Stock Market-Driven Factors of Investors’ Sentiment A Review of The Stylized Facts

Investigating the stylized facts of different driving facets of retail investors’ sentiment is non-existent in the literature. This study aims to find such market-driven factors by reviewing the relevant literature. More specifically, this study finds how investors’ sentiment is developed from the nature of stock markets, Index/stock returns, investors’-friendly stock market environment, primary market activities, information uncertainty, trading volume and momentum, market technical and institutional investors’ investment activities. A literature review approach is undertaken in this study. All the available published literature as collected from different search engines is thoroughly reviewed to explain critically the stylized facts of the facets of above market-driven drivers. This study finds that all the market drivers have some specific role to play in influencing investors’ sentiment. So, this review study will be of immense help to the retail investors, professional investment communities and many others concerned in finding out the weaknesses of them and thereby avoid them or solve them. Also, this study undertakes a well-researched topic of investor sentiment, but in its unique way. No previous studies are found to do a review research to find out the sources from where the retail investors generate their sentiment. Also, no other studies clarify the stylized facts of the facets of above sentiment drivers. Key Words:Investors’ sentiment, Stylized facts, Market factors. Article Classification: Literature Revie

Environmental, Social, Governance Performance and Negative Performance Feedback: Firm Moderators in a Cross-country Context

In this study, we have examined two specific research questions. First, whether firms around the world with negative performance feedback would resort to more environmental, social, governance [ESG] performance or otherwise. Second, we examine whether firms’ ESG controversies and stakeholder orientation in a cross-country context, with distinctive legal system and ethical behaviour, would motivate them to undertake more ESG performance in such negative performance feedback conditions. Our primary findings show that negative performance feedback of a firm impacts its ESG performance in a strongly negative manner. Furthermore, we prove that both high stakeholder orientation and high ESG controversies significant negatively moderate firms’ ESG inclinations. This holds true irrespective of country-specific legal system and ethical behaviour contexts

Risk-Antecedents of Firms and Strategic Mediators – New Evidence from a Cross-Country Analysis

We examine the strength and nature of firm aspiration and expectation as strategic mediators in the association of risk antecedents and firm risk, after exploring the possible impact of such antecedents on firm aspiration, and firm aspiration’s preliminary influence on firm risk. Empirical literature is mostly silent about risk antecedents of firms in an emerging market or cross-country context, and to the best of our knowledge, the mediators proposed in this study are yet to be explored. We report strong significant positive mediating effects of firm aspiration and expectation in association of risk antecedents and firm risk. Our results also validate that all studied risk antecedents, except corporate governance- composition, significantly influence aspiration and expectation mediators and firm risk in line with our hypotheses. Our results also hold true after controlling for firm-level and country-level heterogeneities and conducting two additional robustness tests

Progenitors of Firm’s Search Behaviour: A Country Comparison of Australia vs. India

The determinants and consequences of firm-risk are widely studied in regard to the US and other developed markets. However, little attention is paid to these issues in emerging markets or in cross-country contexts. The empirical literature is also mostly silent about the progenitors of firms’ search behaviour in an organisational risk context. To fill these research gaps, we investigate the progenitors of a firm’s search behaviour (i.e. risk-taking) in a bi-country context of Australia vs. India with 395 firms across 2003-2017. We use four distinctive risk measures - return on asset SD, capital expenditure ratio, accounting beta and R&D intensity, as dependent variables representing the overall search behaviour of firms and thirteen variables under four independent constructs. We use factor analysis to eliminate redundant variables and then multiple regressions to fulfil our research objectives. Results show that fundamental valuation, psychological, corporate governance and performance drivers all influence firms’ overall search behaviour. Specifically, firm size, market size, growth opportunities, board busyness, expectation, and operating and cash performance are the most critical sub-progenitors driving firm’s risk-taking. Our results are consistent across time, country-heterogeneity and industry contexts. Our study results would be of immense help to firm-managers, investors, policy-makers, and other stakeholders to assess a firm in the risk-return context from both emerging and developed country perspectives. Thereby, these would help these stakeholders in strategic policy decisions and portfolio rebalancing decisions objectively and in a timely manner

Low Mass Black Holes from Dark Core Collapse

Unusual masses of the black holes being discovered by gravitational wave experiments pose fundamental questions about the origin of these black holes. Black holes with masses smaller than the Chandrasekhar limit $\approx1.4\,M_\odot$ are essentially impossible to produce through stellar evolution. We propose a new channel for production of sub-Chandrasekhar mass black holes: stellar objects can catastrophically accrete non-annihilating dark matter in dense regions of the Universe, owing to interactions of dark matter and ordinary matter, and the dark core subsequently collapses. The wide range of allowed dark matter masses allows a smaller effective Chandrasekhar limit, and thus smaller mass black holes. We point out several avenues to test our proposal.Comment: v1: 8 pages, 3 figures. Comments welcom

Changement de décor

Le vaste panorama des bibliothèques indiennes appelait le grand angle. La taille du pays, certes, mais aussi son histoire et sa culture, lui donnent l’aspect mouvementé d’une chaîne montagneuse qui s’arrache sous nos yeux d’un socle ancien, et dont les plissements manifestent ensemble la puissance et la fragilité