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This paper aims to provide the necessity to activate long-term exchange-traded derivatives (ETD) in Korea. In the era of aging, low interest rates and low economic growth, the investment demand for long-term financial products, and its hedging demand have steadily increased. Unfortunately, long-term ETD do not trade in Korea, and this study presents political suggestions to invigorate long-term ETD based on overseas cases and empirical analysis. Specifically, this study suggests the necessity to activate exchange traded funds (ETFs) options, long-term Korea treasury bond futures and options and long-term Volatility Index of Korea Composite Stock Price Index future and options. The introduction of those long-term ETD not only contributes to providing long-term investment and hedging vehicles but also reduces market inefficiencies in the Korean industry of ETFs, bonds and structured products.

The study aims to examine the difference of financial-based brand equity of Sharia-compliant and non-Sharia-compliant companies listed in the stock market.

The five-year data were collected from 561 companies listed in the Indonesian stock market (349 Sharia-compliant firms and 212 non-Sharia-compliant firms).

Based on five years of observations, the study shows that Sharia-compliant companies have much higher brand equity than companies that are not Sharia-compliant. However, the study did not find consistent results when the study examined the differences between brand equity in newly listed Sharia-compliant firms in the short run (two-quarters of the observations). In other words, Sharia-compliant status positively impacted a company’s brand equity only in the long run.

The study examines only the brand equity of Sharia- and non-Sharia-compliant companies in the Indonesian stock market.

The study suggests that companies should list their equity in the Islamic stock market as the empirical evidence shows that the companies listed in the Sharia index have much higher brand equity than companies listed in the non-Sharia index, although this impact can only be seen in the long run.

The study integrates finance and marketing perspectives, which are often disconnected in daily business. In addition, the study provides a piece of empirical evidence on the effect of financial decision to be listed in the Islamic stock market on the establishment of brand equity, which represents the long-term intangible assets of the firm in the eyes of the customers.

The purpose of the study is to measure cross-country stock market correlation and volatility transmission during the global coronavirus disease 2019 (COVID-19) pandemic. The paper traces trajectory of Islamic equity investments in order to get insights on the behavior of the markets during the crisis.

The paper uses generalized method of moments (GMM), autoregressive distributed lag (ARDL) and multivariate GARCH (MGARCH) models for analysis of dynamic causality, stock market cointegration, correlation and volatility transmission between Islamic stock indices.

The result of normal correlation analysis on the share indices show the markets move together. The result of ARDL cointegration test shows the markets returns are cointegrated as a group. To further make sense of the data; the indices were grouped into four different categories, then cointegration tests were conducted. The results of the analysis show that the subgroups are cointegrated except the low COVID-19 subgroup. Based on MGARCH findings, the possibility of volatility transmission between markets during the crisis is high. The market returns indices show the usual herd mentality common during the period of crisis.

Unlike other works in this area, this paper attempt to trace the trajectory of Islamic equity investment in order to get relevant insights and arrives at appropriate ways of responding to the crisis.

The volatility of bitcoin (BTC) and time horizon is the center point for investment decisions. However, attention is not often drawn to the relationship between BTC and equity indices. Thus, the purpose of this paper is to investigate the volatility and time frequency domain of BTC with stock markets.

The impact of the intellectual capital disclosure (ICD) on the cost of equity capital (COEC) is not well established in the aspect of the Indian scenario. So the objective of this paper is to examine not only the overall effect of ICD but also the individual effect of human capital disclosure (HCD), relational capital disclosure (RCD) and structural capital disclosure (SCD) on COEC.

This research work is conducted by regressing COEC, firm size, leverage, industry type and disclosure index. The disclosure index is prepared based on content analysis of disclosure made in the annual reports of a sample of 50 companies listed in the Nifty 50 index for the year 2018–2019. But in this paper 20 companies are eliminated due to their negative COEC and rest 30 companies are used as the sample companies for this study.

The outcome of this study indicates a negative association between the disclosure of intellectual capital (IC) as a whole and the COEC. But a negative association only for two components (human capital and structural capital) with the COEC is found only when the association of COEC with the categories of ICD is considered.

This is the first study that examines the nexus between the level of ICD and its impact on the COEC in India context.

The main goal of viral marketing is to affect brands positively. But most studies concern the causes of an ad going viral, not its impact on brands. In this sense, this study aims to demonstrate and compare video ads' value drivers on brands and sharing, determining which antecedents maximize results on each, enabling the best ad performance for advertisers.

A survey was conducted with 368 respondents who watched viral video ads from five global companies on YouTube. The proposed model was tested using structural equation modeling in SmartPLS4.

The results of this study demonstrated that product category involvement is essential for viral advertising. Furthermore, the entertainment value is the most relevant antecedent of sharing, but it does not affect brand equity; it is the social value responsible for brand equity.

Marketing managers should create ads that simultaneously generate entertainment and social values, maximizing sharing and branding effects. However, if only one of the two effects (brand/share) is achieved, then the advertiser will fail to obtain maximum performance.

