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The purpose of this paper is to examine the nature and extent of instability of capital asset pricing model (CAPM) beta in a small emerging capital market.

Inter‐period as well as intra beta instability are examined. Inter‐period instability is examined by Mann‐Whitney z‐scores and Blume's regressions. Intra‐period beta instability is examined using Bruesch‐Pagan LM test and Chow break point test. Robustness tests are performed applying time‐varying parameter models.

Beta instability increases with increase in holding (sample) periods. There is evidence of inter‐period as well as intra‐period beta instability. Analysis of the full eight‐year interval reveals a very high incidence of beta instability, namely, about 26 per cent of the individual stocks tested and about 31 per cent of individual stocks have structural break. The extent of beta instability does not significantly decline when corrected for non‐synchronous trading and thin trading as represented by Dimson beta. However, the extent of beta instability is similar to that of developed market. Time‐varying parameter model under Kalman filter approach using AR(1) specification performs better than any other models in terms of in‐sample forecast errors. Dominance of AR(1) approach suggests that stock betas in DSE are time varying, and shocks to the conditional beta have some degree of persistence which ultimately reverts to a mean. This result is in contrast to the findings of Faff et al. revealing the dominance of Random Walk specification in Australian market, suggesting that shocks to stock beta in Australian market persist indefinitely into the future. These contrasting findings may indicate that beta instability in different markets and for different stocks in the same market are of different nature and different models may be suitable for different markets and different stocks in the same market in capturing the time‐varying nature of beta coefficients.

This study covers only 110 stocks of Dhaka Stock Exchange. It can be extended to include more stocks. The study can also be done in other developing markets.

While the issues of beta instability have been extensively explored for developed markets, evidence for emerging markets is less readily available. The present study contributes to the emerging market literature on beta instability by investigating the extent of beta instability and its time‐varying properties in Dhaka Stock Exchange (DSE), Bangladesh. Understanding the systematic risk behaviour of individual stocks in DSE is important for both local and international investors. With the saturation of investment opportunities in developed markets due to their high integration, and with the enhanced deregulation and liberalization of emerging economies, emerging financial markets like DSE provide suitable and a relatively safe investment environment for international investors and fund managers seeking global diversification for better risk‐return trade‐offs. When most of the world markets declined during the recent global financial crisis, stock prices in DSE experienced a continuous rise. This makes it more interesting as an emerging market to study beta instability.

Determining the impact of behavioral influences on the stock market has significant implications for investment analysis and portfolio management. Behavioral biases are parameters that need to be considered in investment decision-making. The purpose of this study is to inform Bangladeshi investors about behavioral biases that they may encounter when making investment decisions in the prevailing frontier environment.

Through the chi-square test, one-way ANOVA, paired-samples t-test and descriptive analysis based on the facts collected from 281 respondents of the Dhaka Stock Exchange (DSE), the study has found that individual investors of Bangladesh often make investment decisions emotionally rather than based on theories.

The result shows that risk aversion and risk perception are the two most influential emotional dimensions that impact investors' decisions. The findings are consistent with the other researchers and highlight the fact that investors hardly act according to the norms recommended in the financial theories.

The findings are grounded on a small portion of investors at DSE on some particular days, which is not sufficient to study individual investors' entire complex decision-making behavior from various angles. Many respondents were reluctant and even confused to disclose their behavioral aspects. These, along with biased and careless answers, may impede the identification of the actual scenario of the behavioral responses in decision-making that demand further study.

The novelty of this study is unique in that it examined investors of the DSE, who are considered to be a representative in a frontier market like Bangladesh. Since this market is not very resilient, small investors need to be aware of the biases of behavioral factors to survive.

The purpose of this study is to examine the individual and combined effect of managerial ownership and external audit quality, as two control mechanisms, on earnings management.

This study applies ordinary least squares estimates on fixed-time effects panel regression model to test the impact of the investigated variables on earnings management for the whole population of banks and insurance companies listed at Damascus Securities Exchange (DSE) during the period from 2011 to 2018.

The empirical evidence suggests a negative non-linear relationship between managerial ownership (as proxied by board of directors’ ownership) on earnings management. However, neither audit quality nor the simultaneous effect of the managerial ownership and audit quality (Big 4) affects earnings management.

DSE is dominated by the financial sector and the number of observations is constrained by the recent establishment of DSE and the small number of firms listed at DSE. In addition, the non-availability of data on executive directors’ and foreign ownerships restrict our ability to uncover the impact of different dimensions of ownership structure on earnings management.

First, it stimulates investors to purchase stocks in financial firms that enjoy both high managerial ownership, as they seem enjoying higher earnings quality. Second, the findings encourage external auditors to consider the ownership structure when choosing their clients as the financial statements’ quality is affected by this structure. Third, researchers may need to consider the role of managerial ownership when analyzing the determinants of earnings management.

