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The present study reviews the literature on the history and evolution of investment strategies in the stock market for the period from 1900 to 2022. Conflicts and relationships arising from such diverse seminal studies have been identified to address the research gaps.

The studies for this review were identified and screened from electronic databases to compile a comprehensive list of 200 relevant studies for inclusion in this review and summarized for the cognizance of researchers.

The study finds a coherence to complex theoretical documentation of more than a century of evolution on investment strategy in stock markets, capturing the characteristics of time with a chronological study of events.

There were complications in locating unpublished studies leading to biases like publication bias, the reluctance of editors to publish studies, which do not reveal statistically significant differences, and English language bias.

Practitioners can refine investment strategies by incorporating behavioral finance insights and recognizing the influence of psychological biases. Strategies span value, growth, contrarian, or momentum indicators. Mitigating overconfidence bias supports effective risk management. Social media sentiment analysis facilitates real-time decision-making. Adapting to evolving market liquidity curbs volatility risks. Identifying biases guides investor education initiatives.

This paper is an original attempt to pictorially depict the seminal works in stock market investment strategies of more than a hundred years.

Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a favored and appreciated attribute by fund managers and institutional investors. Understanding analysts’ use of industry-specific valuation models, which are the main value drivers within different industries, will enhance our understanding of important aspects of value creation in these industries. This paper contributes to the broader understanding of how financial analysts in various industries approach valuation, offering insights that can be beneficial to a wide range of stakeholders in the financial market.

This paper systematically reviews existing research to consolidate the current understanding of analysts’ use of valuation models and factors. It aims to demystify what can often be seen as a “black box”, shedding light on the valuation tools employed by financial analysts across diverse industries.

The use of industry-specific valuation models and factors by analysts is a subject of considerable interest to both academics and investors. The predominant model in several industries is P/E, with some exceptions. Notably, EV/EBITDA is favored in the telecom, energy and materials sectors, while the capital goods industry primarily relies on P/CF. In the REITs sector, P/AFFO is the most commonly employed model. In specific sectors like pharmaceuticals, energy and telecom, DCF is utilized. However, theoretical models like RIM and AEG find limited use among analysts.

This is the first paper systematically reviewing the research on analyst’s use of industry-specific stock valuation methods. It serves as a foundation for future research in this field and is likely to be of interest to academics, analysts, fund managers and investors.

We explore the impact of equity liquidity on a firm’s dynamic leverage adjustments and the moderating impacts of leverage deviation and target instability on the link between equity liquidity and dynamic leverage in the UK market.

In applying the two-step system GMM, we estimate our model by exploring suitable instruments for the dynamic variable(s), i.e. lagged values of the dynamic term(s).

Our analyses document that a firm’s equity liquidity has a positive impact on the speed of adjustment (SOA) of its leverage ratio back to the target ratio in the UK market. We also demonstrate that the positive relationship between liquidity and SOA is more pronounced for firms whose current position is relatively close to their target leverage ratio and whose target ratio is relatively stable.

This study provides important implications for both firms’ managers and investors. Particularly, firms’ managers who wish to increase the leverage SOA to enhance firms’ value need to give great attention to their equity liquidity. Investors who want to evaluate firms’ performance could also consider their equity liquidity and leverage SOA.

We are the first to enrich the literature on leverage adjustments by identifying equity liquidity as a new determinant of SOA in a single developed country with many differences in the structure and development of capital markets, ownership concentration and institutional characteristics. We also provide new empirical evidence of the joint effect of equity liquidity, leverage deviation and target instability on leverage SOA.

Grounded on brand equity theory and theory of patronage behavior, this study aims to investigate the moderating effect of consumer involvement and shopping situations in the relationship between consumer-based retailer equity (CBRE) and retail patronage behavior.

The data is collected through a self-administered survey of 338 shoppers in the three biggest shopping centers in Pakistan. Moreover, the data is analyzed through multi-nominal (multiple) regression and interactions analysis.

Results revealed a significant effect of CBRE on patronage behavior and confirmed shopping purpose as a boundary condition in the CBRE-retail patronage behavior relationship. However, the study surprisingly reported that this relationship is not moderated by consumers’ involvement.

Considering our focus on CBRE-based retail patronage behavior, the authors contribute to extant marketing/retailing literature that also yields ample openings for further research. The study offers valuable implications for retailers, especially for evaluating consumers’ behaviors.

This study assists retail-brand managers in best comprehending the CBRE-based patronage behavior paves the way for managers to increase retail patronage behavior.

Regardless of the growing comprehension of consumer-based brand equity and patronage behavior in marketing, more needs to be acknowledged about the relationship between CBRE/retail patronage behavior and related variables, as thus examined in this research.

