...Bangladesh Capital Markets • Capital markets continue strong performance o Subprime crisis has left little impact on Bangladesh markets o Market capitalization is above US$20bn in 2009 from US$10bn in 2007 o Average daily turnover is approximately US$75mm in 2009 from US$24mm in 2007 Opportunities and Challenges • Key opportunities for future growth o Institutionalization of market brings greater liquidity and lower volatility o Attracting large corporates for listing provides investors with viable investment options • Challenges ahead o Retail dominated market resulting in higher volatility from speculation o Large, well reputed companies prefer to source funds from traditional bank finance against capital markets Bangladesh Economic Outlook • Remittance inflow has been resilient to global turmoil o Bangladeshis abroad sent home US$887.9mm in September’09 • Inflation continues to decline o Fell to 6.04% in July’09, from 6.66% in June’09 and 8.90% in December’08 • GDP growth forecast has been revised downwards to 5.88%, compared to 6.19% in the previous fiscal year • Exports have been relatively sheltered due to low cost nature of Bangladeshi products o Recovery in the US and Europe, the major buyers, expected to boost export earnings Key Commentary • Local market has been relatively sheltered from the recent global meltdown in 2008 o Market was volatile in early 2009 but has stabilized with high turnover and market capitalization...
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...Table of Contents 1.0 Introduction……………………………………………………………….3 2.0 Bangladesh Economy………………………………………….................3 2.1 Relatively investor friendly open policy regime………………………3 2.2 GDP Growth……………………………………………………………4 2.3 Foreign Exchange Reserve……………………………………………..4 2. 4 Remittance…………………………………………………………….4 2.5 Money Supply………………………………………………................5 2. 6 Savings………………………………………………………………..5 2.7 Investment……………………………………………………………..6 3.0 Overview of Capital Market in Bangladesh……………………………6 3.1 Stock Exchange as an Organization……………………………………...7 3.2 Instruments………………………………………………………………..7 3.3 Share Categorization: A, B, G, Z & N……………………………………..8 3.4 Key Market Segments…………………………………………………9 3. 5 Players………………………………………………………..............9 3. 6 Principal market Instruments………………………………...............9 4. 0 Recent Trend in the Capital Market……………………………………10 4.1 Market Analysis……………………………………………………...11 4.1.1 Insurance Sector…………………………………………………..11 4.1.2 Banks and NBFI sector…………………………………..............12 4.1.3. Mutual funds…………………………………………………….12 4.2 Performance comparison with International Market………………..13 4.3 Highlights of the year 2010…………………………………............14 4.3.1 Increase of BO accounts and brokerage branches……………….14 4.3.2 Recent Crash……………………………………………………..15 4.4 Bangladesh Capital Markets – The Future…………………………..15 4.5 Recent Regulations and Opportunity Space…………………………16 ...
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... | FS3032 – Capital Markets MODULE HANDBOOK 2014/15 - Semester 1 Module Lecturer: Dr Phan Tran Trung Dzung Faculty of Banking and Finance / FTU fandzung@ftu.edu.vn This module is supported by Weblearn – students are advised to access the site on a regular basis, at least once a week FS3032 Capital Markets |Teaching Location |A1101 | |Teaching Semester |1 | |Module Level |H | |Home Academic Department |LMBS | |Module Leader |Dr Phan Tran Trung Dzung | |Module Web Site |FS3032C | |Teaching Mode |Day | |Module Title |Capital Markets | |Timeslot | | |Credit Rating For Module |15 | Module Summary CODE: FS3032C TITLE: Capital Markets: Investment & Portfolio Management BRIEF DESCRIPTION: The world of...
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...firm Target Credit Ratings or Leverage Level”. In this study 20 Pakistani non-financial firms are proposed to be included to observe the different determinants of capital structure which influence the leverage ratio and the study is also proposed to find out relationship of different explanatory variables with each other whether positive or negative influence exists. The variables taken in this study are Leverage, earnings before interest and tax, business size, fixed asset, depreciation and market to book value. This study also includes expression of different economic and financial analyst about the determinants of capital structure and this study also relates to the theory of capital structure by M.M and all other analyst. TABLE OF CONTENTS Contents Section 1 INTRODUCTION TO RESEARCH PROPOSAL ............................................................................. 4 Introduction .............................................................................................................................................. 4 Introduction to research question and underpinning theories ................................................................ 4 Introduction to the context ...................................................................................................................... 4 Introduction to methodology and methods ............................................................................................. 4 Scope of the research (limitations or...
