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This study delves into the nuanced implications of short-sale constraints on stock prices within the context of stock market efficiency. While existing research has explored this relationship, inconsistencies persist in their findings. The purpose of this study is to conduct a comprehensive review of literature to elucidate the reasons behind these disparities.

A systematic review of existing theoretical and empirical studies was conducted following the PRISMA method. The analysis centered on discerning the factors contributing to the divergence in projected stock prices due to these constraints. Key areas explored included assumptions related to expectations homogeneity, revisions, information uncertainty, trading motivations and fluctuations in supply and demand of risky assets.

The review uncovered multifaceted reasons for the disparities in findings regarding the influence of short-sale constraints on stock prices. Variations in assumptions related to market expectations, coupled with fluctuations in perceived information uncertainty and trading motivations, were identified as pivotal factors contributing to differing projections. Empirical evidence disparities stemmed from the use of proxies for short-sale constraints, varied sample periods, market structure nuances, regulatory changes and the presence of option trading.

This study emphasizes the significance of not oversimplifying the impact of short-sale constraints on stock prices. It highlights the need to understand these effects within the broader context of market structure and methodological considerations. By delineating the intricate interplay of factors affecting stock prices under short-sale constraints, this review provides a nuanced perspective, contributing to a more comprehensive understanding in the field.

The reform and opening-up of capital market is valued for promoting sustainable development, while its impact presented as the form of deregulation of short-selling on the green innovation of enterprises in developing countries remains unclear. The purpose of this study is to outline the significance of gradual reform of financial markets in developing countries for low-carbon transformation and provide implications for achieving carbon peaking and carbon neutrality goals.

Based on the green subdivided patent data and financial data of China’s A-share listed companies, this paper takes the implementation of securities margin trading program as a quasi-natural experiment and applies the difference-in-differences (DID) model to examine the impact of deregulation of short-selling constraints on the enterprises’ green transformation.

The findings reveal that the initiating securities margin trading program significantly enhances the green innovation performance of enterprises. These findings are valid after performing a series of robustness tests such as the parallel trend test, the placebo test and the methods to exclude other policy interference. Mechanism analyses demonstrate a two-faceted effect of the securities margin trading program on the green innovation of enterprises, in which short-selling policy increases the pressure on capital market deregulation and meanwhile induces the environmental protection investment. The heterogeneity results demonstrate that the impulsive effect imposed by securities margin trading program is more significant in experimental group samples with characteristics of lower financing constraints, belonging to heavy polluting industries and possessing better environmental supervision capability.

First, previous studies have focused on the impact of financial policies implemented by banking institutions on the green innovation of enterprises, but few literatures have explored the validity of relaxing short-selling restrictions or opening the capital market in the field of enterprise’s green transformation in developing country. From the view of securities market reform, this paper broadens the incentive and supervision effects of the relaxation of short-selling control on enterprise’s green innovation performance after the implementation of securities financing and securities lending policy in China’s capital market. Second, previous studies have explored the impact of command-and-control environmental regulations, as well as market-incentivized environmental regulations such as green finance, low-carbon pilots and environmental tax reform, on the green transition of enterprises. Recently the role of the securities market in the green development of enterprises has received more attention in academia. The pilot of margin financing and securities lending is essentially a market-incentivized regulatory tool, but there is few in-depth research on how it affects the green innovation of enterprises. This paper enriches the research on whether the market incentive financial regulation policy can contribute to the green transformation of enterprises under the Porter hypothesis. Third, some previous studies used the ordinary panel regression model to explore the impact of financial policy on enterprise’s innovation performance. However, due to the potential endogenous problems of the estimated model, it might get biased conclusions. Therefore, based on the method of quasi-natural experiment, this paper selects the margin trading pilot policy as an exogenous shock to solve the endogenous or reverse causality problem in traditional measurement model and applies the DID model to study the relationship between core indicator variables.

The purpose of this paper is to illustrate how the Wirecard scandal has highlighted the need for further reforms in Germany and Europe, exposing institutional and market oversight weaknesses, particularly in terms of market integrity and investor protection.

