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This paper investigates the psychological effects from stock market returns. Using an FBI database of over 55 million daily reported crime incidents across the United States, crime is proposed as a measure of psychological well-being. The evidence suggests that stock returns affect the well-being of not only investors but also noninvestors. Specifically, a contemporaneous negative (positive) relationship between daily stock market returns and violent crime rates is found for investors (noninvestors). A similar relationship is also found between local earnings surprises and violent crime. The contrasting relationships for investors and noninvestors suggests that relative wealth may influence well-being. [ABSTRACT FROM AUTHOR]

The opening of equity markets to foreign investment by developing countries appears to generate an enormously large positive growth effect (see Bekaert, Harvey, and Lundblad (2005), Journal of Financial Economics 77, 3–55) in spite of a relatively small role of such markets for financing investment in most economies. We propose a spillover channel from equity market opening to lower costs of bank loans, which helps to explain this puzzle. From analyzing bank loan data associated with China's introduction of the Qualified Foreign Institutional Investors program, we find significant support for this channel. Furthermore, we show that a reduction in the risk premium in loans is an important mechanism. [ABSTRACT FROM AUTHOR]

The objective of this article is to examine the volatility spillover effect between the foreign exchange market and the stock market of Brazil, Russia, India, China and South Africa (BRICS) countries along with Japan as the developed country in the region, affecting the BRICS countries. Generalized Autoregressive Conditionally Heteroscedastic (GARCH) (1,1) method is used to study the volatility between the stock market and the foreign exchange market in selected countries, and asymmetric model, that is, Exponential Generalized Autoregressive Conditional Heteroscedasticity—EGARCH (1,1) is also used to investigate the presence of leverage effects in both stock market and foreign exchange market in selected countries. GARCH findings suggest a two-way volatility spillover between the stock market and foreign exchange markets for India, China and South Africa. In BRICS countries, volatility spillover from the currency market to the stock market is seen as more evident and robust as compared to spillover from the stock market to the currency market. A positive asymmetry in spillover is also observed from the foreign exchange market to the stock market. The findings of the study may provide valuable information to investors for decision-making in international portfolio investment and also for economic policymakers for their financial stability perspective. [ABSTRACT FROM AUTHOR]

What brings the equilibrium consensus in the stock markets? We hypothesize that the markets' equilibrium consensus depends on the noise of investors' attention mania (NIAM). We refer to the NIAM as investors' attention heterogeneity and explore its impacts on the National Stock Exchange (NSE) Nifty and Bombay Stock Exchange (BSE) Sensex stocks market returns. We use the methodology of the autoregressive distributed lag (ARDL) and augmented generalized autoregressiuve conditional heteroskedacity (GARCH)-X model, and we examine if there is the presence of NIAM at online attention searches within and across the attention layers, and within and across the stated two stock markets from 2004 to 2019 for investors' economic–political attention searches. We have revealed that the impacts of the NIAM on the market returns are diverse in nature at the different attention layers and stock markets as well. Besides the ARCH and GARCH effects, we also document the presence of familiarity bias, attention confidence or confusion, and attention integration in the short run and long run. [ABSTRACT FROM AUTHOR]