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...Institutions and Markets THE MALAYSIAN STOCK MARKET | | | | | | | | | TABLE OF CONTENTS Executive Summary 1 1.0 Introduction 2 2.0 Major Developments of Malaysian Stock Market for the past 10 years (2002 – 2011) 4 2.1 Merger of Two Stock Exchanges (KLSE and MESDAQ) 5 2.2 Standard Board Lot of 100 units 5 2.3 FTSE Bursa Malaysia Index (FBM) 6 2.4 Bursa Trade Securities (BTS) 6 2.5 Introduction of Special Purpose Acquisition Companies (SPACs) 6 2.6 Amendments on Listing Requirements 7 2.7 Introduction of E-dividend and E-share Payment System 7 2.8 ASEAN Exchanges Trading Link 7 3.0 Capital Market Master Plan (CMP) 9 3.1 Capital Market Master Plan 1 9 3.2 Capital Market Master Plan 2 (CMP 2) 9 3.2.1 CMP2 and the development of stock market 12 4.0 Outlook of Islamic Stock Market 13 4.1 Introduction of Islamic Stock Market 13 4.2 Current Condition 13 4.3 Efforts in Strengthening Malaysia’s Position in Global Islamic Stock Market 13 4.4 Prospects of Malaysia Islamic Stock market over next decade 14 5.0 Conclusion 15 Reference List 16 Appendices 20 List of Figures Figure 1: Main indicators for Malaysia Stock Market from year 1989 to 2010 4 Figure 2: Malaysian Stock Market Capitalisation in the past ten years (2002 - 2011) 5 Figure 1: Number of stockbroking member companies before and after merger 21 Figure 2: Number of dealer representatives before and after merger 21 List of table Table 1: Market capitalisation...
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...name | Weight | In terms of TK | Share price (LTP) | Number of market lot | Holding intention | AB BANK LIMITED | 7.95% | 7,95,000 | 26.50 | 600 | Short term | AL ARAFAH ISLAMI BANK | 4.97% | 4,96,825 | 16.70 | 119 | Mid term | PADMA OIL CO | 10.11% | 10,11,500 | 170.00 | 59(50 share) | Long term | JAMUNA OIL COMPANY LI MITED | 6.87% | 6,87,200 | 171.80 | 40 | Long term | BATA SHOE | 9.76% | 9,76,410 | 513.90 | 19 | Long term | BATBC | 9.79% | 9,79,000 | 890.00 | 22 | Midterm | SQUARE PHARMACEUTICALS LIMITED | 6.98% | 6,98,490 | 179.10 | 390 | Long term | OLYMPIC INDUSTRIES | 9.93% | 9,93,000 | 99.30 | 20 | Long term | BEXIMCO | 8.47% | 8,47,000 | 48.40 | 175 | Mid term | PIONEER INSURANCE | 4.96% | 49,570 | 66.1 | 15 | Mid term | AFTAB AUTOMOBILES | 6.98% | 6,98,880 | 67.20 | 208 | Short term | 8TH ICB M.F | 4.94% | 4,94,000 | 52.00 | 220 | Short term | GOVERNMENT TRESURE BILL | 8% | 8,00,000 | 1,00,000 | 08 | Long term | Total | 100% | 9,9,99,055 | | | | SHARE ANALYSIS ON TERM BASIS: In our portfolio there should be three types of share. Short term share, midterm shares and long term share. Short term share: The purpose of holding this kind of share will be generating profit by selling share to secondary market. Those shares where NAV is high, EPS is volatile, Dividend pay out-ratio is fluctuating and share price are frequently changed will be placed in here. We also consider the paid-up capital. In portfolio revision stage we will take decision whether we...
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...International Business— Subba Rao 3.0.2 Strategic management 100 Marks Course Content 1. Strategic Management Process: Vision. Mission, Goal Philosophy. Policies of an Organization. 2. Strategy, Strategy as planned action, Its importance, Process and advantages of planning Strategic v/s Operational Planning. 3. Decision making and problem solving. Categories of problems, Problem solving skill, Group decision making. Phases indecision making, 4. Communication Commitment and performance, Role of the leader, Manager v/s Leaders Leadership styles 5. Conventional Strategic Management v[s Unconventional Strategic Management. The Differences, Changed Circumstance. 6. Growth Acce orators: Business Web, Market Power, learning based. 7. Management Control, Elements, Components of Management Information Sysstems 8. Mokena’s 7 8 Models : Strategy, style, structure, systems, staff, skill and Shared values 9. Group Project Reference Text 1. Strategic Management — Thompson & Striekland McGraw Hill 2. Competitive advantage – Michael...
