Financial statement analysis
World Lighting Market Outlook Report 2024-2026 with Fixtures Production, Consumption and International Trade Data at Worldwide Level for 70 Countries for 2013-2022 and 2023 - ResearchAndMarkets.com
The lighting market outlook analyzes, through tables and graphs, data on lighting fixtures production, consumption and international trade at worldwide level as a whole and for 70 considered countries, for the years 2013-2022 and 2023 preliminary.
- The lighting market outlook analyzes, through tables and graphs, data on lighting fixtures production, consumption and international trade at worldwide level as a whole and for 70 considered countries, for the years 2013-2022 and 2023 preliminary.
- In 2024, the global lighting fixtures market is expected to remain stable, followed by moderate growth in 2025 and 2026.
- The largest 100 global lighting players hold a share of over 40% of the worldwide market for lighting fixtures.
- The 'Lighting: World Market Outlook' report is structured as follows:
Basic data presents an overview of the world lighting market in 2022, by main country and geographic regions, including a comparison with selected key macro indicators.
The impact of regulatory changes on rating behaviour
Abstract
- Abstract
We examine rating behaviour after the introduction of new regulations regarding Credit Rating
Agencies (CRAs) in the European securitisation market. - There is empirical evidence of rating catering in the securitisation market in the pre-GFC period (He et al.,
2012; Efing and Hau, 2015). - Competition among
CRAs could diminish ratings quality (Golan, Parlour, and Rajan, 2011) and promotes rating shopping by
issuers resulting in rating inflation (Bolton et al., 2012). - This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market. - In 2011, in addition to the creation of
European Securities and Markets Authority (ESMA), a regulatory and supervisory body for CRAs was
introduced. - We examine how rating behaviours have changed in the European securitisation market after the
introduction of these new regulations. - We utilise the existence of multiple ratings and rating agreements between
CRAs to identify the existence of rating shopping and rating catering, respectively (Griffin et al., 2013; He
et al., 2012; 2016). - We find that the regulatory changes have been effective in tackling conflicts of interest between issuers
and CRAs in the structured finance market. - Rating catering, which is a direct consequence of issuer and
CRA collusion, seems to have disappeared after the introduction of these regulations. - There is empirical evidence of rating catering in the securitisation market in
the pre-GFC period (He et al., 2012; Efing and Hau, 2015). - Competition among CRAs could diminish ratings quality (Golan, Parlour,
and Rajan, 2011) and promotes rating shopping by issuers resulting in rating inflation (Bolton et
al., 2012). - This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market. - In 2011, in addition
to the creation of European Securities and Markets Authority (ESMA), a regulatory and
supervisory body for CRAs was introduced. - We find that the regulatory changes have been effective in tackling conflicts of interest
between issuers and CRAs in the structured finance market. - Rating catering, which is a direct
consequence of issuer and CRA collusion, seems to have disappeared after the introduction of
these regulations. - Investors who previously demanded higher spreads for rating agreements for a
multiple rated tranche, did not consider the effect of rating harmony as a risk in the post-GFC
period. - Regarding rating shopping, we find that the effectiveness of the changes has been limited,
potentially for two reasons. - Additionally, we also find that rating over-reliance might still be an issue, especially
Rating catering is a broad term and it can involve rating shopping. - They re-examine the rating shopping and rating
catering phenomena in the US market by looking at the post-crisis period between 2009 and 2013. - Using 622 CDO tranches, they also observe the existence of rating shopping and the diminishing
of the rating catering. - Firstly, our main focus is the EU?s CRA Regulation and its effectiveness in reducing
rating inflation and rating over-reliance. - To the best of our knowledge, this paper is the first to
examine the effectiveness of the EU?s CRA regulatory changes on the investors? perception of
rating inflation in the European ABS market. - Hence, the coverage and quality of our dataset constitutes significant addition
to the literature and allows us to test the rating shopping and rating catering more authoritatively. - The following section reviews the literature
on securitisation concerning CRAs and conflicts of interest, and outlines the regulatory changes
introduced in the post-GFC period. - Firstly, ratings became ever more important as the Securities and
Exchange Commission (SEC) 5 began heavily relying on CRA assessments for regulatory purposes
(i.e. - the investment mandates that highlight rating agencies as the main benchmark for investment