To provide a comprehensive picture of the situation, this paper is based only on relevant studies, which focus on the topic of interest, namely, the context of the Wirecard collapse in June 2020. It also examines how internal and external governance and monitoring mechanisms failed to uncover major fraud within the German payments group earlier.

This study shows that this is by no means an isolated or unpredictable incident, and the allegations of accounting fraud had been known for several years, thanks to warnings from the Financial Times. In addition, the paper reviews the serious shortcomings revealed in the Wambach report. The report provided private details of the Wirecard audit and documents on the relationship between Wirecard management and the auditor. All of this can serve as a reference point for institutional and market oversight architecture in Germany and Europe and pave the way for future research.

The paper contributes to the literature by highlighting the implications of the Wirecard scandal and the lessons that can be learned from what was one of Germany’s biggest corporate scandals especially at a time when many are already affected by the impact of COVID-19 on the entire financial services industry.

Based on the “S-O-R” and attachment theories, this paper constructs a research model of the platform attribute factors of sports short video live e-commerce on consumers' psychological conditions, and explores how platform attributes affect consumer behavior through consumer attachment.

The study carried out questionnaire survey through the “snowball” method, and a total of 422 valid questionnaires were collected. The paper uses SPSS 26.0 and AMOS 26.0 to adapt the data and model, and adopts the method of structural equation modeling for analysis.

The research results show that the interactivity, identity, personalization and entertainment of live sports e-commerce platforms can actively stimulate consumer attachment, and directly drive their consumption behavior through their attachment.

Examining the platform attributes and system functions of short video live broadcast e-commerce from the perspective of consumer attachment can help sports e-commerce understand consumers' needs and satisfaction with the functions provided by the platform. Through timely optimization and improvement of system functions, the platform will make the connection between consumers and e-commerce closer, thereby increasing consumer stickiness and promoting the vigorous development of sports e-commerce.

This study identified and defined the platform attributes contained in the sports live broadcast e-commerce platform, combined the S-O-R model with the attachment theory, expanded the analytical framework of the S-O-R theory and made contributions to the extension of the attachment theory.

This study aims to provide empirical evidence on the relationship between formal institutions and stock price crash risk from a global perspective.

This paper uses data of 35,468 firms globally over the years 1987–2019 and address the endogeneity issue by employing the Mundlak random effects estimator.

The authors find a significant negative impact of institution quality on stock price crash risk (i.e. better institutions reduce crash risk), after controlling for common determinants of crash risk such as leverage, return on asset, firm size, investment, etc. as well as macro factors such as GDP growth. This effect is robust to different measures of crash risk and sub-indicators of institutions quality. In addition, the authors also find this effect to be universally present in economies characterized by different levels of income.

To the best of the authors' knowledge, there's no known study that explores the potential causal relationship between institution quality and stock price crash risk. Therefore, the research topic in this study is original and can contribute significantly to the existing literature.

Foreign directors from developed nations are significant brain gains for Chinese firms because they improve board competency and board diversity. Therefore, the purpose of this study is to explore the relationship between foreign directors from developed countries on Chinese listed firms and firms’ green commitment.

For the empirical analysis, first, this study applies ordinary least square regression and firm fixed model to explore the relationship between foreign directors and green commitment. For the endogeneity concerns, this study first added more control variable in the main model, then applied instrumental variable approach and propensity score matching technique.

This study predicts and finds that percentage of foreign directors from developed countries on Chinese listed firms’ board positively enhances the firms’ green commitment. Furthermore, this study also finds that the positive relationship between foreign directors and firms’ green commitment is more significant when firms are in a low competitive industry, have no financial constraints and are overseas-listed. This study’s findings are robust after controlling for endogeneity concerns.

This is new research on the impact of foreign directors on corporate green commitment.

This study aims to theoretically hypothesize and empirically examine the impact of economic policy uncertainty (EPU) on firms' innovation performance as well as the contingency conditions of this relationship.

This study collects and combines secondary longitudinal data from multiple sources to test for a direct impact of EPU on firms' innovation performance. It further examines the moderating effects of firms' operational and marketing capabilities. A series of robustness checks are performed to ensure the consistency of the findings.

