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There has recently been discussion regarding how heritage rural areas are culturally affected by recent urban-to-rural migration. However, little research has been conducted on the form this process takes in post-communist contexts. Taking a geography approach to some Romanian heritage sites, this study foregrounds narratives based on interviews with local people in two villages in southern Transylvania that were formerly inhabited by different ethnicities. The results point to quite different perceptions of the cultural landscape changes in the two villages. Although both communities consciously seek to preserve and maintain a sense of place that is rooted in history, those who migrate from urban areas to these rural heritage places represent a catalyst for community resilience and development in areas such as acquisition of buildings, development of facilities, modern social services, and seeking new funding for landscape transformation. As NGOs function as a link between government, local people, newcomers to the community, and investors, we contend that more attention could be paid to channelling their funds towards investment in rural heritage. The greatest challenges to heritage are those posed by tourism, while NGOs and small investors are the driving force that helps to preserve and save cultural heritage. [ABSTRACT FROM AUTHOR]

Given the significant impact of healthcare stock changes on the global economy, including its GDP and other financial factors, we endeavored to create an analytical prediction model for forecasting the annual percentage change of these stocks. Our model, which is nonlinear, incorporates five key discoveries. We focused on predicting the average weekly closing price (pWCP) of AbbVie Inc. (North Chicago, IL, USA)'s healthcare stock (ABBV) from 1 August 2017 to 31 December 2019. The stock was chosen based on the low beta risk, high dividend yield, and high yearly percentage return criteria. Alongside predicting the weekly stock price, our model identifies the individual indicators and their interactions that notably influence the response. These indicators were ranked based on their contribution percentages to the response. The validity of the model was justified based on the root mean square error (RMSE) and R 2 value by performing 10-fold cross-validation. Furthermore, an optimization process using the desirability function was implemented to determine the optimal values of the indicators that maximize the response, along with the 95% confidence and 95% prediction interval. We also visually depicted the optimal ranges of any two indicators that affect the response AWCP. In our evaluation, we compared the original and predicted responses of AWCP using our analytical model. The results demonstrated a close alignment between the two sets of observations, highlighting the high accuracy of our model. Beyond these findings, our model provides additional valuable insights into the subject area. It has undergone thorough validation and testing, confirming its high quality and the precision of our weekly stock price predictions. The information derived from the modeling and analysis is important for constructive and accurate decision-making for individual investors, portfolio managers, and financial institutions concerning the financial and economic aspects of the healthcare industry. By identifying the optimum values of the controllable contributors through the optimization process, financial institutions can make the strategic changes needed for the company's long-term viability. [ABSTRACT FROM AUTHOR]

This article provides a comprehensive analysis of the long-term inflation-adjusted stock market risks and returns from the perspective of a global euro investor, utilizing data from China, Germany, Japan, Switzerland, the United Kingdom, and the United States from 1960 to 2022. The findings highlight that although these indexes have generally yielded positive returns, investing in selected stock markets can lead to negative euro real returns over the long term. A utility-based risk measure analysis reveals that the risk assessment of stock index returns can strongly depend on investors' individual risk attitudes. These results challenge the perception that long-term stock market investments are inherently safe. [ABSTRACT FROM AUTHOR]

We examine five summer Olympics and identify stocks that media outlets hype as benefiting from the Olympics (Olympic stocks). There is a seven-year period from the time that a country first learns it has won the Olympic bid to the start of the games (Olympic time period). We predict that the excitement of the Olympics along with the greater media attention impacts the valuation and risk of Olympic stocks. Consistent with this prediction, we show that Olympic stocks earn higher returns than their matched counterparts and comove more strongly with each other over the Olympic time period. Olympic stocks also exhibit increases in trading volume and stock volatility on days when media outlets have stories linking the firm to the Olympic Games. However, we find no evidence that the Olympic Games translate into stronger fundamentals for Olympic firms or stronger fundamental comovements. These findings suggest that investors are not purchasing the stocks based on an analysis of fundamentals, but are purchasing them based on their Olympic attribute. To confirm that event-based groupings occur in other settings, we show that comovement increases for stocks classified by the media as "stay-at-home" stocks at the start of the COVID-19 pandemic. This paper was accepted by Eric So, accounting. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2021.02218. [ABSTRACT FROM AUTHOR]

Background: Large-scale renewable energy projects are increasingly being rolled out across rural Kenya, with the government playing a frontline role in attracting energy investors through various state-led and state-centric policies and investment incentives such as feed-in-tariffs and power purchase agreements. While these policies are commendable, and are indeed attracting many private investors, existing studies document how social and environmental justice concerns are often overlooked—sometimes causing local contestations against energy projects. However, to date, there has been less attention given to cases where procedural justice elements (e.g., access to information, access to meaningful participation, access to justice, and respect for local culture) led to a successful land negotiation for energy development without outright conflict. Using a case study in Kenya, this article aims to bridge this gap by showing how a fair application of various elements of procedural justice in land consultation has facilitated the establishment of the Kipeto wind farm. This qualitative research is based on semi-structured interviews that took place from February to March 2023, with a follow-up visit in December the same year, supplemented with review of secondary data sources. Results: The results indicate that for energy projects to be accommodated in and by communities, access to land must be properly negotiated, particularly with the actual landowners whose livelihoods are most likely to be implicated by the project. Second, local people's perception of what they regard as a 'just' or 'fair' process of land consultation constitutes the basis for their acquiescence and compliance. Conclusion: Ensuring a 'just' procedure in land consultation with the actual landowners is a key strategy to avoid conflicts. Land investors, governments, and policy-makers who interface and negotiate with communities must ensure the provision of procedural justice, particularly in contexts where local livelihood is tied to land and where land is individually owned. Although the findings suggest a positive case of wind energy development in Kenya, the project is barely 4 years old; things may change overtime if agreed conditions are not met as specified in the MoU. Therefore, additional follow-up research is needed to ascertain the extent to which both KEL and landowners live up to their promises. [ABSTRACT FROM AUTHOR]