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...Contents Introduction Objective of the report Stock market in Bangladesh Importance of capital market in economy Problems & Progress of stock market in Bangladesh Conclusion Introduction: Capital Market mainly refers to the Stock and Share market of the country. When banking system cannot totally meet up the need for funds to the market economy, capital market stands up to supplement it. Companies and the government can raise funds for long-term investments via the capital market. The capital market includes the stock market, the bond market, and the primary market. Securities trading on organized capital markets are monitored by the government; new issues are approved by authorities of financial supervision and monitored by participating banks. Thus, organized capital markets are able to guarantee sound investment opportunities. This paper reveals the various aspects of the Capital Market in Bangladesh. Objective of the report Capital market, being an essential element of today’s economy, demands an intensive and special attention. The objective of this study is to look into every aspect of Bangladesh capital market and identify its various pros and cons along with some recommendations to overcome the existing problems. The specific objectives of this study are: * To give an overall idea about the capital market-its structures, functions, importance, etc. * To identify the current situations of our capital market of Bangladesh. * To compare...
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...The 14 essays convey many interesting ideas. I am very impressed by some analysis which gives very technical and detailed description. These works have shown that you have great potential to go further, either to a comprehensive report for practical consultancy or to deepen the knowledge for academic research. However, there are some problems that I must mention for your future work. • Lack of theoretical foundations: Some reports just filled the paper with lots of facts, figures and data. The question follows is often “and so what?” The report will be more scientific based if you provide some explanations linking to the theories and interpretations we learned in the class. Present your shining points first: Many reports just give the introduction as a general description of the background of the selected companies. However, a more important part expected in these reports is your research questions and key points of analysis. If you don’t highlight the shining points from the beginning, you make your report less worthy of further reading. Coordination problem: I found some reports give strongly contradict results. I understand that you just share the task among the team members. But at least you must have something complete and logically right. Avoid using abbreviations for words that are less frequently used (eg. ADS, ROI, OTC…). If you insist to use, please write the full words for the first time you employ them. Reference of data: Some reports provides lots of data without mentioning...
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...is shown in detail how interest-free bank functions besides many established conventional banks in the country. Although conventional banks are rendering financial services in Bangladesh for a long period still, the innovation of interest-free banking systems, proved its worth in the country’s money market, since IBBL started rendering banking services without any interest in the nation’s financial market in recent years. The article mainly consists of two sections. In the first section, an introduction of Islamic banking systems and various financing modes or techniques used by Islamic banks, are discussed. The second section includes a short history of the Islami Bank Bangladesh Limited (IBBL) along with an empirical based detailed accounts of its financial activities in the country since the introduction of this financial institution in the financial system of Bangladesh. Introduction The introduction of interest-free and equity-based financing by the Islamic banking system is based on the principles of Islamic economics. The aim of Islamic economics, as observed by Molla et.al. (1988), is not only the elimination of interest based transactions and the introduction of the zakah (contribution to poor) system but also the establishment of just and balanced social order free from all kinds of exploitation. The Islamic banking system is highlighted in the World Development report (1989, Box 6.3), as under; “ Islamic banks offer savers risky open-ended mutual fund...
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...2011 FRM EXAM TRAINING SYLLABUS PART I Introduction to Financial Mathematics 1. Introduction to Financial Calculus a. Variables – Discrete and Continuous b. Univariate and Multivariate Functions – Dependent variable and Independent variable c. Physical representation of a function d. Linear and Non-Linear functions e. Limits of a function f. The number e and Natural Logarithm g. Differential Calculus – Differentiation, Interpretation - Slope of a tangent, using derivatives to calculate function values and deltas. Linear functions - 1st order derivative. Non-linear functions – 1st and higher order derivatives, interpretations and usage. Rules of derivatives. h. Functions – Differentiation and Taylor Series Expansion i. Introduction to Partial Derivatives j. Introduction to Integral Calculus 2. Introduction to Bond Mathematics a. Finance and the Time Value of Money b. Concept of Zero Coupon (Discount) Bonds and Coupon Bonds. c. Bond Characteristics d. Bond Types – Fixed Rate, Floating Rate, Inverse Floater Rate, etc. e. Interest Rates – Discrete and Continuous Compounding f. Bond Pricing – using ZCYC or YTMC with discrete compounding or continuous compounding g. Difference between bond coupon rate and bond yield h. Calculating Bond Yield (YTM, CY, MMY, ZCY/Spot, Par Yield, etc.) i. Price Yield Relationship Introduction to Financial Statistics and Econometrics 1. Introduction to Financial Statistics a. Frequency distributions b. Measures of Central Tendency/Location (Mean/Mode/Median)...
