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This study aims to analyze the influence of future expectations of the book-to-market ratio (B/M) and return on equity (ROE) in explaining the Brazilian capital market returns.

The study analyzed the explanatory power of risk-factor approach variables such as beta, size, B/M ratio, momentum and liquidity.

The results show that future expectations of the B/M ratio and ROE, when combined with proxies for risk factors, were able to explain part of the variations of Brazilian stock returns. With respect to risk factors approach variables, the authors verified the existence of size and B/M effects and a liquidity premium in the Brazilian capital market, during the period analyzed.

This research was limited to the non-financial companies with shares traded at Brasil, Bolsa and Balcão, from January 1, 1995 to June 30, 2015. This way, the conclusions reached are limited to the sample used herein.

The evidences herein presented can also contribute to establishing investment strategies, considering that the B/M ratio may be calculated through accounting information announced by companies. Besides, using historical data enable investors, in a specific year, to calculate the predictor variables for the B/M ratio and ROE in the next year, which enhance the explanatory power of the current B/M, when combined in the form of an aggregate predictor variable for stock returns.

The main contribution of this study to the literature is to demonstrate how the expected future B/M ratio and ROE may improve the explanatory capacity of the stock return, when compared with the variables traditionally studied in the literature.

Purpose – The purpose of this study is to find out the perspectives of students and English teachers on English Lingua Franca (ELF) at a tertiary level in one of the public universities in Lhokseumawe Municipality in Aceh and to find out the possibility of adopting the concept of teaching English as ELF to raise the students’ awareness of their identity as part of the ASEAN Economic community and as a means of communication among the Community.

Design/Methodology/Approach – The research employs basic interpretive study by delivering questionnaires to 40 students from different disciplines and conducting interview to 6 English teachers from targeted research university in Lhokseumawe, Aceh, Indonesia.

Findings – The study addresses that the majority of the students are aware that English is no longer possessed by an inner circle of English users and realize the use of English as means of communication in globally context. However, the students do not understand the English as ILF. Besides, they do not enable to envisage themselves as part of the global community of English users as their identity. The research also indicates that majority the interviewed English teachers do not realize the concept of teaching ELF in the university.

Research Limitations/Implications – The findings of this research may shed light for other English teachers in Aceh to improve their teaching method in order to improve students’ speaking skill and their awareness of their identity as a part of global imagined community of English users within the ASEAN Community Economic context.

Practical Implications – The solutions offered in the paper could improve the teaching method of English teachers particularly in Aceh, Indonesia.

Originality/Value – The research of students’ and teachers’ perspective of ELF in Lhokseumawe, Aceh, has not yet been published.

The objective of this research is to determine the influence of solvency and liquidity on the profitability [return on assets (ROA)] of Tunisian banks from Q2-2020 to Q3-2022 by considering asset quality as a moderating variable.

This study uses data on liquidity, solvency, ROA and asset quality for 12 banks. It also considers bank size, gross domestic product (GDP) growth and inflation as control variables. The methodology is based on panel data with generalized least squares (GLS) estimation to assess the moderate influence of the asset quality on solvency, liquidity and ROA. Also, the generalized method of moments (GMM) estimation is used as a robustness test.

The results of the GLS model estimation indicated a negatively significant moderating correlation between the liquidity and the solvency. The data from the GMM model indicate that the liquidity variable predicted by the liquidity has a positively significant influence on a bank's ROA as well as for the solvency variable, which is predicted by the capital capacity. Therefore, we conclude that these two variables had a positively significant impact on the ROA.

The studies have many implications for banks and their management in addition to the industry regulators. The results of this study will enable political decision-makers to determine the banks' profits based on their liquidity and solvency.

This analysis provides financial explanations and recommendations for stakeholders in Tunisian banks. Furthermore, these banks must also be able to maintain their liquidity and solvency to ensure their profits in times of COVID-19.

School leadership is found important for school development and student learning. Consequently, the interest in professional leadership education for principals has increased. In Sweden, professional leadership education for novice principals was made mandatory in 2010. Moreover, enhanced focus on leadership for teaching and learning in terms of ‘pedagogical leadership’ is highly topical. This study aims to deepen our knowledge of novice principals’ experiences of pedagogical leadership practices and relate these to their paths toward principalship. The study follows a qualitative and situated design and adopts a practice-based approach. Observations were conducted in the educational and workplace practices of novice principals in Sweden and interviews were conducted with principals and teachers. Using a conceptual framework of Wenger (1998), the analyses show that principals experience challenges concerning pedagogical leadership if their competence and experience are not aligned with practice and context. This mismatch seems to impair their pedagogical leadership practice. In addition, a lack of leadership experience obstructs their learning in the professional leadership education for principals.