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This study broadly attempts to explore adaptive or dynamics patterns of calendar effects existed in the cryptocurrency market as per the adaptive market hypothesis (AMH) framework. Another agendum of this study is to investigate the quantum of extra returns which may result from the presence of calendar effects.

The present study considers both parametric and non-parametric approaches to verify calendar effects empirically. Specifically, this study has implemented Generalised Autoregressive Conditional Heteroscedasticity (1, 1) and Kruskal–Wallis tests in the rolling window approach to reveal adaptive patterns of calendar effects. Additionally, the present study has used the implied trading strategy to evaluate the volume of excess returns resulted from calendar effects than buy-and-hold (BH) strategy.

The overall results of the current study exhibit that calendar effect in the cryptocurrency market is dynamic rather than static which indicates the calendar effect is a time-varying phenomenon. Moreover, this study also confirmed that ITS is not suitable to obtain extra returns despite the existence of calendar effects.

The present study has covered some broad aspects of calendar anomalies in the cryptocurrency market, keeping aside certain other limitations which need to be addressed in the following dimensions. Future studies may aim at addressing issues like, Turn-of-the-Year effect, Halloween effect, weather effect, and Month-of-the-Year effects, and try to explore the reasons of presence of dynamic patterns of calendar effects.

The significant implication of this study is that it alerts investors about market return predictability due to calendar patterns or effects in different periods. It also suggests the period in which the ITS can perform better than the BH strategy.

It is the first study in the cryptocurrency literature which has adopted the AMH framework to verify adaptive calendar effects or anomalies. Furthermore, this study, instead of a mere examination of the presence of calendar effects, has evaluated the potential of calendar effects to produce extra returns through trading strategies.

The purpose of this paper is to investigate the effect of corporate governance on both accrual-based and real earnings management practices in select firms of the two world's largest economies, i.e. India and China.

The study has implemented a feasible generalized least square regression (FGLS) method to analyse the effect of corporate governance on accrual-based and real earnings management.

The study exhibits the significant contribution of large board sizes and independent boards in constraining the use of both accruals as well as real earnings management practices. However, audit quality had an impact on accrual earnings management only. The study also documents that accrual earnings management practices are controlled when the government’s potential to develop and enactment of policies increases.

The findings of the study provide insights to analysts, prospective investors and regulators to evaluate the effectiveness of the board in a new issue firm and help the firm to enhance its corporate governance policies.

Unlike previous studies who mostly examined the impact of corporate governance factors on accrual earnings management, the present study has, first, considered both accruals as well as real earnings management. Second, the present study has used the unique sample of new issue firms listed on the Indian and Chinese stock market, and third, the study did an additional analysis to examine the impact of country-level governance factors on accrual earnings management.

The purpose of this paper is to investigate the relationships between personality, motivating factors and herding behaviour of individual investors. Investors’ personality has been classified consonant to the personality traits (compliant, aggressive and detached) encapsulated in Horney’s tripartite model.

To carry out this study, the author surveyed 363 individual investors of the Indian stock market using a structured questionnaire. Structural equation modelling is used to empirically test the relationships between personality, three motivating factors (cognitive capability, emotional factors and social factors) and herding behaviour.

The result reveals that, expect compliant personality, none shows proclivity towards herding behaviour. Investors possessing compliant personality are more influenced by social motivating factors; however, cognitive factor motivates aggressive personality, inhibiting herding behaviour. Furthermore, investors having detached personality are not influenced by any motivating factors of herding.

The limitation is the difficulty in generalizing the results to overall country populations as the Indian stock market has a huge turnover every day, and the author’s survey consisted of only small sample of individual investors.

The outcomes of this study could possibly unveil a new insight to discern the behaviour of individual investors in the Indian stock market.

The influences of personality on investment choices have been investigated before, but the influence of personality specifically on herding behaviour has not being adequately investigated in an emerging economy like India, as very scanty literature is available on the influence of personality on herding behaviour. The study addresses this gap and further explores the association of personality with different motivating factors that cause herding bias.

