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Using the next-day and next-week returns of stocks in the Korean market, we examine the association of option volume ratios – i.e. the option-to-stock (O/S) ratio, which is the total volume of put options and call options scaled by total underlying equity volume, and the put-call (P/C) ratio, which is the put volume scaled by total put and call volume – with future returns. We find that O/S ratios are positively related to future returns, but P/C ratios have no significant association with returns. We calculate individual, institutional, and foreign investors’ option ratios to determine which ratios are significantly related to future returns and find that, for all investors, higher O/S ratios predict higher future returns. The predictability of P/C depends on the investors: institutional and individual investors’ P/C ratios are not related to returns, but foreign P/C predicts negative next-day returns. For net-buying O/S ratios, institutional net-buying put-to-stock ratios consistently predict negative future returns. Institutions’ buying and selling put ratios also predict returns. In short, institutional put-to-share ratios predict future returns when we use various option ratios, but individual option ratios do not.

Using overlapped portfolio data on public equity funds in Korea, the authors construct several types of fund-stock weighted bipartite networks and measure fund network centrality. The authors also examine the relationship between network centrality and fund investment performance. The authors' results are three-fold. First, the authors find that the fund centrality of the network in which funds and stocks are connected based on the most active investing behavior positively affects the fund performance. Second, the funds with a high centrality level based on the same network generate higher returns by holding stocks with high value uncertainty. Third, the authors find that fund centrality is not associated with herd behavior. Based on these results, the authors argue that fund centrality is a proxy of information advantage and skill of fund managers. The authors' paper shows that network analysis could be a new way to identify funds with better performance and measure the skill and information advantage to construct an optimal portfolio.

This paper aims to investigate the impact of climate change news on the dynamics of US stock indices.

The empirical basis of the study was 3,209 news articles. Sentiment analysis was performed by a pre-trained bidirectional FinBERT neural network. Thematic modeling is based on the neural network, BERTopic.

The results show that news sentiment can influence the dynamics of stock indices. In addition, five main news topics (finance and politics natural disasters and consequences industrial sector and Innovations activism and culture coronavirus pandemic) were identified, which showed a significant impact on the financial market.

First, we extend the theoretical concepts. This study applies signaling theory and overreaction theory to the US stock market in the context of climate change. Second, in addition to the news sentiment, the impact of major news topics on US stock market returns is examined. Third, we examine the impact of sentimental and thematic news variables on US stock market indicators of economic sectors. Previous works reveal the impact of climate change news on specific sectors of the economy. This paper includes stock indices of the economic sectors most related to the topic of climate change. Fourth, the research methodology consists of modern algorithms. An advanced textual analysis method for sentiment classification is applied: a pre-trained bidirectional FinBERT neural network. Modern thematic modeling is carried out using a model based on the neural network, BERTopic. The most extensive topics are “finance and politics of climate change” and “natural disasters and consequences.”

This is the pilot study of a larger project in which fortification was evaluated in a clinical intervention trial in the Vaal Triangle of South Africa. The main purpose is to determine the suitability of stock cubes and stock powder as possible vehicles for fortification. A questionnaire was developed to determine stock cube and stock powder consumption patterns and handed out to the 802 subjects in the randomly selected sample, after testing for reliability. The results showed that 97 per cent of respondents (n=802) used stock cubes or powder daily in cooking, mainly stews, with the total consumption being 26 per cent chicken, 24 per cent beef, 15 per cent oxtail, 12 per cent mutton, 12 per cent tomato and 11 per cent vegetable. Stock cubes (79 per cent) were more popular than stock powder (21 per cent). From a consumption point of view, compared with other staple foods such as wheat flour, sugar and maize meal, stock cubes and/or stock powder are consumed on a daily basis by 97 per cent respondents and might thus be suitable vehicles for delivering micronutrients to many population groups without major changes in food production or changes in customary diets.

Most retailers would agree that stock availability is one of the keys to success but few make serious attempts to measure their current performance with any precision. Why it is important to measure the customer stock service actually achieved, possible measures which can be used and the problems of extracting the data needed from a company′s information systems are all examined. The underlying causes of stock‐outs and how stock availability in the warehouse affects the overall customer stock service are also discussed. The assumed environment is that of a retail chain which buys into central/regional warehouse(s) from which branch stocks are replenished.

