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This study examines the effect of stock liquidity on the magnitude of the accrual anomaly.

This paper examines the relation—both time-series and cross-sectional—between stock liquidity and the magnitude of the accrual anomaly and use the 2001 minimum tick size decimalization as a quasi-experiment to establish causality.

There is both cross-sectional and time-series evidence that stock liquidity is negatively related to the magnitude of the accrual anomaly. Moreover, the extent to which investors overestimate the persistence of accruals decreases with stock liquidity. Results from a difference-in-differences analysis conducted using the 2001 minimum tick size decimalization as a quasi-experiment suggest that the effect of stock liquidity on the accrual anomaly is causal. The findings of this study are consistent with the enhancing effect of stock liquidity on pricing efficiency.

The study's findings are well aligned with the mispricing-based explanation for the accrual anomaly, suggesting that the improvement in market-wide stock liquidity drives the contemporaneous decline in the magnitude of the accrual anomaly, at least to a great extent.

This study examines whether the volatility risk premium is reflected on the prices of the KOSPI200 index options. By applying the empirical method of Bakshi and Kapadia (2003), we analyze the performance of delta-hedging strategy in the KOSPI200 index market. They showed the existence of the negative volatility risk premium in the S&P 500 index options as well as derived theoretical positive relationship between the volatility risk premium and delta-hedging gains. However, in the results of this study, contrary to those in the S&P 500 index options market, we do not observe the volatility risk premium. Delta-hedged gains of ATM options are not significantly negative. Delta-hedged gains are not more negative as historical volatility increases and as options' vega and remaining maturity increase. However, the notable finding of this study is that delta-hedged gains of OTM options and put options are negative and signigicant. This results can be caused by the phenomenon of overpriced puts or by market microstructure factors, such as relatively wide bid-ask spread and high tick size. In a simple examination of comparison between changes in traded option prices and changes in the Black-Scholes option prices during delta-hedging period, negative delta-hedged gains seem to be attributed to too small changes in call option prices and too large changes in put option prices. In conclusion, by analyzing the delta-hedged gains, the volatility risk risk premium seems not be observed in the KOSPI200 index options market.

This paper aims to examine the extent of price clustering in a selection of Islamic stocks listed in Indonesia, Malaysia and Pakistan and also investigates the determinants of the phenomenon at the firm level.

The author test the uniformity of price distribution in the selected securities. Then, the determinants of price clustering were investigated through multivariate analysis based on a binary logistic regression model. Following the arguments of Narayan et al. (2011), who emphasize the importance of considering firm heterogeneity when studying the phenomenon, the author conducts the empirical study at the firm level.

The evidence indicates that Islamic stocks show a mild level of price clustering. Only half of the stocks under analysis rejected the uniformity test in the distribution of prices. In these cases, investors exhibited a preference for prices ending at zero and five. The evidence does not confirm the cultural clustering theories. Price clustering is found to be positively associated with price level and relative bid-ask spread. Overall, the negotiation hypothesis, which predicts that investors prefer round prices to minimize the costs associated with negotiations, best explains most of our results.

The existence of price clustering is difficult to reconcile with the prediction of the efficient market hypothesis that prices should follow a random walk. Moreover, the evidence indicates that Muslim investors share a preference for round prices in some settings, under the assumption that Islamic stocks are mostly traded by Muslim investors.

To the author’s best knowledge, this is the first study to address the subject of price clustering in Islamic stocks.

The paper aims to measure the magnitude of the event-induced return anomaly around bonus issue announcement days in Turkey for recent years. Also, by describing the information content of these announcements with the current data, the study tries to find out the factors that cause return anomaly in Borsa Istanbul when firm boards release the bonus issue decision.

The paper conducts event study methodology for detecting market anomaly around bonus issue announcements. For the pairwise comparison purpose, t-test and one-way ANOVA methods are applied to examine if abnormal returns vary according to the information content of the announcements.

Announcement returns for bonus issues from internal resources outperform the issues that are distributed from last year's net income as bonus shares. Findings indicate different return behaviour among internal resources sub-groups. Findings also suggest that investors in Turkey welcome larger-sized issues, while cumulated returns for the initial offers significantly differ from the latter issues.

Findings are limited to the Turkish equity market. Also, the Public Disclosure Platform of Turkey, which is the main data source of the study, does not provide bonus issue announcements before 2010. Therefore, the previous year's data cannot be included in the analysis.

This paper is novel in terms of considering the main resources of the bonus issue in detail to measure the announcement's impact on stock returns.

We explore the impact of equity liquidity on a firm’s dynamic leverage adjustments and the moderating impacts of leverage deviation and target instability on the link between equity liquidity and dynamic leverage in the UK market.

In applying the two-step system GMM, we estimate our model by exploring suitable instruments for the dynamic variable(s), i.e. lagged values of the dynamic term(s).

