Wednesday Research Seminar Series - Role of Signaling in Issuance of Sukuk Versus Conventional Bonds – An Empirical Analysis of the Bond Market in The UAE

We are delighted to have Rashita Puthiya and Sudipa Majumdar for our Wednesday research seminar. They will present their research on “Role of Signaling in Issuance of Sukuk Versus Conventional Bonds – An Empirical Analysis of the Bond Market in The UAE”.

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Wednesday Research Seminar Series     

We are pleased to invite you to our Wednesday Research Seminar. It will be held online on 20 January from 4pm via Microsoft team platform. Wednesday Research Seminar Series was launched in 2008, and has featured more than 285 presentations to date. The seminars provide a forum for researchers to share their work. Presenters include faculty from Middlesex University Dubai and other universities in the United Arab Emirates, as well as researchers from other global institutions. Rashita and Sudipa will deliver seminar on:  

“Role of Signaling in Issuance of Sukuk Versus Conventional Bonds – An Empirical Analysis of the Bond Market in The UAE”  

Rashita Puthiya and Sudipa Majumdar

Abstract  

The global sukuk market has seen widespread innovations in the last couple of decades and has developed into one of the most acceptable Islamic instruments for raising finance. According to the State of the Global Islamic Economy Report (2018-19), United Arab Emirates (UAE) is ranked second among Islamic economies and Nasdaq Dubai is credited to be the leading international center for sukuk listings (Thomson Reuters, 2018). The growth trajectory of sukuk issuances supports UAE’s diversification strategy to position itself as the financial hub of the region to supplement its non-oil GDP growth. A sample of 1354 bond issuances were covered over the period 2008 to 2019. Typically, smaller firms with low leverage and high finance requirements were found to favour sukuk. This is a significant contribution to the existing literature, being the first attempt to highlight the importance of information asymmetry in capital structure of all listed firms (banking and non-banking) issuing bonds in the UAE.

Biographies  

Rashita Puthiya is a Chartered Accountant from the Institute of Chartered Accountants of India (ICAI). She joined Middlesex University, Dubai in 2015 as an adjunct faculty and then joined full time in 2019. She is now a full-time Lecturer in Accounting and Finance. Her areas of interest include Corporate Finance, Valuation, and Behavioural Finance. She undertakes IFRS training for Chartered Accountants at the Dubai Chapter of ICAI.

Sudipa Majumdar completed her PhD in Economics in 1998 after completing her Graduation from Presidency College Calcutta and Masters in Economics from JNU New Delhi. During her PhD, she was an exchange research scholar at the University of Minnesota, USA. Further, Sudipa holds a PG Certificate in Advanced Statistical Learning from Stanford University USA. Before coming to Dubai, Sudipa had been Assistant Professor at Symbiosis Institute, Pune and at Solbridge Business School, South Korea. She was the recipient of the British Academy Research Grant (2007-08); the Wharton Business School research grant (2010-12) and was recently awarded the Industry Collaboration research project with the Abu Dhabi Stock Exchange (in 2020). She has supervised almost 100 Masters Dissertations and 8 Doctoral Dissertations. Sudipa has several publications in peer-reviewed international journals; has been the recipient of Best Paper awards at international conferences and is the Reviewer of many international journals from publishing houses of Emerald, Springer etc. On a lighter note (not many people know) – Sudipa holds a Teacher’s degree in Piano and is a graduate from the Royal School of Music, London.