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...REVISED FEBRUARY 11, 2015 CRAIG FURFINE KEL553 Wildcat Capital Investors: Real Estate Private Equity “Okay. Now we’re even,” said the voice on the telephone. As he hung up the phone, James Tripp, managing director of Wildcat Capital Investors, thought back to that beautiful summer evening two years earlier when he was about to enter Ravinia Park to enjoy a performance of the Chicago Symphony with his friend, commercial real estate broker Katherine O’Brien. The sound of scraping metal had caught Tripp’s attention just in time for him to save O’Brien’s life—or so he liked to claim—by blocking an approaching bicyclist headed straight for O’Brien in a reckless attempt to cross the track ahead of an oncoming train. At the time Tripp had joked, “Now you owe me.” Referring to the opportunity to purchase a piece of commercial property before the sale became public knowledge, he continued, “How about showing me a great off-market deal some day?” Now, in September 2009, it seemed that O’Brien had indeed returned the favor. The opportunity O’Brien had just briefly outlined on the phone sounded perfect for Wildcat. Financial Commons was a 90,000-square-foot office property located in the Chicago suburb of Skokie. The building was 90 percent occupied and was being offered for what seemed like an incredible price of $10.4 million. Given the bleak commercial market environment at the time, such opportunities were few and far between. But Tripp knew there were many factors...
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...2 | Introduction | 3 | 3 | Research methodology | 3-4 | 4 | Conclusion | 4 | 5 | Limitations and future direction of research | 4-5 | | (a) Limitations | 4 | | (b) Future direction of research | 5 | BEST PRACTICES IN ESTIMATING COST OF CAPITAL 1. THE SCOPE OF THE RESEARCH PAPER: It is a survey research paper presenting the results of the cost of capital survey of advisors, corporations etc showing a close alignment among the groups on the use of common theoretical framework and on many aspects of estimation. Variations are found on large number of joint choices regarding cost of capital. 2. INTRODUCTION TO THE TOPIC: The paper is about presenting evidence that how some of the most financially sophisticated companies and financial advisers estimate capital cost. The evidence to be presents is valuable in several aspects. First is to identify the most important ambiguities in the application of cost of capital theory and the second is helping interested companies benchmarking their cost of capital estimation practices against best practice peers. Third is that the evidence sheds light on the accuracy with which the capital costs can be reasonably estimated. The cost of capital can be computed by the following, i. The weighted average cost of capital. ii. Sample selection. iii. Survey findings. iv. Impacts of various assumptions for using CAPM. 3. RESEARCH METHODOLOGY: This paper presents the results of cost of capital survey...
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...Accounting-Based Regulation in Emerging Capital Markets * Current content: Executive Summary * Current content: Introduction * Current content: Costs of Accounting-Based Regulation * Current content: Benefits of Accounting-Based Regulation * Case Study * Making It Happen Executive Summary * Securities regulation is vital to the development of an efficient capital market. * Accounting-based regulation embeds accounting numbers as a threshold. * There are both benefits and costs to accounting-based regulation. * The costs of accounting-based regulation include opportunistic behavior by management to manipulate accounting numbers, and capital resource misallocation. * The benefits of accounting-based regulation include the potential to mitigate resource misallocation by preventing poorly performing firms from entering the market and to avoid “adverse selection problems” by managers. * Recent Chinese regulations on rights offerings and seasoned equity offerings shed light on the costs and benefits of accounting-based regulation in emerging capital markets. Introduction One of the most controversial debates in economic policy is: Should governments intervene in or regulate capital markets? Pure free-marketeers believe that the “invisible hand” can correct all market failures. However, advocates of intervention characterize the regulation process as one in which government intervention corrects market failures and maximizes social welfare. In...
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...Technology and Information System (ICETIS 2014) Research on Chinese Commercial Banks' Capital Structure Optimization Jianwen ZHENG Wuhan University of Technology,China email:174068598@qq.com Keywords: Commercial Banking, Capital Structure, Optimization, Strategy Abstract. Optimize the capital structure is the fact that the premise of improving corporate governance.This paper describes the status of the capital structure of Chinese commercial banks, analyzes the main problems of Chinese commercial banks supplement existing capital structure, optimization strategies proposed capital structure of commercial banks in China, China's policy of commercial banks and other wealthy significant ownership concentration, such as optimization of innovative recommendations. Introduction The capital structure of the model can have a significant impact on the Company's operating performance.This effect can be divided into two cases: one is the direct impact that the capital structure, the financing risk and the cost of capital can directly affect business performance; while another case is the indirect impact, mainly on the company's first impact on the governance structure, and then have an impact on business performance through the governance structure.The pace of development of China's listed banks initially very slow. Under conditions of economic system reform, the bank's capital structure gradual adjustments, operating performance has gradually improved. However, compared...
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