https://www.um.edu.mt/library/oar/handle/123456789/63099 2026-04-05T01:21:05Z 2026-04-05T01:21:05Z https://www.um.edu.mt/library/oar/handle/123456789/65913 2020-12-16T10:17:59Z 2014-01-01T00:00:00Z

Title: Journal of Corporate Governance, Insurance and Risk Management : volume 1 : issue 1 Editors: Todorović, Igor; Grima, Simon; Özen, Ercan; Tipurić, Darko Abstract: 1/ Adam Zaremba - Underpricing of newly issued corporate bonds in the CEE markets; 2/ Md. Shamimul Hasan, Rashidah Abdul Rahman, Syed Zabid Hossain - Corporate accruals practices of listed companies in Bangladesh; 3/ Mile Ivanov - Volatility spillovers and stock market comovements among Western, Central and Southeast European stock markets; 4/ Moses Abanyam Chiawa - A linear programming approach to determine an optimum value in a single currency project of West Africa; 5/ Anjali Bansal - Financing Indian growth: a case study of sonepatdistrict in Haryana; 6/ Peter J. Baldacchino, Frank H. Bezzina, Norbert Tabone, Jean Paul Vassallo - Financial audit report modifications in Malta; 7/ Luka Sustersic, Angelos Vouldis - Strategic change for survival: a case of construction company in Slovenia; 8/ Ljubomir Drakulevski, Leonid Nakov, Angelina Taneva-Veshoska - Conflict management styles among managers in Macedonian organizations; 9/ Adina Ionela Străchinaru, Alin Vasile Străchinaru - Sustainable development and environmental protection in Romania; 10/ Fran Galetić, Maja Ostojić - Debt crisis and fiscal consolidation in Spain; 11/ Maria Kaneva, Galina Untura -- The knowledge economy in China and public-private partnerships of universities; 12/ Ivana Plazibat, Ivona Vrdoljak Raguž - Connection between retail internationalization and management strategies; 13/ Najla Podrug, Ana Pavlić, Ana Kovačić - Distinctiveness of self-initiative expatriates; 14/ Darko Tipurić, Katarina Dvorski, Mia Delić - Measuring the quality of corporate governance – a review of corporate governance indices; 15/ Arman Vardanyan, Bagrat Yerznkyan - Investing in microfinance under different institutional configurations; 16/ E.V. Krasilnikova - Shareholder and management features in the context of behavioral characteristics, effects and life cycle

2014-01-01T00:00:00Z Zaremba, Adam https://www.um.edu.mt/library/oar/handle/123456789/65909 2020-12-16T10:08:03Z 2014-01-01T00:00:00Z

Title: Underpricing of newly issued corporate bonds in the CEE markets Authors: Zaremba, Adam Abstract: IPO anomalies in the corporate debt markets are to great extent unexplored field in the academic literature. The aim of this paper is to investigate the underpricing phenomenon of newly issued corporate bonds on the Catalyst market and its determinants. I use event study methodology to test for underpricing and perform regressions to find its determinants. The sample includes 142 corporate bonds issued between March 2010 and August 2013 and listed on the Catalyst market. The computations confirm the uderpricing effect in the CEE market, however do not allow to indicate its determinants.

2014-01-01T00:00:00Z Hasan, Shamimul Rahman, Rashidah Abdul Hossain, Syed Zabid https://www.um.edu.mt/library/oar/handle/123456789/65908 2020-12-16T10:06:37Z 2014-01-01T00:00:00Z

Title: Corporate accruals practices of listed companies in Bangladesh Authors: Hasan, Shamimul; Rahman, Rashidah Abdul; Hossain, Syed Zabid Abstract: Corporate accounting scandal is not a new phenomenon and it is the outcome of corporate accruals i.e., accruals by management choice. This study investigated the use of corporate accruals in the financial statements of the listed companies in Dhaka Stock Exchange (DSE) through segregating total accruals into corporate (discretionary) and accounting (non-discretionary) accruals. The average rate of corporate accruals was 35 percent and in many cases, cash flow from operation exceeded the net income, the growth in accounts receivable was faster than sales growth, and inventory growth was not consistent with sales growth. In this context, this study may create awareness of the risk factors of corporate accruals among external users’ of accounting information especially analysts, regulator, policy makers, existing and potential shareholders, lenders, trade creditors, external auditors, researchers, financial advisors, and stock brokers. Consequently, it may reduce the use of management discretion in preparing the financial statements.

2014-01-01T00:00:00Z Ivanov, Mile https://www.um.edu.mt/library/oar/handle/123456789/65907 2020-12-16T10:05:29Z 2014-01-01T00:00:00Z

Title: Volatility spillovers and stock market co-movements among Western, Central and Southeast European stock markets Authors: Ivanov, Mile Abstract: The aim of this paper is to examine the return and volatility spillovers and stock market co-movements among Western, Central and Southeast European stock markets. To examine the volatility spillover effects we employ a multivariate GARCH-BEKK (1, 1) model on a daily data from 2005 to 2014. There is a high and stable conditional correlation between Central and Western European markets during most of the analyzed period and the conditional correlation rises sharply during the periods of financial turmoil, suggesting some evidence on contagion. Conditional correlation between Croatian and Romanian markets and their Western counterparts is modest but it increases during the periods of financial crisis. Conditional correlation coefficients indicate that Macedonian and Serbian stock markets are relatively isolated from the advanced European markets. The return spillovers are investigated with the forecast-error variance decomposition based on the generalized VAR model. Following Diebold and Yilmaz (2012), we develop “spillover indices” based on the variance decomposition results on the generalized VAR model. The results indicate that total spillover index rose sharply during the periods of major financial disruptions. DAX and FTSE100 are the major net transmitters of spillovers to Central and Southeast European markets. There are bi-directional spillovers between DAX and FTSE100, between PX and WIG-20 and between MBI10 and BELEX15.

2014-01-01T00:00:00Z