It fills the gap in the literature, as it investigates the impact of both managerial ownership and audit quality on earnings management in a special conflict context and in an unexplored emerging market of DSE. It suggests that managerial ownership exerts a significant role in controlling earnings management practices when loose regulatory environment combines conflict conditions. However, external audit quality fails to counter earnings management practices when conditions are fierce.

The purpose of this paper is to examine the process of collective leadership in emergency management organisations. More specifically, the authors investigate the conditions that enable or prevent collective leadership amongst key actors in the emergency management network in bushfire investigations. We also examine how chief investigators facilitate the conditions to effectively distribute leadership and the role of social networks within this process.

A qualitative case study approach was undertaken, and 18 semi-structured interviews were carried out with chief investigators, 6 at each of three agencies in Australia. A framework for understanding collective leadership (Friedrich et al., 2016) was used to examine key leadership constructs, baseline leadership and outcomes relative to bushfire investigations.

Findings demonstrate that there is no evidence of collective leadership at the network level of bushfire investigations. There is mixed evidence of collective leadership within bushfire investigation departments, with the Arson Squad being the only government agency to engage in collective leadership. The authors found evidence that government bureaucracy and mandated protocols inhibited the ability of formal leaders to distribute leadership, gauge a clear understanding of the level of skill and expertise amongst chief investigators and poor communication that inhibited knowledge of investigations.

The study was limited to three bushfire investigative agencies. A future study will be carried out with other stakeholders, such as fire investigators and firefighters in the field.

For the government, emergency management agencies and other stakeholders, a key enabler of collective leadership within the emergency management network is the presence of a formal leader within a network. That leader has the authority and political ability to distribute leadership to other experts.

The paper contributes to developing a better understanding of the efficacy and challenges associated with the application of collective leadership theory in a complex government bureaucracy. There are positive implications for the safety of firefighters, the protection of the broader community, their properties and livestock.

The authors address the lack of literature on effective leadership processes amongst emergency management agencies. The paper contributes to extending collective leadership theory by unpacking the processes through which leadership is distributed to team members and the role of institutions (i.e. fire investigation bureaucracy) on social networks within this integrative process. The authors provide new insights into the practice of collective leadership in complex bureaucratic organisations.

Studying abroad is not new for Hong Kong students, especially those from the middle class. For a variety of reasons, traversing to Mainland universities has been an unconventional path confined mostly to students who pursued specific programs, or had family or social ties. Beginning in 2012, an admission scheme was launched for Hong Kong students applying to Mainland universities. The purpose of this paper is to review the admission scheme.

This paper draws on both quantitative and qualitative data sources. It includes statistics from official records of students’ application and enrollment figures, and documents obtained from multiple sources, as well as qualitative data through interviews of Hong Kong students who are studying in the Mainland universities.

The key findings are that since the implementation of the admission scheme, the number of applicants is rather stable irrespective of the changing socio-economic and political context. With the preferential treatment for Hong Kong students, low tuition fees, government financial assistance and scholarships, most students still consider studying in the Mainland a backup plan rather than a first choice. The academic performance of the students and academic/career aspirations have influenced their choice and decisions.

This paper contributes through providing both primary and secondary data to help understand the level of acceptance on the scheme since its implementation. It also reveals the perceptions of the students who have made their choice to study cross the border. In facing the emergent economic, socio-cultural and political challenges, some policies recommendations are proposed to boost the acceptance of the scheme. Moreover, it fills the research gap on student mobility from Hong Kong to Mainland China in the corpus of literature.

Even though social media are nowadays used in the frame of public governance to ensure citizens’ major participation, enhance e-dialogue and e-democracy consequently, this utilization has not been expanded yet in the field of education, whose key role focuses on the cultivation of active citizenship, as it is promoted through participation. The purpose of this paper is to examine leadership’s views of Greek Secondary and Tertiary Education on the potential use of social media for participatory decision-making processes in order to identify if the e-participation model could be implemented in the Greek education field as in other public domains.

An exploratory research was elaborated, employing a survey design of quantitative method in order to explore Greek educational organizations leadership’s perspectives toward social media usage in participatory decision-making processes.

The research reveals Greek educational leadership’s positive view on the potential effects of social media usage in participatory decision-making processes and highlights anticipated benefits as well as problems to be faced, indicating the foundation for Greek leaders to implement social media in their leadership practices and exploit their affordances as in e-governance shifts.

Bringing the concept of e-participation and crowd sourcing model – key features in e-governance initiatives through social media usage – in education field, Greek educational leadership is informed to consider social media utilization more methodically in the context of participatory decision-making processes, updating simultaneously existing leadership practices.

