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The objective of this paper is to investigate the validity of stock valuation theories and their forecasting ability by conducting an empirical study. It employs four most commonly used theories which are then tested using 19-year banking-firm market data. The usefulness of these models demonstrates with promising results.

This paper conducts a multi-country study using the multi-model testing approach to evaluate validity of theories and forecast accuracy of banking firms. It employs four methodology models used in finance literature; (1) P/E multiples model, (2) accounting-information-based clean surplus model, (3) theoretical model based on Gordon and Shapiro (1956) method and (4) the Damodaran-Kottler Free Cash Flow or FCF theory based on discounting model.

The tests show that the four theories under tests have a significant fit with actual price formation. The explained variation ranges from 72 to 92%, so the explanatory power of the theories accounting for variations in bank prices over 19-year period is substantial. The models fit suggest that the P/E model has superior predictive power followed by the RIM, DDM and FCFE. These findings shed new lights on the relative performance of valuation models.

The study is limited in terms of the sample period size for 1999–2019. The availability of essential financial data prior to 2000 is very limited, so one can understand interpretation of statistical results under certain assumptions.

The paper suggests that one-factor model is better than the two-factor model.

The work done in this paper is unpublished and original contribution to banking and finance literature and also not under consideration for publication in any other journal.

Financial planning is important in promoting the social well‐being of a nation. Without proper financial planning, individuals may be ill‐prepared in coping with the escalating cost of living, medical costs as well as enjoying their desired quality of life. However, financial decision making is not always made in a rational manner. This study aims to investigate the influence of personality traits, genders and course majors on decision making dimensions of risk aversion, cognitive biases and socially responsible investing (SRI) criteria among Generation Y undergraduates.

The study utilizes a sample of undergraduates from a business school in Klang Valley, Malaysia. The study adapts the Big 5 personality scales from McCrae and Costa. The scales for the financial decision making dimensions, namely risk aversion, cognitive biases and SRI constructs, were developed for this study based on concepts developed from the extant literature. The validity and reliability of the scales were tested using exploratory factor analysis and Cronbach's alpha respectively. Hypotheses were tested using multiple linear regressions, t‐tests and ANOVA methods.

Conscientiousness, openness and agreeableness were found to have a significant influence on risk aversion, cognitive biases and SRI respectively. Gender and course majors taken were not significant in financial decision making.

Future research should extend this to different cohorts of individuals including working adults and retirees. The mediating influences of personality and moderating influences of demographic factors such as education level, age and religiousity should also be explored to better target potential investors and fulfill their financial goals.

Awareness of the influence of specific personality traits in financial decision making would help financial planners tailor products more effectively to cater for the understanding and lifestyle of the younger generation. There may also be a need in the future for business schools to introduce courses on behavioural finance in their curriculum.

Studies on financial planning have more often focused on rational aspects of financial decision making rather than on personality dimensions. This study bridges the gap by investigating the influence of the Big 5 personality traits in financial decision making. The study also posits that the influence of personality traits is more significant than demographic factors in financial decision making.

This study aims to gain a new perspective on auditing by measuring investors’ fraud perception and to reveal the necessity of increasing individuals’ fraud perception by determining the effect of fraud perception on the intention to invest in crypto assets from the investor’s perspective.

As part of this quantitative research, a survey was conducted on individuals residing in Türkiye and aged 18 years and above through a convenience sampling method. A total of 446 participants were included in the study. The data collected was analyzed using the partial least squares-variance based structural equation modeling (PLS-SEM) method using the SmartPLS program.

Fraud perception causes individuals to be more risk-averse and reduces their intention to invest in crypto assets. At the same time, it has been observed that risk-averse individuals have lower intention to invest in crypto assets. According to the results of the mediating effect analysis, risk aversion behavior partially mediates between the fraud perception and the intention to invest in crypto assets. Among the emotions, only fear increases risk aversion behavior. Among the personality traits, extroversion and openness to experience personality traits reduce risk aversion behavior, whereas neuroticism personality traits increase the intention to invest in crypto assets.

In an environment where traditional auditing activities are insufficient, increasing investors’ perceptions of fraud can reduce fraud-related losses. In this context, to the best of the authors’ knowledge, the present study might be among the first to investigate the impact of individuals’ perceptions of fraud on their investment intentions in crypto assets.