Purpose: Most research in the field of designing and planning bioethanol supply chains has been based on deterministic models, which do not consider dynamic environmental conditions and thus do not provide reliable outputs. Classic robust models did not have this weakness, but due to their excessive conservatism, they increased supply chain costs, making them unattractive to investors. Therefore, the aim of this study is to design and optimize the biomass-tobioethanol supply chain network using data-driven robust optimization methods and disjunctive uncertainty sets. Methodology: The methodology of this study is a multi-methodology approach based on mathematical modeling and machine learning algorithms. Initially, uncertainty sets for the non-deterministic model parameter were created using Kmeans and SVC methods. Then, a data-driven optimization model was designed to optimize the biomass-to-bioethanol supply chain network, addressing the issues of previous classic approaches. Findings: The findings of this study are presented in two categories: strategic and operational decisions. The strategic section focuses on determining the optimal locations for biomass cultivation, preprocessing centers, and refineries. In the operational section, the optimal amounts of biomass sent to preprocessing centers and refineries were determined. Originality/Value: This study, by producing robust solutions without the conservatism of traditional robust optimization approaches, can significantly attract public and private sector investors. Additionally, using a three-objective model based on a sustainable development approach that simultaneously considers economic, social, and environmental components, enhances the comprehensiveness of this research, providing more realistic and detailed results. [ABSTRACT FROM AUTHOR]

Germany has become a high-tax country for companies over the past 15 years. There is currently a lot of discussion in politics about how the tax burden for companies can be lowered in order to enhance private investments. Compared to challenges in the areas of infrastructure or bureaucracy, the disadvantage of a high tax burden can be easily remedied by political decisions. According to simulations, a tax cut would lead to a noticeable upswing in private investments and could also act as a signal in international location competition that should not be underestimated. [ABSTRACT FROM AUTHOR]

Copyright of NTU Management Review is the property of NTU Management Review and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Utilizing a national individual‐level medical dataset and the home bias phenomenon in investment, our study shows a strong and robust link between declines in local stock returns and increased antidepressant consumption among investors. This effect intensifies in areas with higher per capita dividend income, suggesting a direct relationship between higher stock ownership and stronger responses. We confirm that portfolio losses, not local economic conditions, are responsible for increased antidepressant usage during market downturns. Using the frequency of psychotherapy sessions yields similar findings. Moreover, our study supports the loss aversion hypothesis as we find positive stock returns do not influence antidepressant usage. [ABSTRACT FROM AUTHOR]

This paper explores the effects of incidental guilt on Socially Responsible Investment (SRI) decisions of retail investors. Do investors who feel guilty invest more in SRIs to clear their conscience? Are guilty investors willing to sacrifice returns to restore their moral selves? Using survey data from an online quasi-experiment among a sample of US retail investors, we find that individuals who experience incidental guilt are willing to invest more in SRI funds than those in a neutral state. We show that this effect, albeit moderate in magnitude, cannot be explained solely by differences in retail investors' moral reasoning, attitudes towards social responsibility, risk tolerance and demographic factors. When presented with a trade-off between sustainability, risk and return characteristics of the funds, guilty investors are more willing to sacrifice returns for greater sustainability than non-guilty participants. Our research provides new evidence of the effect that incidental guilt has on the sustainable investing decisions of retail investors. [ABSTRACT FROM AUTHOR]

This article explores the intricate relationship between gambling preferences and stock market dynamics, with a focus on the repercussions of a more lenient price limit regulation. Specifically, we examine the effects of expanding the price limit range from 10% to 20% for stocks listed on the second board market of the Shenzhen Stock Exchange. Employing a difference-in-differences methodology for causal inference, our research reveals a notable surge in price volatility, particularly evident among lottery stocks. To validate these findings, we employ various statistical techniques, including propensity score matching tests, parallel trend hypothesis tests, placebo tests, and alternative volatility measurements. Our study unveils that looser price limits contribute to heightened stock price volatility through two primary channels: the inherent lottery characteristics of certain stocks and the increased attention from retail investors. Moreover, we identify that the amplified volatility is more pronounced within non-state-owned enterprises and small-cap entities. In summary, our results indicate that price limits play a crucial role in stabilizing emerging stock markets by mitigating the gambling tendencies of retail investors. This research sheds light on the positive aspects of price limits regulation, offering valuable insights for market policymakers and participants alike. [ABSTRACT FROM AUTHOR]

This study examines the financial implications of religious restrictions by analyzing how changes in the Shariah compliance status of stocks affect their price and trading volume. Employing the market model in an event study approach and using data from Malaysian firms between 2000 and 2016, the study focuses on 30 announcements from the Security Commission Malaysia’s List of Shariah Compliant Securities (LSCS), resulting in 370 additions and 284 deletions from the compliance list. The findings indicate that the inclusion of stocks in the compliance list generates long-term demand driven by Islamic institutional and Muslim retail investors, leading to a permanent increase in abnormal returns and trading volume. Conversely, the removal of stocks from the compliance list induces short-term negative abnormal returns and increased trading volume, reflecting selling pressure. These results contribute to understanding the financial consequences of religious restrictions, highlighting the influence of Shariah compliance on stock market performance and investor behaviour. [ABSTRACT FROM AUTHOR]

