Investors react adversely to the announcements of rights offers in Hong Kong and the abnormal return of rights offers on the announcement day is -12.10%. After taking price discounts, underwriting fees and abnormal returns into consideration, the total direct and indirect costs of the seasoned...

The largest shareholders of issuing firms in Hong Kong are eligible to underwrite rights issues and open offers. We hypothesize that the largest shareholders as underwriters who possess more information are better than investment banks in certifying firm value. Our analyses show that the largest...

As opposed to developed markets, financing constraints are a more pressing issue among Small and Medium-Sized Enterprises (SMEs) in emerging markets. We explore the severity of financing constraints on SMEs, and examine the role of supply chain finance (SCF) in alleviating those constraints,...

This study analyzed the over-or-undervaluation of the Chinese Yuan (renminbi) against the USD, JPY and EUR using relative PPP method. We found that the Yuan is undervalued in its real terms against the USD by 21.3% and against the EUR by 17.4% between July 2005 and June 2010. We used the export...

This study examines the viability of the Islamic Gold Dinar as a hedging tool against currency exchange rate risk. Using the Auto Covariance Ratio the paper attempts to identify the percentage of time gold value is stable in the currency exchange market on a daily basis for a period of 12 years...

This paper aims to identify the key factors that have contributed to the existence and the growth of Ar-rahnu (Islamic pawn broking scheme) in Malaysia. Based on the previous studies and cost of borrowing analysis, this paper found that the need for interest (riba) free, transparent transaction...