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Asynchronous trading hours between the markets of Exchange-Traded Funds (ETFs) and their benchmarks not only make it difficult to apply a full replication strategy but also make the creation/redemption process ineffective and consequently distress the performance of international ETFs. Despite the exponential growth of the ETF industry in general and international ETFs in particular, the performance of international ETFs is under-researched. Therefore, this study evaluates the performance of US-listed international ETFs by analyzing the returns, volatilities, tracking ability and pricing efficiency. The study findings are useful for investors interested in understanding the performance dynamics of international ETFs.
Stephen Bahadar; Christopher Gan; Cuong Nguyen. Performance Dynamics of International Exchange-Traded Funds. Journal of Risk and Financial Management 2020, 13, 169 .
AMA StyleStephen Bahadar, Christopher Gan, Cuong Nguyen. Performance Dynamics of International Exchange-Traded Funds. Journal of Risk and Financial Management. 2020; 13 (8):169.
Chicago/Turabian StyleStephen Bahadar; Christopher Gan; Cuong Nguyen. 2020. "Performance Dynamics of International Exchange-Traded Funds." Journal of Risk and Financial Management 13, no. 8: 169.
We investigate the impact of corporate irresponsibility on future stock price crash by employing a unique dataset of 1,529 penalties imposed on 411 United States (U.S.) firms, from 2003 to 2015. We provide robust evidence that the total amount of penalties (in U.S. dollars) imposed on firms are negatively associated with firm‐specific future stock price crash risk. Our findings are consistent with the following view that imposition of penalties remove uncertainty about a particular firm's future, investors please that the case is closed, the firm successfully manages the aftermath of misconduct and the firm's financial gains are often larger compared to the total cost of the penalty imposed. Moreover, we find corporate social responsibility (CSR) to be a channel through which penalties impact stock price crash risk. Our findings demonstrate that the negative association between monetary penalties and stock price crash risk is more pronounced in the postfinancial crisis and in environmentally sensitive firms.
Rashid Zaman; Stephen Bahadar; Haroon Mahmood. Corporate irresponsibility and stock price crash risk. International Review of Finance 2020, 1 .
AMA StyleRashid Zaman, Stephen Bahadar, Haroon Mahmood. Corporate irresponsibility and stock price crash risk. International Review of Finance. 2020; ():1.
Chicago/Turabian StyleRashid Zaman; Stephen Bahadar; Haroon Mahmood. 2020. "Corporate irresponsibility and stock price crash risk." International Review of Finance , no. : 1.
The authors investigate the unexplored herding behavior of investors in a leveraged exchange-traded funds (LETFs) market by examining U.S.-listed LETFs, which offers both long and short positions with target return multiples (such as +2x) and inverse multiples (e.g., –1x and –2x) of the tracking indices in the form of bull and bear LETFs, respectively. Overall findings reveal the presence of significant herding behavior in LETFs. More specifically, herding is prominent in bear LETFs during daily trading, asymmetric market conditions (e.g., rising/declining market return, trading volume, trading volatility), and the global financial crisis period. Further, herding is found to be spurious during the normal trading days in the LETFs market but during the global financial crisis, herding occurs in response to the non-fundamental factors.
Stephen Bahadar; Haroon Mahmood; Rashid Zaman. The Herds of Bulls and Bears in Leveraged ETF Market. Journal of Behavioral Finance 2019, 20, 408 -423.
AMA StyleStephen Bahadar, Haroon Mahmood, Rashid Zaman. The Herds of Bulls and Bears in Leveraged ETF Market. Journal of Behavioral Finance. 2019; 20 (4):408-423.
Chicago/Turabian StyleStephen Bahadar; Haroon Mahmood; Rashid Zaman. 2019. "The Herds of Bulls and Bears in Leveraged ETF Market." Journal of Behavioral Finance 20, no. 4: 408-423.
Purpose The purpose of this paper is to examine the impact of corporate governance, with particular reference to the role of independent directors on boards and audit committees, and media coverage on corporate transparency and disclosure. In addition, the paper also investigates the role of the media on independent directors’ behaviours towards corporate transparency and disclosure. Design/methodology/approach The paper uses the well-developed two-step system generalised method of moments approach on a sample of 99 Pakistan stock exchange (PSX) listed financial firms over the period 2007-2012. Findings The empirical analysis shows that media and independent directors on audit committees play a significant positive role in line with agenda setting and agency theories in promoting corporate transparency and disclosure. On the contrary, the boards’ independent directors are risk-averse and hold the information to protect their reputation. Nevertheless, the study does not find any significant influence of media coverage on independent directors’ behaviours in promoting corporate transparency and disclosure. Practical implications The findings provide some useful insight into cost benefits analysis of media coverage towards an understanding of independent directors’ behaviours for promoting transparency and disclosure in financial sector. Moreover, the study findings can be useful for both shareholders and stakeholders in taking decisions about firm activities. Originality/value To the best of the authors’ knowledge, this is the first study that proposed and tested a multi-level framework for corporate transparency and disclosure practices. In addition, this study is also among the very few studies that use financial sectors as a sample, in particular, and media coverage, specifically, thus adding some value to the limited literature.
Rashid Zaman; Stephen Bahadar; Umar Nawaz Kayani; Muhammad Arslan. Role of media and independent directors in corporate transparency and disclosure: evidence from an emerging economy. Corporate Governance: The International Journal of Business in Society 2018, 18, 858 -885.
AMA StyleRashid Zaman, Stephen Bahadar, Umar Nawaz Kayani, Muhammad Arslan. Role of media and independent directors in corporate transparency and disclosure: evidence from an emerging economy. Corporate Governance: The International Journal of Business in Society. 2018; 18 (5):858-885.
Chicago/Turabian StyleRashid Zaman; Stephen Bahadar; Umar Nawaz Kayani; Muhammad Arslan. 2018. "Role of media and independent directors in corporate transparency and disclosure: evidence from an emerging economy." Corporate Governance: The International Journal of Business in Society 18, no. 5: 858-885.