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The purpose of the research is to gain an understanding about how stock market investors impact various behavioural personality traits in various consumer groups with differing levels of motivation and capacity to absorb emerging stock market data.

The research has used structural equation modelling (SEM) to test the validity of the theoretical model.

The current paper is the first study that uses stock market data from an emerging economy to examine the relationship between stock market investment and different behavioural patterns such as stock market attachment, trust, satisfaction and loyalty. The authors observe the presence of direct positive relationships between stock market investment and different behavioural personality traits. Moreover, the authors also observe that stock market attachment can be seen as an intermediary variable between stock investment involvement and satisfaction. The empirical findings also suggest the presence of indirect relationships between stock investment involvement and satisfaction and between stock market attachment and loyalty. The authors find that the indirect relationship between stock market attachment and loyalty occurs when the level of satisfaction is higher. Therefore, satisfaction appears to facilitate the relationship between stock market attachment and loyalty.

One major limitation of the study is data availability. More specifically, the study was conducted with customers of eight different banks in the province of Eskisehir, Turkey. From the 250 questionnaires distributed, 173 were returned, yielding a response rate of 69.2%.

By identifying the trait characteristics of segments of stock market participants relative to their propensity to invest in stocks, it is possible to tailor messages that influence people to invest for the long term.

The paper deploys stock market data from an emerging economy to investigate the relationship between stock market investment and different surface traits such as stock market attachment, trust, satisfaction and loyalty. To the best of the authors' knowledge the current paper is the first such study.

During recent times, the stock market has emerged as a major financial institution of an economy. Yet, cross-country differences, in size and role of stock market, persist. The purpose of this paper is to investigate the correlation between cultural traits and the development of the stock market in a country. Considering multiple dimensions of culture, identified in the literature by Hofstede (1980/2001) and World Value Survey, the authors construct the hypotheses: trust, a key cultural trait, should positively influence stock market development; uncertainty avoidance, Hofstede’s cultural dimension should negatively influence the development of the stock market; and individualism, an alternate cultural dimension of Hofstede’s measures, should be positively correlated with stock market development. The cross-country empirical analysis supports the hypotheses. The results hold for multiple measures of stock market development.

This paper investigates the correlation between various cultural traits and the development of the stock market in a country. Specifically, the authors consider three different cultural trait measures. The authors consider a cross-sectional analysis of an extensive number of countries. While all explanatory variables of interest are considered over the period 2000-2007, the authors consider 2008 figures for the dependent variables of interest, financial development. Ordinary least squares is considered as the benchmark specification. Robust regression has been considered as part of robustness analysis. The authors mention throughout the paper that the results stress on significant association between the variables, only.

The empirical results support the hypotheses. The first measure, trust, is positively associated with stock market development of a nation. Statistically, for one standard deviation rise in trust (1 SD=37.5), stock market capitalization will go up between 11 and 19 percentage points. Uncertainty avoidance, the second measure is negatively correlated and statistically, the impact is much greater. Finally, the third measure, individualism, is positively correlated with stock market development. Statistically, for one SD rise in individualism (SD=23.9), stock market capitalization will rise by 23 percentage points.

Existing literature has stressed the role of cultural traits – trust, uncertainty avoidance, individualism – in the promotion of entrepreneurship, innovation and growth. Since most startups need to raise capital in order to implement their new ideas, cross-country heterogeneity in the strength of capital markets may lead to important differences in entrepreneurship and productivity growth across economies (Greenwood and Jovanovic, 1990; Jayaratne and Strahan, 1996; Levine, 1997; Beck et al., 2000; Guiso et al., 2004). Yet, the link between stock market development and cultural traits has not been established in the literature. This paper aims to fill this missing link.

Previous studies have found that trusting and sociable individuals are more likely to participate in the stock market and hold risky assets. The purpose of this paper is to explore if trust and sociability also are related to individual investors' stock-portfolio returns.

The authors study the questions in the paper by linking survey measures of trust and sociability to investors' actual stock portfolios.

The authors find that trusting investors acquire higher raw and risk-adjusted stock-portfolio returns, but that the returns do not differ depending on how sociable investors are. These results suggest that trust is important for investors' stock-portfolio decisions, and that trusting investors tend to perform better in the stock market than less-trusting investors.

This is, to the best of the authors’ knowledge, the first paper that relates survey measures of trust and sociability to investors' actual stock-portfolio holdings. This is important to increase the understanding for how trust and sociability are related to the financial decisions individuals makes.

The purpose of this paper is to set forth seven broad recommendations and 15 specific initiatives within a four-dimensional framework for the development of social capital in Islamic finance, particularly the stock market, given its role as the first best means of risk sharing.

The four-dimensional framework comprises dimensions of principle and value, trust-reinforcing regulation, investment opportunity and infrastructure, as well as reputational intermediaries.

A web of multi-pronged initiatives that are mutually reinforcing is proposed considering the multifaceted dimensions of social capital and the various possible transmission channels by which social capital can influence the financial system.

While empirical studies have demonstrated the importance of trust and ethics in financial development, the pressing issue remains how social capital, including trust and ethics, can be developed to achieve a trustworthy, ethical and efficient financial system. This paper attempts to address this concern.

This paper provides a framework for building social capital in Islamic finance.

