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This paper aims to understand the effect of a change in Economic Policy Uncertainty (EPU) of India and the USA on investors' sentiment in the Indian context, consisting of Sensex returns and volatility index (Vix).

The authors employ bounds testing approach to cointegration to capture the short-and long-run effects of EPU on investors' sentiment, along with impulse response functions and variance decompositions to check the effect of a shock on Sensex and Vix.

The study concludes the existence of a cointegrating relationship for both models, that is, Vix and Sensex. In the long-run, changes in EPU_India affect Vix and Sensex positively and negatively, respectively. On the other hand, EPU_USA affects Vix and Sensex positively. Furthermore, Gregory and Hansen (1996) cointegration with endogenous structural break reveals a long-run cointegrating relationship for both models.

The effect of EPUs on investors' sentiment reveals that when there is an uncertain event that adversely affects the stock prices, investors should not make haste to take a decision as the impact on stock prices perturbation might be temporary. Therefore, one should persevere for the dip in prices to hit the desired target.

Various studies look at the effect of cross-country EPU on the home country, However, there is no such study in the Indian context. The present study examines the impact of India's EPU on investors' sentiments after controlling the USA's EPU, one of India's largest trading partners and a key determinant of global economic policy.

Over the last decade, investments in green energy companies have witnessed noticeable growth rates. However, the glacial pace of the world economic restoration due to COVID-19 pandemic placed a high degree of uncertainty over this market. Therefore, this study investigates the short- and long-term relationships between COVID-19 new cases and WilderHill New Energy Global Innovation Index (NEX) using daily data over the period from January 23, 2020 to February 1, 2023.

The authors utilize an autoregressive distributed lag bounds testing estimation technique.

The results show a significant positive impact of COVID-19 new cases on the returns of NEX index in the short run, whereas it has a significant negative impact in the long run. It is also found that the S&P Global Clean Energy Index has a significant positive impact on the returns of NEX index. Although oil has an influential effect on stock returns, the results show insignificant impact.

Governments have the chance to flip this trend by including investment in green energy in their economic growth stimulation policies. Governments should highlight the fundamental advantages of investing in this type of energy such as creating job vacancies while reducing emissions and promoting innovation.

First, as far as the authors are aware, the authors are the first to examine the effect of oil prices on clean energy stocks during COVID-19. Second, the authors contribute to studies on the relationship between oil prices and renewable energy. Third, the authors add to the emerging strand of literature on the impact of COVID-19 on various sectors of the economy. Fourth, the findings of the paper can add to the growing literature on sustainable development goals, in specific the papers related to energy sustainability.

The authors examine how physician staffing, human capital and knowledge spillovers are related to multiple dimensions of hospital operational and financial performance at the organizational level.

The authors use a data set assembled from multiple sources for more than 1,300 US hospitals and employ hierarchical linear regression to test this study’s hypotheses. The authors use multiple quality, efficiency and financial measures of performance for these hospitals.

The authors find that higher levels of staffing, skills and knowledge spillovers associated with physicians were positively associated with multiple dimensions of hospital performance. The authors find linear and nonlinear relationships between experience and performance, with the relationships primarily negative, and nonlinear relationships between spillovers and quality performance.

Hospital managers should consider increasing physician staffing levels if possible. In addition, the overall Final MIPS Score from the Centers for Medicare and Medicaid Services might be included as a factor in determining which physicians practice in a hospital. Finally, if possible, encouraging physicians to practice at multiple hospitals will likely be beneficial to hospital performance.

This study’s findings are original in that they explore how physician-specific staffing and human capital, which have received comparatively little attention in the literature, are related to several different dimensions of hospital-level operational and financial performance. To the best of the authors’ knowledge, this paper is also the first to examine the relationship between the construct of physician knowledge spillovers and hospital-level operational and financial performance.

This study aims to explore the long- and short-run effects of daily confirmed cases of COVID-19 (C_t) on daily stock returns (R_t) for Kuwait. This is the first study that was applied to the case of Kuwait.

We employed the autoregressive distributed lag (ARDL) model of Pesaran et al. (2001) and the nonlinear autoregressive distributed lag (NARDL) model of Shin et al. (2001) for daily data over the period March 2020 to August 2021.