Purpose: This paper scrutinizes the relationship between idiosyncratic risks and stock returns at different quantiles, especially the extremely low and high ones, to explore the applicability of the Prospect Theory's rationale in Vietnam's stock market. Design/methodology/approach: The Prospect Theory demonstrates that investors' attitudes towards risks can change from risk-seeking in the loss domain to risk-averse in the gain domain. This can be observed by the negative (positive) connection between idiosyncratic risks and returns for the losing (winning) stocks. To explore if the aforesaid patterns occur in Vietnam's stock market, this paper employs the quantile regression method which is suitable for inspecting the relationship at the high and low tails of the stock returns. Findings: The estimation results acknowledge the changes in attitudes towards risks as mentioned by the Prospect Theory. Practical implications: The negative relationship between idiosyncratic risks and stock returns confirms investors' risk-seeking behavior in the loss domain, which is in line with the prediction of the Prospect Theory. This behavior may cause worse investment performance as the losing stocks in investors' portfolios remain overvalued, leading to subsequent negative returns. Therefore, investors should establish and follow their investment disciplines to protect themselves from larger losses. Originality/value: Existing research found little evidence for the Prospect Theory's rationale in Vietnam's stock market, which can stem from the usage of the conditional-mean regression methods. Different from the prior studies, this paper is the first to apply the quantile regression method and provide new evidence supporting the Prospect Theory's rationale in Vietnam's stock market. [ABSTRACT FROM AUTHOR]

We placed 85,000 retail trades in six retail brokerage accounts from December 2021 to June 2022 to validate the Boehmer et al. algorithm, which uses subpenny trade prices to identify and sign retail trades. The algorithm identifies 35% of our trades as retail, incorrectly signs 28% of identified trades, and yields uninformative order imbalance measures for 30% of stocks. We modify the algorithm by signing trades using the quoted spread midpoints. The quote midpoint method does not affect identification rates but reduces the signing error rates to 5% and provides informative order imbalance measures for all stocks. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We study private funds available to retail investors of modest wealth. Our sample covers unlisted real estate investment trusts (REITs) for superior cash flow and fee data. Fee structures are skewed toward performance-insensitive components of the compensation contract, particularly front-end loads. The average unlisted REIT underperforms the listed benchmark by 6.5% per year, 5% of which is attributable to fees. Unlisted REITs underperform institutional-grade private equity real estate funds. Fees paid to investment advisors also explain fundraising success, while past performance does not. The underperformance is consistent with the consequences of managerial conflicts of interest, inadequate governance mechanisms, opaque disclosure, and poor investment advice. [ABSTRACT FROM AUTHOR]

We study how retail savings products can share market risk across investor cohorts, thereby completing financial markets. Financial intermediaries smooth returns by varying reserves, which are passed on between successive investor cohorts, thereby redistributing wealth across cohorts. Using data on euro contracts sold by life insurers in France, we estimate this redistribution to be large: 0.8 |$\%$| of GDP. We develop and provide evidence for a model in which low investor sophistication, while leading to individually suboptimal decisions, improves risk sharing by allowing intercohort risk sharing. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The global crypto industry is a natively consumer-driven space. Even with the increasing inflow of institutional interest, the industry retains its retail investor ethos. In contrast to the traditional finance space, consumers in the crypto-asset space have greater access to a variety of crypto-asset services, predominantly due to the vertically integrated business models of Crypto-Asset Service Providers (CASPs) which engage in multiple functions and activities through one entity or a group of entities. The consumer protection framework in Ireland comprises a range of EU and domestic legislation, together with Central Bank of Ireland codes and regulations which are supplemented by guidance and supervisory expectations. Ireland 's domestic legislation aligns with and supplements the broader EUframework. CASPs, as regulated financial service providers, will be subject to awide range of consumer protection measures and will fall within the Central Bank of Ireland supervisory remit. This article examines the consumer protection measures and sources of liability applicable to CASPs in Ireland by taking the reader through various consumer protection measures contained in EU legislation. namely the Markets in Crypto -Assets Regulation (MiCA), and domestic legislation, codes and guidance. Furthermore, this article examines domestic legislation and case law regarding the enforcement of consumer protection measures against CASPs, and discusses issues which will arise when a consumer or other customer seeks to litigate crypto disputes in Ireland. [ABSTRACT FROM AUTHOR]

We examine changes in market liquidity when several popular U.S. retail brokers restrict client trading in GameStop stock over a six-day period in early 2021 due to higher clearinghouse deposit requirements. When retail investor participation in a high-attentionstock becomes restricted, trading activity declines and trading venue shifts occur – there is less trading in dark markets and more fragmented trading across U.S. stock exchanges. We also find that when a stock order flow mix becomes comprised of fewer retail investors and a higher concentration of institutional investors, the quoted bid-ask spread widens, and trading cost measures rise significantly. [ABSTRACT FROM AUTHOR]

