Climate Change Reporting: A Resource Based Perspective

Kajian ini dilakukan untuk mengkaji tahap serta faktor yang mengalakkan laporan pemanasan global di antara syarikat-syarikat yang tersenarai di Bursa Malaysia. This study investigates the extent of climate change disclosure among Malaysian public listed companies

Risk Mitigation Of Outsourcing Manufacturing Process: A Study On The Semiconductor Manufacturing Organizations In Malaysia

Penggunaan perkhidmatan pihak ketiga daripada proses pembuatan semikonduktor menjadi sebahagian daripada strategi korporat sebuah organisasi yang didorong oleh kelebihan kos dan fleksibiliti dalam ketidakpastian. Outsourcing of semiconductor manufacturing process is becoming integral part of the corporate strategy of an organization which is driven by cost advantage and flexibility during uncertainty

The Limits of Liability in Promoting Safe Geologic Sequestration of CO2

Deployment of new technologies is vital to climate change policy, but it invariably poses difficult tradeoffs. Carbon capture and storage (“CCS”), which involves the capture and permanent burial of CO2 emissions, exemplifies this problem. This article provides an overview of CCS in Part I, focusing on geologic sequestration, and analyzes the scientific work on the potential for releases of CO2 and brine from sequestrian reservoirs. Part II evaluates the comparative advantages of government regulation and common law liability. Part III examines the relative efficiencies of different doctrines of common law liability when applied to likely releases from sequestrian sites. The authors propose a hybrid legal framework in Part IV that combines a traditional regulatory regime with a novel two-tiered system of liability that is calibrated to objective site characteristics.The Kay Bailey Hutchison Center for Energy, Law, and Busines

Exchange trading rules, surveillance and insider trading : [draft 15 oct 2013]

We examine the impact of stock exchange trading rules and surveillance on the frequency and severity of suspected insider trading cases in 22 stock exchanges around the world over the period January 2003 through June 2011. Using new indices for market manipulation, insider trading, and broker-agency conflict based on the specific provisions of the trading rules of each stock exchange, along with surveillance to detect non-compliance with such rules, we show that more detailed exchange trading rules and surveillance over time and across markets significantly reduce the number of cases, but increase the profits per case

When an event is not an event : the curious case of an emerging market

Shares trading in the Bolsa mexicana de Valores do not seem to react to company news. Using a sample of Mexican corporate news announcements from the period July 1994 through June 1996, this paper finds that there is nothing unusual about returns, volatility of returns, volume of trade or bid-ask spreads in the event window. This suggests one of five possibilities: our sample size is small; or markets are inefficient; or markets are efficient but the corporate news announcements are not value-relevant; or markets are efficient and corporate news announcements are value-relevant, but they have been fully anticipated; or markets are efficient and corporate news announcements are value-relevant, but unrestricted insider trading has caused prices to fully incorporate the information. The evidence supports the last hypothesis. The paper thus points towards a methodology for ranking emerging stock markets in terms of their market integrity, an approach that can be used with the limited data available in such markets

Is rated debt arm's length? : evidence from mergers and acquisitions

In this paper we challenge the view that corporate bonds are always arm’s length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if they are unrated, controlling for a wide variety of other effects identified in the literature. Tracing the difference in returns to distinct managerial decisions, we find that, everything else constant, rated firms increase their leverage in takeover transactions by less than their unrated counterparts. Consistent with a significant role for rating agencies, we find monitoring effects to be strongest when acquirer bonds are rated at the borderline between investment grade and junk. Finally, we are able to empirically exclude a large number of alternative explanations for the empirical regularities that we uncover. JEL Classification: G21, G24, G32, G34 Keywords: Acquisitions, Credit Ratings, Mergers and Acquisitions, Arm’s Length Debt, Abnormal Return

From eco-efficiency to eco-effectiveness: The policy-performance paradox

The internalisation level of sustainability issues varies among topics and among countries. Companies give up less internalised issues for more internalised ones. Discrepancies between legal, market and cultural internalisation lead to different escape strategies: firms develop a high level environmental management system and they have nice sustainability policy and reports. These achievements cover the fact that their total emission keeps increasing and they do not proceed in solving the most crucial global community or corporate governance problems. ‘Escaper’ firms are often qualified as ‘leading’ ones, as a current stream of research is also ‘escapist’: it puts too much emphasis on sustainability efforts as compared to sustainability performance. Genuine strategies focus on hardcore sustainability issues and absolute effects rather than on issues easily solved and having high PR effects. They allow for growth in innovative firms, if they crowd out less efficient or more polluting ones. They produce positive environmental value added when sector average eco-efficiency is used as benchmark and do not accelerate market expansion and consumerism

State and trends of carbon pricing 2015

Introduction Reflecting the growing momentum for carbon pricing worldwide, the 2015 edition of the State and Trends of Carbon Pricing report targets a wider audience of public and private stakeholders who are engaged in carbon pricing design and implementation. This report also provides critical input for the negotiations leading up to the Conference of the Parties (COP) in Paris. As in the previous editions, the report provides an up-to-date overview of existing and emerging carbon pricing instruments around the world, including national and subnational initiatives. Furthermore, it gives an overview of current corporate carbon pricing instruments. To better reflect the plethora of topics being considered in the climate dialogue, the report also analyzes competitiveness and carbon leakage, and their impact on the development of carbon pricing instruments. The task team responsible for this report intends to select new relevant topics to be explored in future editions. These topics could include, for example, the effectiveness of existing and emerging carbon pricing instruments, and how to measure it. Finally, this year’s report gives the audience a forward-looking assessment of the advantages of international cooperation in reaching stringent global mitigation targets. A review of existing modeling work provides a qualitative and quantitative assessment of cost saving potentials and the magnitude of financial flows inherent to international cooperation aimed at reducing greenhouse gas emissions to a level consistent with the 2°C climate stabilization goal

Privacy Implications of Health Information Seeking on the Web

This article investigates privacy risks to those visiting health- related web pages. The population of pages analyzed is derived from the 50 top search results for 1,986 common diseases. This yielded a total population of 80,124 unique pages which were analyzed for the presence of third-party HTTP requests. 91% of pages were found to make requests to third parties. Investigation of URIs revealed that 70% of HTTP Referer strings contained information exposing specific conditions, treatments, and diseases. This presents a risk to users in the form of personal identification and blind discrimination. An examination of extant government and corporate policies reveals that users are insufficiently protected from such risks