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This paper reappraises the global and regional integration for 6 Southeast Asian stock markets. A time‐varying analysis based on Barari (2004) suggests that Malaysia, South Korea and Thailand have shown significant movement towards international financial integration.The estimates based on TARCH model imply significant support for returns and volatility spillover effects from the World as well as regional markets to all the stock markets except Pakistan. The stock market liberalization measures such as First Country Fund, First Depository Receipt, and First Cross Listing appeared to have induced more positive return spillover effects from the World to India, Indonesia and South Korea. These results have policy implication for the international portfolio investors in sense that portfolio diversification advantages are rather less in Malaysia, South Korea compared to India and Pakistan which still provide higher returns through portfolio diversification.

This paper aims to give a brief review on behavioral economics and behavioral finance and discusses some of the previous research on agents' utility functions, applicable risk measures, diversification strategies and portfolio optimization.

The authors also cover related disciplines such as trading rules, contagion and various econometric aspects.

While scholars could first develop theoretical models in behavioral economics and behavioral finance, they subsequently may develop corresponding statistical and econometric models, this finally includes simulation studies to examine whether the estimators or statistics have good power and size. This all helps us to better understand financial and economic decision-making from a descriptive standpoint.

The research paper is original.

Notwithstanding the extensive body of literature, there is still confusion surrounding the concept of “network” since it encompasses a variety of inter‐organisational relationships. By adopting the Mintzberg’s approach on organisational structures and co‐ordination mechnisms, this work proposes a framework for the classification of the main network structures, analysing the interdependency forms and co‐ordination mechanism of each of them. The work provides some illustrative examples of the various network structures and the co‐ordination mechanisms operating on them.

The purpose of this paper is to study correlations between the national real estate investment trusts (REIT) markets in the USA and the four Asia‐Pacific countries of Australia, Hong Kong, Japan and Singapore, and document the extent to which the time variation present in these correlations can be explained from a set of 11 economic and financial factors. Both US dollar and local currency returns are used.

Time‐varying correlations are estimated using a DCC‐GARCH model that allows for asymmetries in both the correlations and volatilities. The correlations are then regressed on a set of four economic and seven financial factors, and tests of statistical significance are conducted in order to discriminate between relevant and irrelevant explanatory variables. The authors estimate a fixed‐effects panel regression as well as individual regressions for each dynamic correlation.

Significant time variation is found in the four REIT correlation series. Panel regressions suggest that REIT correlations rise with increases in the interaction of national inflation rates and with higher global equity market uncertainty. It is also found that REIT correlations fall with increases in the US default risk premium and global equity market volume. Relaxing the structure imposed by the panel data model, individual regressions confirm most of the results, although there are some exceptions. It is also found that there are no substantial differences in the dynamics of the correlation coefficients when switching from the US dollar to local currency denominated returns.

Investors in real estate securities across national markets should take into account information about the credit spread, the volatility and volume of global equity markets, and inflation rates when modeling correlations. These variables may alert the investors to the possibility that, under a set of circumstances, investing in real estate across different markets may not provide the expected diversification benefits. Another implication relates to the impact of currency hedging. It appears that the impact of switching from US dollar to local currency denominated returns does not substantially change the time dynamics of the correlations, or the importance of explanatory variables.

Although considerable progress has been made in modelling time‐varying correlations between various REIT markets, to the authors' knowledge, this is one of the first papers to investigate the underlying causes of the co‐movement, especially between the US and Asia‐Pacific markets. The paper's results will help investors and risk managers make better choices by identifying those factors that have more systematic effects on the change in the REIT correlations, rather than more transient forces.

The focus of this article is a cross‐national comparison of the role the study of marketing theory should play in the marketing education process. This study also examines whether the status of marketing theory differs from marketing academicians in the United States, Europe, and the Pacific Basin.

This paper aims to illustrate how the climate change‐vulnerability‐risk model (CCVRM) can be used to analyze the changes in system vulnerabilities and risks, as a result of implementing a community‐based early warning system (EWS).

The CCVRM is used to examine the community‐based EWS being implemented in the municipalities of Infanta and General Nakar in Quezon Province, Philippines. The levels of vulnerabilities and risks of the two localities are assessed through qualitative analysis using the CCVRM as framework. The model is also used to analyze the effects of the EWS in addressing the localities' vulnerabilities and risks.

Technological and institutional vulnerabilities of the Infanta and General Nakar systems have lessened when the EWS project was implemented. Technological and institutional vulnerabilities have direct correlations with mortality risk; thus, when the levels of the former decrease, so does the latter. Although the reduced technological and institutional vulnerabilities have an effect on the other type of risks present in the municipalities, the effects were not as significant as that of with mortality risk.