In contrast to the extant literature on returns, volumes, and volatility spillovers, we examine the crash risk connectedness of 13 commodity markets in the energy, metal, and agricultural sectors, spanning January 2019 to December 2020. We use 5-minute high-frequency data to construct two proxies of daily crash risk and apply spillover analysis and network graphs to show that overall connectedness among commodity uncertainties is most significant in the aftermath of COVID-19. High intra-group connectedness and low inter-group connectedness are observed. Since there is an inter-commodity disconnection and intra-commodity connection, the findings suggest that commodity investors diversify crash risk by choosing commodities from different commodity groups rather than picking from within the commodity group. Interestingly, copper and gas exhibit a disconnection from their respective groups, making them suitable diversifiers for other commodity groups and individual commodities in their own groups. Moreover, this property of copper and gas is not much affected during COVID-19. Crash risk connectedness is asymmetric regarding long- and short-run investment horizons, and fear of 2nd wave of COVID-19 signifies pronounced long-term connectedness. Our findings are robust to the use of the alternative specification. Individual investors and commodity export-dependent economies can learn important implications from our analysis. [ABSTRACT FROM AUTHOR]

This study delves into the critical role of financial literacy in shaping personal investment decisions. As financial markets become increasingly complex, the necessity for individuals to make well-informed investment choices has never been more crucial. Despite this, many individuals lack adequate financial knowledge, which can impede their ability to navigate investment opportunities effectively. This research aims to explore the direct impact of financial literacy on various aspects of investment decision-making. Key areas of focus include investment risk tolerance, portfolio diversification, and long-term financial planning. Through a detailed analysis involving a sample of individual investors, the study seeks to identify which elements of financial literacy are most strongly associated with effective investment practices. By examining the relationship between financial literacy and investment behaviors, the research highlights how enhanced financial knowledge can lead to improved investment outcomes. Specifically, the study investigates how a higher level of financial literacy contributes to greater risk tolerance, more strategic portfolio diversification, and more robust long-term financial planning. The findings are anticipated to demonstrate that individuals with higher financial literacy are more adept at making informed investment decisions, resulting in better-managed portfolios and increased wealth accumulation over time. This research underscores the importance of financial education in empowering investors and fostering more prudent financial decisionmaking. Ultimately, it aims to provide valuable insights for policymakers, educators, and financial advisors seeking to enhance financial literacy and improve investment practices among the general public. [ABSTRACT FROM AUTHOR]

Purpose: This research explores the role of the G-20 in promoting the development of financial technology (Fintech) innovations to bridge the gap for small investor ventures. The study aims to assess how Fintech solutions can empower small investors by enhancing accessibility, reducing costs, and providing tailored financial products. Methodology:Primary and secondary data were used, with primary data collected through a structured questionnaire featuring optional andLikert-type 5-point scale questions. Secondary data were sourced from books, journals, magazines, newspapers, and online resources. A descriptive and explanatory research design was employed, with a convenience sampling of 100 participants. Data were analyzed using MS Excel and SPSS, with average and percentage analysis tools, presented in tables, and hypothesis testing was conducted using the Pearson Chi-Square Test. Finding: Findings indicated statistically significant differences in investment awareness and decisions influenced by gender, with p-values below the 0.05 significance threshold for key statements. The results suggest that targeted Fintech initiatives supported by the G-20 could significantly enhance small investors' engagement in financial markets. Principal Conclusion: The study concludes that strategic G-20 policies can play a pivotal role in democratizing investment opportunities through Fintech, particularly for small-scale investors. [ABSTRACT FROM AUTHOR]

This study explores the impact of demographic factors on bond investment decisions (BID) among retail investors in Ahmedabad, utilizing a sample of 200 respondents. The regression analysis reveals that while age and education levels do not significantly influence BID, income level plays a crucial role, with higher income correlating negatively with BID. This suggests that wealthier investors may adopt more conservative or diversified investment strategies. The visualizations, including scatter plots, box plots, histograms, and Q-Q plots, support the robustness of the regression findings by illustrating the distribution and residuals of BID. The results align with the objectives of understanding how demographic factors affect investment behavior and offer insights into the nuances of investor decision-making. Future research should explore additional demographic variables and longitudinal data to deepen understanding. The global implications of this study emphasize the need for tailored financial strategies and educational initiatives to address diverse investor needs. [ABSTRACT FROM AUTHOR]

The functioning of the stock market is based on the availability of information. Many retail investors use a prescriptive form of decision-making (Hammond et al., 1998). Investment intermediaries are one of the influencing sources of information for a stock market investor. Thus, there is growing importance to the advisory function of various investment intermediaries Basing the help-seeking model of Joo & Grable (1999,2001), the present study develops a demographic and socio-economic profile of those investors who seek investment advice in India. Using the snowball sampling technique, data is collected from financial advice-seeking and non-seeking retail investors. Logistic regression analysis indicates that aged investors with more savings, large portfolio sizes, and high expected returns are the major seekers of financial advice. This study addresses the major institutional barrier financial advisory services face, i.e., consumer profiling and targeting (Westermann et al, 2020). It highlights the importance of delivering tailored financial advisory services. [ABSTRACT FROM AUTHOR]

