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The aim of this study is to investigate the role of Corporate Social Responsibility (CSR) in assisting firms in their response to public emergency crises under the integrated view of government emergency response.

Using event study and survival analysis method, the authors examine whether CSR can act as a stock price stabilizer for companies from China by splitting the stock price fluctuations into two phases – CSR price insurance, which decrease the shock on stock prices during the emergency crisis, and CSR price recovery, which helps stock prices rebound faster during the postcrisis phase.

The authors’ empirical results confirm the stabilizer role of CSR during crisis and that effective government response can strengthen such effect. Furthermore, the authors examine the different aspects of the government’s response and the impact of multiple waves of public emergency.

This study provides empirical evidence on the topic of CSR and the government’s response to public emergency under the emerging context.

This paper investigates individual investors' responses to stock underpricing and how their trading decisions are affected by analysts' forecasts and recommendations.

This empirical study uses mutual fund fire sales as an exogenous source that causes stock underpricing and analysts' forecasts and recommendations as price-correcting information. The study further uses regression analysis to examine individual investors' responses to fire sales and how their responses vary with price-correcting information.

The authors first show that individual investors respond to mutual fund fire sales by significantly decreasing net buys, and this effect appears to be prolonged. Next, the authors find that the decrease of net buys diminishes following analysts' price-correcting earnings forecast revisions and stock recommendation changes. Hence, the authors suggest that individual investors are not “wise” enough to recognize flow-driven underpricing; however, this response is weakened by analysts' price-correcting information.

There is an ongoing debate in the literature about whether individual investors should be portrayed as unsophisticated traders or informed traders who can predict future returns. The authors study a unique information event and provide new evidence related to both perspectives. Overall, our evidence suggests that the “unsophisticated traders” perspective is predominant, whereas a better information environment significantly reduces individual investors' information disadvantage. This finding could be of interest to both academic researchers and regulators.

This study aims to investigate the existence of bubbles and their contagion effect in crude oil and stock markets of oil-exporting countries Gulf Cooperation Council (GCC) from 2016 to 2021.

The authors use Generalized Sup augmented Dickey–Fuller (GSADF) and Backward Sup augmented Dickey–Fuller (BSADF) to significantly identify multiple bubbles stock and oil markets with precise dates. Furthermore, the authors check the contagion effect of bubbles between crude oil and GCC stock markets based on the time-varying Granger causality test.

First, the authors find empirical evidence of downwards bubbles in crude oil prices and in all GCC stock indexes (except the Saudi stock index) during the corona virus disease 2019 (COVID-19) outbreak. Second, the authors do not detect empirical evidence of bubble transmission between crude oil markets and GCC stock markets (except with the Dubai Financial Market index).

The findings of this study would illuminate policymakers not to limit the factors of systematic financial crises in oil-exporting countries to crude oil and to consider factors such as monetary policy and economic diversification measures. This study has also crucial implications for investors. In fact, investors should not ignore the responses of the stock markets to oil price shocks that are heterogeneous across countries when looking for investment opportunities in the GCC region.

The study justifies the changing nature of the bubble contagion effect through the novel implementation of the time-varying Granger causality test to detect whether bubble contagion exists between oil and GCC stock markets and if that does, in which direction.

This chapter considers financial instability as a phenomenon endogenous to the functioning of capitalism. Consequently, it seeks to identify the main sources and different forms of the latter in financialised capitalism. According to Keynes, capital assets prices are conceived as the expression of financial conventions. It is, therefore, important to distinguish between the returns expected by company directors, bankers, holders of equity titles, risk-takers and, in contrast, risk-averse holders of debt securities. Minsky enriches the analysis by attributing a decisive role to the leverage effect, at the origin of an accumulation of financial weaknesses in the balance sheets of non-financial agents during the expansion phases preceding financial crises. Regulation theory leads to the introduction of a distinction between the financial accelerator and the leverage effect. The first establishes a procyclical relationship at the macroeconomic level between the price of capital assets and the debt ratio of non-financial agents; the second acts at the microeconomic level through shareholder corporate governance, which determines the institutional conditions inciting firm directors to integrate shareholder expectations into their return forecasts. The empirical analysis identifies three forms of financial instability in financialised capitalism: the long-term financial cycle governed by the debt ratio of non-financial agents; the business cycle governed by the impact of stock prices on investment; and the short-term or even very short-term expected return revisions of financial actors. Its originality is to show that these three forms of instability acquire different characteristics depending on the national economy considered.