Due to limited time and resources, only one adaptation program is analyzed, specifically, the community‐based EWS being implemented in the municipalities of Infanta and General Nakar, Philippines. An integrated analysis of different measures is not done. Although investigating a multi‐adaptation program is possible, this would require more time and resources to implement. Likewise, only a simple evaluation based on model definitions is conducted, instead of a more extensive risk and vulnerability assessment.

The CCVRM acts as an analytical guide in understanding the effects of climate change adaptive measures. Accordingly, this paper investigates the effects of an implemented adaptive measure. The study also shows how the CCVRM can be used to analyze planned measures and identify the types of risks and vulnerabilities that this type of adaptive measure can influence.

This study explores whether product market competition is a substitute for or complementary to good internal governance through promoter holdings. Specifically, it examines the impact of product market competition on the linkage between promoter ownership and firm value and investigates whether this impact varies with the type of blockholders and level of ownership.

The authors used a fixed-effect panel regression method to analyze 1,136 National Stock Exchange-listed firms with 10,770 observations between the years 2005 and 2017. The authors computed product market competition using the Hirschman–Herfindahl Index and used the two-stage least squares regression model to address the issue of endogeneity.

Competition is a substitute for good corporate governance, especially in highly competitive industries, while promoters enhance firm value only in less competitive industries. This supports the theory that competition hinders a manager's “quiet life” hypothesis and creates disciplinary pressure to perform well. Additionally, the authors find that competition acts as a complement to promoters who are state-owned blockholders, while it acts as a substitute for promoters who are family-owned and private-owned blockholders.

This is possibly among the earliest attempts to integrate promoter ownership, product market competition, and firm value with the type of blockholder, especially in the context of the Indian market after 2005. The authors also provide evidence of situations in which both external and internal governance mechanisms either synergize or mitigate each other.

The purpose of this paper is to indicate the existence of certain time series characteristics in daily stock returns of four small Asian (Pacific basin) financial markets. It aims to study efficient capital markets (efficient markets hypothesis (EMH)) as results may infer that there are predictable properties of the time series of prices of traded securities on organized markets in Singapore, Malaysia, Korea and Indonesia.

The paper analyses daily variations in financial market data obtained from the Sandra Ann Morsilli Pacific‐basin Capital Markets Research Center (PACAP).

The weak form efficiency test example examines the wide range of trading rules available to common investors. Some theorists try to convince everyone that the weak form of EMH is acceptable due to the weight of academic opinion. The paper finds that for short‐term (daily) changes, the markets of four of the smaller Pacific‐basin stock markets have predictable properties, which leads to the conclusion that the weak‐form EMH does not hold for these markets.

The study is limited to those firms and exchanges studied and the time period covered.

There have been all too few studies of these small financial markets up to now and there is no other study utilizing these data on the Pacific basin (Asia). The results are unique and original.

The purpose of this paper is to investigate the return performance of a portfolio of US “vice stocks,” firms that manufacture and sell products such as alcohol, tobacco, gaming services, national defense and firearms, adult entertainment, and payday lenders.

Using daily return data from a portfolio of vice stocks over the period 1987-2016, the author computes the Jensen’s α (capital asset pricing model (CAPM)), Fama-French Three-Factor, Carhart Four-Factor, and Fama-French Five-Factor results for the complete portfolio, and each vice industry individually.

The results from the CAPM, Fama-French Three-Factor Model, and the Carhart Four-Factor Model show a positive and significant α for the vice portfolio throughout the sample period. However, the α’s significance disappears with the addition of the explanatory variables from the Fama-French Five-Factor Model.

The author provides academics and practitioners with results from a new model. As of this writing, the author is unaware of any articles published in peer-reviewed academic journals that investigate vice stocks within the framework of the Fama-French Five-Factor Model (2015). First, the existing literature does not shed light on the relationship between “profitability” and “aggressiveness” (the fourth and fifth factors of the Fama-French Model) and vice stock returns. Second, within the framework of the Fama-French Five-Factor Model, the author shows results not only from a portfolio of vice stocks, but from various vice industries as well.

Vector‐autoregression (VAR), integration, and cointegration models are used to investigate the causal relations, dynamic interaction, and a common trend between interest rates and inflation in nine countries in the Pacific‐Basin. This paper finds that for all countries, short‐ and long‐term interest rates and the spread between the long‐term interest rates and inflation are non‐stationary I (1) processes. The nominal interest rates and inflation are not co‐integrated. In addition to this study’s inability to find a unidirectional causality between inflation and interest rates, when the VAR model is used, it also fails to find a consistent positive response either of inflation to shocks in interest rates or of interest rates to shocks in inflation in most of the countries studied. The VAR model results are consistent with the cointegration tests’ results, that is, nominal interest rates are poor predictors for future inflation in the Pacific‐Basin countries.