Investment fund managers have been trying to provide more attractiveness for investors by earning higher yields and generating liquidity. The investment rate of return of a mutual fund is obtained from the difference between the issuance and redemption of Net Asset Values (NAVs) per investment unit. However, the Exchange Traded Funds'(ETFs') yield should be calculated differently, and investors must consider the changes in market prices (Not only the NAVs), which are not usually announced through the Ads, so they disregard the investors. Investment fund managers believe that the attractiveness of the rate of return, even to a small extent, leads to over-welcoming of the investors and a faster growth of the funds' size. According to the information available in recent years, investors have shown more interest in fixed-income investment funds, and the growth of ETFs has been significant compared to the growth of total funds, so it can be assumed that investors are more interested in ETFs. Thus, in this research, we will identify factors affecting the development of ETFs, especially fixed-income ones. To fulfill our purpose, we examined all active fixed-income investment funds that are traded in the Tehran Stock Exchange and the Iran Farabourse from March 2021 to September 2023, including 25 ETFs. We analyzed our panel data through ordinary least squares. Analyzing the effective rate of returns of 25 Fixed Income ETFs, which have been active from March 2021 to September 2023, our results showed that ETFs development is significantly related to the fund size, daily price volatility, and liquidity. Despite our expectations, rate of return, fund age, and price adjustment do not have a significant effect on the development of investment funds. The result showed that a higher rate of return did not have a significant effect on the attractiveness and acceptance of investors, but the liquidity of investment units positively affects the development of fixed-income ETFs. We also found that the daily volatility of the final price inversely impacted the fund's size. This is consistent with investors' low risk-taking spirit in fixedincome funds and emphasizes their preference to avoid liquidity risk and price volatility risk. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Accounting & Finance Management (JAFM). is the property of Dinasti Publisher and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This report was provoked by the trend of increasing investments of enterprises in real estate in recent years. This trend outlines a need to systematize real estate investment approaches both from accounting and tax compliance point of view. The author's main goal is to present three approaches to investment in real estate: direct acquisition of the real estate asset, acquisition of specific asset through a Special Purpose Vehicle (SPV) or investment through a diversified Real Estate Investment Trust (REIT) listed on the stock exchange by presenting the advantages and disadvantages for the investor in choosing each of the approaches. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Do language skills affect investment decisions? This article addresses this question by identifying the effect of English proficiency on the stock market participation of immigrants in the United States and Australia. To establish causality, we construct an instrumental variable for English proficiency by exploiting the phenomenon that younger children acquire languages more easily than older children. We find that English proficiency has a significant positive effect on stock ownership among immigrants in both countries. Moreover, we provide evidence that a reduction in information costs and an increase in trust may serve as the mechanisms underlying the language ability effect. [ABSTRACT FROM AUTHOR]

We examine international equity allocations at the fund level and show how excess foreign returns influence portfolio rebalancing, capital flows, and currencies. Our equilibrium model of incomplete foreign exchange (FX) risk trading where exchange rate risk partially segments international equity markets is consistent with the observed dynamics of equity returns, exchange rates, and fund-level capital flows. We document that rebalancing is more intense under higher FX volatility and find heterogeneous rebalancing behavior across different fund characteristics. A granular instrumental variable approach identifies a positive currency supply elasticity. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

For investors, predicting stock market changes has always been attractive and challenging because it helps them accurately identify profits and reduce potential risks. Deep learningbased models, as a subset of machine learning, receive attention in the field of price prediction through the improvement of traditional neural network models. In this paper, we propose a model for predicting stock prices of Tehran Stock Exchange companies using a long-short-term memory (LSTM) deep neural network. The model consists of two LSTM layers, one Dense layer, and two DropOut layers. In this study, using our studies and evaluations, the adjusted stock price with 12 technical index variables was taken as an input for the model. In assessing the model's predictive outcomes, we considered RMSE, MAE, and MAPE as criteria. According to the results, integrating technical indicators increases the model's accuracy in predicting the stock price, with the LSTM model outperforming the RNN model in this task. [ABSTRACT FROM AUTHOR]

This study aims to determine the impact of the COVID-19 pandemic and government responses on the Malaysian stock market. Using the Kuala Lumpur Composite Index (KLCI) from 1st March 2020 to 31st December 2020, the study discovered several findings. First, the number of daily new COVID-19 cases affected the index. Nevertheless, the new cases turned out to be positive at a later stage. This finding inferred that investors grew apathetic towards COVID-19 over the long run. Second, daily new COVID-19 deaths negatively impacted the stock index. Third, the Movement Control Order (MCO) harmfully influenced the index. Fourth, the Recovery Movement Control Order RMCO and most government stimulus packages positively impacted the index. In conclusion, the government's responses to COVID-19 have managed to mitigate several negative impacts of the pandemic on the stock market. The stimulus packages provided the much-needed impetus for market recovery during the pandemic. [ABSTRACT FROM AUTHOR]