The findings first document the existence of a long-run relationship (cointegration). Second, the findings of the ARDL model show a significant positive long-run effect of daily confirmed cases of COVID-19 (C_t) on daily stock returns (R_t) but a significant negative short-run effect. As for the NARDL model, the findings showed that the increase and decrease of daily confirmed cases of COVID-19 (Ct−1+,Ct−1−) have symmetric long-run effects on daily stock returns but asymmetric short-run effects. Finally, the vector error correction model causality test shows significant long- and short-run unidirectional causality running from daily confirmed cases of COVID-19 (C_t) to daily stock returns (R_t).

To the best of the author’s knowledge, this is the first study that was applied to the case of Kuwait.

The purpose of this paper is to study the US stock market and try to explain why short-term contrarian profits have largely disappeared in the past two decades.

In this work, the authors decompose the short-term contrarian profits into cross-sectional variations, firm-level overreactions and lead-lag effects to study the changes in their shares. Then, the authors study the behavior of the subgroups in the winner and loser subportfolios of contrarian investment strategies.

The authors find that short-term contrarian profits have largely vanished since 2000. Changes in the shares of the three components of contrarian profits, which are cross-sectional variations, firm-level overreactions and lead-lag effects, are not the main reason for the disappearance of contrarian profits in the past two decades. Instead, the disappearance of short-term contrarian profits is primarily due to the heterogeneous evolution of subgroups in the portfolio, which leads to a decrease in the overall level of overreactions that drive the contrarian profit.

The work explains the disappearance of short-term contrarian profits in the US stock market.

This article explores the value creation process from player sales in football to understand if the related capital gains correspond to significant increases in the stock value of selling companies. In addition, it aims to detect any potential drivers for higher (or slower) abnormal stock returns.

The authors analyze all the capital gains of the Italian and Portuguese listed football companies (the only ones for which, based on their annual reports, it was possible to trace the net book value for each player sold and, consequently, if any, the related capital gain) from 2012 to 2020 and use event study analysis to calculate the abnormal returns of the football companies' stocks. Moreover, the authors use a multiple linear regression model to identify the factors affecting investors' reactions and value creation process intensity.

The results show that, on average, the capital gains from player transfers in football are positive income components and produce statistically significant higher abnormal returns. In addition, the authors identified some relevant drivers related to their intensity which could guide the choices of corporate executives regarding future disposals of the multi-year performance rights of players in the roster.

This study considers only Italian and Portuguese football listed companies. It would be helpful to consider some of the companies from other countries which are also outstanding from the sports perspective, but, in practice, it was not possible due to the impossibility to trace the net book value of the single footballers sold in those clubs' public financial disclosure.

The value relevance of the capital gains from player trading activities should increase their importance, creating cascade effects on several activities generating value for football clubs (youth sector management, player scouting, technical improvement of the players). In addition, financial data show that the capital gains from player transfers are a basic income of European football clubs nowadays. Their executives consider these operations recurrent and continually search for more valuable transfers. Hence, it is reasonable to think that they (will) choose the players to sell considering both sports and financial aspects.

To the best of the authors' knowledge, this is the first study exploring the effects of capital gains from player trading activities on professional football clubs' stock value. The results obtained are even more relevant if one considers the importance these income components have in the profit formula of professional football clubs nowadays, also because of the negative repercussions caused by the recent COVID-19 pandemic.

The aim of this study is to examine the nature and determinants of stock market integration between India and other Asia–Pacific countries (Malaysia, Hong Kong, Singapore, South Korea, Japan, China, Indonesia, the Philippines, Thailand and Taiwan) over the period 1991–2021.

Unit root tests, the dynamic conditional correlation-Glosten Jagannathan and Runkle-generalized autoregressive conditional heteroscedasticity (DCC-GJR-GARCH), pooled ordinary least squares (OLS) regression and random effects models are employed for the analysis.

The empirical results show that the DCC between each pair of sample countries is less than 0.5, indicating weak ties between the pairs of sample countries. Also, the DCC between India and other Asia–Pacific stock markets is positive and low, implying low level of integration. The correlation between India and China stock markets is found to be the highest, implying significant level of integration. The main reason for it would be strong economic linkages and bilateral trade relationship between India and China. Moreover, gross domestic product (GDP), interest rate (IR), consumer price index (CPI)-inflation and money supply (MS) differentials are the major driver of stock market integration between India and other Asia–Pacific countries.

