Suchergebnisse

AbstractUsing security issuer data from Malaysia, Indonesia, Saudi Arabia, and the United Arab Emirates from the 2001–2013 period, this study investigates how Islamic bond (Sukuk) issuers differ from conventional debt and equity issuers. An international comparative analysis of these three types of security issuers yields three key insights. First, accessibility to the Sukuk market is essential in choosing Sukuk issuance; other determinants will not promote the use of Sukuk, unless this requirement is first satisfied. Second, the low degree of financial constraints on a firm promotes Sukuk issuance, once the required condition of issuer accessibility to the Sukuk market is satisfied. Third, undervaluation of a firm in the pre‐issuance period also encourages Sukuk issuance, once the issuer's Sukuk market accessibility condition is satisfied. Taken together, we conclude that Sukuk issuance is preferred along with market timing, once the pecking‐order conditions of market accessibility are satisfied.

Abstract.   Reflecting recent merger trends in the banking industry of Korea and Japan, this paper examines the degree of competition before and after the bank merger wave. Two major implications are derived from empirical analyses. First, high levels of banking market competitiveness are detected after mergers in both the Korean and Japanese metropolitan areas. Second, although the level of market competition remains low throughout Japanese local cities, it is competitive compared with the metropolitan area of Korea. This paper concludes that market concentration brought about by bank mergers does not always result in low competitiveness.