Up till now, social media usage in participatory decision-making processes in educational settings has hardly received attention.

This study investigates the ex-dividend day stock prices of the firms listed on the Dhaka Stock Exchange (DSE) where the tax rate is higher on dividends than on capital gains. The results help to explain what impact taxes have on the ex-day stock prices behavior in an emerging market.

To examine the tax effect on the ex-day stock prices behavior, this study considers after-tax dividends and computes the raw price ratio, market-adjusted price ratio, raw price drop, market-adjusted price drop. The market-adjusted ex-dividend day abnormal returns and relative trading volume are also examined to determine the direction of investor trading around the ex-day.

The main hypotheses examine whether the mean (median) differs from its theoretical value by using a t-test and nonparametric sign-rank test. The findings suggest that the drop of stock prices on the ex-day on the DSE is not due to taxes or transaction costs but to valuation assumptions made by investors in determining the equilibrium stock price.

Findings of this study will be useful for investors and traders in their valuation assumption to trade around the ex-dividend day.

Market participant’s preference of dividends, and exempted tax and its ultimate contribution to the equity value explain the ex-day stock prices behavior in the Dhaka Stock Exchange.

Planning for transition to a new educational setting, such as changing grades or moving from primary to high school, is important for all students but particularly for those who may require additional support for their individual needs. Research shows that transition planning and implementation for students with disability are best supported through collaboration and information sharing among all stakeholders. In Australia, the Disability Standards for Education (DSE) (2005) mandate consultation between education providers, students with disability, and their carers as part of the process of enrollment so that reasonable adjustments to support a student's progress can be identified and implemented. This chapter reports on two innovative approaches to the organization of transition and support systems for students with disability. The findings reveal that effective transition “doesn't just happen” and that school leaders need to establish effective mechanisms for consultation and collaboration.

This chapter grapples with the relationship between dis/ability and narrative inquiry through the authors’ personal stories that push back at the cultural-historical, policy, and professional master narratives of dis/ability in order to contribute to efforts that theorize critical emotion praxis. We ask: what is the relationship between dis/ability and narrative inquiry? What are the lived experiences of those living within a variety of intersectional and emotional dis/ability narratives that resist and navigate the cultural-historical, policy, and professional master narratives of dis/ability at the intersections?

We use a Disability Studies in Education (DSE) paradigm to construct a collective autoethnography that challenges socially circulating cultural narratives of disability.

Our individual and collaborative narratives illuminate: (1) how master narratives impact self, (2) the ways that dis/abled women of color elevate human dignity and spiritual practices in ways that subvert and speak-back to master narratives, (3) the emotional impact of Learning Disability labeling, (4) forms of epistemic and personal experiences at various institutions of higher education, and (5) the liberatory practices manifest from co-created narratives with DSE students concerning disability identity within higher education.

This collaboration contributes to efforts that theorize critical emotion praxis with diverse positionalities of DSE scholars, teacher educators, and professionals within educational contexts. The chapter also suggests ways in which construction of collaborative narratives of resistance can point to paths for positive organizational change.

In this study, the authors evaluate seven calendar anomalies’–the day of the week, weekend, the month of the year, January, the turn of the month (TOM), Ramadan and Eid festivals–effects in both the conventional and Islamic stock indices of Bangladesh. Also, the authors examine whether these anomalies differ between the two indices.

The authors select the Dhaka Stock Exchange (DSE) Broad Index (DSEX) and the DSEX Shariah Index (DSES) of the DSE as representatives of the conventional and Islamic stock indices respectively. To carry out the investigation, the authors employ the generalized autoregressive conditional heteroskedasticity (GARCH) typed models from January 25, 2011, to March 25, 2020.

The study’s results indicate the presence of all these calendar anomalies in either conventional or Islamic indices or both, except for the Ramadan effect. Some significant differences in the anomalies between the two indices (excluding the Ramadan effect) are detected in both return and volatility, with the differences being somewhat more pronounced in volatility. The existence of these calendar anomalies argues against the efficient market hypothesis of the stock markets of Bangladesh.

The study’s results can benefit investors and portfolio managers to comprehend different market anomalies and make investment strategies to beat the market for abnormal gains. Foreign investors can also be benefited from cross-border diversifications with DSE.

To the authors’ knowledge, first the calendar anomalies in the context of both conventional and Islamic stock indices for comparison purposes are evaluated, which is the novel contribution of this study. Unlike previous studies, the authors have explored seven calendar anomalies in the Bangladesh stock market's context with different indices and data sets. Importantly, no study in Bangladesh has analyzed calendar anomalies as comprehensively as the authors’.