Diss. Humboldt-Univ. Berlin, 2008/2009. / Includes bibliographical references and index.

abstract: During the past decade, the Chinese bond market has been rapidly developing. The percentage of bond to total social funding is constantly increasing. The structure and behavior of investors are crucial to the construction of China’s bond market. Due to specific credit risks, bond market regulation usually involves in rules to control investor adequancy. It is heatedly discussed among academia and regulators about whether individual investors are adequate to directly participate in bond trading. This paper focuses on the comparison between individual and institutional bond investors, especially their returns and risks. Based on the comparison, this paper provides constructive suggestions for China’s bond market development and the bond market investor structure. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2016

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The purpose of this thesis is to investigate the relationship between the annualised volatility and correlation of G7 ten-year bond returns for the period July 1992 to June 1998 and the effects that such a relationship has on portfolio diversification. The stock market crash of 1987 and the growing importance of global equity markets has encouraged a plethora of research into the volatility and correlations between international equity markets. Despite this, very little attention has been paid to the transmission of currency-based bond returns across national boundaries. The findings in this thesis are important because evidence is provided that suggests the benefits of international bond diversification are limited. The evidence provided clearly indicates that because correlations amongst G7 currency-hedged bond returns are high, the relationship between bond volatility and correlation of returns has limited benefits for portfolio managers and traders. As a result, diversification may not significantly reduce portfolio risk. Even during periods of ongoing annualised volatility decreases, the correlation between most markets remains high. Unlike the volatility trends presented in this thesis, there appears to be no trend or consistency amongst the correlation of returns between G7 markets. / Master of Commerce (Hons)

In the past, the Swedish bond market has been distinguished for its illiquidity and difficulties with retrieving information. This is the starting point of our thesis and the purpose is to analyze and describe the availability of the present corporate bond market for manufacturing firms in Sweden. In order to fulfill the purpose, a qualitative method was used and interviews with different operators of the market were conducted. Our respondents were sampled from large issuing companies, the major intermediaries and companies that have not tried bonds as a financing tool. To fulfill our purpose, we analyzed subjects as credit rating, capital market segmentation, regulations and volume. We came to the conclusion that the Swedish corporate bond market is somewhat underdeveloped. This is due to the lack of public information regarding the bonds, such as prices, outstanding bonds and interest rates. The availability for already active companies is good, mainly due to the important role the intermediaries play. The regulations set by authorities do not have great effect on the large companies in general, since they issue large amounts, the cost associated with the regulations do not affect them in a considerable way. One could rather see a positive side with the regulations, for example the increase of foreign issuers that entered the market the last couple of years and hence increasing the liquidity. A credit rating is sometimes beneficial but not always, it is not a necessity to enter the bond market. As a matter of fact, it seems like volume is the most important reason to why medium-sized companies have limited access to the market. Since the minimum recommended volume to issue is 50 million SEK, many companies are excluded due to lack of financing need. Another important factor concerning medium-sized companies is that they do not have sufficient experience, knowledge or interest in the bond market. There are probably companies that would like to enter the bond market, who do not have the opportunity to do so, but this do not have anything to do with the lack of credit rating, rather the high cost associated with it. The conclusion drawn is that it is hard to compare small and medium-sized companies with large already established actors. This is due to different need of capital and overall knowledge about the debt market.

<p>In the past, the Swedish bond market has been distinguished for its illiquidity and difficulties with retrieving information. This is the starting point of our thesis and the purpose is to analyze and describe the availability of the present corporate bond market for manufacturing firms in Sweden. In order to fulfill the purpose, a qualitative method was used and interviews with different operators of the market were conducted. Our respondents were sampled from large issuing companies, the major intermediaries and companies that have not tried bonds as a financing tool.</p><p>To fulfill our purpose, we analyzed subjects as credit rating, capital market segmentation, regulations and volume. We came to the conclusion that the Swedish corporate bond market is somewhat underdeveloped. This is due to the lack of public information regarding the bonds, such as prices, outstanding bonds and interest rates.</p><p>The availability for already active companies is good, mainly due to the important role the intermediaries play. The regulations set by authorities do not have great effect on the large companies in general, since they issue large amounts, the cost associated with the regulations do not affect them in a considerable way. One could rather see a positive side with the regulations, for example the increase of foreign issuers that entered the market the last couple of years and hence increasing the liquidity. A credit rating is sometimes beneficial but not always, it is not a necessity to enter the bond market.</p><p>As a matter of fact, it seems like volume is the most important reason to why medium-sized companies have limited access to the market. Since the minimum recommended volume to issue is 50 million SEK, many companies are excluded due to lack of financing need. Another important factor concerning medium-sized companies is that they do not have sufficient experience, knowledge or interest in the bond market. There are probably companies that would like to enter the bond market, who do not have the opportunity to do so, but this do not have anything to do with the lack of credit rating, rather the high cost associated with it.</p><p>The conclusion drawn is that it is hard to compare small and medium-sized companies with large already established actors. This is due to different need of capital and overall knowledge about the debt market.</p>

Thesis (Ph. D.)--University of Missouri-Columbia, 2003. / Typescript. Vita. Includes bibliographical references (leaves 115-120). Also available on the Internet.

Thesis (M.Com. (Economics & Economic History)) - Rhodes University, 2009. / A thesis submitted in partial fulfilment of the requirements for the degree of Masters in Commerce (Financial Markets).

Thesis (Ph. D.)--University of Missouri-Columbia, 2003. / Typescript. Vita. Includes bibliographical references (leaves 115-120). Also available on the Internet.

A Government is an entity of a society exercising authority over its subjects, preferably with their compliance. It is however not always agreed by the citizens that the government is acting in their interest, this making the relation in-between them lacking in legitimacy. This presents problems not only for the stability of a country, but for the expansion of financial markets, limiting the sources of finding finance to invest in development and infrastructure as it limits financing from within.  In this paper I look at Ethiopia where the government is perceived to have a generally low legitimacy, in 2010 they lunched the GERD* bond to finance a hydropower station on the Blue Nile. Ethiopia has a small economy thus the government asked its citizens to purchase savings bonds into the project, as international financing was not an option due to geopolitics. As the GERD is a €3.3 billion project many Ethiopians have inverted one full month salary. The question addressed in this paper it that of the willingness in entering in to this scheme, this due to legitimacy concerns within the country. More precisely the research question is formulated: is there a justifiable concern of legitimacy when rapidly intensifying a bond market in a developing country in which freedom is limited?  To address this field interviews was conducted in Addis Ababa and analysed via Weber’s three types of pure authority this to indicate the correlation of legitimacy dominations in-between the government and the investors. It is found that the GERD has common legitimacy dominations by both actors and as such the expansion of the bond market through the GERD has the preconditions to increase the trust level in the Ethiopian government. This is needed to increase legitimacy in the government, stabilize the country and expand the financial markets further.