In contrast to the common belief that EPU reduces the innovativeness of firms, the authors find an inverted-U relationship between EPU and innovation performance, indicating that a moderate level of EPU actually promotes innovation. Further analysis suggests that firms' operational and marketing capabilities make the inverted-U relationship steeper, further enhancing firms' innovation performance at a moderate level of EPU.

This study adds to the emerging literature that investigates the operational implications of EPU, which enhances our understanding of the potential bright side of EPU and broadens the scope of operational risk management.

The purpose of this paper is to examine the relationship between accounting conservatism and pledging of shares by controlling shareholders of a firm to obtain a loan. The pledging of shares by the controlling shareholders of a firm results in alterations to the payoff and risk structure for these shareholders. Since accounting numbers have valuation implications, pledging of shares by a controlling shareholder has an impact on accounting policy choices made by the firm. The purpose of this paper is to examine the impact of controlling shareholder share pledging to obtain a loan on a specific accounting policy choice, namely, conservatism.

The paper uses a large data set from India comprising 14,786 firm years consisting of 1,570 firms belonging to 58 industries for a period of 11 years (2009–2019). The authors use ordinary least square regression with robust standard errors. The authors conduct robustness checks and the results are consistent across alternative statistical methodologies and alternative measures of the primary dependent and independent variables.

The primary results show that pledging of shares by the controlling shareholders results in higher conditional conservatism and lower unconditional conservatism. Further analysis reveals that the relationship is stronger when the controlling shareholder holds a majority ownership in the firm. Additionally, the results show that for business group affiliated firms, which are unique to developing countries, both the conditional and the unconditional conservatism are incrementally lower when the controlling shareholder pledges the shares. For family firms with a family member as CEO, the conditional conservatism is incrementally higher and the unconditional conservatism is incrementally lower. Finally, the authors show that the results hold when the pledge intensity variable is measured with a one-year lag and finally, the authors show that conditional conservatism is incrementally higher in the year of the increase in the pledge and the year after, but there is no such incremental impact on unconditional conservatism.

The research is limited to the listed firms in India. Since majority of the listed firms are controlled by families and the family firms around the world are heterogeneous the findings of the research may not be applicable to other countries.

The study has implications for policy-making and monitoring of the pledging by the controlling shareholders. It also helps the investors in making investment decisions with respect to family firms in India.

The study is unique as it focuses on the relationship between pledging of shares by the controlling shareholders and its impact on accounting conservatism. To the best of the authors’ knowledge, this is the first research integrating these two aspects.

A stylized fact in finance literature is the belief in positive relationship between ex ante return and risk. Hence, a rational investor, by utility preference axiom can only consider committing fund in asset which promises commensurate higher return for higher risk. Questions have been asked as to whether this holds true across securities, sectors and markets. Empirical evidence appears less convincing, especially in developing markets. Accordingly, the author investigates the nature of reward for taking risk in the Nigerian Capital Market within the context of individual assets and markets.

The author employed ex post design to collect weekly stock prices of firms listed on the Premium Board of Nigerian Stock Exchange for period 2014–2022 to attempt to answer research questions. Data were analyzed using a unique M Vec TGarch-in-Mean model considered to be robust in handling many assets, and hence portfolio management.

The study found that idea of risk-expected return trade-off is perhaps more general than as depicted by traditional finance literature. The regression revealed that conditional variance and covariance risks reveal minimal or no differences in sign and sizes of coefficients. However, standard errors were also found to be large suggesting somewhat inconclusive evidence of existence of defined incentive structure for taking additional risk in the market.

In terms of choice of methodology and outcomes, this research adds substantial value to body of knowledge. The adapted multivariate model used in this paper is a rare approach especially for management of portfolios in developing markets. Remarkably, the research found empirical evidence that positive risk-expected return trade-off, as known in mainstream literature, is not supported especially using a typical developing country data.

The purpose of this paper is to examine souvenir sellers as unconventional micro-entrepreneurs, focusing on non-economic motives for selling.

A qualitative methodology was used. Semi-structured interviews were undertaken with 20 souvenir sellers in the Romanian city of Timişoara. These were analysed using thematic analysis which identified four non-economic motives for selling souvenirs.