The findings of the study have important implications for investors, portfolio managers and policymakers. It is found that the DCC between India and other Asia–Pacific countries (considered in the study) except China is low, which indicates weak ties between the pairs of sample countries. This implies that the Indian stock market provides good investment opportunities for foreign investors. Also, investors and portfolio managers can attain more diversified benefits and can minimize country risk by investing across Asia–Pacific countries. Further, knowledge about the factors that integrate the Indian stock market with the other Asia–Pacific stock markets will help policymakers frame suitable economic and financial stabilization policies.

This study contributes to the extant literature: first, by examining the linkages of Indian stock market with other Asia–Pacific countries; second, although previous studies confirmed the existence of linkages among the various stock markets, few researchers pay attention to the factors driving the process of stock market integration. This study provides additional evidence by examining the significant macroeconomic factors driving the process of such integration in the Asia–Pacific region considered under the study.

The purpose of this study is to extend the Fraud Diamond Theory to celebrity Special Purpose Acquisition Companies (SPACs) and investigate their post-Initial Public Offering (IPO) stock market performance.

After obtaining a sample of celebrity SPACs from the Spacresearch.com database, fraud risk characteristics were obtained from Lexis Nexus searches. Buy and hold abnormal returns were calculated for celebrity SPACs versus a small-cap equity benchmark for time intervals after IPO, and multiple regression analysis was performed to examine the relationship between fraud risk features and post-IPO returns.

Celebrity SPACs exhibit Fraud Diamond characteristics and significantly underperform a small-cap stock portfolio on a risk-adjusted basis after IPO.

This study only examines celebrity SPACs that conducted IPOs on the NYSE and NASDAQ/AMEX and does not include those that are traded on the Over the Counter Bulletin Board (OTCBB).

Celebrity endorsement of SPAC vehicles attracts investors who may not be properly informed regarding the risk characteristics of SPACs. Accordingly, investors should be warned that celebrity SPACs underperform a small-cap equity portfolio and exhibit significant elements of fraud risk.

The use of celebrity endorsement as a marketing device to attract investment in SPACs has regulatory implications.

To the best of the authors’ knowledge, this paper is the first to examine the fraud risk characteristics and post-IPO performance of celebrity SPACs.

The authors investigate the effects of Chinese acquirer’s chief executive officer (CEO) risk preference on mergers and acquisitions (M&A) payment method and the moderating roles played by acquirer’s ownership, industry relatedness and whether the M&A is cross-border.

Using 4,624 worldwide M&A deals conducted by Chinese firms from 2009 to 2021, the authors conduct multiple linear regression and ordered probit regression. And comprehensive indexes constructed based on the observed features of acquirer’s CEOs are used to be the proxy for CEO risk preference.

The results show that the higher-level Chinese acquirer’s CEO risk preference is overall positively associated with using more stock in payment. Moreover, the above relationship is strengthened if the ownership of the acquirer is state-owned.

The authors highlight the importance of the non-economic factors and demonstrate a relationship between the Chinese acquirer’s CEO risk preference and the M&A payment method, providing support for and enriching the upper echelons theory (UET). Moreover, the unique risk priorities of Chinese acquirers’ CEOs are revealed.

This research aims at synthesizing the existing body of literature on the role of environmental, social and governance (ESG) during the Covid-19 global pandemic, identifying the research agenda and perspectives on the role of ESG during times of economic turbulences and pointing to gaps and future research directions in this area.

A literature review of academic articles that focus on the role of ESG investments during the Covid-19 pandemic is conducted. These studies are identified based on searching/containing the keywords “ESG”, “Corporate Social Responsibility (CSR)”, “Sustainability” and “Sustainable Finance” in combination with one or more of the following terms: “Covid-19”, “Pandemic” “and Crisis”. Then, the authors explore the key directions/themes in these papers, and highlight the main gaps and areas that are evolving as future research opportunities.

The empirical findings provide overall compelling evidence in support of the role of ESG during times of crisis, especially when it comes to stock risk and volatility. For example, several studies report that ESG stocks are associated with superior stock performance (higher stock returns and firm value) during the pandemic, while other studies report that ESG act as a risk protection tool during times of crisis, as they document that ESG stocks are associated with lower volatility and lower downside risk during the Covid-19 crisis.

To the best of the authors knowledge, no review of the literature on the role that ESG plays during crises and pandemics has been conducted before. Thus, it fulfills this research gap in the literature.