Purpose: This research aims to ascertain and examine the elements that impact investors' choices to invest in Initial Public Offerings (IPOs). The objective is to assess the way the motivation for investing in IPOs differs depending on investors' level of expertise in the stock market. likewise, the research aims to establish the correlation between the anticipated gains from initial public offering (IPO) investments and the investors' degree of expertise. With a review of these aspects, the study will provide valuable knowledge on the conduct and anticipations of various investor categories. This will enhance knowledge of the dynamics of IPO investments and give guidance to both individual investors and regulators. Design / Methodologies: This study employs an exploratory mixed-methods approach, integrating quantitative and qualitative research methodologies to thoroughly investigate the factors that influence decisions to invest in Initial Public Offerings (IPOs), the differences in investment objectives based on investors' level of experience and the relationship between anticipated returns and investor experience. The study relied on primary data obtained from 84 respondents who were stock market investors in the Bangalore city. The Researchers analysed the data using statistical methods such as frequency table, crosstab analysis, Descriptive statistic, chi-square test, factor analysis and Kruskal-Wallis H test. Findings: The research revealed that seasoned investors place more importance on long-term expansion and strategic diversification when making IPO investments, whilst inexperienced investors tend to concentrate on immediate profits. There is a strong correlation between greater levels of experience and higher anticipated returns, suggesting that seasoned investors have more positive expectations about the returns from IPO investments. Limitations: The study's constraints include the possibility of response bias stemming from self-reported data and a restricted sample size that may not comprehensively reflect the wider community of IPO investors. Likewise, the crosssectional approach only captures investor behaviour at a certain moment, without considering the potential impact of changing market circumstances and shifting investor preferences over time. Originality Value: This research employs both quantitative and qualitative methods to examine the intricate elements that impact IPO investing choices. It provides an in-depth investigation of how investor experience influences investment objectives and anticipated returns. By combining various data sources and research methods, it offers new perspectives on the behaviour of investors in initial public offerings (IPOs), improving understanding for Researchers, professionals and policymakers. [ABSTRACT FROM AUTHOR]

Technical analyses are popular in investment practice in the Chinese stock market. However, with the in-depth study of technical indicators, trend strategies constructed based on a single window period have been proven to be highly volatile in terms of returns. And also, there is a wide range of academic views on the implementation of trend strategies to achieve excess returns in the Chinese market. Based on these, this paper constructs a trend factor using a moving average model, employs Chinese A-share data from 2010-2023 to verify the effectiveness of the trend factor for single-factor stock selection in the Chinese stock market through empirical analyses, respectively, and combines the trend factor with a traditional asset pricing model to validate the feasibility of the improved Fama-French five-factor model stock selection strategy by adding the trend factor and the pricing ability of the model, and the robustness of the findings is confirmed by robustness tests. The conclusions of the study provide targeted recommendations for individual and institutional investors and have certain theoretical and practical significance. [ABSTRACT FROM AUTHOR]

The activity of the stock exchange has increased significantly in the country. The expansion of the segment of private investors is especially noticeable. This directly depends on the economic stability in the country, the level of inflation, and the growth of real incomes of the population. Therefore, the focus should be on stability in the country, improving the well-being of the population, economic growth, the monetary system, and the activity of business entities. The pandemic also influenced the growing interest of individuals in buying securities. Private investors began to consider alternative sources of bank deposits, ways to generate additional income. In addition, the digitalization of brokerage services provided everyone with access to investing. Since 2020, second-tier banks have received permission to conduct brokerage activities, which has increased their activity. Now individual banks of the country (Halyk Bank, Bank Center Credit) can sell securities through mobile applications. Now work is underway to increase activity in the securities market not only of large companies, but also of small and medium-sized businesses. Therefore, it is very important that the state at the initial stage carries out systematic work to intervene, support and regulate the securities market. The article discusses the need to develop the stock market and issues of government regulation in the country. The importance, main goal, tools and methods of implementing state regulation of the securities market are indicated, and current problems are identified and ways to solve them are proposed. [ABSTRACT FROM AUTHOR]

This research investigates the efficacy of government control in the context of financial constraints and earnings quality, focusing on Vietnam's listed companies. Employing a dynamic approach and utilizing the System Generalized Method of Moments (SGMM) to mitigate endogeneity concerns, the study examines annual data from non-financial Vietnamese firms listed on the Hanoi and Ho Chi Minh Stock Exchange (HNX & HOSE) spanning 2012 to 2022. Non-financial firms are the study's main focus because their operational dynamics, capital structures, and strategic priorities markedly differ from their financial counterparts. Moreover, non-financial companies in Vietnam contend with multifaceted challenges arising from government control including potential bureaucratic hurdles, regulatory constraints, and strategic limitations, directly affecting their financial flexibility, and consequently their ability to ensure earnings quality. Earnings quality is assessed through the average values of four key characteristics—persistence, predictability, variability, and smoothness—while financial constraints are proxied by firm size, foundation years, financial leverage, and dividend pay-outs. Findings reveal a deleterious impact of financial constraints on earnings quality, with state ownership exhibiting varying effects at different levels. Remarkably, the optimal range for state ownership, specifically State-Owned Enterprises (SOEs) rates from 35% to 50%, is identified as pivotal in ameliorating the adverse consequences of financial constraints on earnings quality. The research acknowledges limitations in the exclusive focus on specific earnings characteristics and the potential multicollinearity issue arising from the interaction variable in the SGMM model. Practically, the study proposes policies emphasizing the need for investors to discern financial constraint signals, companies to mitigate financial constraints, and governments to play a pivotal role in alleviating financial constraints to enhance earnings quality. Socially, the research underscores the imperative nature of earnings quality in investment decisions, cautioning against investing in companies masking inefficiencies with manipulated profits, thereby posing risks to individual investors and the overall financial market. The originality of this study lies in its alternative representations of financial constraints, nuanced examination of state ownership at different levels, and its elucidation of the moderating role of state ownership in the relationship between financial constraints and earnings quality. [ABSTRACT FROM AUTHOR]

