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Ever since the publication of the original Jegadeesh and Titman (1993) study, momentum effect has been tested vigorously to validate its pervasiveness for different time periods and across different markets. In spite of numerous out-of-sample tests, there is one apparent alibi – little research has been devised for steady increasing of Shari’ah compliant stocks.

This study is to examine the momentum strategy returns in a global Shari’ah compliant stock setting.

It finds strong presence of stock momentum returns for Pakistan and Malaysia. And the momentum returns are neither driven by industry momentum nor by the small size stocks. Though no momentum profits are found for the portfolios formed by global Shari’ah compliant stocks, this seems to be largely due to return reversal for the small size Shari’ah compliant stocks.

The strong presence of momentum profits for relatively large Shari’ah compliant stocks is a desirable trait as it indicates that the momentum trading strategies are practical and implementable.

The purpose of this paper is to investigate the association between corporate governance mechanisms and quality of forward-looking information in the Chinese stock market which presents a mandatory disclosure environment for forward-looking information.

Using sales forecasts to proxy forward-looking information and using precision and accuracy to measure the quality of information disclosure, the authors investigate the impact of corporate governance attributes on the precision and accuracy of sales forecasts made by listed Chinese firms in their 2010 annual reports, using logistics and ordinary least squares regressions.

The authors find good corporate governance has a positive and significant impact on the precision choice of sales forecasts disclosure. Firms with good corporate governance are more likely to disclose more precise sales forecasts than providing qualitative discussions on firms’ sales trend. In addition, good corporate governed firms are found more likely to provide precise non-financial information. The authors also find that good corporate governance is positively associated with making more conservative sales forecasts disclosure. However, the authors find no significant relationship between good corporate governance and smaller forecast error.

The study makes significant contributions to corporate disclosure literature. The authors investigate the determinants of the quality of forward-looking information in a mandatory disclosure regime while most forward-looking information disclosure literature have been conducted in a voluntary-based disclosure environment. The authors examine whether in a mandatory disclosure regime, corporate governance mechanisms can play a positive role in precision choices and accuracy of forward-looking information. Further, the study is the first to examine corporate governance and the quality of non-financial forward-looking information (sales target and production goal). The research findings therefore extend forward-looking information disclosure research from financial information to non-financial information.

The empirical findings will provide regulators with evidence on the quality of forward-looking information in a mandatory disclosure regime and the influence of corporate governance on forward-looking disclosure. The properties of forward-looking information disclosure in China should be of interest to policy makers, investors and financial analysts in other international jurisdictions.

The study investigates forward-looking information in a mandatory disclosure regime while most extant forward-looking information studies have been conducted in a voluntary disclosure environment. The study is the first to examine the quality of non-financial forward-looking information such as operational goals and plans, and to investigate the association between the quality of non-financial forward-looking information and corporate governance mechanisms. The research findings extend forward-looking information disclosure research from quantitative financial information to quantitative non-financial information.

The purpose of this paper is to investigate the survival capability of Chaoshan people in the maritime world of the South China Sea amidst the changing monetary systems of the rival empires and political regimes from 1939 to 1945. It particularly focuses on overseas Chinese remittance business in Shantou under the Japanese rule. Local societies in coastal China and overseas Chinese communities in Southeast Asia experienced severe hardships due to the Sino-Japanese War, the Pacific War and the Chinese Civil War. As fighting among the rival empires and regimes intensified, Chinese migrant communities straddling between Southeast Asia and South China had to negotiate and adapt to survive these crises, regardless of whether they were government-affiliated or local autonomous subjects.

This research draws on archival materials to investigate the reactions of Chinese migrant communities in Chaoshan region in times of war and regime change. How did local maritime societies and overseas Chinese adapt to the harsh realities of the wartime? How did the Japanese Empire use Wang Jingwei’s puppet government in Nanjing to control the Chaoshan remittance network? How did the remittance network shift its operational structure in face of a wartime crisis?

Faced with the wartime crisis and the Japanese occupation, Chaoshan communities used a variety of survival strategies to protect and maintain the overseas Chinese remittance business. In dealing with remittances from Singapore, British Malay and Indonesia, they cooperated with the Japanese military authority and its puppet government to maximize the autonomy of their business operation in the Japanese-controlled East Asian Co-prosperity Sphere. On the other hand, to secure the flow of remittances from French Indochina and Thailand, the indirectly controlled territories in the Japanese Empire, Chaoshan merchants sought an alternative path of delivering remittances, known as the Dongxing route, to bypass the Japanese ban on private remittances from these two regions.

It would be a better research if more resources, including remittance receipts and documents during the Japanese occupation, could be found and used to show more detailed features of Chaoshan local society.

This research is the first one to investigate the contradictory features of local Chaoshan society during the Japanese occupation, an under-explored subject in the Chinese historiography.