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Full-Text Articles in Finance and Financial Management
Choice Of Currency By East Asia Bond Issuers, David Fernandez, Simon Klassen
Choice Of Currency By East Asia Bond Issuers, David Fernandez, Simon Klassen
Research Collection Lee Kong Chian School Of Business
In discussing bond markets in Asia, academics and policymakers typically begin by noting that the Asian crisis of 1997-98 in part resulted from the underdevelopment of the region’s domestic bond markets and the resultant currency and duration mismatches. When assessing the progress made in developing these markets in the post-crisis years, academics and policymakers usually observe that, while several domestic currency government bond markets have moved ahead, corporate bond markets have lagged (Asian Development Bank (2002), Reserve Bank of Australia (2003)). The policy conclusion is therefore often drawn: to prevent another Asian crisis, Asian bond markets must be further developed.
Asian Market Microstructure, David K. Ding, Charlie Charoenwong
Asian Market Microstructure, David K. Ding, Charlie Charoenwong
Research Collection Lee Kong Chian School Of Business
Along with the rapidly burgeoning Asian economy, the financial markets in the region have seen spectacular development during the past few decades. Several recent statistics will best illustrate their success. Net capital flows to Asia and Pacific over 1999 to 2003 constituted 40% of total flows to emerging markets and about 13.9% of the world's FDI flows. Over 90% of net capital flows to the Asia Pacific region has been in the form of equity and portfolio investment. By the end of 2004, Asia's share (including Japan) in world equity market capitalization has grown to 21%, with a total market …
Government Ownership And The Performance Of Government-Linked Companies: The Case Of Singapore, James Ang, David K. Ding
Government Ownership And The Performance Of Government-Linked Companies: The Case Of Singapore, James Ang, David K. Ding
Research Collection Lee Kong Chian School Of Business
In an emerging economy, the alternative to government control is often no governance. We investigate the governance structure of government-linked companies (GLCs) in Singapore under the ownership/control structure of Temasek Holdings, the government holding entity, which typically owns substantial cash flow rights but disproportional control rights and exercises no operational control. We compare the financial and market performance of GLCs with non-GLCs, where each has a different set of governance structure, the key difference being government ownership. We show that Singaporean GLCs have higher valuations and better corporate governance than a control group of non-GLCs. The results hold even when …
Information Value Of Credit Ratings In Asia Ex-Japan Markets, Chen Zhou
Information Value Of Credit Ratings In Asia Ex-Japan Markets, Chen Zhou
Dissertations and Theses Collection (Open Access)
This study investigates the information value of credit ratings by exploring the relationship between ratings and security price. Unlike previous studies, we concentrate on the major markets ex-Japan in Asia. We begin with an investigation of rating reclassification as well as credit watch placement events by three leading international rating agencies. We show that markets with differing level of sophistication behave differently. Specifically, South Korea and Hong Kong are found to respond in a similar manner. Indonesia shows possible ign of information leakage. In the cases of Malaysia and Thailand, significant and positive equity price responses exist for upgrades, suggesting …