Our analyses document that a firm’s equity liquidity has a positive impact on the speed of adjustment (SOA) of its leverage ratio back to the target ratio in the UK market. We also demonstrate that the positive relationship between liquidity and SOA is more pronounced for firms whose current position is relatively close to their target leverage ratio and whose target ratio is relatively stable.

This study provides important implications for both firms’ managers and investors. Particularly, firms’ managers who wish to increase the leverage SOA to enhance firms’ value need to give great attention to their equity liquidity. Investors who want to evaluate firms’ performance could also consider their equity liquidity and leverage SOA.

We are the first to enrich the literature on leverage adjustments by identifying equity liquidity as a new determinant of SOA in a single developed country with many differences in the structure and development of capital markets, ownership concentration and institutional characteristics. We also provide new empirical evidence of the joint effect of equity liquidity, leverage deviation and target instability on leverage SOA.

This article aims to investigate the impact of (1) the establishment of a refugee settlement, (2) the energy demand of a host and refugee population, (3) the residence time of refugees and (4) interventions in the energy sector on sustainable utilization of the forest.

Refugee movements from the Democratic Republic of Congo and settlement construction in a Zambian host society provide the setting. An agent-based model is developed. It uses survey data from 277 Zambian households, geographic information system coordinates and supplementary data inputs.

The future forest stock remains up to 30 years without an influx of refugees. Refugee developments completely deplete the forest over time. The settlement construction severely impacts the forest, while refugees' energy needs seem less significant. Compared with the repatriation of refugees, permanent integration has no influential impact on forest resources. Interventions in the energy sector through alternative sources slow down deforestation. Once a camp is constructed, tree cutting by hosts causes forest covers to decline even if alternative energy is provided.

The analysis is useful for comparable host–refugee settings and United Nations High Commissioner for Refugees interventions in settlement situations. Forest and energy sector interventions should involve host and refugee stakeholders.

This article adds value through an agent-based model in the Zambian deforestation–refugee context. The study has a pilot character within the United Nation's Comprehensive Refugee Response Framework. It fills a gap in long-term assessments of refugee presence in local host communities.

Climate variability and extremes adversely affect the livestock sector directly and indirectly by aggravating the prevalence of livestock diseases, distorting production system and the sector profitability. This paper aims to examine climate variability and its impact on livestock system and livestock disease among pastoralists in Borana, Southern Ethiopia.

Data were collected through a combination of quantitative and qualitative methods using household questionnaire, field observations, focus group discussions and key informant interviews. Areal grid dikadal rainfall and temperatures data from 1985 to 2014 were collected from national meteorological agency. The quantitative and qualitative data were analyzed and interpreted using appropriate analytical tools and procedures.

The result revealed that the study area is hard hit by moisture stress, due to the late onset of rainy seasons, decrease in the number of rainy days and volume of rainfall. The rainfall distribution behavior coupled with the parallel increase in minimum and maximum temperature exacerbated the impact on livestock system and livestock health. Majority of the pastoralists are found to have rightly perceived the very occurrence and manifestations of climate variability and its consequences. Pastoralists are hardly coping with the challenges of climate variability, mainly due to cultural prejudice, poor service delivery and the socio-economic and demographic challenges.

Pastoralists are vulnerable to the adverse impact of climate variability and extreme events.

The finding of the study provides baseline information for practitioners, researchers and policymakers.

This paper provided detailed insights about the rainfall and temperature trend and variability for the past three decades. The finding pointed that pastoralists’ livelihood is under climate variability stress, and it has implications to food insecurity.

The study aims to examine the impact of corporate governance in terms of certain board characteristics on the level of universities’ voluntary sustainability disclosure.

A content analysis based on a comprehensive disclosure index – that also accounts for the impact that COVID-19 exerted on the social dimension of university activities – is performed on a sample of Italian public universities’ websites for the year 2020. An ordinary least squares regression model is estimated to test the association between universities’ board characteristics, namely, board size, board independence and board gender diversity (including the presence of a female rector), and online sustainability disclosure.

This study provides evidence that websites represent a valid tool used by universities to highlight their social performance and demonstrate their commitment to dealing with the pandemic’s social and economic disruption by supporting their stakeholders. Board gender diversity and female Rector’s presence are crucial factors that positively impact voluntary sustainability disclosure levels.

Policymakers and regulators can benefit from the study’s findings. Using the results of this study, they may reflect on the need to regulate sustainability reporting in universities. In addition, findings may offer policymakers inspiration for regulating the presence of women on university boards.

This study offers novel contributions to existing literature analysing the university’s voluntary sustainability disclosure practices through alternative communication tools such as websites. Moreover, it provides novel insight into the role of the board gender diversity in university sustainability disclosure practices.