Herding behavior is typically described as the inclination of investors to follow the actions of others in their investment decisions. Herding represents a behavioral tendency in which investors rely on collective rather than private information. Herd literature shows that return jumps can serve as a representation of information arrival, leading to significant price changes. This proposition is introduced due to its potential impact on investor sentiment, assuming greater awareness among other investors as a factor related to the occurrence of herding. Furthermore, it is believed that, in conditions of negative market returns, market participants are more inclined to mimic the behavior of others due to the stress induced by the risk incurred. In the background of previous research, evidence indicates the occurrence of herd behavior on days with return jumps and negative returns. In this study, we investigated herding behavior and its asymmetry through the utilization of return jumps, employing the CSAD method. Under circumstances in which there were no occurrences of return jumps and without taking into account negative market returns, our research was unable to verify the existence of herding at the market level. Nevertheless, when return jumps and negative market returns were present, the occurrence of herd behavior was proven, and the asymmetry of herd behavior was also verified. [ABSTRACT FROM AUTHOR]

Copyright of Annals of Social Sciences / Roczniki Nauk Społecznych is the property of Towarzystwo Naukowe KUL & Katolicki Uniwersytet Lubelski Jana Pawla II and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We explore how using trading volume and open interest data on IT investment announcements from options markets provide improved information to investors relative to trading volume from stock markets. We first establish through investigating changes in trading volume and open interest in the option market, and changes in trading volume in the stock market, that IT announcements are informative to investors such that they act on the underlying securities. Second, we find that the option market captures such informativeness earlier than the stock market, and that the option market generates a greater response to information from IT announcements than the stock market. Third, the option market's response allows us to distinguish investors' response in the short and long terms: we find IT announcements mainly convey information about expected firm value in the short term, and less in the long term. Finally, we show that good-news IT announcements are more informative than bad-news and no-news announcements. Thus, for firms with options, using option market trading volume and open interest dominates stock market trading volume when examining the effects of IT announcements. [ABSTRACT FROM AUTHOR]

The impact of Industry 4.0 on the Indonesian stock market, with a special focus on PT XYZ. PT XYZ has experienced a significant surge in individual investors, particularly from the younger generation, who are technologically savvy and prefer the stock exchange as an investment method. This paper discusses the critical role of the Market Development Division at PT XYZ in meeting the educational needs of prospective investors and companies planning to list. One significant challenge identified is the knowledge gap within PT XYZ, especially between employees with varying levels of experience, and the absence of a centralized knowledge repository. This gap hinders education for potential investors and listed companies, thereby impacting service quality. In response, PT XYZ acknowledges the need to enhance Knowledge Management (KM) practices and begins developing a tailored knowledge sharing strategy. This strategy aims to bridge the existing knowledge gap and prevent knowledge loss, utilizing the Zack Framework for gap analysis. Qualitative research methods, including semi-structured interviews with 3 experts, were employed in this study. It resulted in a gap analysis between the current state and PT XYZ's necessary knowledge regarding the implementation of knowledge sharing, leading to the recommendation of eight knowledge sharing strategies. [ABSTRACT FROM AUTHOR]

The objective of the research was to identify the behavior of individual investors while making investment decision. Investor psychology has been one of the important factors affecting the stock market. This makes investigation of behavioral biases very important and its role in shaping the investment decisions. This research seeks to find the influence of certain identified behavioral finance concepts (or biases), namely, Overconfidence, Representativeness, Herding, Anchoring, Cognitive Dissonance, Regret Aversion, Mental Accounting, and Hindsight Bias, on the decision-making process of individual investors of Indian Stock Market. Primary data for analysis was gathered by distributing a structured questionnaire among investors of India who were categorized as (i) young, and (ii) experienced. Results obtained through discriminant analysis of sample of 237 respondents, revealed that mental accounting bias was a significant factor that differentiated young and experienced investors behavior while taking investment decision. [ABSTRACT FROM AUTHOR]

This study aims to investigate the impact of trading volume activity and earning quality on stock return volatility, with corporate reputation as a moderating factor, within 175 consumer non-cyclicals companies listed on the Indonesia Stock Exchange (IDX) from 2017 to 2021. Findings indicate that trading volume activity positively influences stock return volatility, while earning quality negatively affects it. Moreover, corporate reputation amplifies the positive relationship between trading volume activity and stock return volatility, and it also enhances the negative relationship between earning quality and stock return volatility. The negative effect of earning quality on stock return volatility is reinforced by corporate reputation. The originality of this study is to add the corporate reputation variable as a moderating variable in moderating the effect of trading volume activity and earning quality on return volatility. This research is expected to be useful for investors when investing in the stock market. Besides that, it is also expected to be useful for companies to be more careful in carrying out the company's operational activities because it will be related to the provision of capital by investors. [ABSTRACT FROM AUTHOR]

