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Our result of this paper aims to indicate that the beta pricing formula could be applied in a long-term model setting as well.

In this paper, we show that the capital asset pricing model can be derived from a three-period general equilibrium model.

We show that our extended model yields a Pareto efficient outcome.

The capital asset pricing model (CAPM) model can be used for pricing long-lived assets.

Long-term modelling and sustainability can be modelled in our setting.

Our results were only known for two periods. The extension to 3 periods opens up a large scope of applicational possibilities in asset pricing, behavioural analysis and long-term efficiency.

Prior studies use two measures of firm-specific return variation (FSRV): idiosyncratic volatility in absolute and relative terms, the latter of which is also termed stock price nonsynchronicity. Whereas most research focuses on investigating the idiosyncratic volatility puzzle, the authors carry out comparison of these two measures and further investigate which of the two constituents of nonsynchronicity explain the association between FSRV and stock returns, emphasising the importance of assessing which component drives stock returns.

The authors use the US individual stock returns from 1925 to 2016 and define the two measures of FRSV based on the Fama and French (1993) model. Specifically, the authors decompose the relative measure into two components: (i) absolute idiosyncratic volatility and (ii) systematic volatility. The authors conduct various tests based on high-minus-low, zero-investment quintile portfolio sorts and perform the Fama–MacBeth analysis by singling out each component.

The authors find a positive return on the portfolio sorted on relative idiosyncratic volatility or on systematic volatility, but find a negative return sorted on absolute idiosyncratic volatility. The results are robust after controlling for size, BM and other risk characteristics using a double-sorting approach. The Fama–MacBeth regression results show that a positive association between the relative measure and stock returns is driven primarily by the low-systematic-volatility anomaly across firms. The findings are robust to controlling for return residual momentum, skewness, jumps and information discreteness.

Extant research posits the idiosyncratic volatility puzzle and the low-volatility anomaly. The authors emphasize the importance of integrating these two streams of research. This study enhances the understanding of the driving force underlying the relationship between FSRV and cross-sectional stock returns.

This paper aims to explore the process of implementing solar photovoltaic (PV) systems in construction to contribute to the understanding of systemic innovation in construction.

The exploratory research presented is based on qualitative data collected in workshops and interviews with 76 construction- and solar-industry actors experienced in solar PV projects. Actor-specific barriers were identified and analysed using an abductive approach.

In light of established definitions of systemic innovation, the process of implementing solar PV systems in construction involves challenges regarding technical and material issues, competencies, and informal and formal institutions. The specificities of this case highlight the necessity of paying attention to details in the process and to develop knowledge of systemic innovation in construction since the industry’s involvement in addressing societal challenges related to the energy transition will require implementing such innovations much more in the future.

New knowledge of solar PV systems as an innovation in professional construction is collected, enabling the adaptation of management strategies for its implementation. This knowledge can also be applied generally to other challenges encountered in highly systemic innovation implementation. Solar industry actors can gain an understanding of solar-specific challenges for the construction industry, challenges for which they must adapt their activities.

The exploration of actor-specific experiences of solar PV projects has resulted in a novel understanding of this specific innovation and its implementation. The findings illustrate a case of a high level of systemic innovation and the need to use a finer-grained scale for classification when studying innovation in construction.

We present an approach for pricing American put options with a regime-switching volatility. Our method reveals that the option price can be expressed as the sum of two components: the price of a European put option and the premium associated with the early exercise privilege. Our analysis demonstrates that, under these conditions, the perpetual put option consistently commands a higher price during periods of high volatility compared to those of low volatility. Moreover, we establish that the optimal exercise boundary is lower in high-volatility regimes than in low-volatility regimes. Additionally, we develop an analytical framework to describe American puts with an Erlang-distributed random-time horizon, which allows us to propose a numerical technique for approximating the value of American puts with finite expiry. We also show that a combined approach involving randomization and Richardson extrapolation can be a robust numerical algorithm for estimating American put prices with finite expiry.

This paper aims to investigate the role of personal and affective factors in curbing unethical consumer behaviour (UCB). Specifically, this study scrutinizes how religiosity, consumer ethical beliefs (CEBs) and anticipated guilt influence UCB.

Using a survey-based approach, the author distributed offline and online questionnaires among students enrolled in a public university in Roorkee, India and analysed the data using structural equation modelling.

The results provide evidence that intrinsically religious individuals develop strong ethical beliefs, which can help them to refrain from unethical behaviour and adopt ethical conduct. Also, individuals prone to experiencing anticipated guilt show less inclination to commit unethical behaviour.

This research presents significant theoretical and practical implications to facilitate academic understanding and managerial decision-making in the context of consumer ethics.