Every summer for seven years (2010-2016), I traveled with members of the Boston-area Early Music ensemble Cambridge Concentus to Pine Island (near Clayton, NY), where, by invitation of Phil Cooper, we stayed and rehearsed for an outdoor concert for the residents of the Thousand Islands region. Here, numerous islands dot the vast width of the St. Lawrence River, preserving a not-so- distant past with grand mansions erected by turn-of-the-twentieth- century industrial giants. The Thousand Islanders' support for local revivalist endeavors, such as historical boating, is a testament to their commitment to preserving their history. Cooper, a Boston resident, private equity investor, and history buff, commissioned Graham Dixon to write new works in the baroque style for the region's summer inhabitants as part of the festival. Over the years, Dixon com- posed fanfares, orchestral suites, English-style anthems, and concertos for the annual event and rearranged numerous eighteenth-century works to fit the available instrumentation and outdoor environments. The Early Music commissions frame Pine Island as a historically reimagined miniature monarchy, providing a unique opportunity to unpack historically informed patronage while offering possible creative experiential insight into the social dynamics of patronage in the distant past. In this auto-ethnographic study, my socio- musical readings of the Pine Island Early Music commissions show how their performative elements signify the mutually hierarchical relationships between Early Music performers and patrons. I further contextualize these readings with literature on non-musical patronage, revealing how historically informed patronage and performance practices stage present-day sociocultural discourses through a historically imaginative lens. [ABSTRACT FROM AUTHOR]

Individual investors exhibiting irrational behaviors may encounter a difficult situation in financial markets. Investor trends, also known as behavioral trends, have been introduced under different headlines in different studies. Overconfidence, representation, anchoring, regret aversion, and herding were included in the research study. In this study, it was aimed to determine the order of importance of investor biases of individual investors trading in Borsa Istanbul. For this purpose, a survey questionnaire was applied to individual investors trading in BIST. Analytical Hierarchy Process was utilized in testing the research model. A total of 411 participants contributed to the study. As a result of the study, regret aversion bias and overconfidence bias were the leading biases to which individual investors attached importance. However, the criterion (C41) “I feel sorrow for the long-losing stocks I hold.” was found to rank highest among all sub-criteria. This sub-criterion is part of regret aversion bias. Regret aversion bias was also the main criterion ranking highest among all criteria. Upon considering the other sub-criteria of regret aversion bias; C42, C43, and C44 sub-criteria were found to rank second, fourth, and eleventh, respectively. C12 criterion, which ranked third, was seen to belong to overconfidence bias, and this bias ranked second among the main criteria. This research would contribute to a better comprehension of the behavioral biases that affect the decision-making of individual investors trading in BIST. The obtained results of the study are thought to contribute to the behavioral finance literature. [ABSTRACT FROM AUTHOR]

Public-private partnership (PPP) is a popular form of port investment in developing countries. Collaboration with the government can be critical to the success of a port PPP, which may also eventually affect a firm's risk and performance. This study empirically investigates the impact of project-specific and company-specific factors on government ownership in a port public-private partnership in developing countries. Results show that a higher proportion of government ownership in port PPPs is associated with a larger PPP investment amount, a higher historical proportion of government ownership, and presence of both foreign and other types of private investors. On the other hand, presence of bidding, local private investors, and vertical and horizontal integration are negatively correlated with the proportion of government ownership. This study can provide private investors with a reference framework to identify potential port PPP projects to enter based on their preferences, capabilities, and portfolios. It can also assist inexperienced port authorities in analysing when to take ownership of port PPPs. [ABSTRACT FROM AUTHOR]

Strict regulatory requirements supporting environmental sustainability are consistently promoted for the shipping sector, including the IMO 2050 framework to reduce greenhouse gas implications by 50% and CO2 emissions by 70% compared to respective 2008 levels. These requirements bear critical implications for vital investment, financing, and operational decisions of shipping company management teams. Empirical evidence, furthermore, indicates growing investor preferences in favor of companies promoting ESG (environmental, social, governance) good practices. This study develops an innovative methodology to construct an integrated ESG Index tailormade to shipping idiosyncrasies. The ESG Index offers support to shipping company sustainable policies, standardizes and facilitates materially the ESG reporting process, and promotes the comparative evaluation of ESG rating between companies as well as market segments. ESG reporting and rating are constructed in a robust dynamic framework to deliver useful feedback to shipping company sustainability prospects, promoting informed managerial, stakeholder, financier, and regulatory decisions. [ABSTRACT FROM AUTHOR]

Purpose: Retail investors are prone to be affected by information dissemination in social media with the rapid development of Web 2.0. The purpose of this study is to recognize the factors that may impact users' retweet behavior, namely information dissemination in the online financial community, through machine learning techniques. Design/methodology/approach: This paper crawled data from the Chinese online financial community (Xueqiu.com) and extracted author-related, content-related, situation-related, stock-related and stock market-related features from the dataset. The best information dissemination prediction model based on these features was determined by evaluating five classifiers with various performance metrics, and the predictability of different feature groups was tested. Findings: Five prevalent classifiers were evaluated with various performance metrics and the random forest classifier was proven to be the best retweet prediction model in the authors' experiments. Moreover, the predictability of author-related, content-related and market-related features was illustrated to be relatively better than that of the other two feature groups. Several particularly important features, such as the author's followers and the rise and fall of the stock index, were recognized in this paper at last. Originality/value: This study contributes to in-depth research on information dissemination in the financial domain. The findings of this study have important practical implications for government regulators to supervise public opinion in the financial market. [ABSTRACT FROM AUTHOR]