Foreign migration flows have important stock market consequences. Foreign-born resident networks within U.S. Metropolitan Statistical Areas (MSAs) are associated with excess return comovement between locally headquartered stocks and American Depositary Receipts (ADRs) from countries with ties to the MSA through the network of foreign-born residents. This comovement is hardly due to correlated fundamentals and at least partially driven by correlated trading within members of a common investor base consisting of foreign-born residents. Our evidence has implications for both investors and foreign multinational corporations (MNCs) seeking to reap benefits from cross-listings and is consistent with the notion that foreign-born residents exhibit both local bias and home (country) bias. [ABSTRACT FROM AUTHOR]

This is reported that corporate governance (CG) is a mechanism which control, manage and direct organizations to meet long-term strategies and sustainability (Njoku, 2017). However, this is reported in previous literature that managers manipulate earnings, which in turn affect the distribution of dividend. Therefore, in this study investigated the effect of the earnings management (EM) on dividend policy (DP) with moderating role of CG. Moreover, also used leverage level, operating profit margin and current ratio as control variables. Panel data analysis techniques are used due to panel nature of the data. For this purpose, selected manufacturing sector listed firms on Pakistan Stock Exchange during 2017-22. Results of this study conclude that EM is insignificantly effect the DP, while independent director (CG indicator) is positively and significantly affected the DP. It shows that firms should hire more independent director in boards to control earnings manipulation practices of management. Finally revealed that independent director does not moderated the relationship between DP and EM. Hence, this is recommended that to strengthen the governance system to attract investors and promote the business in Pakistani market. [ABSTRACT FROM AUTHOR]

Our paper investigates how qualified foreign institutional investors (QFII) impact stock liquidity in the Chinese A-share market using data for 2005 to 2019. Contrary to previous findings, we find that QFII enhance stock liquidity. Specifically, QFII's participation is negatively associated with the individual stock illiquidity and positively related to stock trading volume. Moreover, using a step-by-step procedure, we provide evidence that QFII raises stock liquidity by ameliorating information asymmetry. QFII will attract more market attention and improve firm disclosure quality. We address possible endogeneity with fixed effects and instrumental variables, and our findings are robust to self-selection bias, stock market shocks, and alternative explanatory variables. [ABSTRACT FROM AUTHOR]

The study of macroeconomic forces and the stock market is a dynamic field in finance because investors' interest changes due to their preference for high returns over lower returns and risk-averse investors are always desirous of mitigating risk across emerging economies are playing a pivotal role in the global investment communities. Therefore, this study focuses on various economic indicators that robust business growth. The primary purpose of this study is to evaluate macroeconomic forces' linkages with stock markets by applying a panel data analysis. Data was taken for the period 1999 to 2019 for Asian stock markets. Panel data econometric techniques have been used to analyze the data of the Asian equity market. Studies have taken stock market data from five emerging economies, i.e., Pakistan, China, India, Philippines, and Japan. Panel data results confirm that gross domestic product, interest rates, exchange rate, and money supply positively impact market return. However, correlation results reveal that market return strongly relates to foreign direct investment, interest rate, and money supply. The co-integration result also reveals the presence of a long-run relationship. Further results show that GDP has a leading behavior with market return, and market return has a leading behavior with GDP, CPI, ER, and IPI. [ABSTRACT FROM AUTHOR]

Market‐wide circuit breakers are trading halts aimed at stabilizing the market during dramatic price declines. Using an intertemporal equilibrium model, we show that a circuit breaker significantly alters market dynamics and affects investor welfare. As the market approaches the circuit breaker, price volatility rises drastically, accelerating the chance of triggering the circuit breaker—the so‐called "magnet effect," returns exhibit increasing negative skewness, and trading activity spikes up. Our empirical analysis supports the model's predictions. Circuit breakers can affect overall welfare negatively or positively, depending on the relative significance of investors' trading motives for risk sharing versus irrational speculation. [ABSTRACT FROM AUTHOR]

