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The purpose of this study is to investigate whether the STOXX Europe Christian price index (SECI) follows the premise of efficient market hypothesis (EMH).

The study used daily data of SECI for the period of 15 years as its launch date i.e. 31 December 2004 to 31 December 2019. Data are analyzed by taking a full-length sample and fixed-length subsample. For subsample, the data are divided into five subsamples of three years each. Subsample analysis is important for analyzing time varying efficiency of the series, as the market is said to follow EMH if it is being efficient throughout the sample. Both type of samples is examined through linear tests including autocorrelations test and variance ratio (VR) test.

Tests applied conclude that SECI is weak-form efficient, which means that the prices of the index include all the relevant past information and immediately react to new information. Hence, the investors cannot earn abnormal returns.

Religion-based indices grasped the attention of investors, policymakers and academic researchers because of increased concern over ethics in business. Though the impact of religion on the economy have been studied in many ways but the efficiency of religion-based indices have been less explored. The current study is primary in its nature as it analysis the efficiency of SECI. This index is important to explore because Christianity is the world’s top religion with 2.3 billion followers around the globe.

The flow and heat transfer of a hybrid nanofluid composed of kerosene and ZnO-Al2O3 nanoparticles (NPs) is investigated. The flow occurs over complex surfaces with stretching and shrinking features. The base fluid is electrically conducting, and an external magnetic field is added so that the nanofluid and the electric field are in equilibrium. Irrotational flow with viscous dissipation effects is considered.

The governing equations of the system are formulated, and a similarity transformation is used to convert the system of equations into ordinary differential equations, which are solved numerically. The friction coefficient of the flow and the Nusselt number are calculated for a wide range of parameters, and the results are presented in graphical form. In addition, dual solutions of the problem were noticed to occur for a certain range of the unsteadiness parameter. A stability analysis has been performed and presented to elucidate the behavior of these dual solutions.

For the solution of the upper branch, the velocity and temperature profiles of the nanofluid are enhanced by increasing the magnetic field parameter M, but the same variables decrease in the solution of the lower branch. The same trend is detected for the velocity of the fluid with the suction parameter. The temperature of the nanofluid decreases in both branches of the solution by increasing the Prandtl number. Similarly, they decrease with the suction parameter. The temperature of the nanofluid slightly increases in both branches of the solution by increasing the Eckert number. With the stability analysis the authors performed, it was determined that the solution is stable in the upper branch, but unstable in the lower branch.

The kerosene nanofluid with hybrid Zinc/Aluminum-oxide is presented for the first time in the literature.