The purpose of this study is to examine the impact of the corona virus (COVID-19) pandemic on stock returns of listed cargo shipping companies.

The author employs the events study methodology to examine this phenomenon. A sample of 49 listed cargo shipping companies in the container, dry bulk and tanker sub-sectors from Asia, North America, and Europe was selected and their daily closing stock prices from 1st January 2020 to 31st December 2020 were utilized.

The results reveal that there was an overall negative overreaction to the announcement by World Health Organization (WHO) that declared COVID-19 a pandemic. The approvals of USD 857 billion stimulus package by the European Union (EU) and Pfizer vaccine by Food and Drug Administration (FDA) in USA received slight positive reactions. The Greek, Singaporean and Taiwanese shipping stocks were the least affected stocks as their respective shipping industries remained resilient during 2020.

This study provides evidence to confirm the fact that COVID-19 has affected stock markets; however the impact is un parallel among cargo shipping stocks of different countries.

The majority of studies have conducted country level analyses of the COVID-19 and stock market performance phenomenon. However, there have been sectoral disparities in terms of their susceptibility to economic shocks from COVID-19. This study's focal point is on the cargo shipping sector which synonymous with other sectors has not been immune to the current pandemic. The study also extends the timeline of events to incorporate those from June to December 2020.

This study aims to explore the mutual relation of corporate accidents, stock market responses, and media coverage.

This paper empirically investigated 119 listed firms' accidents during the 2005-2012 period using the methods of event study, correlation analysis, and multiple regressions.

The stock market response and media response are independent with each other in the following 30 days after accidents. Corporate accidents have significant negative effects on the stock market responses. As time goes by, the market reaction tapers off. In a mediate term period, accident onset has significantly positive effect and firm's ownership has weakly positive effect in addition to factors of asset and number of shareholders.

This paper first examines the interrelationships among accidents, media coverage, and stock market responses. It is part of the corporate social responsibility to avoid or reduce the stakeholders' nervous behaviors in times of accident. Hence, accident-stricken firms should release sufficient and transparent information to shareholders so that they can trade the share more rationally.

The purpose of this paper is to demonstrate how Japanese bank “performance” has improved markedly since fiscal 2003 but to caution against over‐optimism.

The methodological approach adopted involves using aggregate balance sheet data dating from around 1990 to identify the trends in industry performance with respect to profitability, asset quality and capital adequacy.

The bursting of the asset price bubble in the early 1990s clearly had a major adverse impact on “performance”, as measured by the above‐mentioned indicators, but, after fiscal 1992, the industry's fortunes began to improve. Problems on each front, however, remain to be resolved.

By identifying the main problems still besetting the Japanese banks, both the industry and their supervisors are given advice as to which areas they need to focus on to improve future bank performance.

The paper clearly explains the nature of, and reasons for, the recent improvement in Japanese bank performance whilst highlighting the areas on which they still have to focus if they are to regain their former glory within the international banking community. It should be of interest to all serious scholars of the Japanese banking system and interested commentators alike.

This study explores whether institutional investors can distinguish an undervalued share repurchase from a falsely signaled share repurchase. This study also aims to determine what information institutions use when investing in repurchase stocks.

This study uses unique Taiwanese data and concentrates on foreign institutions because they are the most sophisticated investors in Taiwan.

The results show that foreign institutional trading in open market repurchase (OMR) stocks will earn both positive concurrent and post-OMR excess returns. In addition, there is a significant positive relationship between pre-OMR insider trading and foreign institutional trading during the OMR period; that is, foreign institutions follow insiders to trade their OMR stocks.

This study finds that foreign institutions use publicly available data on insider trading to choose OMR stocks and create excess returns. This encourages individual investors without private information, who can also earn a positive return if they diligently study available public information.

This study contributes to the international investment literature by determining the price impacts associated with foreigner trading in the firm-level returns of the host country. In addition, this study finds that foreign institutions choose OMRs based on insider trading information, which fills the gap in existing studies on share repurchasing. Moreover, this study enriches the insider literature by showing how foreign institutions can benefit by using insider trading information.

We document how inflation expectations evolved in the United States during the fall of 1933 using narrative evidence from historical news accounts and the forecasts of contemporary business analysts. We find that inflation expectations, after rising substantially during the spring of 1933, moderated in the fall in response to mixed messages from the Roosevelt Administration. The narrative accounts and our econometric model connect the dramatic swings in output growth in 1933 – the rapid recovery in the spring and the setback in the fall – to these sudden movements in inflation expectations.