This article considers whether the pervasive (and sometimes mandatory) adoption of ESG standards for equity investors has resulted in distorting the efficient price-setting function of financial markets in a fashion widely described as a crowded trade. The article begins with describing the popular conception of crowded trades and presents some evidence that forms a logical basis for the belief that ESG strategies may have become crowded. Next, the authors provide a brief review of the related literature on crowding and impart what they assert is a more precise and appropriate definition of crowding. The authors then conduct three distinct empirical tests over the period from the start of 1992 through the end of 2021, from which the presence of crowding can be observed. The results indicate that despite the extraordinary growth of ESG-driven strategies for both institutional and retail investors, there is no compelling evidence that crowding has impacted the efficiency of the asset-pricing mechanism of equity markets. [ABSTRACT FROM AUTHOR]

The world has changed dramatically since Congress promulgated the Securities Act of 1933 and the Securities Exchange Act of 1934--especially in the realm of financial technology. Regulators have struggled to address and close the regulatory lag that exists between financial innovation and regulation. Detecting wrongdoing, understanding market behavior, and learning investor preferences have always been and continue to be challenges in closing this gap. This Article recommends supplementing existing federal securities law with a novel form of market surveillance that I have termed, "regulation by survey," which involves the surveying by regulators of investors for purposes of gaining a deeper understanding of what is occurring within securities markets. The benefits of regulation by survey are plentiful; it improves regulator surveillance and understanding, promotes market confidence, and allows investors to engage in improved decision-making. Although several concerns exist regarding regulation by survey--namely that it detects injuries after they have occurred, depends on investors to provide meaningful information, permits trolling and manipulation, and creates administrative costs--its benefits far outweigh any concerns. This Article contributes to the existing literature in three main ways. First, it proposes "regulation by survey," a unique form of market surveillance that would not have been possible at the time of the passage of the Securities Act of 1933 and the Securities Exchange Act of 1934. Second, it identifies three emerging areas of securities regulation with market transparency and market surveillance concerns--the regulation of robo-advisers, crowdfunding, and virtual worlds--and it suggests that these emerging areas be used as a proving ground for regulation by survey. Third, it discusses the benefits of a novel theory of regulation, i.e., regulation by survey, that can be used widely throughout the realm of securities law and beyond. [ABSTRACT FROM AUTHOR]

Using the investor-herding index (IHRB) and manager-herding index (MHRB), the emergence of investors' and managers' herding behavior at the corporate-level and its potential impact on firm financial performance (FFP) is analyzed in the entire study. The study utilizes the micro-level data of 296 listed firms of Pakistan stock exchange (PSX) from 2013 to 2017. Empirical findings show that the investors' and managers' herding significantly affect FFP. The results are robust under alternative measurements of FFP. This study has a unique contribution to the literature on behavioral finance by addressing the astonishingly overlooked phenomena of firm-level biases and their potential impact on FFP. For prospective investor's decision, the findings are significant in such way that the market index is irrelevant than the firm-level financial evidence. Explicitly, the study concludes that positive herding behavior is elucidated by the bullish trend and inverse herding behavior of investors with respective to firm value leads toward bearish trend of stock market index. The likelihood of market crash may become more stringent in circumstances once managers and investors interactively exhibit negative herding behavior. Thus, the study offers useful policy and strategy implications for the associated stakeholders to the device the policies accordingly. [ABSTRACT FROM AUTHOR]