In the present knowledge economy, intellectual capital (IC) is regarded as one of the significant determinants of efficiency, profitability, and ultimately value of a firm. This chapter empirically investigates the ramifications of the IC on the level of efficiency of the firm. In addition, exploration of the changing dynamics in the relationship between IC and firm level efficiency in the face of global economic crisis is of special interest of this chapter. In attaining the objectives of the study, a comprehensive database of 299 manufacturing firms (chosen randomly from a stratification of six BSE manufacturing industry subsectors) were utilized during the period from 1999–2000 to 2013–2014. Firm level efficiency scores and implications of IC (as measured by employing Pulic's Value Added Intellectual Capital Model) on the level of efficiency of the firms were examined simultaneously using Stochastic Frontier Analysis. Empirical results revealed that IC significantly determines the efficiency of the manufacturing firms during the period of study. However, the impact of financial crisis was not robust in changing the synergy between efficiency and IC. Size, age, and leverage were also found to be significant determinants of efficiency during the period of study.

Over the last few decades, corporate environmental reporting (CER) has received substantial attention due to complex societal and ecological challenges experienced at a global scale. While there has been growth in CER research across the world, we know very little of the state of CER research in Africa. In this paper, we provide a comprehensive literature review of CER in sub-Saharan Africa to demonstrate its current state, uncover gaps in extant studies and identify areas for further research in the region. We perform a metasearch on the Financial Times Top 50 journals in addition to wider analyses using African Journals Online (AJOL) and Google Scholar between 2008 and 2020. Though there is some progress in interrogating CER in the region, there is much leeway for further research into how public and private corporations provide an account for their interaction with nature. Extant studies have examined how CER is often subsumed within corporate social responsibility initiatives while other studies explore ways in which CER can provide accountability mechanisms in the mining sector of select countries. Important areas of future research include the influences of legal, cultural and political systems on the level of CER, the tensions between economic development driven by multinational corporations and the necessity for ecological protection. Finally, further research could investigate the role CER can play in encouraging specific corporate disclosures around GHG emissions, especially given global efforts being undertaken to mitigate the effects of climate change.

The study examines the IPO resilience grounded on the firm’s intrinsic factors.

We examine the association of IPO performance and post-listing firm’s performance with issuers' pre-listing financial and qualitative traits using panel data regression.

IPOs floated in the Indian market from July 2009 to March 31, 2022, evince the notable influence of issuers' pre-IPO fundamentals and legitimacy traits on IPO returns and post-listing earning power. Where the pandemic’s favorable impact is discerned on the post-listing year earning power of the issuer firms, the loss-making issuers appear to be adversely affected by the Covid disruption. Perhaps, the successful listing equipped the issuers with the financial flexibility to combat market challenges vis-à-vis failed issuers deprived of desired IPO proceeds.

High initial returns followed by a declining pattern substantiate the retail investors to be less informed vis-à-vis initial investors, valuers and underwriters, who exit post-listing after profit booking. Investing in the shares of the newly listed ventures post-listing in the secondary market can shield retail investors from the uncertainty losses of being uninformed. The IPO market needs stringent regulations ensuring the verification of the listing valuation, the firm’s credentials and the intent of utilizing IPO proceeds. Healthy development of the IPO market merits reconsidering the listing of ventures with weak fundamentals suspected to withstand the market challenges.

Given the tremendous rise in the new firm venturing into the primary market and the spike in IPOs countering the losses immediately post-opening, the study examines the loss-making and young firms IPOs separately, adding novelty to the study.

The purpose of this paper is to empirically investigate the effect of intellectual capital (IC) efficiency on changes in the productivity of insurance companies in Ghana.

Using a panel of 33 insurance companies from 2008 to 2016, the study applied Value Added Intellectual Coefficients model as a measure of IC efficiency, whilst Malmquist Productivity Index is employed to capture changes in the productivity of insurance companies. In estimating the effects of IC on productivity, System Generalised Method of Moment (GMM) is applied because of its power over endogeneity and heteroscedasticity.

Robust empirical findings on productivity analysis showed that improvements in insurer’s productivity were experienced in three year intervals out of the overall studied year. In addition, panel regression results revealed that IC along with human capital and capital employed significantly affect the productivity of insurance companies.