This paper investigates the generalized Fisher hypothesis for nine equity markets in the Asian countries. It states that the real rates of return on common stocks and the expected inflation rate are independent and that nominal stock returns vary in a one‐to‐one correspondence with the expected inflation rate. The regression results indicate that stock returns in general are negatively correlated to both expected and unexpected inflation, and that common stocks provide a poor hedge against inflation. However, the results of the VAR model indicate the lack of a unidirectional causality between stock returns and inflation. It also fails to find a consistent negative response neither of inflation to shocks in stock returns nor of stock returns to shocks in inflation in all countries. It appears that the generalized Fisher hypothesis in the Asian markets is as puzzling as in the developed markets.

A new environment has evolved in the international stock markets, as expressed by the occurrence of market crises and high swings of stock prices. The stock prices are supposed to respond to real data under the market efficiency hypothesis. However, in some cases, price fluctuation is influenced by other conditions which may lead to a crisis. This paper discusses the issue based on the opinions of the stock market experts. The Amsterdam Stock Exchange (ASE) has been selected as a case for this research. The study indicates there is no significant difference among the perceptions of the three groups of ASE stock market experts concerning nine stated conditions which may lead to a stock market crisis, while significant differences exist among the ASE brokers, bankers and specialists concerning six stated elements that minimize the probability of evolving a stock market crises. There is a positive association among the groups of Amsterdam stock market experts about the total conditions that may lead to a stock market crisis, but there is no association concerning the total elements that minimize the probability of evolving a stock market crisis.

The purpose of this paper is to extend the literature on earnings management by examining whether stock dividends provide management with an incentive to manipulate earnings.

This paper employs a refined accrual model that controls the performance effects in estimating the part of accruals subject to managerial discretion.

Stock dividend issuing firms increase accruals substantially in the issue year followed by poor earnings and stock price performance in the subsequent year. More importantly, discretionary accruals of stock dividend issuing firms are negatively correlated with the declines in both future earnings and abnormal stock returns.

This paper examines the hypothesis that stock dividend firms engage in earnings management.

The purpose of this paper is to examine the relationship between the US and China stock markets between 2000 and 2007. This study attempts to categorize the event on February 27, 2007, i.e. 9 per cent plunge in Shanghai stock market followed by the $1.5 trillion global market shake out, as irrational, i.e. herd mentality.

To test for this relationship, the Morgan Stanley Capital International daily price index data was collected from April 15, 2002 to April 12, 2007. Daily Dow Jones Industrial Average (DJIA), Nikkei 225 (Nikkei), Hang Seng Index, and the Shanghai Stock Exchange Composite Index (SSECI) were collected from finance.yahoo.com from January 1, 2000 until April 3, 2007. The running beta and correlation coefficients, defined as the cumulative coefficients, are used to determine the co‐movement of the SSECI and DJIA.

The strength of the relationship between the US and China stock markets has significantly increased since 2005, maybe attributed to China's policy change in 2005 to move toward a more free market economy. Because of the unique characteristics of China's stock market, it is hard to conclude that the $1.5 trillion global market shake out was ignited by the 9 per cent plunge in the Shanghai stock market on February 27, 2007.

China's economic reform is unique since the country followed no blue print for the economic institutions to model after and policies were adopted through experimentation. Fueled by its fast growing economy (10.4 per cent in 2005 and 10.7 per cent in 2006), using past patterns or trends to predict the future of China's financial market requires further research as its stock market emerges. Research in this area requires more observations as China's stock market grows and becomes more transparent.

Results here suggest that the strength of the relationship between the US and China stock markets has significantly increased since 2005 and that China's 2005 policy moves toward a more free market economy are most likely responsible.

A better understanding of the influence of China's emerging stock market on the global stock market offers significant value to portfolio managers worldwide.

The purpose of this paper is to examine the effects of the current global crisis on the integration and co‐movements of selected Islamic stock markets.

Time series techniques of cointegration were used over the period spanning from February 15, 2006 to December 31, 2008. In order to explore changes in the stock market integration and co‐movement, following Majid and Kassim, we divide the period of analysis into two periods, namely the pre‐crisis period (February 15, 2006‐July 25, 2007) and during crisis period (July 26, 2007‐December 31, 2008).

No evidence was found of cointegration among the Islamic stock markets in both periods. Accordingly, the 2007 subprime crisis does not seem to affect the long‐run co‐movements among the Islamic stock markets.

The Islamic stock markets provide opportunity for the potential benefits from international portfolio diversification, even after the subprime crisis. The prohibition of riba, gharar and maysir is one of the plausible reasons of no cointegration in the Islamic stock markets.

Using the Islamic stock indices, to the best of the authors' knowledge, goes clearly beyond the existing literature on the subject matter.