Asian Finance

The presence of seasonal effects in monthly returns has been reported in several developed and emerging stock markets. The objective of this study is to explore the interplay between the month-of-the-year effect and market crash effects on monthly returns in Indian stock markets. The study uses dummy variable multiple linear regression to assess the seasonality of stock market returns and the impact of market crashes on the same. The results of the study provide evidence for a month-of-the-year effect in Indian stock markets, particularly positive November, August, and December effects, and a negative March effect. Further, the study suggests that the incidence of market crashes reduces the seasonal effects.

The presence of seasonal effects in monthly returns has been reported in several developed and emerging stock markets. The objective of this study is to explore the interplay between the month-of-the-year effect and market crash effects on monthly returns in Indian stock markets. The study uses dummy variable multiple linear regression to assess the seasonality of stock market returns and the impact of market crashes on the same. The results of the study provide evidence for a month-of-the-year effect in Indian stock markets, particularly positive November, August, and December effects, and a negative March effect. Further, the study suggests that the incidence of market crashes reduces the seasonal effects.

This study investigates the link between ethnic minority directors and agency conflict in Sri Lankan listed companies during a global financial crisis. Due to social and economic pressures in recent decades, ethnic minorities now make up a larger proportion of directors on corporate boards in Sri Lanka. In addition, the global financial crisis has increased demand for boards to strengthen their ethnic diversity in workplaces. This study shows that while Sri Lankan boards increased the number of ethnic minority directors during the global financial crisis, heterogeneous boards increased company agency costs. This evidence provides insights for governments and policy makers as they consider board ethnic diversification in an emerging and highly uncertain environment.

This study examines the reliability of the quarterly reports of Malaysian listed companies after the Malaysian Accounting Standard Board (MASB) issued a standard on interim reporting, MASB 26 Interim Reporting in 2002. MASB 26 requires companies to adopt the discrete method in reporting most of the transactions. In particular, this study focuses on the reporting of exceptional items (EIs) in the quarterly reports, and is an extension of the study conducted in 2001 by Ku . This paper argues that the reports are more likely to be reliable if the discrete method is practiced. If the discrete method is applied, companies are less likely to defer the reporting of EIs to the final quarter, and thus, the incidence of EIs in all the four quarters is equally likely (i.e. not being lumped in the fourth quarter as a tool to "settle-up"). An examination of the 2003 quarterly reports of 91 companies reveals that half of the incidence of EIs is reported in the final quarter. The percentage is not significantly lower than those of the previous study. This indicates that MASB 26 fails to enhance the reliability of the quarterly reports as far as the EIs are concerned. In addition, this study indicates that the EIs reported in the fourth quarter are more likely to be negative than positive. Further, we find that companies that defer the recognition of EIs are more likely to be those listed on the Second Board rather than on the Main Board of Bursa Malaysia. With the recent convergence of accounting standards whereby many countries have adopted FRSs in totality, including a standard on interim reporting, the present research findings act as a basis for similar research in other emerging economies.

This study investigates the link between ethnic minority directors and agency conflict in Sri Lankan listed companies during a global financial crisis. Due to social and economic pressures in recent decades, ethnic minorities now make up a larger proportion of directors on corporate boards in Sri Lanka. In addition, the global financial crisis has increased demand for boards to strengthen their ethnic diversity in workplaces. This study shows that while Sri Lankan boards increased the number of ethnic minority directors during the global financial crisis, heterogeneous boards increased company agency costs. This evidence provides insights for governments and policy makers as they consider board ethnic diversification in an emerging and highly uncertain environment.

The impact of corporate diversification on financial performance has been subject of some studies from the past. In addition, scholars found positive or negative relationship between the two variables. However, there are some theories and motivation which explain the part of relationship that state in this paper. In this paper, we try to show measurement of diversification and summary of related studies.

The concept of Islamic banking (IB) in Pakistan traces its roots back to late 70s. Since its inception it has had its fair share of growth. The IB industry, despite its growth during the last few years, has not fully nurtured and its share in banking industry is moderate 6.4%. This study explores the view point of bank employees of Gujranwala Division Pakistan regarding this statistics. By using a sample of 126 respondents, comprising Islamic bank employees (IBE) and conventional bank employees (CBE) to investigate the factors responsible for low market share of Islamic banking in banking industry. Our findings indicate that according to over all sample small network of branches, inadequate info about Islamic banking services, ignorance to teachings of Islam, trust deficiency towards Interest free banking and location of banks as the main reason for mere rise of Islamic banking. The factors change if we divide our sample in subsamples of IBE and CBE. Although considerable work in this area has been done in world and Pakistan is no exception to this however, the focus of majority of research

This paper investigates the incremental effects of corporate ownership structure on earnings conservatism, examining data of Chinese listed companies. We employ the concept of conditional conservatism to define earnings conservatism and adopt empirical models developed by and to measure the degree of earnings conservatism. Our empirical results show that the earnings of companies with higher non-tradable shares have lower earnings conservatism. Consistent with prior studies, this point demonstrates that the companies with state and concentrated ownership structures are more likely to depend on private communication to reduce information asymmetry and to resolve agency problems internally, thereby creating a low demand for earnings conservatism. The results of this study contribute to our understanding of how companies' ownership structures affect the properties of earnings in emerging markets and post-Communist markets.

The concept of Islamic banking (IB) in Pakistan traces its roots back to late 70s. Since its inception it has had its fair share of growth. The IB industry, despite its growth during the last few years, has not fully nurtured and its share in banking industry is moderate 6.4%. This study explores the view point of bank employees of Gujranwala Division Pakistan regarding this statistics. By using a sample of 126 respondents, comprising Islamic bank employees (IBE) and conventional bank employees (CBE) to investigate the factors responsible for low market share of Islamic banking in banking industry. Our findings indicate that according to over all sample small network of branches, inadequate info about Islamic banking services, ignorance to teachings of Islam, trust deficiency towards Interest free banking and location of banks as the main reason for mere rise of Islamic banking. The factors change if we divide our sample in subsamples of IBE and CBE. Although considerable work in this area has been done in world and Pakistan is no exception to this however, the focus of majority of research

This paper is an attempt to find the variables factors that Influence customer relationship management of hotels (A Case study Umaid Bhwan) in India. In this research, the Statistical Package for the Social Sciences (SPSS) was used for data entry, as well as for examining the data later. Data preparation was the initial step, which aimed to convert raw data into a more structured format that is more appropriate for analysis.

The impact of corporate diversification on financial performance has been subject of some studies from the past. In addition, scholars found positive or negative relationship between the two variables. However, there are some theories and motivation which explain the part of relationship that state in this paper. In this paper, we try to show measurement of diversification and summary of related studies.

This study investigates the link between ethnic minority directors and agency conflict in Sri Lankan listed companies during a global financial crisis. Due to social and economic pressures in recent decades, ethnic minorities now make up a larger proportion of directors on corporate boards in Sri Lanka. In addition, the global financial crisis has increased demand for boards to strengthen their ethnic diversity in workplaces. This study shows that while Sri Lankan boards increased the number of ethnic minority directors during the global financial crisis, heterogeneous boards increased company agency costs. This evidence provides insights for governments and policy makers as they consider board ethnic diversification in an emerging and highly uncertain environment.