The investment universe of Shariah Compliant (SC) equities is relatively smaller compared to the investment universe of Non-Shari'ah Complaint (NSC) equities due to the imposition of Shari'ah specific filters. Therefore, under the diversification theory, it is argued that portfolios constructed...

This study is basically the impact of corporate finance on the firm performance. Two major pillars of the corporate finance are taken into the consideration for measurement of the corporate finance impact on firm performance. This concluded the results by judging the impact of capital structure...

This study analyses the factors influencing institutional ownership in the largest non-financial companies listed in five major European countries from 2010 to 2015. Consistently with previous empirical literature, both country-level and firm-level variables result to be relevant. As for country...

Limited stock market participation can potentially explain the disconnect between international asset prices and macro quantities. An incomplete markets model in which risk sharing for stockholders is high, generates highly correlated equity returns and relatively smooth exchange rates. Risk...

From 1963 through 2015, idiosyncratic risk (IR) is high when market risk (MR) is high. We show that the positive relation between IR and MR is highly stable through time and is robust across exchanges, firm size, liquidity, and market-to-book groupings. Though stock liquidity affects the...

Since 1965, average idiosyncratic risk (IR) has never been lower than in recent years. In contrast to the high IR in the late 1990s that has drawn considerable attention in the literature, average market-model IR is 44% lower in 2013-2017 than in 1996-2000. Macroeconomic variables help explain...

We decompose the market-to-book ratio into two additive components: a conservatism correction factor and a future-to-book ratio. The conservatism correction factor exceeds the benchmark value of one whenever the accounting for past transactions has been subject to an (unconditional) conservatism...

The primary objective of this study is to investigate the perception of users regarding the availability, adequacy, and usefulness of information disclosed in the financial reports of companies listed on the Palestine Securities Exchange (PSE). A survey methodology was utilized involving a...

While US companies mainly list their board of directors alphabetically, this is not the case for Chinese companies, most of which list their independent directors last. We interpret the listing order of Chinese directors as board hierarchy, reflecting power allocation within the board. Based on...

This paper tried to analyze the performance of the investment companies listed in Tehran Stock Exchange that had active portfolio management from 2006 to 2010 by Sharp, Treynor, and Sortino ratios. For more profound study of their performances, this research used some of the measures, including...