Theoretical background: High levels of cash holdings allow companies to be financially flexible. Cash holders can react to business opportunities at once, and avoid dependence on external financing. Having cash reserves acts as a protective cushion from possible business shocks. However, cash holdings, like other asset items, incur cost. The direct costs mostly relate to obtaining and servicing of financing. Excessive cash may also induce the agency problem of free cash flow. Information asymmetry, among other factors, influences cost of capital and the efficiency of investor monitoring. Earnings management strategies are related to the informativeness of financial reports, as they can either support or disturb the assessment of company risk and performance. Hence, companies search for tailor-made strategies that usefully trade-off the benefits and costs of cash reserves and earnings quality. Purpose of the article: Earnings management occurs either via intervention in the reporting process using accruals, or changing the structure or the timing of real business transactions. This study aims to assess the differences in accrual and real earnings management strategies between firms with relatively high and low cash reserves. Based on a sample of non-financial companies listed on the Warsaw Stock Exchange in Poland, this research provides evidence on the relationship between the level of cash holdings and earnings quality. Research methods: Earnings management is proxied with annual cross-sectional regressions estimated in non-financial GICS sectors. The Jones and the modified Jones model allow to estimate expected accruals. Using the Roychowdhury approach, normal cash flow from operations, normal production costs, and normal discretionary expenses are estimated. These normal levels are compared with their actual value to proxy for accrual- and real-earnings management. Next, each company was assigned to one of two groups, depending on the level of cash holdings relative to the annual industry medians. Parametric and non-parametric tests were used to test statistical significance. Main findings: The empirical results show statistically significant differences in accrual and real earnings management between companies with relatively high and low cash reserves. Cash holders seem to be more likely to manage earnings via shifting accruals between periods. However, there is no evidence that any of the groups boosted earnings more. Unsigned earnings management proxies suggest lower informativeness of financial reports for companies with cash buffers. Cash holdings were positively related to activities aimed at reducing fixed costs per unit and savings on discretionary expenses. Summing up, this research shows that companies with greater information asymmetry related to poor earnings quality preferred to hold larger cash reserves. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Research in Economics, Politics & Finance / Ekonomi, Politika & Finans Arastirmalari Dergisi is the property of Journal of Research in Economics, Politics & Finance and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Optimal investment in today's competitive market demands well-informed decisions by astute investors within the capital market. These decisions focus on identifying and prioritizing key factors influencing investor decision-making behavior. In this context, the present study is designed to explore the impact of mass media news on the decision-making styles of investors in the Tehran Stock Exchange. These decisionmaking styles include avoidant, dependency, spontaneous, intuitive, and rational approaches and their relationship with investors' level of risk tolerance. This research follows an experimental foundation approach regarding its objectives, nature, and execution methodology. It takes the form of a descriptive survey, with data collection carried out through administering a questionnaire. The questionnaires were distributed among investors selected via random sampling from the statistical population, encompassing all investors with a stock code on the Tehran Stock Exchange. Structural Equation Modeling (SEM) was employed to test the research hypotheses. The findings of this study reveal that mass media news exerts a positive and significant influence on avoidant, dependency, and spontaneous decision-making styles, contingent on the degree of risk tolerance of the investors. In contrast, mass media news does not significantly impact intuitive and rational decision-making styles relative to the investors' level of risk tolerance. [ABSTRACT FROM AUTHOR]

Purpose: Most economic and financial theories are based on the assumption that investors act rationally when making decisions, which is consistent with the theory of rational economic man. Investors typically consider all aspects before making decisions, aiming to choose the most sensible option. However, factors can sometimes lead to irrational behavior and impact decision-making, often due to inefficiencies in financial markets. One of the key roles of capital market supervisory bodies is to control fluctuations, using various tools and laws to do so. The stock exchange organization oversees companies through supervisory mechanisms. The purpose of this research is to examine the mechanisms of holding news conferences, issuing clarification announcements regarding stock price fluctuations, addressing rumors, and suspending trading symbols. Method: The statistical population for this research includes all firms listed on the Tehran Stock Exchange from 2015 to 2022. Data necessary for this study was gathered from the information bank of the Tehran Stock Exchange and Securities Organization (Codal) and Rahvard Novin software. Excel software was utilized for data collection and organization, while SPSS and Eviews were used to test hypotheses and analyze findings. This research follows an event study design, with the t-test being the most commonly used statistical test for such studies. The study focuses on evaluating legal requirements in the capital market by examining transaction volumes, announcements for news conferences, clarification of stock price fluctuations, dispelling of rumors, and trading symbol suspensions. Findings: The results of the research hypotheses test showed that holding a news conference and a clarification announcement about the rumor does not affect investors' decision-making. In addition, the analysis of the research data indicates that the clarification announcement regarding the stock price fluctuation and the clarification announcement regarding the rumor and stoppage of the trading symbol affects the investors' decision-making. Conclusion: Conclusion: One of the most significant factors contributing to the lack of influence of news conferences and clarification notices on investors' decisions is the deficiencies in the information system and the low efficiency of the Tehran Stock Exchange market. Additionally, investors' lack of specialized knowledge plays a role in this phenomenon. Investors in the stock market tend to prioritize information related to the price, yield, and performance of companies' shares over news published by media outlets. To promote investment in stock markets, countries must provide better information to investors. This can be achieved by enhancing the requirements set by stock market monitoring organizations and developing a framework for evaluating policies and procedures with the support of governments. Based on the research findings, it is recommended that the Stock Exchange and Securities Organization, as the regulatory body, and the Stock Exchange and Securities Company, as the executive entity of the capital market, review and revise the rules and regulations governing the market. [ABSTRACT FROM AUTHOR]

