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There were complications in locating unpublished studies leading to biases like publication bias, the reluctance of editors to publish studies, which do not reveal statistically significant differences, and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

This paper aims to conduct a systematic literature review of Socially Conscious Investment (SCI) articles published in premier journals. Its objective is to shed light on the publication trend, leading authors, journals, countries and themes in contemporary SCI research. The article also provides a conceptual model of SCI to enhance understanding of the knowledge structure and the future research direction.

A systematic review followed the PRISMA guidelines and encompasses 264 full-text articles indexed in A* and A category journals listed in ABDC is reviewed. The literature synthesis adopts the theories, contexts, characteristics and methodology (TCCM) framework.

The article has identified the research trends related to author impact, journal impact, article impact and the outcomes derived from the TCCM framework. Additionally, it highlights three key themes: Performance of SCI, Behavioural issues and SCI development literature.

The insight on various aspects of SCI was explored for a comprehensive understanding. The authors also developed a conceptual model for socially conscious investment.

This study aims to highlight the key aspects of sustainable finance using bibliometric analysis of the relevant literature extracted from two separate databases, Scopus and Dimensions.ai. The present study contributes towards the achievement of sustainable development by providing directions to align financial decision-making with different sustainability aspects.

The author conducted bibliometric analysis for 1,220 articles from Scopus and 1,437 publications from Dimensions.ai. The most frequently occurring terms in sustainable finance research are explored and visualised using the VOSviewer.

Bibliometric findings revealed a dynamic evolution of research focus over time. The social component dominated from 2012 to 2016, however a shift to environmental and climate change considerations is noticed from 2016 to 2020. Recent studies (2020–2022) exhibited heightened attention to green finance and renewable energy. Overlay visualisations highlighted similar trends in both databases, indicating a contemporary emphasis on green finance.

This study enriches theoretical discourse by mapping the trajectory of sustainable finance research, contributing to a deeper understanding of its evolution.

Insights from this study guide researchers and practitioners in identifying trends, that can help the integration of green finance principles into corporate strategies.

Findings also raise awareness among stakeholders, and help facilitate socially responsible corporate cultures and informed policymaking.

The originality of this study lies in its comprehensive bibliometric analysis of sustainable finance research in management studies, drawing data from two major databases and spanning over three decades.

This study aims to determine the role of gold as a safe haven, hedge and asset diversification for Shariah stock in conditions of extreme stock market declines.

Quantitative approach is used by applying the threshold generalized autoregressive conditional heteroskedasticity (TGARCH) model to capture bad or good news in the market condition and quantile regression method to obtain the extreme values of stock returns in several market conditions. The data used were the daily closing price of gold and the Jakarta Islamic Index from January 2011 to October 2022.

The average conditions show gold does not have a hedge property and only acts as an asset diversification. Second, gold has a substantial, safe haven property in every economic condition. However, the safe-haven property of gold seemed to weaken during the most extreme stock market decline. Thus, although gold appears as a safe haven and asset diversification, it remains a risky investment and only provides a minor role in the face of the extreme stock market period.

This research provides a discourse and literature for Islamic investors and investor managers to choose the right investment instrument in various economic conditions where gold has a function as diversification and safe haven in their asset portfolio under any other asset portfolio conditions which is also in line with modern portfolio theory. For policymakers, the study can be used as material for consideration in making policies related to the accessibility of gold as an investment instrument.

This study presents the originality by using the price of Antam gold as a proxy for gold investment during the latest research year data and focusing on case studies in Islamic capital market in Indonesia. Moreover, this research provides quantile regression that sharply discussion in various economics condition.

We propose an alternative rationale for why some firms employ veterans, driven not solely by benevolence but also by the prospect of enhanced outcomes. Financially, hiring veterans could correlate with improved stock market performance for the hiring company while aligning with corporate social responsibility (CSR) initiatives. Our study centers on the stock market performance of companies hiring veterans. It aims to underscore a lesser-known facet of the veteran employment discourse and its connection to the hiring firm's financial performance.

This paper evaluates the stock market performance of three VETS portfolios (made of companies that hire veterans) compared to the benchmark SPDR S&P 500 ETF. Using a modular approach, we create three VETS passive indices: VETSEW (equal-weighted index), VETSPW (price-weighted index) and VETSVW (value-weighted index). The study analyzes the annual returns, portfolio allocations, risk-adjusted performance metrics and style analysis of the portfolios from January 1, 2020, to December 31, 2022.

The findings indicate that all three VETS portfolios outperformed the benchmark, with higher ending balances and superior risk-adjusted ratios such as the Sharpe and Sortino ratios. Notably, the portfolios demonstrated resilience during challenging periods, including the COVID-19 pandemic, subsequent recovery and an inflationary period.