Nowadays businesses tend to compete with rivals by improving capability to meet customer demands. One of the key to improve logistics efficiency of a firm is to select appropriate supplier. In the past, to select the most suitable supplier, most people evaluated performance by using average performance or variance from historical data but did not mentioned skewness. In other words, skewness impact on supplier performance is ignored by researchers and buyers. In fact, supplier with greatest average performance does not confirm to be the most suitable one because of uncertainties which make its performance skew either to the left or right, i.e., lower or higher than expectation. Therefore, this empirical study aims to discover and determine the important role of skewness on supplier selection problem. After identifying influential criteria on supplier selection, we analyze skewness effect on suppliers’ performance in each criterion by surveying real data of suppliers’ performances. Skewness effect can be rated in 3 levels; no effect, moderately effect, and highly effect. The results show that, there is only one criterion with no skewness effect, which is price. Criteria which have high skewed performance, for both of medium-sized and large-sized buyers, are lead time, product quality and reliability, and on-time delivery. Also, skewness has higher effect on suppliers’ performance of medium-sized buyers than large-sized buyers. The conclusion surprisingly shows that, skewness is the best index to distinguish between good and bad suppliers, while mean is the worst index.

The purpose of this study is to investigate factors surrounding low Emirati student recruitment and retention within a nursing programme in the Abu Dhabi Emirate. A sequential explanatory mixed methods research design was used to collect data from 140 Emirati students at different levels of the nursing program. Questionnaires, semi-structured interviews and related document analyses were used to collect information for this study. Quantitative analysis revealed that overall participants perceived the Emirati society as holding a positive image of nursing, though a majority of them indicated that nursing as a profession, would be a third or last choice of career for them. Inferential analysis on the reasons to choose or not choose nursing, revealed an opportunity to work as part of the team; and as a stepping stone to other professions as significant reasons, versus perceived program difficulty level, and perceived unpleasant tasks. Thematic analysis of interviews highlighted: 1) personal interest; 2) parental support; 3) awareness of the profession; 4) perceived barriers; 5) potential benefits, and 6) policies at the local and national levels. The study has several implications for nursing education and policy in the United Arab Emirates and the region.

.يبظوبأ ةرامإ يف ضيرمتلا جمانرب نمض مهب ظافتحﻻاو نييتارامﻹا ةبلطلا ددع ةلقب ةطيحملا لماوعلا ةسارد وه ةساردلا هذه نم ضرغلا نم تانايبلا عيمجتل ةطلتخم قرط يف لسلستم يثحب ميمصت مادختسا مت دقو 140 .ضيرمتلا جمانرب تايوتسم فلتخم ىلع ايتارامإ ابلاط تسﻻا تلمعتسا ةيبلغأ نأ يمكلا ليلحتلا فشك و .ةساردلا هذهل تامولعملا عمجل ةلصلا تاذ قئاثولا تﻼيلحتو ةمظنملا هبش تﻼباقملاو تانايب ضيرمتلا نأ ىلإ تراشأ مهتيبلغأ نأ نم مغرلا ىلع ،ضيرمتلل ةيباجيإ ةروص لمحي هنأ ىلع يتارامﻹا عمتجملا ىلإ نورظني نيكراشملا مهرايخ نوكيس ،ةنهمك ضيرمتلا رايتخا مدع وأ رايتخا بابسﻷ يلﻻدتسﻻا ليلحتلا يف و .مهل ةبسنلاب ةيفيظولا ةايحلا نم ريخﻷا وأ ثلاثلا ةماه ةيباجيإ بابسأك ،ىرخأ نهمل قﻼطنا ةطقنك وأ ؛قيرفلا نم ءزجك لمعلل ةصرف نع جئاتنلا تفشك ،ةيبلسلاو ةيباجيﻹا بابسﻷا لباقم ا يف و،ضيرمتلا رايتخﻻ رايتخا مدعل ةريبك ةيبلس بابسأ اهنأ ىلع ، اهيف بوغرملا ريغ ماهملاو ،جمانربلا ةبوعص ىوتسم ىلإ رظنلا ،لباقمل :تﻼباقملل يعيضاوملا ليلحتلا زربأو .ةنهمك ضيرمتلا 1 ( ؛ةيصخشلا ةحلصملا 2 ( ؛نيدلاولا معد 3 ( ةنهملاب يعولا ؛ 4 ( ؛ةعقوتملا زجاوحلا 5 ( و ،ةلمتحملا دئاوفلا 6 ( ةلود يف هتاسايسو ضيرمتلا ميلعت ىلع تاروصت ةدع ةساردلا هذهلو .ينطولاو يلحملا نييوتسملا ىلع تاسايسلا ةقطنملاو ةدحتملا ةيبرعلا تارامﻹا .