Chief Executive Officer
CIBFM, Monetary Authority of Brunei
Visiting Senior Research Fellow
CAMRI, NUS Business School
RMI, National University of Singapore
Dr Emir obtained a Ph.D. in Finance from Tulane University and has held positions at major research universities such as the University of Maryland, University of Southern California, Virginia Tech University and National University of Singapore.
Dr Emir frequently receives invitations to speak on TV and in business press. He recently discussed his applied research on Alibaba’s IPO and implications of dual class share structures for Asian markets on BBC World News, Bloomberg TV and Channel News Asia. He is often invited to provide expert comments in the business press such as Washington Post, Bloomberg, and Reuters and to speak at industry and academic forums.
Dr Emir has published a number of case studies with a unique Asian perspective, such as "Alibaba's IPO Dilemma; Hong or New York", “Toyota's Innovative Share Issue” and “Emirates Airline: A Billion Dollar Sukuk-Bond Issue”. These case studies are widely-used and included in finance syllabi at the top universities around the world.
Dr Emir also authored a number of research papers in the areas of equity issuance, investor sentiment and Islamic Finance. He presented at over 40 universities in the US, Europe, Asia and Australia, and several leading academic conferences. He has also taught various courses at the Undergraduate, MBA and Ph.D. levels at Tulane, Virginia Tech and NUS, and received a Teaching Honor Roll award at Tulane University.
Dr Emir is very active in executive education and training. He is a Founding Program Director of a flagship program “Asia Leaders in Financial Institutions (ALFI)” and a Founding Program Co-Director of “ChicagoBooth-NUS Emerging CFOs for Asia”.
Forthcoming case studies:
TOYOTA’S INNOVATIVE SHARE ISSUE
On June 16, 2015, Akio Toyoda, President and CEO of Toyota Motor Corporation (Toyota) arrived to Toyota’s annual shareholders’ meeting. The meeting agenda included the proposal of Toyota’s new share issue. Named “Model AA” shares after the company’s first passenger car, shares would offer investors new hybrid securities. This proposal created a lot of controversy among existing shareholders.
“No one will be disadvantaged by these shares,” Toyoda told the annual shareholders' meeting. However, it remained unclear how many shareholders had confidence in this assurance by company’s CEO. Similarly, the share issue that would potentially comprise up to 5 per cent of Toyota’s total outstanding shares would require two-thirds majority of shareholders support. Potentially long and contentious deliberation lied ahead of Toyoda.
New shares looked like ordinary shares with a “lock-up” period or preferred shares with voting rights. At the same time, “Model AA” shares resembled convertible debt issue with voting rights (with a conversion ratio to be determined later).
PLACEMENT IN COURSE
This case is designed for a course in Corporate Finance on the topic of raising funds via innovative share issue. Named “Model AA”, this share issue exemplifies the hybrid securities issue – a blend of 5-year convertible bond issue and ordinary share issue (with a “lock-up” period). The case includes the pricing of AA shares. Furthermore, the case also allows discussion of Asian markets (in particular, Japan) and differences between Japanese and international investors.
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 premia) between China and the US.