Academic Director UCLA-NUS Executive MBA
NUS Business School / National University of Singapore
Head of FinTech Training
Asian Institute of Digital Finance / National University of Singapore
Emir Hrnjic is Academic Director of UCLA-NUS Executive MBA in NUS Business School, Senior Lecturer in the Department of Finance, and Head of FinTech Training at the Asian Institute of Digital Finance (AIDF) (all at National University of Singapore (NUS)).
Previously, Emir served as CEO of BILIF (formerly CIBFM) – a training arm of Brunei Darussalam Central Bank.
His case studies have been used at more than 100 universities around the world including Harvard, Stanford, Yale, Cornell, and Chicago.
Emir frequently receives invitations to speak on TV and radio. He also frequently provides expert commentaries and thought leadership articles in the business press, and speaks at industry forums and academic conferences.
He has been involved in several consulting projects including blockchain and digital currencies as well as litigation consulting.
Born in Bosnia and citizen of Singapore, Emir obtained a Ph.D. in Finance from Tulane University in 2005 and has held faculty positions at Tulane University, Virginia Tech University, and National University of Singapore.
Radio MoneyFM Interview:
Channel 8 interview:
Recent opinion pieces:
Can a CBDC Become a Global Currency?
The Business Times (September 1, 2021)
Contactless Payments Usurp Cash to Become New King
The Business Times (June 9, 2021)
Cash Will Soon Be Dead, Long Live Contactless
The Edge (June 7, 2021)
Digital currencies are the future in Asia
East Asia Forum (April 4, 2021)
GameStop madness and the resurrection of short-selling myths
The Business Times (February 24, 2021)
GameStop insanity has painful lessons on short-selling and more for retail investors
Channel NewsAsia (February 5, 2021)
The Curious Case of SPACs
The Edge (January 15, 2021)
Shortcomings and Hidden Costs of SPACs
The Business Times (December 23, 2020)
Recent case studies:
ARAMCO’S PRIVATIZATION AND IPO DILEMMA: TIMING AND VALUATION
In November 2019, Saudi Arabia’s Prince Mohammed bin Salman and various officials and advisers had to decide whether to proceed with a plan to make the government-owned company Saudi Arabian Oil Company (Aramco) private and list it on a stock exchange. At the time, Aramco was considered the most profitable company in the world. Therefore, Aramco’s initial public offering (IPO) would potentially be the largest in history. The company’s targeted market capitalization would dwarf that of global giants Apple Inc. or Amazon. Aramco managed the world’s largest oil reserves and had the world’s second-lowest cost of oil extraction.
However, there were concerns about the targeted valuation of US$2 trillion. There were also various other questions. Should the government-owned Aramco become a private company? Was the timing right to list the company on a stock exchange? What fraction of shares should be offered to investors? How should the largest IPO in history be priced?
After working through the case and assignment questions, students will be able to achieve the following objectives:
• Value a government-owned company using several valuation models.
• Assess complexities related to an IPO.
• Assess complexities related to taking a giant government-owned company public.
SINGAPORE AIRLINES DIVIDENDS
A new analyst has been asked to forecast the upcoming dividends for Singapore Airlines Limited. However, unlike most dividend-paying firms, which typically maintain stable, transparent, and simple dividend policies, Singapore Airlines maintained an opaque, complex, and irregular pattern of dividends. Further, the company did not respond to requests for information about expected dividends or the company’s dividend policy.
This case study attempts to identify Singapore Airlines’ dividend policy by looking at the company’s financials and dividend history, and analyzing that information in the context of the industry and its competitors.
Placement in course:
This case is designed for an MBA or advanced undergraduate course in corporate finance dealing with the topic of dividend payouts. The case could also be used in a strategy class on governance or controlling shareholders.
ALIBABA’S BONDS DILEMMA: LOCATION, TIMING AND PRICING
In November 2014, Alibaba’s CFO, Maggie Wu, embarked a road show for Alibaba’s impending bond issue. She was scheduled to lead Alibaba’s team in Hong Kong on November 17, Singapore on November 18, and London on November 19.
Even though Alibaba got listed on NYSE, overwhelming majority of its revenues originated in China. As tech companies typically experienced large swings in valuations, analysts wondered whether investors would subscribe to the issue. Similarly, it was hard to estimate the pricing of the issue. The arduous task lied ahead of Wu’s team.
PLACEMENT IN COURSE
This case is designed for an MBA or advanced undergraduate course in Corporate Finance on the topic of raising funds via bond issue. Specifically, the case can be used for a discussion of bond risks, bond timing and bond pricing. The case also allows discussion of emerging markets (in particular, China) and bond pricing differences (country risk premiums) between China and the US.