Souvenir selling was a matter of choice rather than economic necessity. While these sellers were entrepreneurs who were seeking to generate income, non-economic motives were also important. These included passion, hobbyism and interpersonal interactions with customers. Some sellers considered themselves as cultural intermediaries, representing place and tradition to their customers.

In a European context, selling souvenirs can be a matter of lifestyle choice rather than economic necessity. Micro-entrepreneurs are frequently motivated by passion, hobbyism and interpersonal rewards as much as financial profit. This represents a particular form of unconventional or lifestyle entrepreneurship.

The encouragement of on-street souvenir sellers by urban managers can add vibrancy to a city, enhancing the experiences of local communities and visitors. This can also encourage the development of an artisan class to enhance a city’s reputation as a creative place.

Souvenir sellers are little researched, and this is one of few studies that has investigated this group outside Developing World contexts. This study emphasises the importance of unconventional entrepreneurship and non-economic motives for selling souvenirs in a European context.

本研究将纪念品销售商这类非传统微型企业家群体作为研究对象, 重点关注其销售纪念品的非经济动机。

本研究主要采用定性的研究方法, 对20位罗马尼亚蒂米什瓦拉市的纪念品销售商进行了半结构化访谈。通过对访谈结果的主题分析, 本研究发现并提炼出了纪念品销售商的4种非经济动机。

纪念品销售并非经济上的必然选择, 而更多地体现为一种个体的自主决策。尽管这些销售商本质上仍是追求经济回报的企业家, 其销售活动背后的非经济动机同样重要。这些动机包括对事业的激情、业余爱好, 以及与顾客之间的人际互动等。一些销售商视自身为文化传播的中介, (在销售活动中)向顾客展示地域与传统的象征。

在欧洲的语境下, 纪念品销售通常被视为一种生活方式的选择而非经济的迫切需要。微型企业家的销售行为通常受到对事业的激情、业余爱好以及人际关系的多重因素的推动, 而非单纯由经济利益驱使。这呈现出一种独特的非传统生活方式创业形态。

城市管理者可以通过默许纪念品销售商在市区进行销售活动的方式为城市注入活力, 提升当地社区和游客的体验。这同时有助于培养手工艺术家阶层, 进一步增强城市作为创意之地的声誉。

纪念品销售商的相关研究相对比较有限, 本研究在探讨这一群体时跳脱了发展中国家的框架, 同时强调了在欧洲环境下非传统创业和销售纪念品的非经济动机的重要性。

Se utilizó una metodología cualitativa. Se realizaron entrevistas semiestructuradas a 20 minoristas de recuerdos (souvenirs) de la ciudad rumana de Timişoara. Las entrevistas se analizaron mediante un análisis temático que permitió identificar cuatro motivos no económicos para la comercialización de recuerdos.

Este artículo examina a los comerciantes de souvenirs como micro emprendedores no convencionales, centrándose en los motivos no económicos para su venta.

La venta de souvenirs era una cuestión de elección más que de necesidad económica. Aunque estos vendedores eran emprendedores que buscaban generar ingresos, los motivos no económicos también eran importantes. Entre ellos, la pasión, la afición y las interacciones interpersonales con los clientes. Algunos vendedores se consideraban intermediarios culturales que representaban el lugar y la tradición ante sus clientes.

En un contexto europeo, la venta de recuerdos puede ser una cuestión de elección de estilo de vida más que de necesidad económica. Los micro emprendedores suelen estar motivados por la pasión, la afición y las recompensas interpersonales tanto como por el beneficio económico. Esto representa una forma particular de espíritu empresarial no convencional o de estilo de vida.

El fomento de los vendedores ambulantes de souvenirs por parte de los gestores urbanos puede aportar dinamismo a una ciudad, mejorando las experiencias de las comunidades locales y de los visitantes. Esto también puede fomentar el desarrollo de una clase artesanal para mejorar la reputación de una ciudad como lugar creativo.

Los comerciantes de souvenirs están poco investigados, y éste es uno de los pocos estudios que ha investigado este grupo fuera de los contextos del mundo en desarrollo. Destaca la importancia del espíritu empresarial no convencional y de los motivos no económicos para la venta de recuerdos en un contexto europeo.