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This study aims to find the response by stock market against the announcements of quarterly earnings is empirically tested by exploiting event study methodology. Efficient market hypothesis (EMH) on Saudi stock exchange is also tried on.

The market model is applied to help gauge the expected returns and to illustrate abnormal returns around the event date.

The results established that Saudi Stock Market does not bear semi-strong form of EMH. How efficient is the Saudi market is also reflected through evidence of significant abnormal returns and post-earnings announcement drift around earning announcements dates.

The authors have not used analysts’ forecast as the expected earnings which are the limitation. As mentioned earlier, the authors used the quarterly earnings of the previous year as a proxy and that proxy could have been replaced by analysts’ forecast. Another limitation is that the trading volume in the event window is not considered.

The behavior of Saudi capital market is of much concern, and the study of this with a perspective of EMH is the significance of this paper.

All stakeholders closely watch earnings announcements and its share price movement around the announcement date. Recently, Saudi Arabia has opened its doors to foreign investors, and big foreign investors are going to enter into Saudi capital market, and after their entry, the behavior of market could be different. In the authors’ opinion, this is the right time to study the efficiency of Saudi market before the entry of foreign investors.

This study is based on the gap created by EMH of Saudi market using event methodology, observed in the existing literature, and it will be a contribution to literature.

The purpose of this study was to examine the latent part of geographic information systems in inclusive sustainable rural tourism, community-based natural resource management (CBNRM) and community development and empowerment in Southern Africa, Africa generally and many rural areas elsewhere worldwide.

The viewpoint utilizes literature and document reviews to assess African and worldwide agricultural, environmental and tourism resources management scenarios. It thus liaises with CBNRM and geographic information systems in sustainable tourism and local community development applications.

This review viewpoint uncovers a better potential synergetic relationship between tourism and rural (agricultural) activities that geographic information systems along a concept of CBNRM can amplify. Hence, it has poised a need for a decent and integrated tourism strategy to develop and empower the pertinent communities in many rural and marginalized areas within the continent.

Many rural communities in Southern Africa and Africa broadly dwell in low-income areas. Such milieus are rich in natural biodiversity, including tourism destination areas. Geographic information systems, sustainable tourism and CBNRM can form a gestalt of local community development projects within their environs.