Limitations include the paper's focus solely on stock returns, suggesting a need for broader financial and management ratios. Moreover, a deeper exploration into how veterans contribute during turbulent times is suggested for further investigation. Although the study touches upon the financial performance of veteran-focused companies during challenging economic times, it does not extensively delve into the specific ways in which veterans add value under such circumstances, presenting an opportunity for further exploration.

Firms that employ veterans amid the COVID-19 pandemic demonstrate favorable risk-adjusted returns, underscoring the potential of veterans as valuable crisis-time assets. Our research further underscores the correlation between veteran hiring and enhanced financial prowess. These insights carry significant policy implications, including CSR initiatives for hiring veterans, skill translation and training and collaboration with veteran organizations.

The paper's findings suggest significant implications: (1) Policymakers could incentivize firms to hire veterans through tax benefits or grants, leveraging their skills for organizational resilience. (2) Collaborative efforts between policymakers and firms can promote responsible hiring, boosting a company's reputation through diversity and inclusion, positively impacting society. (3) Support for skill translation from military to civilian jobs is crucial. Programs certifying skills and tailored education aid veterans' successful transition into the workforce. (4) Collaborations between policymakers, veteran organizations and private sector entities can create networks, job placements and support systems for veterans' employment.

Numerous prior studies within the domain of corporate social responsibility have predominantly neglected the contributions veterans offer to businesses and the underlying reasons behind firms' decisions to employ them. Our research uniquely concentrates on the stock market performance of companies that choose to hire veterans.

Passive investing has established itself as the dominant force in the world of professionally managed assets, surpassing the concept of index funds. Its meteoric rise is fueled by investors’ preference for its dual benefits of strong diversification and low cost. A comprehensive study of the economic model, addressed areas and market structure has not yet been conducted, despite the existence of numerous studies on more specific topics. To address this gap, this paper examines 943 articles on passive investing published between 1998 and 2022 in SCOPUS and Web of Science.

The study utilizes the most pertinent tools for conducting a systematic review by the PRISMA framework. This article is the result of SLR and extensive bibliometric analysis. Contextualized systematic literature review is used to screen and select bibliographic data, which is then subjected to a variety of bibliometric analyses. The study provides a bibliometric overview of works on passive investment research that are indexed in Scopus and Web of Science. Bibliometrix, VoS Viewer and Cite Space are the tools used to conduct content and network analysis, to ascertain the present state of research, as well as its focus and direction.

Our exhaustive analysis yields important findings. One, the previous decade has witnessed a substantial increase in the number of publications and citations; in particular, the inter-disciplinary and international scope of related research has expanded; Second, the top three clusters on “active versus passive funds,” “price discovery and market structures” and “exchange-traded funds (ETFs) as an alternative” account for more than fifty percent of the domain’s knowledge; Third, “Leveraged ETFs (LETFs)” and “environmental, social and governance (ESG)” are the two emerging themes in the passive investing research. Fourth, despite its many benefits, passive investing is not suitable for everyone. To get the most out of what passive investing has to offer, investors, intermediaries and regulators must all exercise sufficient caution. Our study makes a substantial contribution to the field by conducting a comprehensive bibliometric analysis of the existing literature, highlighting key findings and implications, as well as future research directions.

While the study contributes significantly to the field of knowledge, it has several limitations that must be considered when interpreting its findings and implications. With our emphasis on academic journals, the study analyzed only peer-reviewed journal articles, excluding conference papers, reports and technical articles. While we are confident that our approach resulted in a comprehensive and representative database, our reliance on Elsevier Scopus and Web of Science may have resulted in us overlooking relevant work accessible only through other databases. Additionally, specific bibliometric properties may not be time-stable, and certain common distribution patterns of the passive investing literature may still be developing.

With this study, it has been possible to observe and chart the high growth trajectory of passive investing research globally, especially post-US subprime crisis. Despite the widespread adoption of passive investing as an investment strategy, it is not a one-size-fits-all proposition. Market conditions change constantly, and it frequently requires an informed eye to determine when and how much to shift away from active investments and toward passive ones. Currency ETFs enable investors to implement a carry trade strategy in their portfolios; however, as a word of caution, currency stability and liquidity can play a significant role in international ETFs. Similarly, LETFs may be better suited for dynamic strategies and offer less value to a long-term investor. Lastly, the importance of investor education cannot be underestimated in the name of the highly diversified portfolio when using passive alternatives, for which necessary efforts are required by regulators and investors alike.

The inexorable trend to passive investing creates numerous issues for fund management, including fee and revenue pressure, which forces traditional managers to seek new revenue streams, such as illiquid and private assets, which also implies increased portfolio risk. Additionally, the increased transparency and efficiency associated with the ETF market indicates that managers must rethink the entire value chain, beginning with technology and the way investments interact. Passive investments have triggered changes in market structure that are still not fully understood or factored in. Active management and a range of valuation opinions on whether a price is “too low” or “too high” provide much-needed depth to a market as it attempts to strike a delicate balance between demand and supply forces, ensuring liquidity at all price points.

