This paper investigates the relationships between stock market indices and four macroeconomics variables, namely crude oil price (COP), money supply (M2), industrial production (IP) and inflation rate (IR) in China and India. The period covers in this study is between January 1999 to January 2009. Using the Augmented Dickey-Fuller unit root test, the underlying series are tested as non-stationary at the level but stationary in first difference. The use of Johansen-Juselius (1990) Multivariate Cointegration and Vector Error Correction Model technique, indicate that there are both long and short run linkages between macroeconomic variable and stock market index in each of these two countries.

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This paper provides historical, theoretical, and empirical syntheses in understanding the rationality of investors, stock prices, and stock market efficiency behaviour in the theoretical lenses of behavioural finance paradigm. The inquiry is guided by multidisciplinary behaviouralrelated theories. The analyses employed a long span of Bursa Malaysia stock market data from 1977 to 2014 along the different phases of economic development and market states. The tests confirmed the presence of asymmetric dynamic behaviour of prices predictability as well as risk and return relationships across different market states, risk states and quantiles data segments. The efficiency tests show trends of an adaptive pattern of weak market efficiency across various economic phases and market states. Collectively, these evidences lend support to boundedadaptive rational of investors' behaviour, dynamic stock price behaviour, and accordingly forming bounded-adaptive market efficiency.

Purpose This paper aims to review the theory and empirical evidence of institutional investor behavioral biases in the lenses of behavioral finance paradigm. It surveys the research specifically focusing on behavioral biases among institutional investors in investment management activities worldwide. Design/methodology/approach A literature survey is done to gather and synthesize evidence on behavioral biases of institutional investors. Findings The survey and analysis reveal the following findings. First, the theoretical underpinning of investors’ irrational behavior has been neglected in behavioral finance research. Second, the behavioral heuristics and biases are dynamic and complex. Third, understanding behavioral biases’ origin, causes and effects requires interdisciplinary perspectives from the fields of psychology, sociology and biology. Originality/value The analysis and alternative perspectives drawn in this paper provide new insights into the field of behavioral finance and aims to suggest researchers, practitioners and regulators on the next course of actions.

This study investigates long run overreaction and seasonal effects for Malaysian stocks quoted on the Kuala Lumpur Stock Exchange (KLSE), for the period 1986-1996. Stocks exhibiting extreme returns relative to the market over a three year period experience a reversal of fortunes during the following three years. There is also evidence that employing a contrarian trading strategy may yield excess returns. Of particular interest is the apparent existence of a Chinese New Year effect in both the level of market returns, and the overreaction profile for KLSE stocks. These seasonalities mirror the January-effect observed in US markets. Copyright Blackwell Publishers Ltd 2001.

ABSTRACT

Over the years, hundreds of empirical studies have been carried out and theoretical literature written to enhance people’s knowledge towards initial public offering (IPO), IPO underpricing, IPO flipping, IPO short profit, IPO long run underperformances; yet it is arduous for people to clearly understand the various issues related to IPOs especially with different types of equities in different industries and in different markets. The degree of underpricing varies from one issue to another. The degree of underpricing in the Bangladesh capital market is rather high compared to that of other Asian and advanced stock markets. This study analyzes the levels of underpricing in IPOs and its determinants of the Chittagong Stock Exchange (CSE). Key trends in the levels of underpricing and overpricing are highlighted out on a year to year, and industry to industry basis. Out of the 117 companies that were listed in the years 1995 to 2005, 102 (87.18%) IPOs were found to be underpriced, 13 (11.11%) overpriced while only 2 were accurately priced. The overall level of overpricing was 15.37% with a standard deviation of 18.89. Regression Analysis shows that offer size, and size of the company is positively related to the degree of underpricing. The industry type and age of the firm are found to be negatively related to the degree of underpricing. However timing of offer was found to have no significant influence on the degree of underpricing of IPOs in the Chittagong Stock Exchange.

Porous tri-calcium phosphate, well-known for its use as artificial bone, was prepared via sponge polymeric method by the application of low cost polyurethane (PU) foam as a structural guide. In this experiment, fractions of tri-calcium phosphate (TCP) are controlled at 12, 13, 14, 15 and 16 grams and mixed with distilled water (fixed at 25 grams) to produce slurries. Subsequently, rectangular shaped PU foam was immersed in the slurry and dried for three days. Samples were then sintered at 1100°C to obtain porous tri-calcium phosphate. This method produces porous tri-calcium phosphate with porosity between 31-44% and the compressive strength in the range of 0.17-1.02 MPa. The macroporosity of the tri-calcium phosphate, observed through SEM, was in the range of 100 µm to 900 µm.