Basado en la teoría del valor de marca y la teoría del comportamiento de patrocinio, este estudio investiga el efecto moderador de la implicación del consumidor y las situaciones de compra en la relación entre el valor del minorista basado en el consumidor (CBRE) y el comportamiento de patrocinio minorista.

Los datos se recogen mediante una encuesta autoadministrada a 338 compradores en los tres mayores centros comerciales de Pakistán. Además, los datos se analizan mediante regresión multinominal (múltiple) y análisis de interacciones.

Los resultados revelaron un efecto significativo del CBRE en el comportamiento de patrocinio y confirmaron el propósito de compra como una condición límite en la relación CBRE-comportamiento de patrocinio minorista. Sin embargo, el estudio informó sorprendentemente de que esta relación no está moderada por la implicación de los consumidores.

Teniendo en cuenta que nos centramos en el comportamiento de patrocinio minorista basado en el CBRE, contribuimos a la literatura existente sobre marketing/minoristas que también ofrece amplias posibilidades para futuras investigaciones. El estudio ofrece valiosas implicaciones para los minoristas, especialmente para evaluar los comportamientos de los consumidores.

El presente estudio ayuda a los gestores de marcas minoristas a comprender mejor el comportamiento de patrocinio basado en la CBRE y allana el camino para que los gestores aumenten el comportamiento de patrocinio minorista.

A pesar de la creciente comprensión de la equidad de marca basada en el consumidor y el comportamiento de patrocinio en marketing, es necesario reconocer más sobre la relación entre el comportamiento de patrocinio basado en la CBRE y las variables relacionadas, como se examinó en esta investigación.

本研究以品牌资产理论和顾客行为理论为基础, 探讨了消费者参与和购物情境在基于消费者的零售商资产（CBRE）与零售顾客行为之间关系中的调节作用。

数据是通过对巴基斯坦三大购物中心的 338 名购物者进行自填式调查收集的。此外, 还通过多项式（多元）回归和交互分析对数据进行了分析。

结果表明, CBRE 对顾客光顾行为有显著影响, 并证实购物目的是 CBRE 与零售顾客光顾行为关系的边界条件。然而, 令人惊讶的是, 研究报告称这种关系并没有受到消费者参与度的调节。

考虑到我们对基于 CBRE 的零售顾客行为的关注, 我们为现有的市场营销/零售文献做出了贡献, 同时也为进一步研究提供了广阔的空间。本研究为零售商提供了宝贵的启示, 尤其是在评估消费者行为方面。

本研究有助于零售品牌管理者更好地理解基于 CBRE 的顾客行为, 为管理者提高零售顾客行为铺平了道路。

尽管市场营销中对基于消费者的品牌资产和顾客行为的理解不断加深, 但仍需进一步认识 CBRE/零售顾客行为与相关变量之间的关系, 正如本研究中所探讨的那样。

This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

This study aims to explore the impact of systematic liquidity risk on the averaged cross-sectional equity return of the Indian equity market. It also examines the effects of illiquidity and decomposed illiquidity on the conditional volatility of the equity market.

The present study employs the Liquidity Adjusted Capital Asset Pricing Model (LCAPM) for pricing systematic liquidity risk using the Fama & MacBeth cross-sectional regression model in the Indian stock market from January 1, 2012, to March 31, 2021. Further, the study employed an exponential generalized autoregressive conditional heteroscedastic (1,1) model to observe the impact of decomposed illiquidity on the equity market’s conditional volatility. The study also uses the Ordinary Least Square (OLS) model to illuminate the return-volatility-liquidity relationship.

The study’s findings indicate that the commonality between individual security liquidity and aggregate liquidity is positive, and the covariance of individual security liquidity and the market return negatively affects the expected return. The study’s outcome specifies that illiquidity time series analysis exhibits the asymmetric effect of directional change in return on illiquidity. Further, the study indicates a significant impact of illiquidity and decomposed illiquidity on conditional volatility. This suggests an asymmetric effect of illiquidity shocks on conditional volatility in the Indian stock market.

This study is one of the few studies that used the World Uncertainty Index (WUI) to measure liquidity and market risks as specified in the LCAPM. Further, the findings of the reverse impact of illiquidity and decomposed higher and lower illiquidity on conditional volatility confirm the presence of price informativeness and its immediate effects on illiquidity in the Indian stock market. The study strengthens earlier studies and offers new insights into stock market liquidity to clarify the association between liquidity and stock return for effective policy and strategy formulation that can benefit investors.

In 2000, Cañibano et al. published a literature review entitled “Accounting for Intangibles: A Literature Review”. This paper revisits the conclusions drawn in that paper. We also discuss the intervening developments in scholarly research, standard setting and practice over the past 20+ years to outline the future challenges for research into accounting for intangibles.