eligibility) (SEC, 2008; Kisgen and Strahan, 2010; Bolton et al., 2012). - issuers) as one of the main explanations for the rating inflation (He et al., 2011; 2012; Bolton
et al., 2012; Efing and Hau, 2015). - Bolton et al., (2012) demonstrate that competition
promotes rating shopping by issuers, leading to rating inflation. - The last phase, CRA III, was implemented in mid-2013 and involves an additional
set of measures on reducing transparency and rating over-reliance. - As mentioned above, rating inflation can be caused by rating shopping
In order to be eligible to use the STS classification, main parties (i.e. - The higher the difference in the number of ratings for a
given ABS tranche, the greater the risk of rating shopping. - Alternatively, the impact of the new
regulations could be limited when it comes to reducing rating shopping. - This is because, firstly,
the conflict of interest between securitisation parties is not necessarily the sole cause for the
occurrence of rating shopping. - L is a set of variables (Multiple ratings, CRA reported, Rating agreement) that
we utilise interchangeably to capture the rating shopping and rating catering behaviour. - Hence, issuers are incentivised to report the highest possible rating and
ensure each additional rating matches the desired level. - All in all, our results suggest that
the new stricter regulatory measures have been effective in tackling conflicts of interest and
reducing rating inflation caused by rating catering. - Self-selection might be a concern in analysing the impact of the
new measures and investors? response with regard to the rating inflation. - This
result is in line with the earlier findings suggesting that regulatory changes have reduced investors?
suspicion of rating inflation and increased trust of CRAs. - Conclusion
Several regulatory changes were introduced in Europe following the GFC aimed at tackling
conflicts of interest between issuers and CRAs in the ABS market. - Utilising a sample of 12,469
ABS issued between 1998 and 2018 in the European market, this paper examined whether these
changes have had any impact on rating inflations caused by rating shopping and rating catering
phenomena. - We find that the
effectiveness of the changes has been more limited on rating shopping potentially for two reasons. - Tranche Credit Rating is the rating reported for a tranche at launch.
CORT Furniture Rental Promotes Doug Steil to Executive Vice President Operations, West
CORT Furniture Rental, the nation’s leading provider of furniture rental and destination services, is proud to announce the promotion of Doug Steil to Executive Vice President Operations, West.
- CORT Furniture Rental, the nation’s leading provider of furniture rental and destination services, is proud to announce the promotion of Doug Steil to Executive Vice President Operations, West.
- In this new role, Doug will be responsible for overseeing the operational efficiency and growth of CORT across the Western region.
- View the full release here: https://www.businesswire.com/news/home/20240306523356/en/
Doug brings a wealth of experience and expertise to his new role, having previously served as the Senior Vice President of Operations for the West Coast. - "We are thrilled to announce Doug's promotion to Executive Vice President Operations, West," said Paula Newell, Chief Operating Officer of CORT.
Summit Ridge Group Promotes Four Key Members
NEW YORK, Feb. 15, 2024 /PRNewswire/ -- Summit Ridge Group ("SRG"), the leading financial and business valuation consulting boutique focused on telecom, media and satellite industries, is delighted to announce today the well-deserved promotions of four of its team members.
- NEW YORK, Feb. 15, 2024 /PRNewswire/ -- Summit Ridge Group ("SRG"), the leading financial and business valuation consulting boutique focused on telecom, media and satellite industries, is delighted to announce today the well-deserved promotions of four of its team members.
- Internally, she serves as Summit Ridge Group's financial controller.
- Daniel-John Perez is promoted to Vice-President after joining Summit Ridge Group in the summer of 2018 after graduating from the University at Buffalo with a degree in Business Administration, concentrating in Financial Analysis.
- Since joining SRG, she has played a key role in the C-Band relocation project and the Rip and Replace project.
Chung-Ang University Study Reveals a Higher Market Valuation of Cash Holdings of Firms Adopting Electronic Voting
In the present study, the authors suggest that electronic voting enhances shareholders' perception of corporate governance and increases the market value of a firm's cash holdings.
- In the present study, the authors suggest that electronic voting enhances shareholders' perception of corporate governance and increases the market value of a firm's cash holdings.
- "Electronic voting can contribute to effective corporate governance by easing shareholders' monitoring and engagement in corporate decisions, which improves the firm's investment decisions, resulting in increased market valuation of a firm's cash holdings," explains Dr. Ha.