Return on Assets (ROA), Current Ratio (CR), Debt to Equity Ratio (DER), and Capital Expenditure to Book Value of Assets (CAPBVA) Investment Decision on Company Value (Tobin's Q) is the purpose of this study. Using the annual financial statements of 35 companies in the Tourism, Hotel, and Restaurant subsector listed on the Indonesia Stock Exchange (IDX) for the five years 2017-2021, this study uses secondary data. Purposive sampling is used for sampling. The panel data regression analysis used in this study was processed using the Eviews 10 program system for data analysis. The results of thisresearch test Return on Assets (ROA) and Debt to Equity Ratio (DER) have a positive and significant effect on Company Value (Tobin's Q), while Capital Expenditure to Book Value of Assets (CAPBVA) investment decisions have a negative and significant effect on Company Value (Tobin's Q) and Current Ratio (CR) do not affect Company Value (Tobin's Q). [ABSTRACT FROM AUTHOR]

Attention and sentiment from investors have been evidenced to significantly impact stock market dynamics, according to various research. For instance, Andrei & Hasler (2013) revealed that there's a positive correlation between investor attention and stock market volatility, suggesting that when investor focus intensifies, market volatility tends to rise correspondingly. On the other hand, Li & Yu (2012) delved into the relationship between psychological benchmarks and the predictability of stock returns, discovering that attention and psychological factors can substantially influence stock prices. Moreover, Baker & Wurgler (2007) examined the connection between investor [ABSTRACT FROM AUTHOR]

This study investigates the volatility spillover between emerging South Asian equity markets and developed U.S. market. Specifically, the study examines the entire sample period and three sub-periods: pre-crisis, crisis, and post-Global Financial Crisis (GFC) periods in the emerging markets of Pakistan, India, and Sri Lanka, as well as the U.S. as developed stock market. The study analyses both unidirectional and bidirectional shock and volatility spillover among the markets to determine the direction of risk transmissions. The analysis utilizes a multivariate GARCH-BEKK model. The results indicate that volatility transmissions increased due to the GFC. Furthermore, the South Asian emerging markets exhibit shock and volatility spillover during the crisis period compared to the pre- and postcrisis periods. Additionally, the patterns of risk transmission were timevarying. These findings support the notion that market volatility increases during turbulent events, such as the Global Financial Crisis. The implications of these results are important for policymakers, investors, and researchers interested in international diversification and market efficiency within the studied markets especially during turbulent periods. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Techniques is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The study aims to test the impact of financial investors' sentiment on the returns of IDX Index (JKSE) stocks in the Indonesia Stock Exchange during the period from 2001-2022 using the autoregressive model conditional on the generalized inhomogeneity of variance (GARCH). The study was based on the monthly data of each of the consumer confidence index, which expresses investor sentiment, and the returns of the (JKSE) index. The results showed that there was a statistically significant positive effect of the changes in investor sentiment on the returns of the (JKSE) index during the study period. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Riset Akuntansi dan Bisnis Airlangga (JRABA) is the property of Universitas Airlangga and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Jurnal Riset Akuntansi dan Bisnis Airlangga (JRABA) is the property of Universitas Airlangga and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this study is to examine the relationship between top management school-ties represented by the CEO (Chief Executive Officer), CFO (Chief Financial Officer), and the Auditor with the Audit Fee. This study uses 627 observations from companies listed on the Indonesia Stock Exchange from 2010 to 2018 and uses the Ordinary Least Square Regression analysis model. This study finds that the combination of school-ties between CFO and Auditor showed a positive relationship with Audit Fee, while the combination of school-ties between CEO and Auditor did not. This study contributes to literature related to the relationship between school-ties and audit fees of public companies in Indonesia. It is also hoped that it can contribute to the implementation of company policies, management, external parties, named regulators, and investors. This study chose school-ties as a part of social-ties to represent the condition of Top company officers and Auditors ties. JEL Classification: H83, M42, G32, G34 [ABSTRACT FROM AUTHOR]