The mainstream of viral marketing research is focused on antecedents of sharing. However, sharing is not enough to provide brand effects and return on investment of advertisement. This study reveals that different consumers’ values drive sharing and brand equity, suggesting that firms should consider a dual value generation strategy regarding the performance of viral video ads. On the other hand, this research conciliates the extant literature about the phenomena with the importance of product category involvement.

El objetivo principal del marketing viral es influir positivamente en las marcas. Pero la mayoría de las investigaciones se refieren a las causas de que un anuncio se vuelva viral, no a su impacto en las marcas. En este sentido, esta investigación tiene como objetivo demostrar y comparar los impulsores de valor de los anuncios de video en las marcas y su viralización, determinando qué antecedentes maximizan los resultados en cada uno, permitiendo el mejor rendimiento publicitario para los anunciantes.

Se realizó una encuesta con 368 participantes que vieron anuncios de video virales de cinco empresas globales en YouTube. El modelo estructural se analizó mediante ecuaciones estructurales basada en mínimos cuadrados utilizando SmartPLS4.

Los resultados demostraron que la participación en la categoría de productos es esencial para la publicidad viral. Además, el valor de entretenimiento es el antecedente más relevante de compartir, pero no afecta el valor de la marca; es el valor social responsable del valor de la marca.

Los gerentes de marketing deben crear anuncios que generen simultáneamente entretenimiento y valores sociales, maximizando los efectos de uso compartido y de marca. Sin embargo, si solo se consigue uno de los dos efectos (marca/participación), el anunciante no conseguirá obtener el máximo rendimiento.

La corriente principal de la investigación de marketing viral se centra en los antecedentes de compartir. Sin embargo, compartir no es suficiente para proporcionar efectos de marca y ROI de publicidad. Este estudio revela que los diferentes valores de los consumidores impulsan el intercambio y el valor de la marca, lo que sugiere que las empresas deberían considerar una estrategia de generación de valor dual con respecto al rendimiento de los anuncios de video virales. Por otro lado, esta investigación concilia la literatura existente sobre los fenómenos con la importancia de la participación de la categoría de productos.

病毒式营销的主要目标是对品牌产生积极的影响。但大多数研究关注的是广告走红的原因, 而不是它对品牌的影响。在这个意义上, 本研究旨在证明和比较视频广告对品牌和分享的价值驱动因素, 确定哪些前因能使每一个因素的结果最大化, 为广告商带来最佳的广告效果。

对368名受访者进行了调查, 他们在YouTube上观看了五家全球公司的病毒视频广告。在SmartPLS4中使用结构方程模型 对提议的模型进行了测试。

结果表明, 产品类别的参与对于病毒式广告来说是至关重要的。此外, 娱乐价值是分享的最相关前因, 但它并不影响品牌资产; 对品牌资产负责的是社会价值。

营销经理应该创造同时产生娱乐和社会价值的广告, 使分享和品牌效应最大化。然而, 如果只实现两种效果（品牌/分享）中的一种, 广告商将无法获得最大的绩效。

病毒式营销研究的主流是关注分享的前因后果。然而, 分享并不足以提供品牌效应和广告的投资回报率。本研究揭示了不同消费者的价值观对分享和品牌资产的推动作用, 表明企业应该考虑关于病毒视频广告表现的双重价值产生策略。另一方面, 本研究将现有的文献与产品类别参与的重要性结合在一起。

This paper aims to examine the performance of Islamic and conventional stocks listed at the Pakistan Stock Exchange by using both parametric and non-parametric approaches. The motivation is to do risk-return analysis of Islamic stock prices and conventional stock prices.

It uses various measures of performance, e.g. Sharpe ratio, Treynor ratio, Jensen's alpha, beta, generalized auto-regressive conditional heteroskedasticity and stochastic dominance. Using the Karachi Meezan Index-30 (KMI-30) and the Karachi Stock Exchange Index-30 (KSE-30) as proxies for Islamic and conventional stock prices, respectively, it examines the performance of Islamic and conventional stocks. The daily data of KMI-30 and KSE-30, covering period from June 9, 2009 to June 20, 2020 are used.

The results show that the overall KMI-30 outperforms the KSE-30. The returns of the KMI-30 are greater than the KSE-30. However, the risk and volatility of the KMI-30 and KSE-30 are similar. Further, the KMI-30 has higher excess returns per unit of total risk than the KSE-30. But both indexes have similar excess returns per unit of systematic risk. Moreover, the KMI-30 returns have stochastically dominance over the KSE-30 returns. These results reveal that the Islamic index performs better than the conventional index.

The findings provide several practical implications in financial and investment decisions making by investors, managers and policymakers such as strategies for asset allocation and investment. Further, in risk management, it provides guidance for allocating portfolios and managing risk. The investment in Islamic stocks may mitigate potential risk within asset portfolios.