- Using a sample of 12,207 Korean firm-years from 2015 to 2021, the authors examined how the market valuation of cash holdings differs for firms that adopt electronic voting in shareholder meetings.
- The authors found that firms that adopt electronic voting have a greater market value of cash holdings compared to those that did not.
Educational Media Foundation Names Three to Key Executive Leadership Positions
Educational Media Foundation (EMF), the parent organization of leading Christian radio networks K-LOVE and Air1, has appointed three to its Executive Leadership Team.
- Educational Media Foundation (EMF), the parent organization of leading Christian radio networks K-LOVE and Air1, has appointed three to its Executive Leadership Team.
- View the full release here: https://www.businesswire.com/news/home/20231130506057/en/
David Pierce has been named Chief Media Officer at Educational Media Foundation. - “We are excited to expand our executive leadership team with this group of outstanding professionals,” said Todd Woods, EMF Chief Executive Officer.
- Educational Media Foundation (EMF) is a nonprofit, multi-platform media company on a mission to draw people closer to Christ.
Global Commercial Aircraft Market 2023-2042: Strategy and Growth Outlook for Top 4 Commercial Aircraft OEMs - Airbus, Boeing, Embraer and ATR - ResearchAndMarkets.com
The "Global Commercial Aircraft Market - 2023-2042 - Market Dynamics, Competitive Landscape, OEMs' Strategies & Plans, Trends & Growth Opportunities and Market Outlook - Airbus, Boeing, Embraer, ATR" report has been added to ResearchAndMarkets.com's offering.
- The "Global Commercial Aircraft Market - 2023-2042 - Market Dynamics, Competitive Landscape, OEMs' Strategies & Plans, Trends & Growth Opportunities and Market Outlook - Airbus, Boeing, Embraer, ATR" report has been added to ResearchAndMarkets.com's offering.
- Commercial Aviation has been on a very strong comeback trail following pandemic marked by strong passenger traffic growth and sustained growth in air cargo traffic across most key markets & regions.
- The global airline passenger traffic is already at the pre-pandemic levels on domestic routes and international traffic, too, is in the catch-up mode.
- On the other side of the Atlantic, Airbus' A321XLR is gearing up for certification, with its EIS in Q2 2024.
PLTW Announces Samuel Adams as EVP and Chief Financial Officer
Project Lead The Way (PLTW), a national nonprofit based in Indianapolis that equips PreK-12 students for a STEM-driven world with teacher-empowered curriculum in computer science, engineering, and biomedical science, announced today that Samuel Adams will join the organization as Executive Vice President (EVP) and Chief Financial Officer.
- Project Lead The Way (PLTW), a national nonprofit based in Indianapolis that equips PreK-12 students for a STEM-driven world with teacher-empowered curriculum in computer science, engineering, and biomedical science, announced today that Samuel Adams will join the organization as Executive Vice President (EVP) and Chief Financial Officer.
- View the full release here: https://www.businesswire.com/news/home/20230912465295/en/
Samuel Adams has joined PLTW as Executive Vice President and Chief Financial Officer (Photo: Business Wire)
“Sam is a highly accomplished leader with deep experience in financial strategy, operations, and investments. - Prior to that, he served as Interim Vice President and Chief Financial Officer, Associate Chief Financial Officer, Associate Director for Financial Analysis and Planning, and Assistant Director for Auxiliary Accounting.
- He will assume the role of EVP and Chief Financial Officer effective Monday, September 18, 2023.
Winebow Appoints Michael Manzo Executive Vice President & Chief Financial Officer
RICHMOND, Va., Aug. 2, 2023 /PRNewswire/ -- Winebow is pleased to announce that Michael Manzo has been promoted to the position of Executive Vice President & Chief Financial Officer.
- RICHMOND, Va., Aug. 2, 2023 /PRNewswire/ -- Winebow is pleased to announce that Michael Manzo has been promoted to the position of Executive Vice President & Chief Financial Officer.
- In his elevated role, Manzo will be responsible for finance, accounting, legal and IT, reporting to President & CEO Dean Ferrell.
- Michael Manzo has been promoted to the position of Executive Vice President & Chief Financial Officer.
- In 2016, he became Vice President, Import Business Operations and then in 2018 Senior Vice President, Finance & Strategy.