Most new retail investors have account balances of less than $25,000. Members of traditionally underrepresented groups typically have even smaller investment accounts. If a stockbroker's misconduct results in an investment loss, small retail investors may move from making ends meet to needing social services in retirement. Even if the loss does not make them destitute, it will impact the quality of their retirement. Given the smaller size of their claim, will they be able to find an attorney to represent them? If they cannot find an attorney and decide to proceed pro se, how will they fare? This Article empirically assesses the experiences of investors with smaller claims in forced securities arbitration. Prior work generally treats all securities arbitration cases as the same no matter the damages sought. This Article takes a different approach, analyzing awards by the size of claim and providing a descriptive picture of small retail investors' experiences. In addition, it empirically demonstrates two important and potentially related facts about small securities arbitration claims. First, claim size is associated with whether investors are represented by counsel. Second, representation by counsel is associated with recovery. Though the available data do not make it possible to explain why smaller investors are less likely to be represented and are less likely to prevail when they proceed pro se, the study's findings underscore the need to evaluate securities arbitration differently - with a focus on claim size. The Article contributes to regulatory and legislative debates by providing empirical evidence concerning access to counsel on claims the size of the average American investment account. It also proposes interventions to better understand small claims in an effort to better protect Main Street investors. [ABSTRACT FROM AUTHOR]

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Purpose- This study is conducted to determine the impact of behavioral biases on individuals' investment decisions. The focus is to directly analyze behavioral factors' impact on retail investors' investment decisions, as individuals generally neither have in-depth knowledge nor the expertise to make effective decisions, and they do not understand the behavioral biases affecting their decisions. Study Design/methodology/approach- It is a primary study, and the relationships are developed using structural equation modeling. The respondents of the study are the retail individual security market investors of Pakistan. The instrument's reliability and validity were checked with a small sample before data collection. This study also employs a moderating variable of financial literacy to determine the impact of behavioral biases and financial decisions with the mediation of risk perception. SmartPLS is used to find out the impact. Findings- The results show that moderator financial literacy significantly affects the relationship between behavioral biases and investment decisions. Similarly, the mediation effect of risk perception is also found significant. Except for loss aversion, all the independent variables significantly impacted investment decision-making. The findings of previous studies support the results. Research Implications- This study has incorporated four behavioral biases, which are the most common of these. Hence, the findings can benefit individual investors in making financial decisions by reducing these biases, improving financial literacy, and developing a better understanding of risk. Future researchers may check the impact of other biases and study these for institutional investors. Originality/value- The originality of this study is well-supported by the fact that it is primary research. Most individual investors decide on available fundamental and technical data, ignoring behavioral biases in investment decision-making. Moderated mediation is the missing link addressed in this research. [ABSTRACT FROM AUTHOR]

Recently, European regulation on sustainability preferences has made green finance a mainstream topic for retail investors. On the contrary, green innovation is largely discussed as bearing risks, and renewable energy projects are sometimes referred to as related to high risk. Our article aimed to shed light on retail investors' risk exposure in green finance. In the literature review, we rarely found the retail investor's risk perspective reflected, and green finance risk in terms of major capital loss was not explicitly stated as a research topic. We aimed to close this gap in the literature and apply a multiple case study approach with cases from the renewable energy sector to analyze the components that nurture green finance risk. For case description, we leveraged publicly available online information such as press articles, financial reporting, mandatory disclosure from the represented company, and pre-contractual information of the financial instruments marketed. Our findings suggest that green finance risk (GFR) is nurtured by risk components from the categories of financial instrument risk (FIR), investee company risk (ICR), and operational risk (OR) of renewable energy projects. The cross-case analysis identified red flags that might alert future investors. Additionally, we suggested measures to mitigate green finance risk and propose regulatory improvements. Our research marks a starting point for future quantitative and qualitative research. [ABSTRACT FROM AUTHOR]

We use account-level transaction data to examine trading styles and profitability in a leading derivatives market. Approximately 66% of active retail investors predominantly hold simple, one-sided positions in only one class of options, whereas institutional investors are more likely to use complex strategies. Hypothesizing that the complexity of trading styles reflects investors' skills, we examine the effect of options trading styles on investment performance. We find that retail investors using simple strategies lose to the rest of the market. For both retail and institutional investors, selling volatility is the most successful strategy. We conclude that these style effects are persistent and cannot be fully explained by systematic risk exposure. This paper was accepted by Lukas Schmid, finance. Funding: J. Hu acknowledges financial support from Lee Kong Chian Fellowship. A. Kirilova acknowledges financial support from the Spanish Ministry of Science and Innovation [Grant PID2021-128994NA-I00]. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2023.4916. [ABSTRACT FROM AUTHOR]

