77 research outputs found
Islamic Calendar Anomalies: Pakistani Practitioners' Perspective
Studies on Islamic calendar anomalies in financial markets tend to apply quantitative analysis to historic share prices. Surprisingly, there is a lack of research investigating whether the participants of such markets are aware of these anomalies and whether these anomalies affect their investment practice. Or is it a case that these practitioners are completely unaware of the anomalies present in these markets and are missing out on profitable opportunities? The purpose of this paper is to analyse the views of influential participants within the Pakistani stock market
The temporal nature of legitimation:the case of IFRS8
Legitimation can operate on an episodic or continual basis [Suchman, M.C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610]. We examine the temporal legitimation of the International Accounting Standards Board (IASB)'s actions during the adoption and review of International Financial Reporting Standard (IFRS) 8 Operating Segments. We conceptualise the controversy surrounding IFRS8 as an episode when the IASB sought segmental reporting convergence with the US standard, Statement of Financial Accounting Standard 131. Interpreting evidence from 15 (20) semi-structured interviews undertaken in 2009 (2011), before (after) entities reported under IFRS8, reveals its adoption precipitated an episodic legitimacy threat from selected audiences to the actions of the IASB. We discuss the IASB's attempt to influence legitimation for this episode through commitment to a post-implementation review [IFRS Foundation. (2011). Post implementation reviews: Plan for developing the framework for conducting post-implementation reviews. IASB Board meeting February 2011. Retrieved July 27, 2011, from http://www.ifrs.org/NR/rdonlyres/ 3E1502E4-F1E8-4907-838B-FFB20C7268ED/0/PIR02111st2ndb04obs.pdf] of IFRS8. Interpreting legitimacy concerns across diverse audiences about specific actions of the IASB (the introduction of IFRS8) enables us to draw conclusions about the resilience of the IASB as a standard setting organisation, in itself
Comparing SRI funds to conventional funds using a PCA methodology
In this paper, we investigate characteristic differences between Socially Responsible Investment (SRI) funds and conventional
funds across 35 different categories, including previously unexplored areas, such as fund manager skills and investment
strategies. Further, we examine SRI and conventional funds globally rather than from just one country (e.g., US) or one
region (e.g., Europe), covering funds listed in 22 different countries. We also adopt a new Principal Component Analysis
(PCA) methodology for matching SRI funds against their conventional counterparts that significantly increases the sample
size from previous studies, reducing selection bias and possibly explaining contradictory findings in the prior literature.
Contributing to the literature, our findings show that: (i) SRI funds have more diversified portfolios than conventional funds;
(ii) SRI funds have lower cash holdings while investing more in US equities; and (iii) SRI fund managers charge a smaller
fee and are more successful in managing their portfolios. This is reassuring for investors who invest in SRI funds and for the
future health and sustainability of the planet
Implementing the Circular Economy in Regional South Australia: Identifying Targets and Developing Partnerships
A report prepared for the South Australian Government advising on implementation of circular economies in regional South Australia, including barriers and enablers and recommendations for ways forward
Taking advantage of Ramadan and January in Muslim countries
Studies have shown that religious beliefs and practice play an important role in influencing share price behaviour. Evidence of a Ramadan effect has been documented in Muslim countries suggesting an increase in mean returns as well as a reduction in volatility during the ninth month of the Islamic calendar. In addition to the Ramadan effect, studies have also documented a January effect in Muslim countries. The current study investigates what happens when the Ramadan effect and the January effect occur at the same time. Controlling for the effects of financial crises and time-varying volatility in returns, the results for individual company data from four countries with sizeable Muslim populations indicate higher returns and lower volatility when these two effects overlap, except in one, arguably more Western country, Turkey
East meets west: when the Islamic and Gregorian calendars coincide
Recent research has documented that at the time of religious celebrations in Muslim countries, such as Ramadan, there is a âfestivalâ effect in share returns. In the Gregorian calendar, December is also a time of celebration and festivities which may be associated with patterns in the behaviour of security prices. Further, the first month of the year in the Islamic calendar, Muharram, is a time of sadness and mourning for some believers, and there may be an effect when the Islamic first month of the year overlaps with the first month of the Gregorian year - January. Over a 33-year cycle, each Islamic month falls in a Gregorian month for about 5â6 consecutive years; when this happens, an Islamic (Eastern) calendar effect may interact with a Gregorian (Western) calendar effect. The current paper addresses this issue by examining the behaviour of share returns and volatility for individual companies listed in Muslim countriesâ stock exchanges when the two calendars coincide for: (i) religious festival effects; (ii) first-month-of-the-year effects; and (iii) the two most common effects reported in the Islamic and Gregorian calendars (Ramadan and January). The results show that the Western and Eastern effects interact more prominently in larger companies and in larger or more developed markets
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