinary share of Ménesbirtok Rt. The company may have known profitable financial years behind himself since the privatization.

The Pricing of Instalments Receipts: New Zealand Evidence

We examine the pricing of instalments receipts ("IRs") issued on the New Zealand stock market that trade concurrently with the underlying shares. An IR is a security that has identical entitlements to dividends receipts as the holder of an ordinary share but allows the holder to acquire the ordinary share with fixed pre-scheduled payments spread over a period of time. Similar to Charupat and Prisman (2004) for IRs traded in the Canadian market, we find that IRs of secondary offerings in the New Zealand market trade at an economically significant premium in the immediate period following their initial issue. The premium then declines over time and becomes negative in the period prior to the final instalment payment date. Our study suggests the benefits of IRs are not unique to one institutional environment and that issuers can increase the demand for new securities by overcoming investors' borrowing restrictions.

Implications of Modern Portfolio Theory for Life Assurance Companies.

The general literature on the topic of Modern Portfolio Theory (M.P.T.) is now quite copious but in order to make this paper more self sufficient than it might otherwise be I make no apologies for repeating what is available outside United Kingdom actuarial literature. There are not very many actuarial papers advocating the use of M.P.T. which might suggest that many actuaries practising the techniques of M.P.T. have not been convinced that their work is conclusive. Moore's paper (1) in 1972 laid the groundwork for discussion of the models of M.P.T. by the profession. In 1977 Holbrook (6) discussed in his more general paper on pension fund performance the relevance of risk and return by summarizing the work of Treynor, Sharpe and Fama. There have been two recent papers from north of the border. The 1980 paper by Pountain and Fitzgerald (12) is the earlier. Clarkson's paper (16) to the Faculty contains a particularly interesting section in which he compares his own model for managing an ordinary share portfolio with the methodology of M.P.T.

A market equilibrium model for the management of ordinary share portfolios

1.1 The price of a particular ordinary share represents an equilibrium position between the views of those participants in the market who wish to buy and those who wish to sell. Most participants, and certainly all institutional investors, have access to a vast amount of background information, and share prices adjust continuously as these participants revise their buying or selling prices in the light of new information or in the light of a changed interpretation of existing information. If an explicit price model can be developed solely from the principle that prices are in equilibrium once all participants in the market have acted on their interpretation of the information available to them, this model will be of considerable assistance in the management of ordinary share portfolios.1.2 This paper describes the construction and application of such a price model and discusses the optimal extent to which mathematical and statistical methods can be employed in portfolio management. A recent paper by Clarkson (1980) describes the stage of development that had been reached at the end of 1978; the present paper expands on the underlying concept of market equilibrium and on the practical implications for the management of institutional portfolios of ordinary shares.

Veranderinge in aandelekapitaal

Changes in share capital. A company's ordinary share capital can be altered by changing the amount of issued share capital or the number of issued shares or a combination of the two. Such changes can be effected through rights issues, capitalization issues, the subdivision of shares, the reduction of share capital and the consolidation of shares. Each of these avenues is dealt with in this article, which embodies selected results of an empirical survey of companies listed on the Johannesburg Stock Exchange. The discussion of rights issues includes the reasons for such issues, the discounts allowed on prevailing market prices, the factors which influence the success of an issue, and the effects of rights issues on the market prices of existing shares and letters of allotment. The reasons for and benefits of sub-divisions of shares and capitalization issues are considered, as are the reasons for and financial implications of a reduction in a company's issued share capital.'n Maatskappy se gewone aandelekapitaal kan gewysig word deur die bedrag van uitgereikte aandelekapitaal of die aantal uitgereikte aandele te verander of 'n kombinasie van die twee. Sodanige veranderings kan teweeggebring word deur regteuitgiftes, kapitalisasie-uitgiftes, die onderverdeling van aandele, die vermindering van aandelekapitaal en die konsolidasie van aandele. Elk van hierdie metodes word in die artikel bespreek wat geselekteerde resultate van 'n empiriese oorsig van maatskappye, wat op die Johannesburgse Effektebeurs genoteer is, bevat. Die bespreking van regteuitgiftes bevat die redes vir sodanige uitgiftes, die diskonto's wat op heersende markpryse toegelaat word, die faktore wat die sukses van 'n uitgifte beinvloed, en die uitwerking van regte-uitgiftes op die markpryse van bestaande aandele en toekenningsbriewe. Die redes vir en voordele van die onderverdeling van aandele en kapitalisasie-uitgiftes word bespreek sowel as die redes vir en finansiele implikasies van 'n vermindering in die maatskappy se uitgereikte aandelekapitaal.