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The purpose of this paper is to assess the sources of Dubai Financial Market Index volatility shocks if they are from its own or previous shocks on the one hand, or if they are out board shocks (FSTE and S&P500) on the other.

A daily time series data were collected over the period 1st January 2014-31st December 2015 and the generalized autoregressive conditional heteroskedasticity (GARCH) methodology was implemented.

Empirically, the authors find that the current volatility of Dubai Financial Market Index is largely dependent on its own shocks and part of the external shock; in particular, S&P500. However, other external volatility (FSTE) cannot contribute to this volatility. Furthermore, our findings indicate that Abu Dhabi stock Exchange (APX) affects Dubai Financial Market Index.

These results conclude that Securities Regulation Department in the federal state of United Arab Emirates had captured the effect of outside shocks from the UK only, but not from USA; this is basically due to the strong ties between the two countries. Accordingly, UAE investors seek capital outside their home country within a climate of increasing overseas’ investment options in the UK. More transparency of transactions via information technology will increase the efficiency of Dubai Financial Market.

To the best of the knowledge, this is the first work that shows the external and internal sources of volatility shocks at once; previous studies have focused almost exclusively on one type of shocks. To investigate DFM volatility shocks, the authors employed GARCH methodology; this method is an advanced econometric method and is often a preferred method to depict actual effects because it provides a more real-world context than other forms when trying to predict volatility shocks of financial instruments.

This paper aims to trace the process of setting up and developing the higher accounting education curriculum in Tunisian public institutions, stressing the period 1956–1981. Further, this study intends to highlight specificities of the Tunisian context during this period, focusing on the main roles of the Tunisian State and some key actors.

This study is based on a historical approach. Two complementary methodologies were used, mainly, documentary study and semi-directive interviews with key actors heavily involved in higher education. The critical accounting framework and Foucault’s power-knowledge relationship were mobilized to this end.

The paper provides a general overview of higher accounting education in the Tunisian context, focusing on three specific periods. First, in the post-independence period (1956–1960), higher accounting education was a very underdeveloped French heritage. Second, during the 1960s, the Tunisian State focused on institutional and structural measures to set up the initial foundation. Those measures were impacted by the Tunisian socialist economic system, the development of capital human and the cultural French influence, at once. Third, the 1970s were essentially marked by the role of university-scholars and professional-accountants to set up a higher accounting curriculum. The market-oriented economy and the higher social equity are assumed to influence the above-mentioned setting-up. The culmination of this extending process was the unification and publication of the first official program of accounting studies, at the start of 1981.

To the best of the authors’ knowledge, this study is the first attempt to trace the process of setting up and developing of higher accounting education curriculum in Tunisia. This study contributes to a better understanding of this process, shedding some light on the specificities of the Tunisian context during the period 1956 to 1981.

Despite the increasing demand for an effective XML document repository, many are still reluctant to store XML documents in their natural tree form. One main reason is the inadequacy of XML query languages to update the tree‐form XML documents. Even though some of the languages have supported minimum update facilities, they do not concern on preserving the documents constraints. The results are updated documents with very low database integrity. In this paper, we propose a methodology to accommodate XML Update without violating the conceptual constraints of the documents. The method takes form as a set of functions that perform checking mechanisms before update operations. In this paper we discuss the conceptual constraints embedded in three different relationship structures: association, aggregation and inheritance relationship. We highlight four constraints related with association relationship (nuber of participants, referential integrity, cardinality, and adhesion), five constraints related with aggregation relationship (cardinality, adhesion, ordering, homogeneity and share‐ability) and two constraints related to inheritance relationship (disjoint and number of super‐class). In addition, a specific constraint, which is collection type of children, will also be discussed. The proposed method can be implemented in different ways, for example in this paper we use XQuery language. Since the XML update requires schema, in this paper we also propose the mapping of the these constraints in the conceptual level to the XML Schema. We use XML Schema for structure validation, even though the algorithm can be used by any schema languages.

This paper aims to investigate the development of logistics and supply chain education through conducting comparative study between high diploma and associate degree. This study will critically review the added value of sub-degree courses of professional education. What exactly drives sub-degree students to enroll for a high diploma and associate degree program in maritime logistics and supply chain studies? How do they select to enroll such programs? Do such programs foster the students to equip in the professions? What do they look for obtaining professional status afterwards?

To address the stated queries, this study will analyze students’ evaluation of the effectiveness of sub-degree education and their motivation on enrolling these courses through a questionnaire survey.

In the context of higher education, sub-degrees of professional studies experienced tremendous growth in recent decades. Many academic institutions have recorded an upward trend in providing professional education on subjects that traditionally focused on apprentice-style, non-academic learning approach. However, the reasons behind the steady growth of the demand of sub-degree level of professional education have been under-researched.

This research is based on Hong Kong data only.

The paper not only increases the scope and depth of research area in logistics and supply chain education but also contributes theoretically to the understanding on the curriculum of sub-degree logistics and supply chain programs.

This study aims at exploring the nexus between herding behavior and the spillover effect in G7 and BRICS stock markets.

The authors used the dynamic connectedness approach TVP-VAR model of Antonakakis et al. (2019) to capture the spillovers across different markets. Moreover, to explore herding behavior, the authors used a modified version of the CSAD measure of Chang et al. (2000) including extreme market movements. Finally, to study the link between these two phenomena, the authors estimated a DCC-GARCH model.

