Purpose: This study aims to find the response by stock market against the announcements of quarterly earnings is empirically tested by exploiting event study methodology. Efficient market hypothesis (EMH) on Saudi stock exchange is also tried on.Design/methodology/approach: The market model is applied to help gauge the expected returns and to illustrate abnormal returns around the event date.Findings: The results established that Saudi Stock Market does not bear semi-strong form of EMH. How efficient is the Saudi market is also reflected through evidence of significant abnormal returns and post-earnings announcement drift around earning announcements dates.Research limitations/implications: The authors have not used analysts’ forecast as the expected earnings which are the limitation. As mentioned earlier, the authors used the quarterly earnings of the previous year as a proxy and that proxy could have been replaced by analysts’ forecast. Another limitation is that the trading volume in the event window is not considered.Practical implications: The behavior of Saudi capital market is of much concern, and the study of this with a perspective of EMH is the significance of this paper.Social implications: All stakeholders closely watch earnings announcements and its share price movement around the announcement date. Recently, Saudi Arabia has opened its doors to foreign investors, and big foreign investors are going to enter into Saudi capital market, and after their entry, the behavior of market could be different. In the authors’ opinion, this is the right time to study the efficiency of Saudi market before the entry of foreign investors.Originality/value: This study is based on the gap created by EMH of Saudi market using event methodology, observed in the existing literature, and it will be a contribution to literature.

The finance literature is giving more attention to financial frisk aspects. However, in literature, only a fragmented comprehension is known about the contextual influence of financial risk aspects of businesses. In this article, we contribute by carving out the intersections between Finance and Risk and analyze the production as well as visualize the evolution and trends of this field. In our research approach we use bibliometric technique to analyze 10 years of publications in Web of Science (WoS) database and present a comprehensive contextual picture of financial risk research. We analyzed 3024 publications by identifying the most prominent journals, authors, articles, countries and collaboration among authors and countries. Moreover, a co-occurrence analysis between authors, keywords and journal was done along as well as cluster analysis and thematic analysis is also performed to find the evolutionary trends. Our results showed that credit risk is the most trend topic over the last 10 years and performance and risk taking are two most inter-connected words using co-occurrence citation analysis. Our analysis showed that the corporate governance, financial crisis, financial innovation, and entrepreneurship are evolving themes and their occurrence is increasing and become more prominent in the in the domain of financial risk.

The purpose of this paper is to empirically analyze the effect of the relationship between trust in top management (TTM) and trust in immediate supervisor (TIS), who was organizational project manager in our case, on perceived organizational performance in Pakistani public and private project-based organizations (PBOs). The survey (N=108) was done using a questionnaire that was sent to project managers in the selected PBOs in Pakistan with a request to forward it to their immediate subordinates. Later, established statistical techniques (correlation and regression analyses) and gray incidence analysis models were applied to test the hypotheses. The results from both methods reveal that TTM was more strongly correlated to perceived organizational performance of PBOs and, in general, public sector employees are more trusted than private sector employees. The gray method revealed that in both private and public PBOs, trust in project manager is greater predictor of perceived organizational performance, while statistical analysis confirmed this only for private sector PBOs. According to statistical analysis, the public sector employees who trust their top management are more likely to have good perception of the organizational performance. Later, the study argues that because of the proven superiority of gray methods over statistics on small samples, the results obtained from gray method should be used for decision making and implications. The study is pioneer in evaluating the association between TIS and TTM in PBOs using both statistical and gray systems methods.