This research is unique in its approach to the analysis of the performance comparison of conventional and Islamic stock by using comprehensive parametric and non-parametric estimation techniques. Such research has not been undertaken in the Pakistan's equity market since.

The objective of the present study is to examine the impact of corporate characteristics on human resource disclosures in Indian corporate sector.

The study investigates the annual reports of 336 Indian listed companies of NSE-500 Index. The data are collected for the latest time period which contains eight years (FY 2012–13 to 2019–2020). The data of independent variables (company characteristics) have collected from annual reports and CMIE ProwessIQ Database of the Indian listed companies. The data of human resource dissclosure index (HRDI) is collected form annual reports using content analysis approach. For analysis purpose, descriptive statistics, Pearson's correlation matrix, Two-way Least Square Dummy Variable (LSDV) regression model have been used.

The outcomes show that net sales, market capitalisation, ROTA, return on equity, quick ratio, PAR have significant positive and age, profit after tax, current ratio have significant negative effect on HRDI. On the contrary, debt-equity ratio, earnings per share, type of auditor, listing status have insignificant positive and net fixed assets, promoter's holding have insignificant negative effect on HR disclosures of the selected Indian listed companies.

The HRDI constructed in the present study helps the Institute of Chartered Accountants of India (ICAI) and other regulatory bodies to make some standards regarding voluntary HR disclosure practices in Indian corporate sector.

This study investigates information flow of market constituents and global indices at multi-frequencies.

The study’s findings were obtained using the Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (I-CEEMDAN)-based cluster analysis executed for Rényi effective transfer entropy (RETE).

The authors find that significant negative information flows among sustainability equities (SEs) and conventional equities (CEs) at most multi-frequencies, which exacerbates diversification benefits. The information flows are mostly bi-directional, highlighting the importance of stock markets' constituents and their global indices in portfolio construction.

The authors advocate that both SE and CE markets are mostly heterogeneous, revealing some levels of markets inefficiencies.

The empirical literature on CEs is replete with several dynamics, revealing their returns behaviour for diversification purposes, leaving very little to know about the returns behaviour of SE. Wherein, an avalanche of several initiatives on Corporate Social Responsibility (CSR) enjoin firms to operate socially responsible, but investors need to have a clear reason to remain sustainable into the foreseeable future period. Accordingly, the humble desire of investors is the formation of a well-diversified portfolio and would highly demand stocks to the extent that they form a reliable portfolio, especially, amid SEs and/or CEs.

本研究擬審查多頻率的及為市場成份的信息流和全球指數。

研究人員使用基於改良完全集合經驗模態分解自適應噪聲(Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise)的聚類分析法,取得Rényi有效轉移熵,藉此得到研究結果。

我們發現、於大部份多頻率,在持續性股票和傳統股票間有顯著的負信息流動,這會增加多樣化的益處。這些信息流大部份是雙向的,這強調了股票市場成份及其全球指數在構建投資組合上的重要性。

我們認為持續性股票市場和傳統股票市場大多為異質市場,這顯示了市場的低效率,而且這低效率的程度頗大。

關於傳統股票的實證性文獻裡是充滿了變革動力的,這顯示了它們以多樣化為目的的回報行為。這使我們對關於持續性股票的回報行為、認識變得實在太少了。於此,大量的企業社會責任的新措施不斷提醒各公司、要本著企業社會責任的理念去營運;但投資者需清晰明白他們為何需在可見的將來保持可持續性。因此,他們卑微的願望是一個較好的多樣化投資組合得以形成,故此他們高度要求股票要有組成可靠投資組合的性質和能力,特別是在持續性股票和/或傳統股票當中。

This paper aims to develop a ranking methodology for the companies included in the Islamic indices in Turkey. Thus, this paper simplifies the decision-making process for investors with Islamic sensitivities to stock market investment when constructing their investment portfolio.

This paper uses a case study of 20 companies listed on Borsa Istanbul, drawing data from their 2017, 2018 and 2019 financial reports. These companies are scored and ranked according to their compatibility with the screening criteria used by Ziraat Katilim index in Turkey. In addition, this paper uses the quantitative screening process to calculate the ranking scores of these companies.

The findings show that some companies are highly compatible with the screening criteria, with ranking scores close to 100 points. However, some companies satisfied the criteria on the margin. This may not be a desirable result for some investors.

Only 20 companies are included in the analysis. Since the conventional accounting system is used in Turkey, it was difficult to get exact information about the companies’ Sharīʿah compatibility from the financial results.

The findings assist investors to determine which company is ethically more responsible than others within the Islamic framework. There are also implications for the companies in question, index providers and Sharīʿah scholars.

The findings aim to simplify the decision-making process of investors who have Islamic sensitivities to stock exchange market investment when they constitute their portfolio.

To the best of the authors’ knowledge, it is one of the first attempts to develop a ranking methodology for Sharīʿah-screened stocks in Turkey even though Sharīʿah screening has been on the agenda since the late 1990s. This paper also compares 11 indices based on their screening criteria.