The results show that herding behavior exists in the American market and some BRICS markets. Furthermore, spillover between G7 and BRICS increases in times of crisis. Moreover, the authors find a dynamic conditional correlation between herding behavior and spillovers both in the short and long run. The authors conclude that in times of crisis, the transmission of shocks between markets is more frequent, fuelling uncertainty and pushing investors to suppress their own beliefs and follow the general market trends.

This paper uses the TVP-VAR model to explore the spillover effect and the DCC-GARCH model to explore the connectedness between herding behavior and the spillover effect in G7 and BRICS countries in both the short and long run.

Since we have seen in the previous chapter that only small part of the shareholder rights is harmonized at the European level, we explore the national regulations in this and the subsequent chapter. In this chapter, we focus in particular on procedural and information rights, including the organization of the meeting, forum rights and the disclosure of ownership information. We find that, inter alia, there are many differences in the national provisions regarding shareholder forum rights, despite article 9 of the Shareholder Rights Directive that provides shareholders with the right to ask questions. Also in the meeting’s organization there are large differences between countries, for example, regarding the use of EGMs.

Purpose: This chapter considers whether it would be beneficial, and appropriate based on the application of equality law to date, for the UK government to mandate gender equality objectives set by the United Nations as requirements in initiatives aimed at stimulating the economy, specifically the Northern Powerhouse. It considers the success of the Northern Powerhouse and its impact on females in the region.

Method: The data used as a basis for analysis in this chapter were obtained through secondary research. A mixture of quantitative and qualitative data is used, with a heavy weighting towards quantitative information.

Findings: Gender inequality remains a significant issue for females in the United Kingdom. The UK government have implemented the requirements of Convention on the Elimination of all Forms of Discrimination Against Women (CEDAW) through a non-prescriptive framework, resulting in specific industries and businesses lobbying for further development. Gender equality was not a specific consideration in the launch of the Northern Powerhouse, leading to challenges in its implementation.

Originality: There has been significant research undertaken on gender inequality in the United Kingdom, however, this chapter is the first to explore the relationship between the requirements of CEDAW and the government initiative, the Northern Powerhouse.

This paper aims to assess, from an empirical perspective, the research question if public media reports which relate concrete banks to concrete allegations of money laundering have an adverse impact on banks stock prices and what are the drivers of such impact?

The paper makes use of event study methodology and uses the constant mean and the market model. The event window is calibrated towards a five-day window, and the estimation window has a length of 90 days, in line with best academic practices. Drivers are identified by correlation analysis. and the market model uses ordinary least squares regression.

The application of event study methodologies yields the results that stock prices of affected banks generate, at the date of the news appearance, statistically significant negative abnormal returns under both the market model and the constant mean model. As negative abnormal returns have been mainly found at the date of the event itself, the findings confirm that the impacts of money laundering may be severe but short natured. In addition, the paper finds that the identified negative abnormal returns may be driven by the banks’ size in terms of total assets, by the bank’s profitability in terms of return on assets and by the bank’s sustainability risk.

The findings have implications in terms of banking and supervisory practices. In specific, the findings help to argue that banking consolidation is needed to lower the impacts of AML cases, as stock prices of larger banks show less sensitivity. In addition, the findings could be used to determine financial sanctions against banks violating AML regulation. Finally, the findings imply that AML news can have severe and fast-moving financial stability considerations and are, therefore, important in crisis situations.

As there appears to be no substantial research that applies event study methodology to the money laundering context, the combination of research question and methodology has an innovative character. In addition, there is no clear literature on media and money laundering.

This paper examines the effect of ESG ratings and its dimensions (environmental, social and governance) on the financial performance of JSE-listed firms included in FTSE/JSE Responsible Investment Index.

The paper employs panel data covering 40 JSE-listed firms included in FTSE/JSE Responsible Investment Index between 2015 and 2019. The paper employs the two-stage least squares (2SLS) instrumental variable regression technique to estimate the effect of ESG ratings and its dimensions (environmental, social and governance) on both accounting- and market-based performance indicators.

The results of the two-stage least squares instrumental estimation analysis reveal that investment in ESG initiatives improves both accounting- and market-based indicators of financial performance. Of the ESG pillars, the paper finds environmental initiatives improves firms' financial bottom line and market performance, while a firm's social and governance practices are observed to have no effect on a firm's accounting and market performance measures.

The insights from this study proffers policy implications for firms' management, investors and regulatory authorities.

As far as the authors are concerned, this paper presents the first empirical analysis on the contribution of ESG ratings on financial performance in South Africa.

Islamic finance and socially responsible investing (SRI) have been two of the most rapidly growing areas of finance over the last two decades. During this period, they have each grown at rates that far exceed that of the financial markets as a whole. The purpose of this paper is to find similarities and commonalities of both markets and identifies how both could benefit from each other.

The paper takes a comparative approach in comparing and contrasting two markets. The paper reviews the progress and driving forces in both markets and makes policy recommendations.

Islamic finance has grown at a very impressive rate over the last two decades, but the Islamic fixed income market remains under‐developed. SRI has become an increasingly common investment strategy during that same time period, but there is still insufficient supply of SRI fixed income instruments. The convergence of these two facts creates the opportunity for a fixed income product to be developed that could appeal to both SRI and Shariah (Islamic Law) compliant investors, and thereby serve as a bridge between the Islamic and conventional financial markets. The paper believes the product that could play this role is Sukuk for which the proceeds are used to fund economic development.

The paper takes a view from a financial expert's point of view which could be different from the scholars of Islamic legal system.

The paper provides an innovative view to two different markets and suggests that there are commonalities which need to be exploited for the benefit of both markets.

This is probably the first known attempt to related SRI financing to Islamic financing particularly Islamic capital markets.