Template-Type: ReDIF-Article 1.0 Author-Name: Tantatape Brahmasrene Author-X-Name-First: Tantatape Author-X-Name-Last: Brahmasrene Author-Name: Donna Whitten Author-X-Name-First: Donna Author-X-Name-Last: Whitten Title: The influence of investor sentiment on stock prices among industries in the US Abstract: Research has shown that company-specific fundamental valuation factors impact stock prices, including diluted earnings (DEPS), book value (BV), and dividends (DIV) on a per-share basis. Free cash flow (FCF) has also been investigated, albeit not as extensively. Recently, investor sentiment, a behavioural factor, has been studied. Using the ordinary least square (OLS) method, this study explores the impact of company-specific fundamental valuation factors on stock prices of firms in significant industries in the US, for which investor sentiment is statistically significant. The results indicate that the industry variable is significant in the stock price. Further, investor sentiment, specifically whether it is optimistic or pessimistic, is significant in two industries, finance and manufacturing. Finally, the significance of the valuation factors differed based on investor optimism, for which all included variables are significant, and investor pessimism, for which only earnings-based factors are significant in the finance sector but not in manufacturing. Journal: Int. J. of Behavioural Accounting and Finance Pages: 281-295 Issue: 4 Volume: 6 Year: 2022 Keywords: investor sentiment; psychological factors; stock price; diluted earnings; book value; dividends; free cash flow; FCF. File-URL: http://www.inderscience.com/link.php?id=127067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijbeaf:v:6:y:2022:i:4:p:281-295 Template-Type: ReDIF-Article 1.0 Author-Name: Pietro Pavone Author-X-Name-First: Pietro Author-X-Name-Last: Pavone Title: Relationship between economic performance and capital structure: some empirical evidence Abstract: This paper investigates the relationship between corporate financial choices and economic performance. The analysis concerns a sample of Italian companies in the construction sector in the period 2008-2017. Descriptive statistics, correlation and regression are used to analyse the data. Return on equity (ROE), ROA and ROI are used as measures of company performance; short-term debt, long-term debt, and total debts are used as independent variables. The findings of the study show that short-term debt has a positive and statistically significant effect on the ROI of real estate development companies, while it has a negative and statistically significant effect on the ROE of construction companies. The study also shows a positive and significant relationship between long-term debt and the ROI of real estate project development companies and between total debt and the ROE of construction companies. Journal: Int. J. of Behavioural Accounting and Finance Pages: 296-310 Issue: 4 Volume: 6 Year: 2022 Keywords: construction sector; economic performance; capital structure; ROE; return on equity; ROA; return on asset; ROI; return on investment; short-term debt; long-term debt; total debts. File-URL: http://www.inderscience.com/link.php?id=127074 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijbeaf:v:6:y:2022:i:4:p:296-310 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammed Anam Akhtar Author-X-Name-First: Mohammed Anam Author-X-Name-Last: Akhtar Author-Name: Khurram Ajaz Khan Author-X-Name-First: Khurram Ajaz Author-X-Name-Last: Khan Author-Name: Pankaj Kumar Tripathi Author-X-Name-First: Pankaj Kumar Author-X-Name-Last: Tripathi Title: The impact of IFRS convergence on key financial indicators of Public Sector Undertakings listed on NSE, India Abstract: The study investigates the impact of International Financial Reporting Standards convergence (IFRS) on the key financial ratios and balance sheet figures of public sector units listed in India (adopted IFRS first time in 2016-2017). The study used purposive sampling and selected 18 Public Sector Undertakings (PSUs) grouped under the first phase of mandatory adoption in 2016-2017. The study employed the paired T-test and Wilcoxon signed-rank test to test the significant median differences. The analysis is done in three parts; first, key ratios are compared to identify the significant difference between Indian (GAAP) and Indian (AS). Second, absolute figures from the financial statements were also compared, and lastly compared both outcomes to detect the differences. The findings revealed that a statistically significant impact of convergence to Ind AS is on Total Assets, Total Liabilities, and Tangibles. In contrast, in the case of all the other absolute figures like PAT, TCI, and, more importantly, Equity, the impact of convergence is not statistically significant. The originality of the paper lies in measuring the impact of mandatory adoption of Ind AS on PSUs in India. Journal: Int. J. of Behavioural Accounting and Finance Pages: 333-347 Issue: 4 Volume: 6 Year: 2022 Keywords: Ind AS; Indian GAAP; ratios; absolute figures; total assets; total liabilities. File-URL: http://www.inderscience.com/link.php?id=127077 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijbeaf:v:6:y:2022:i:4:p:333-347 Template-Type: ReDIF-Article 1.0 Author-Name: Nahed Zghidi Author-X-Name-First: Nahed Author-X-Name-Last: Zghidi Title: Asia-pacific financial market inefficiency: evidence through behavioural models Abstract: The general equilibrium models with representative agents have proved to be inadequate descriptions of the Asia-Pacific emerging market. Within this framework, we present a model with heterogeneous agents, optimisers, and non-optimisers in which the financial markets consist of agent clusters. Our methodology consists of dividing the market participants into 'rational agents' who form sensible forecasts, and 'irrational agents' who develop biased forecasts, trade on tips, and bid prices away from their fundamental values. The analysis examines monthly frequency stock returns for the Asia-Pacific financial market and world returns using data spanning January 2004 and April 2019. Our results show a positive slope between irrationality and volatility but deterministic for return. Such a persistent connection between irrational and stock volatility suggests that investor sentiment is one of the most crucial determinants of market volatility. The ratio of successful exchange and merger depends on the proportion of the rational agents vs. the irrational ones. Journal: Int. J. of Behavioural Accounting and Finance Pages: 311-332 Issue: 4 Volume: 6 Year: 2022 Keywords: behavioural economics; asset pricing; irrationality; financial economics; Asia-pacific. File-URL: http://www.inderscience.com/link.php?id=127078 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijbeaf:v:6:y:2022:i:4:p:311-332 Template-Type: ReDIF-Article 1.0 Author-Name: Dobrina Jandik Author-X-Name-First: Dobrina Author-X-Name-Last: Jandik Title: Gender diversity, country norms and capital markets post-COVID-19 Abstract: Gender norms - that is, the prevailing attitudes toward women's right to earn an income, women's access to education, and society's prevailing opinions regarding women's abilities to be effective business or political leaders - substantially differ across countries. In the presence of the exogenous shock from the COVID-19 lockdown and social distancing, countries with a less favourable view of women in the workforce experience lower losses. We also find that the association between gender norms and shares of domestic investment in a country's equity market is further amplified in countries associated with greater levels of mutual trust perceived by their citizens. Our findings underscore the crucial role of the female population in market development around the world. Journal: Int. J. of Behavioural Accounting and Finance Pages: 348-366 Issue: 4 Volume: 6 Year: 2022 Keywords: gender norms; women's rights; trust; capital market development; COVID-19. File-URL: http://www.inderscience.com/link.php?id=127080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijbeaf:v:6:y:2022:i:4:p:348-366