The sustainability of a corporation is no longer just determined by its consistent profitability. One of the elements influencing the development of sustainability programs has been the need for socially responsible investing. Socially responsible investment (SRI) is a mode of investing that takes ethical, social and environmental issues into account. Businesses are already feeling the financial effects of not putting sustainability measures into practice. The only way for stakeholders to avoid unfavorable loan terms is to show that they have established reliable sustainability and environmental, social and governance (ESG) programs. India's entire assets under management (AUM) in ESG funds, as of November 30, 2021, accounted for 0.3% of mutual funds (MFs). The largest ESG fund is SBI Magnum, which has 44.9 bn in AUM (21.2 bn). High-quality ESG portfolios beat lower-quality portfolios during times of crisis. ESG performance significantly raises enterprises' total abnormal returns during an epidemic. The returns of ESG indices, however, are often not statistically different from those of the Nifty. The results imply that businesses and individual investors should focus on them. This study demonstrates that traders witnessed negative periodical returns from the Nifty 100 ESG index, and that various Nifty thematic indices and periodical mean returns differ significantly from one another. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to examine the behaviour of retail investors while making an investment decision and how it gets affected by the behavioural biases of the investors using a moderated-mediation framework. Design/methodology/approach: A mixed method approach has been used to fulfil the objectives of the study. In the first study, a qualitative analysis of the interviews with 15 retail investors was conducted. As part of the quantitative study, a total of 201 responses from Indian retail investors were collected using systematic sampling and analysed using structural equation modelling and Process Macro. Findings: The results indicate that anchoring bias, availability bias, herding bias, switching cost, sunk cost, regret avoidance and perceived threat have a significant effect on retail investors' investing intention. The attitude of the investors towards investing decisions mediates the effects of behavioural bias and the status quo on investment intention. The results of the moderated-mediation analysis indicate that mediating effect of attitude varied at the low and high-risk aversion of investors. Practical implications: The findings of this study will help regulators and retail investors to understand the critical behavioural biases which affect the investors' investing intention. Originality/value: The paper contributes to the literature on investors' behaviour, status quo bias theory (SQB) and behavioural bias. This study uniquely proposes a moderated-mediation framework to understand the effects of biases on retail investors' investment intention. [ABSTRACT FROM AUTHOR]

Purpose: The aim of this paper is to systematically review the literature published in recognized journals focused on recognition-based heuristics and their effect on investment management activities and to ascertain some substantial gaps related to them. Design/methodology/approach: For doing research synthesis, systematic literature review approach was applied considering research studies published within the time period, i.e. 1980–2020. This study attempted to accomplish a critical review of 59 studies out of 118 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioural finance domain-related explicitly to recognition-based heuristics and their effect on investment management activities. Findings: The survey and analysis suggest investors consistently rely on the recognition-based heuristic-driven biases when trading stocks, resulting in irrational decisions, and an investment strategy constructed by implementing the recognition-based heuristics, would not result in better returns to investors on a consistent basis. Institutional investors are less likely to be affected by these name-based behavioural biases in comparison to individual investors. However, under the context of ecological rationality, recognition-based heuristics work better and sometimes dominate the classical methods. The research scholars from the behavioural finance community have highlighted that recognition-based heuristics and their impact on investment management activities are high profile areas, needed to be explored further in the field of behavioural finance. The study of recognition-based heuristic-driven biases has been found to be insufficient in the context of emerging economies like Pakistan. Practical implications: The skilful understanding and knowledge of the recognition-based heuristic-driven biases will help the investors, financial institutions and policy-makers to overcome the adverse effect of these behavioural biases in the stock market. This article provides a detailed explanation of recognition-based heuristic-driven biases and their influence on investment management activities which could be very useful for finance practitioners' such as investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/ broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making its financial management strategies. Originality/value: Currently, no recent study exists, which reviews and evaluates the empirical research on recognition-based heuristic-driven biases displayed by investors. The current study is original in discussing the role of recognition-based heuristic-driven biases in investment management activities by means of research synthesis. This paper is useful to researchers, academicians, and those working in the area of behavioural finance in understanding the role that recognition-based heuristics plays in investment management activities. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to systematically review various behavioral biases that impact an investor's decision-making process. The prime objective of this paper is to thematically explore the behavioral bias literature and propose a comprehensive framework that can elucidate a more reasonable explanation of changes in financial markets and investors' behavior. Design/methodology/approach: Systematic literature review (SLR) methodology is applied to a portfolio of 71 peer-reviewed articles collected from different electronic databases between 2007 and 2021. Content analysis of the extant literature is performed to identify the research themes and existing gaps in the literature. Findings: This research identifies publication trends of the behavioral biases literature and uncovers 24 different biases that impact individual investors' decision-making. Through thematic analysis, an attribute–consequence–impact framework is proposed that explains different biases leading to individual investors' irrationality. The study further proposes directions for future research by applying the theory–characteristics–context–methodology framework. Research limitations/implications: The results of this research will help scholars and practitioners in understanding the existence of various behavioral biases and assist them in identifying potential strategies which can evade the negative effects of these biases. The findings will further help the financial service providers to understand these biases and improve the landscape of financial services. Originality/value: The essence of the current paper is the application of the SLR method on 24 biases in the area of behavioral finance. To the best of the authors' knowledge, this study is the first attempt of its kind which provides a methodical and comprehensive compilation of both cognitive and emotional behavioral biases that affect the individual investor's decision-making. [ABSTRACT FROM AUTHOR]

Purpose: Stock investing choices of individual investors are predominantly influenced by heuristic biases, leading to sub-optimal choices. Accordingly, this study aims to identify, categorize, validate, prioritize, and find causality among the heuristic biases shaping stock investment decisions of individual investors. Design/methodology/approach: This research offers original contribution by employing a hybrid approach combining fuzzy DELPHI method (FDM), fuzzy analytical hierarchy process (FAHP), and fuzzy decision-making trial and evaluation laboratory (F-DEMATEL) techniques to validate, prioritize, and find causality among the heuristic biases. Findings: Twenty sub-heuristic biases were identified under five main heuristic bias categories. Out of which, 17 were validated using FDM. Further, availability and representativeness within main heuristic categories, and availability cascade and retrievability within sub-heuristic biases were prioritized using FAHP. Overconfidence and availability were identified as the causes among the five main biases by F-DEMATEL. Practical implications: This study offers the stock investors a deeper understanding of heuristic biases and empowers them to make rational investment decisions. Originality/value: This paper is the inaugural effort to identify, categorize, validate, prioritize and examine the cause-and-effect relationship among the heuristic biases. [ABSTRACT FROM AUTHOR]