This research is one of the few empirical studies in the Indian context that simultaneously examines the antecedents and consequences of CEB.

This paper aims to review the literature extensively by analysing recent work and providing a guide for models, data sets and research findings.

This paper reviews the literature extensively by analysing recent work and providing a guide for models, data sets and research findings within the context of capital market imperfections. The authors further break down the literature into closer-in-nature categories for reader’s convenience and comprehension. Finally, the authors address gaps in the existing literature and propose government policies that can tone down the potential effect of credit rationing on employment.

This paper provides a map of the literature so as to help future researchers in the relevant literature and give a short insight of what has been explored so far.

This paper is original and is the result of a thorough review of an extensive literature.

This study focuses on listed and over-the-counter (OTC) companies in the Taiwan Stock Exchange. It found that an increase in the ownership proportion of institutional investors (INs), including foreign investors, investment trusts, and dealers can enhance the informativeness of stock prices. The relationship between these factors follows an inverted U-shaped pattern, indicating that excessively high ownership ratios can actually lead to a decrease in the informativeness of stock prices. Additionally, increasing the ownership proportions of foreign investors and investment trusts can reduce the risk of stock price collapse, while dealers show no significant relationship in this regard. This study also reveals that the technical variable of the price deviation rate is an important explanatory factor for post-collapse returns. It is positively correlated with the magnitude of the price decline after a collapse, meaning that stocks with weaker pre-collapse performance experience larger post-collapse declines. When the data during the 2020 pandemic period are excluded, changes in foreign ownership ratios show a significant positive correlation with postcrash returns in both the long and short term. The significant correlation in the short term may be due to a high proportion of foreign ownership. Any reduction in this could put pressure on stock prices, and retail investors may follow suit and sell-off, using foreign investors as a reference. The significant correlation in the long term might be due to foreign investors themselves possibly also trying to avoid the pressure that their own short-term sell-offs could exert on stock prices. The changes in the ownership ratios of investment trusts and dealers indicate that medium and long-term changes have a significant impact on postcrash returns, while the changes in the major players' ownership show no significant correlation. When data from 2020 are included in the analysis, the significance of all INs decreases.

The author develops a bilateral Nash bargaining model under value uncertainty and private/asymmetric information, combining ideas from axiomatic and strategic bargaining theory. The solution to the model leads organically to a two-tier stochastic frontier (2TSF) setup with intra-error dependence. The author presents two different statistical specifications to estimate the model, one that accounts for regressor endogeneity using copulas, the other able to identify separately the bargaining power from the private information effects at the individual level. An empirical application using a matched employer–employee data set (MEEDS) from Zambia and a second using another one from Ghana showcase the applied potential of the approach.

This study aims to examine Braille usage among consumers with visual impairments, investigating motivations and addressing inherent challenges.

Drawing insights from 16 semistructured interviews with individuals experiencing blindness, this study reveals nuanced aspects of Braille utilization.

Three key motivations for Braille usage are identified: as a coping mechanism for functional needs and to combat stigma; as an embodied experience contributing to pleasure; and as a heritage embodying a culture of visual impairment. Obstacles include cultural and financial barriers to learning, incomplete retail transcriptions limiting practicality and spatial congestion issues.

This study underscores Braille’s dual function as both coping mechanism and cultural heritage. By highlighting obstacles, it sheds light on challenges faced by consumers with visual impairments, facilitating advocacy and promoting inclusive retail practices. Originality lies in recognizing diverse motivations and experiences among Braille users, offering insights for enhancing tactile engagement in the marketplace.

This study explores the integration of smallholder farmers into the export market in Vietnam, an emerging economy. By introducing a prospective framework, we seek to provide insight into factors that influence this integration process.

This study examines the expected growth and entry of Vietnamese smallholder farmers into high-value export markets. We collected information from 200 independent farmers as well as from five local extension workers, who provided information on 50 farmers.

The study reveals that the adoption of new business models is more influential than the variables traditionally included in models of export-market integration in predicting expected growth and entry into high-value export markets. In addition, the results highlight divergent views between farmers and extension workers regarding the role of collectors, with farmers perceiving collectors as potential partners, while extension workers see them as impediments to growth.

The prospective model presented in this study highlights the importance of policy interventions aimed at promoting new business models and addressing infrastructure and capital constraints for the sustainable transformation of agricultural sectors in emerging markets.

This is one of the first articles to apply a prospective approach to export-market integration and demonstrate its efficacy through an empirical study. The suggested prospective approach could facilitate the design of policies aimed at export-market integration within the context of dynamic, emerging markets.