Browsing by Author "Rasanjani, P. M. D."

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Assessing factors driving price premium between voting and non-voting stock at CSE
(Research Symposium on Pure and Applied Sciences, 2018 Faculty of Science, University of Kelaniya, Sri Lanka, 2018) Rasanjani, P. M. D.; Peter, P. L. S.
In a dynamic capital market, the speed of information flow is crucial in maintaining an efficient market. Asymmetric information in the capital market creates either the buyer or seller a better (arbitrage) opportunity to make a profit. The party having more information on the past, present or future performance of the shares may know whether the share is underpriced or overpriced relative to its aggregate performance. Therefore, the speed of symmetric information flow of the share prices is a very important feature in the capital market domain. Publicly traded companies sometimes issue different classes of shares. The main benefit of dual class voting structures for shareholders and a company’s management is to focus on long-term goals and a company’s strategic direction while maintaining the freedom, rather than contending with the threat of a hostile takeover. The key difference between voting shares and non-voting shares in dual class structure is the voting right. When perusing historical data for past few years in companies that trade both voting and non-voting shares in the Colombo Stock Exchange (CSE), it was observed that the voting premium varies from company to company and within the company itself over the time. These reasons lead to an initial empirical examination of the factors affecting the voting premium of voting over nonvoting stocks. The purpose of the research was to explore the factors affecting the voting premium in the CSE and quantify the price gap between voting shares and non-voting shares. After conducting a systematic review of literature, factors affecting voting premium that is described using different models, frames and processes were identified. Consequently, the study identified the set of factors; namely, differences in liquidity (free float), restriction on transferability, share ownership structure and corporate control, percentage of private benefits of control, investor’s purpose, management status, sector specific factors, macroeconomic factors, firm specific factors and effect of time as possible reasons for the existence of the premium. Expert opinion has been sought to aid verification. It is envisaged to analyze historical data in the CSE including share prices, published financial statements and ratios while integrating previous literature, to verify and introduce a comprehensive model or framework-based solution approach for quantifying price gap between voting shares and non-voting shares in CSE. As an extension, this research expects to introduce an exact mathematical formula for quantifying the voting premium.
The strategic relationship building through value procurement: A systematic review of literature from the apparel industry.
(International Research Symposium on Pure and Applied Sciences, 2017 Faculty of Science, University of Kelaniya, Sri Lanka., 2017) Karunarathna, K. N. P.; Rasanjani, P. M. D.; Weerasekara, M. M.; Rupasinghe, T. D.
In the midst of the dynamics in the domain of supply chain management, most of the businesses are forced to strengthen the strategic relationships with their supplier base. Therefore, companies tend to move away from the traditional supplier-buyer relationship to a longer-term collaborative strategic relationship with a limited number of key suppliers. Strategic relationship building symbolizes the importance of enterprise wide thinking where functional units inside the firms and key suppliers from the firm’s supply chain all work in concert to bring value to the marketplace. The purpose of this study is to explore how the strategic relationship building with suppliers in the procurement process enhances the overall operational performance of apparel industry. For an example, in apparel industry, quality and the productivity should be calculated at the initial stage of the production. Value procurement models allow firms on selecting the best quality, cost and other factors instead of selecting the lowest cost supplier. Consequently, the study identifies the set of appropriate procurement strategies to minimize impact of costs to the production processes to retain long term relationship among suppliers. This study is based on a comprehensive, systematic review of literature published in relation to the areas of strategic supplier relationship and value procurement applicable to the apparel industry. The findings of this research is based on reviews of 17 articles which describe different models, frames, processes and appropriate theoretical terms. Through the effective categorization and integrative analysis of the above findings, this paper expects to introduce an innovative conceptual model of how to develop strategic supplier relationships to maximize the effectiveness of the industry.