Download Bank Funding, Financial Instruments and Decision-Making in by Santiago Carbó Valverde, Pedro Jesús Cuadros Solas, PDF

By Santiago Carbó Valverde, Pedro Jesús Cuadros Solas, Francisco Rodríguez Fernández

This publication presents perception into present examine issues in finance and banking within the aftermath of the monetary trouble. specialist authors authoritatively examine how banks finance their actions and unravel investment matters. Chapters in particular talk about monetary tools corresponding to company bonds, IPOs, sukuks and microfinance funding automobiles (MIVs) in mild of the significance of institutional investment gaps. The decision-making approach in the banking in regards to long-range monetary judgements and dividend regulations is usually discussed.

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They shouldn’t therefore experience the flight to quality phenomenon, considering their diversity compared to investment grade conventional bonds, and they could have higher co-movements with equity indexes than conventional bonds. But we also expect that dynamic correlations between sukuk and conventional stocks are lower than those among stocks, with Islamic bonds providing some diversification benefits. 3 Volatility Linkages and Co-movements Between International... 3 39  ample Characteristics and Statistical S Properties We collected daily data for the most liquid 68 sukuk listed in the major Islamic bond markets, such as Bursa Malaysia, Nasdaq Dubai and London Stock Exchange, from the Bloomberg Professional Service.

Sukuk, or “Islamic bonds”, can be defined as “certificates […] representing a proportional undivided ownership right in tangible assets, or a pool of predominantly tangible assets, or a business venture” (IFSB 2009), with a structure compliant to Shari’ah principles. They differ from conventional bonds because, in principle, they are required to be free from riba (interest rate). Sukuk are structured through an identification of the specific asset underlying the transaction and the temporary transfer of ownership to holders.

Our findings are supported by several empirical analyses such as Berger and 22 F. Beltrame et al. Young (1997), Fiordelisi et al. (2011) and Williams (2004), who claimed that banks with higher capital ratios, on average, tend to hold riskless portfolios and therefore lower credit losses and provisions. Besides, in accordance with Bikker and Metzemakers (2005), Fonseca and González (2008), Leaeven and Majnoni (2003), we found a significant negative correlation between provisions and changes in GDP per capita.

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