The generalisability of the study findings could be questioned because it is limited to insurance firms operating in Ghana; some firms were omitted due to mergers and acquisition that reduced the final sample. Yet, the findings facilitate the validation of IC concept and, hence, informs manager/policy makers on IC utilisation as a source of competitive edge.

Having robust empirical findings, the study expands on the existing literature by unveiling the dynamic nature of IC relationship and productivity. The findings also serve as a benchmark for managers/policymakers in insurance companies to increase the operational efficiency by investing in IC, which will help guarantee improve returns on generated premiums.

Although a few studies have investigated the effect of IC in Ghana, this study is the first to examine the dynamic relationship between IC and changes in productivity in a Ghanaian context.

The purpose of this study is to construct a comprehensive Indian corporate governance index in light of the recently introduced Companies Act, 2013, which is further validated by analyzing its impact on the cost of equity of a firm.

Based on the hand-collected data from firms listed on S&P BSE 500 from 2001 to 2016, this index comprises seven equally weighted sub-indices, comprising a total of 43 corporate governance attributes. This index and the sub-indices have further been regressed with the cost of equity of a firm.

The results suggest a negative significant relationship between the overall corporate governance and the cost of equity. The study also suggests that among all the sub-indices, board composition predicts the cost of equity to a greater extent. Other than this, the audit committee sub-index has a negative significant association with the cost of equity. The findings imply that a well-governed firm enjoys ease of access to equity finance from the market.

The corporate governance index is based on the recent regulatory reforms introduced in India. The index, with certain changes suitable to the local context, can be applied to similar emerging economies as well. The causal relationship tested using this method is the first one done in India. This study adds to the domain of corporate governance literature with special focus on the construction of an index for an emerging economy.

The purpose of this paper is to identify the existing status of environmental disclosure practices in Indian core sector companies.

Waste disposal costs and other environmental liability costs are crucial information to be disclosed by core sector companies as they have direct impact on the environment. A content analysis of the annual reports of select core sector companies across four industries, viz. Oil and petrochemicals, Mining and minerals, Steel and Cement, has been undertaken to study the extent and nature of their environmental disclosures in their annual reports for 2007‐2008.

The study shows that the level of disclosure of environmental information varies across industries as well as companies and the information revealed in the annual reports is found to be more qualitative than quantitative.

The disclosure made by the core sector companies does not adequately cover the informational needs of stakeholders. However, the increasing disclosure trends can be considered as a first step toward improved environmental disclosure. The study therefore supports the need for a suitable framework for environmental disclosure, such that all the stakeholders can use it as credible information.

This study contributes to the literature by evaluating voluntary environmental disclosures made by Indian core sector companies in their annual report. Further work based on this preliminary finding may be done to assess the status of environmental disclosure for a larger sample of Indian core sector companies.

This paper examines the effect of the holy month of Ramadan on the returns and conditional volatility of cryptocurrency markets.

The closing prices of six cryptocurrencies have been considered. The study employs different classical tests for checking if the efficiency behaviour is similar during Ramadan celebration days and non-Ramadan days. Besides, dummy variable regression technique for assessing this anomaly on returns and volatilities has been applied.

Although no significant effect on returns and volatility for Litecoin has been found, the results provide evidence about the existence of the Ramadan effects in cryptocurrency markets. The results of the mean equations show the existence of Ramadan effect for Ethereum, Ripple, Stellar and BinanceCoin for all considered models. Significant effect on Bitcoin returns is found with an autoregressive model of order 1. The results of conditional volatility show Ramadan effect on volatility is not detected.

First, a new contribution in the incipient study of cryptocurrency analysis. Second, a comprehensive review of recently published empirical articles about Ramadan effect on traditional assets has been carried out. Third, unlike most of the papers focussed on the study of Bitcoin, this study has been extended to six cryptocurrencies. Ramadan effect have not been analysed in cryptomarkets yet. This study come to fill this gap and analyses Ramadan effect, previously documented for traditional assets, in particular, stock index from Muslim countries, but not yet analysed in the cryptocurrency markets.