Template-Type: ReDIF-Article 1.0 Author-Name: Dorsaf Ben Aissia Author-X-Name-First: Dorsaf Ben Author-X-Name-Last: Aissia Author-Name: Nizar Neffati Author-X-Name-First: Nizar Author-X-Name-Last: Neffati Title: Investor sentiment metrics and stock market returns: a study of the causality relationship using VAR models Abstract: This paper examines the causality relationship between investor sentiment metrics and stock market returns. It considers survey, market, and composite sentiment indexes. It also introduces a dummy variable detecting the effect of economic crisis and decomposes sentiment into rational and irrational components. It uses VAR models and Granger tests, estimates Impulse Reaction Functions (IRFs) of the non-expected movement in investor sentiment, and proposes a forecast error variance decomposition (FEVD) approach to emphasise the importance of these movements on variables of the VAR models. Based on US data (S%P 500, Dow Jones, and NASDAQ indexes) from July 1965 to December 2021, we find a negative and significant relationship between investor sentiment and stock returns. This relationship is primarily explained by the irrational component of sentiment. In addition, we find a bi-directional Granger causality between stock returns and investor sentiment. Still, the IRFs and the FEVD study confirm the superiority of the survey indexes over the market indexes. Journal: American J. of Finance and Accounting Pages: 90-124 Issue: 2 Volume: 7 Year: 2023 Keywords: investor sentiment metrics; stock market returns; causality relationship; VAR models; Granger tests; impulse response function; forecast error variance decomposition; FEVD. File-URL: http://www.inderscience.com/link.php?id=134710 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:amerfa:v:7:y:2023:i:2:p:90-124 Template-Type: ReDIF-Article 1.0 Author-Name: Jaspreet Kaur Author-X-Name-First: Jaspreet Author-X-Name-Last: Kaur Author-Name: Madhu Vij Author-X-Name-First: Madhu Author-X-Name-Last: Vij Author-Name: Ajay Kumar Chauhan Author-X-Name-First: Ajay Kumar Author-X-Name-Last: Chauhan Title: Intellectual structure, themes and disciplines of credit rating determination by rating agencies - a bibliometric analysis Abstract: Credit ratings, given by credit rating agencies, are the opinion about the creditworthiness and the likelihood of timely payment by the issuer. Various factors are analysed by rating agencies to assess the financial soundness of the debt issuer and arrive at ratings. This study presents a bibliometric review of the literature on determinants of corporate credit rating on a sample of 135 articles from January 2001 to June 2021. The articles are analysed to delineate influential aspects, themes, and conceptual, intellectual, and social structure of the knowledge base using different bibliometric techniques. The findings highlight the multi-disciplinary nature of the literature and theoretical foundation based on bankruptcy studies. Further, the keyword co-occurrence analysis suggests corporate social responsibility (CSR), environmental, social and governance (ESG), machine learning, managerial ability, and sustainability as emerging research topics in this field. The study explains the direction and future research scope that will be helpful for academicians, investors, regulators and policy formulators. Journal: American J. of Finance and Accounting Pages: 125-144 Issue: 2 Volume: 7 Year: 2023 Keywords: corporate credit rating; credit rating agencies; determinants; bibliometric analysis; corporate social responsibility; CSR; credit rating; CRAs; ESG. File-URL: http://www.inderscience.com/link.php?id=134711 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:amerfa:v:7:y:2023:i:2:p:125-144 Template-Type: ReDIF-Article 1.0 Author-Name: Naqi Sayed Author-X-Name-First: Naqi Author-X-Name-Last: Sayed Title: Citation analysis of audit fee determinants literature Abstract: The study reviews 438 journal articles that were published during 1980-2017 relating to audit fee determinants and identifies journals, articles, and authors that have contributed substantially to the discourse as measured by citations. The review is based on articles available on ABI/Inform, Science Direct, ProQuest, and Wiley Online Library. Total citations, threshold citations, fractional citations, and citation per year techniques were used for the analysis. To our knowledge, there are no known systematic reviews of research literature that assesses the influence of journals, research papers, and authors who have helped shape the discourse around this issue. Among other insights, we found that the literature on audit fee determinants exhibits three distinct periods in terms of research impact. Post 2008 have seen significant increase in number of articles, however, with limited impact. Journal: American J. of Finance and Accounting Pages: 71-89 Issue: 2 Volume: 7 Year: 2023 Keywords: audit fee; systematic literature review; citation analysis; threshold citations; fractional citations. File-URL: http://www.inderscience.com/link.php?id=134712 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:amerfa:v:7:y:2023:i:2:p:71-89 Template-Type: ReDIF-Article 1.0 Author-Name: Mark Y. Tampuri Author-X-Name-First: Mark Y. Author-X-Name-Last: Tampuri Title: Digital lending in emerging economies: the nexus between financial innovation and consumer protection Abstract: This study examines unregulated digital lending practices in Ghana, Nigeria, South Africa, and Kenya, and their impact on consumers. A triangulation approach was used, combining primary research in analysing 68 unlicensed digital lending apps and surveying 280 consumers and secondary research in reviewing academic and industry literature. Findings indicate that while digital credit improves access to finance, unlicensed instant digital lending firms pose risks such as high-interest rates, debt collector harassment, and over-indebtedness. Additionally, these apps sell or expose user data without consent, leading to manipulative loan advertisements by third parties. Although central banks have implemented some consumer protection measures, regulatory gaps remain. The study recommends that central banks strengthen regulations, collaborate with app distribution platforms to remove unlicensed apps, hold unregulated lenders accountable, and promote consumer education on responsible borrowing. Journal: American J. of Finance and Accounting Pages: 145-168 Issue: 2 Volume: 7 Year: 2023 Keywords: consumer protection; digital finance; alternative finance; financial inclusion; predatory lending. File-URL: http://www.inderscience.com/link.php?id=134713 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:amerfa:v:7:y:2023:i:2:p:145-168