We conducted a literature review to identify past developments and link the findings to current accounting standard-setting developments to inform our view of the future.

Current intangibles accounting practices are conservative and unlikely to change. Accounting standard setters are more interested in how companies report and disclose the value of intangibles rather than changing how they are determined. Standard setters are also interested in accounting for new forms of digital assets and reporting economic, social, governance and sustainability issues and how these link to financial outcomes. The IFRS has released complementary sustainability accounting standards for disclosing value creation in response to the latter. Therefore, the topic of intangibles stretches beyond merely how intangibles create value but how they are also part of a firm’s overall risk and value creation profile.

There is much room academically, practically, and from a social perspective to influence the future of accounting for intangibles. Accounting standard setters and alternative standards, such as the Global Reporting Initiative (GRI) and European Union non-financial and sustainability reporting directives, are competing complementary initiatives.

Our results reveal a window of opportunity for accounting scholars to research and influence how intangibles and other non-financial and sustainability accounting will progress based on current developments.

The current study evaluated (1) characteristics of the community leadership development program associated with successful participant recruitment, (2) active ingredients that promoted fellow engagement and program completion and (3) how the program addressed blackness and racism.

Individual interviews were conducted with a representative subset of former program fellows.

Results indicated that offering training in small cohorts and matching fellows with individual mentors promoted program interest. Program strengths and unique ingredients included that the program was primarily led by people from the Black community, program malleability, and that the program was a partnership between fellows and leadership. Additionally, the program was responsive to fellows’ needs such as by adding a self-care component. Fellows also noted dedicated space and time to discuss race and racism. Results offer a unique theoretical perspective to guide leadership development away from the uniform or standardized approach and toward one that fosters diversity and equity in leadership.

Altogether, this work demonstrates how leadership development programs can be participant-informed and adapted to participants’ social and cultural needs.

Despite large bodies of research related to the impacts of e-commerce on last-mile logistics and sustainability, there has been limited effort to evaluate urban freight using an equity lens. Therefore, this study proposes a modeling framework that enables researchers and planners to estimate the baseline equity performance of a major e-commerce platform and evaluate equity impacts of possible urban freight management strategies. The study also analyzes the sensitivity of various operational decisions to mitigate bias in the analysis.

The model adapts empirical methodologies from activity-based modeling, transport equity evaluation, and residential freight trip generation (RFTG) to estimate person- and household-level delivery demand and cargo van traffic exposure in 41 U.S. Metropolitan Statistical Areas (MSAs).

Evaluating 12 measurements across varying population segments and spatial units, the study finds robust evidence for racial and socio-economic inequities in last-mile delivery for low-income and, especially, populations of color (POC). By the most conservative measurement, POC are exposed to roughly 35% more cargo van traffic than white populations on average, despite ordering less than half as many packages. The study explores the model’s utility by evaluating a simple scenario that finds marginal equity gains for urban freight management strategies that prioritize line-haul efficiency improvements over those improving intra-neighborhood circulations.

Presents a first effort in building a modeling framework for more equitable decision-making in last-mile delivery operations and broader city planning.

Business rescue, as a mechanism to aid financially distressed companies in South Africa, has received considerable academic and practical recognition. However, the business rescue plan is an overlooked and, perhaps, underdeveloped aspect of the regime. For stakeholders, this is the ultimate decision-making document. Creditors are the most influential stakeholders in business rescue proceedings owing to their voting rights. For creditors to make informed decisions and exercise their votes meaningfully, the business rescue plan should be transparent and adequately disclose relevant and reliable information. This study aims to identify creditors’ primary information needs to enhance the sufficiency and decision-usefulness of business rescue plans, not only to entice the vote of creditors but to enforce accountability from practitioners.

Using a qualitative research design, semi-structured interviews were conducted with 14 executives from 10 South African financial institutions.

The findings reveal that comprehensive disclosure of financial, commercial and legal information in business rescue plans was a critical antecedent for stakeholder decision-making. Additionally, leadership and social impact information were influential determinants. This study advances academic knowledge and, for practitioners, adds value to the development of business rescue plans. This can enhance creditors' confidence in supporting the rescue effort and approving the plan.

This study advances academic knowledge and, for practitioners, adds value to the development of business rescue plans. This can enhance creditors' confidence in supporting the rescue effort and approving the plan.

The originality of this article lies in its investigation of how creditors assess the information in BR plans as a precursor to supporting the company’s reorganisation in a creditor-friendly business rescue system such as South Africa. This study provides novel insights into the decision-making process, particularly how creditors assess BR plans, address information asymmetry and vote on the plan.