This paper employs a Generalised Autoregressive Conditional Heteroske‐dasticity in Mean (GARCH‐M) model to consider the effect of macroeconomic factors on Australian property returns over the period 1985 to 2002. Three direct (office, retail and industrial property) and two indirect (listed property trust and property stock) returns are included in the analysis, along with market returns, short, medium and long‐term interest rates, expected and unexpected inflation, construction activity and industrial employment and production. In general, macroeconomic factors are found to be significant risk factors in Australian commercial property returns. However, the results also indicate that forecast accuracy in these models is higher for direct office, listed property trust and property stock returns and that the persistence of volatility shocks varies across the different markets, with volatility half lives of between five and seven months for direct retail and industrial property, two and three months for direct office property and less than two months with both forms of indirect property investment.

The objective in investor relationships is to create common long‐term interaction between the companies and their direct and indirect partner groups in the investor community. Information provided for the investors is a key instrument in investor relationship marketing. The short‐term investor episodes initially form the basis of long‐term investor relations. Various relational bonds of attraction, trust and commitment may evolve in the investor community. Attraction is mainly a future‐oriented bond. It incorporates the expectations of each party concerning the potential rewards of the exchange relationship over time. Trust has its roots clearly in the common history of the relationship, but is essentially also coloured by current expectations about the future. Commitment is the most advanced bond and takes the most time to develop. It primarily reflects the prior history of the relationship. Empirical evidence from the Finnish stock market suggests that success in investor relations requires the companies to extend the scope of investor relations from a mere publication of obligatory annual and interim reports to more frequent, extensive, proactive and diversified two‐way interaction and communication.

This chapter focuses on information efficiency as provided by fair value accounting (FVA) and corporate governance (CG) practices in an emerging market. Positive accounting theory was adopted as an empirical model to test the relationship between information efficiency and stock prices. Data for the period 2007–2020 from 576 listed firms on the Stock Exchange of Thailand were collected, tested, and analyzed using a fixed effect estimator. The results indicate that investors in the stock market trust the use of publicized efficient information as provided by FVA and CG practices in making their investment decisions, when FVA and CG proxies were found to significantly influence stock prices. Hence, this evidence implies that information efficiency leads to better firm values in an emerging market.

The growing demand for alternative investment vehicle which adheres to shari'a principles has prompted other measures to boost the Islamic capital market. Unit trust funds in Malaysia have been growing exponentially and their existence signifies the extent of development in the Malaysian financial market. For foreign and domestic investors who have low risk tolerance and wish to diversify, unit trust funds offer the opportunity to invest. The increasing relevance of unit trust funds as an investment instrument has driven us to analyze the fund's performance. This paper addresses these issues.

The paper examines the comparative performance of Malaysian unit trust funds vis‐à‐vis their non‐Islamic counterparts using a variety of measures, such as Sharpe, Treynor, Jenson and Fama's selectivity, net selectivity and diversification. The paper also examines the persistence of performance using Carhart's four‐factor pricing models. Lastly, the paper employs an analysis of cointegration to examine how the Islamic unit trust funds are related in long term with their non‐Islamic counterparts, as well as their respective market portfolios.

The paper finds no convincing performance differences between Islamic and non‐Islamic Malaysian unit trust funds. Controlling performance for style differences, the paper finds that non‐Islamic unit trust funds in Malaysia are value‐focused while Islamic unit trust funds are small cap oriented. In addition, similar reward to risk and diversification benefits exist only between Islamic and non‐Islamic Malaysian unit trust funds.

The Worldscope data are used to construct four‐factor models as opposed to Malaysian‐based data – given that Malaysia is an open economy that attracts global investors. Also, US T‐Bill rate is used rather than Malaysian risk‐free rate because no other securities are as riskless as US Treasury Bills.

The paper observes a significant long‐term relationship between Islamic unit trust funds portfolio and non‐Islamic unit trust funds portfolio. The implication here suggests that investors in Malaysian unit trust funds will most likely benefit from international diversification of financial risks. They do not, however, stand a good chance to gain from portfolio diversification in the local unit trust funds market.

The study contributes to the existing Islamic investment literature by pursuing an empirical analysis on the performance of both Islamic and non‐Islamic Malaysian unit trust funds by using more recent data and further investigating the long‐run relationship between Islamic and non‐Islamic unit trust funds.

The study uses an AR(1)‐EGARCH(1,1) model to investigate the pricing behaviors of the real estate investment trusts (REITs) for four countries (Australia, Japan, Taiwan and the USA) before and after the 2007 financial crisis.

The study uses an AR(1)‐EGARCH(1,1) model to investigate the pricing behaviors of the REITs.

The results show that after the financial crisis, REITS returns show a stronger linkage to the overall market returns but they are not sensitive to expected interest rate movements, except for the Taiwanese REIT market, which shows a negative and significant reaction to the interest rates. There are stronger asymmetric effects of good and bad news on REIT returns particularly after the post financial crisis for the four REIT markets.

An examination of the relationship between REIT and the stock market provides information as how REIT provides an effective device related to the stock portfolio diversification.

It would be interesting to see how the Asian REIT markets differ from the US market on return and risk behavior.

The 2007 subprime crisis happened because of the decline of the real estate market prices in the USA. It represents a special opportunity to examine the time‐dependent behavior of REIT returns in a turbulent market environment.