I hereby certify that I am the sole author of this paper and that no part of this manuscript has been published or submitted for publication.

This study aims to provide empirical evidence on the return and volatility spillover structures between Bitcoin, Fintech stocks and Asian-Pacific equity markets over time and during different market conditions, and their implications for portfolio management.

We use Time-varying parameter vector autoregressive and quantile frequency connectedness approach models for the connectedness framework, in conjunction with Diebold and Yilmaz’s connectivity approach. Additionally, we use the minimum connectedness portfolio model to highlight implications for portfolio management.

Regarding the uncertainty of the whole system, we show a small contribution from Bitcoin and Fintech, with a higher contribution from the four Asian Tigers (Taiwan, Singapore, Hong Kong and Thailand). The quantile and frequency analyses also demonstrate that the link among assets is symmetric, with short-term spillovers having the largest influence. Finally, Bitcoins and Fintech stocks are excellent diversification and hedging instruments for Asian equity investors.

There is an instantaneous, symmetric and dynamic return and volatility spillover between Asian stock markets, Fintech and Bitcoin. This conclusion should be considered by investors and portfolio managers when creating risk diversification strategies, as well as by policymakers when implementing their financial stability policies.

The study’s major contribution is to analyze the volatility spillover between Bitcoin, Fintech and Asian stock markets, which is dynamic, symmetric and immediate.

The cognitive biases exhibited by investors could hinder their capacity for logical reasoning and impact their perception and reaction to information when making financial choices. So, this study was done to identify the behavioral biases that hinder investors' sound decision-making at the Pakistan Stock Exchange (PSX).

A cross-sectional study was undertaken employing a causal research design approach. Questionnaires were administered to individual investors of the PSX as the data collection methodology. The data were subsequently analyzed through the utilization of the Smart PLS Structural Equation Modeling (SEM) technique.

The results suggest that information factors and cognitive biases, namely home bias, geographical bias, investor sentiment, salience, and over/under reaction have a positive association with the investors' choices at PSX.

The study’s emphasis is on the impact of behavioral biases on individual investors only, even though such biases also influence the investment decisions of institutional investors.

The study holds implications for scholars engaged in the field of behavioral finance as well as professionals involved in the stock market, particularly those interacting with individual investors and personal finance. Additionally, the current study will take into account investors, financial advisors, practitioners, policymakers, investment experts, stakeholders or target groups, etc. to support various groups in their professional activity and to help them overcome such biases that influence their sound decision-making power.

The innovative aspect of this research is its ability to advance the understanding of the conceptual underpinnings and social structure of behavioral biases by critically analyzing the body of prior research and adding value to the existing body of literature on behavioral finance in Pakistan by investigating the combined impact of never-studied variables, i.e. geographical bias and information variables, understudied behavioral variables, i.e. home bias and salience and studied variables, i.e. investor sentiment and over/under reaction on individual investor investment decisions at PSX.

The purpose of this study is to evaluate whether a diversification by grape varieties may help wine producers reduce uncertainty in quantity and quality variations due to increasingly erratic climate conditions.

This study hand-collects granular quantity and quality data from wine harvest reports for vintages 2003 to 2017 for the Valais region in Switzerland. The data allows us to obtain detailed data on harvested kilograms/liters and Oechsle/Brix degrees. It is then merged with precise meteorological data over the same sample period. The authors use this data set to capture weather conditions and their impact on harvested quantities and quality. Finally, they build portfolios including different grape varieties to evaluate whether this reduces variations in quality and quantity over vintages.

The findings highlight that the weather varies relatively strongly over the sample period and that climate hazards such as hail, frost or ensuing vine diseases effectively occur. These strongly impact the harvested quantities but less the quality of the wine. The authors further show that planting different grape varieties allows for a significant reduction in the variation of harvested quantities over time and thus acts as a good solution against climate risk.

The effect of climate change on viticulture is becoming increasingly important and felt and bears real economic and social consequences. This study transposes portfolio diversification which is central to reducing risk in the finance industry, into the wine industry and shows that the same principle holds. The authors thus propose a novel idea on how to mitigate climate risk.

The aim of this paper is to determine whether the efficiency of banks’ human capital (HC) has moderating effects on the relationship between asset diversification and bank performance over the 2008–2020 period.

Our study considers generalized least squares estimation in fixed effects panel.

Results show that banks with higher levels of HC and higher degree of diversification reduce bank profitability and efficiency. The results also depict that the financial stability-reducing effects of Income diversification decrease as bank HC efficiency increases. At the same time, the effects of income and asset diversity on financial stability change depending on the performance aspect.

Previous research on banks’ performance is concentrated on asset diversification. This article broadens to the HC, Asset diversification and the moderating effects of the profitability, stability and efficiency of French Banks.