Investors are influenced emotionally when making financial investment decisions. Investing paradigms largely ignore emotions, a phenomenon explored in this study. This study used a survey to examine the relationship between emotional Finance (anxiety, happiness, and optimism), investor protection, and market knowledge and investment performance. Investors in real estate and stocks have provided us with data. We found that market knowledge plays a significant role in ensuring superior investment performance. Anxiety, happiness, and optimism are strong indicators of a higher-order construct of emotional Finance. The findings also showed that emotional Finance is positively associated with investment performance. At the same time, investor protection has been found to have no association with investment performance. Others may investigate additional components of emotions and financial decisions. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of foreign fund' flow on the Indonesian stock index incorporating other variables, namely the international stock market, gold price, foreign exchange rate, and the oil price. GJR-GARCH (1,1) model is used to analyze daily time-series data on IDX, foreign fund flows, the S&P 500, and gold, currency, and oil prices from 2014 to 2019. There is an evidence of leverage effect. It means that there is an asymmetric news impact on the conditional variances. Currency and oil prices are the only variables to have an impact on the Indonesian stock market index, while the rest of the variables do not influence the index. The government may provide infrastructures to attract foreign investors. At the same time, the government has to issue the policy that will protect the economy from stock market shocks. Finally, investors may include gold in their portfolio to diversify their investments. JEL Classification: G120, G10, G40 [ABSTRACT FROM AUTHOR]

Purpose: This study attempts to understand the relationship between financial leverage and financial perofmrance of Tunsian firms. Design/Methodology/Approach: By appling a panel research method for a sample of 30 firms quoted in Tunsiian stock exchange for the period of 2016-2021. Findings: The study found that leverage has a positive impact on ROA but negative impact on ROE. Practical Implications: Financial leverage is important to meet the requirements of firms and increase the investments. Leverage indicates the possible probalbility of growth and the ambitions of the directors. Originality/Value: Financial performance is necessary to ameliorate the management of the firm by increasing the revenues and decrease the expenses. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Research in Economics, Politics & Finance / Ekonomi, Politika & Finans Arastirmalari Dergisi is the property of Journal of Research in Economics, Politics & Finance and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the dynamic world of financial markets, the prediction of stock performance and bitcoin trading is undergoing a significant transformation due to the integration of advanced technologies and novel methodologies. The incorporation of Transformer models alongside Time Embeddings significantly improves the precision of stock market predictions by effectively capturing intricate temporal relationships and mitigating the presence of overly simplistic assumptions. The integration of real-time social media data with sentiment analysis based on BERT provides significant value in understanding investor sentiment. Additionally, the application of language model pre-training, as exemplified by BERT, brings about a transformative impact on text classification for predicting stock prices. Within the domain of cryptocurrency, sophisticated algorithms such as Transformers, Long Short-Term Memory (LSTM), Deep Convolutional LSTM (DC-LSTM), and Neural Networks (NN) have demonstrated enhanced capabilities in predicting price movements. These algorithms are further bolstered by the implementation of a comprehensive trading strategy. Automated systems for bitcoin trading introduce elements of personalization and adaptability to the trading process, thereby facilitating broader access to a diverse group of traders. The progress highlights the significant importance of the integration of technology and methodologies in the field of financial analysis. This integration enables investors and traders to possess the necessary resources for making well-informed choices within the ever-changing landscape of financial markets. [ABSTRACT FROM AUTHOR]

Financial innovation seeks to reduce risk for investors through the creation of new products. Internationally, innovation processes have resulted in better structured financial instruments. These instruments allow people from other countries to invest in shares of companies in developing markets, such as Mexico. This paper analyzes the performance of the returns granted by the iShares MCSI Mexico, an Exchange-Traded Fund (ETF), whose portfolio is made up of forty-four Mexican stocks. It is compared to the performance of the Mexican market through the IPyC and the exchange rate. Using the EGARCH methodology, the ETF was found to be much riskier than the other two instruments over a three-year period, especially during the period when the Mexican economy was shut down due to the pandemic. [ABSTRACT FROM AUTHOR]