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Examining investor behaviour in the Saudi stock markets: insights into disposition effect, herd mentality and inclination toward Shariah-compliant investments
No full textThis thesis examines investor behaviour in the Saudi stock markets (SSM), with a focus on
various psychological and behavioural aspects such as the disposition effect, herd mentality,
and investors’ inclination toward Shariah-compliant investments. These three areas collectively examine the psychological and behavioural dimensions underlying market participants’
regret aversion and fear of missing out within the context of the SSM including the associated market anomalies and behavioural biases. Following a brief introduction (1), the research
findings that contribute to the existing literature are discussed and explored in Chapters 2,
3, and 4.
Chapter 2 concentrates on investigating the presence of the disposition effect in the SSM
by analyzing the trading behaviours of large brokerage retail investors and equity mutual
fund managers during two distinct periods: the holy month of Ramadan and the COVID-19
pandemic. Utilizing a novel dataset of daily trading records from 2019 to 2021, the study
identifies notable differences between investor types. Mutual fund managers consistently
demonstrate a preference for realizing losses over gains while brokerage investors exhibit
more heterogeneous behaviours, mainly showing no preferences for either stock gains or
losses. Additionally, a panel event study reveals that Ramadan fasting does not significantly
alter disposition-driven trading, but the COVID-19 pandemic significantly impacts the trading
patterns of both investor groups.
Chapter 3 examines herding behaviour in the SSM around the inclusion of its main market
(Tadawul) in the global Emerging Market (EM) indices, a major milestone in Saudi capital
market reforms under Vision 2030. Using three unique stock market portfolios and applying
established herding detection models, the analysis reveals persistent herding behaviour before
and after inclusion, particularly among local investors. However, herding behaviour within the
set of stocks accessible to Qualified Foreign Investors (but still available to local investors)
becomes statistically insignificant following the inclusion, except when the market is experiencing downturns. Further analysis suggests that while intentional herding predominates,
spurious herding arises among local investors, especially during declining markets following the SSM’s inclusion in EM indices.
Chapter 4 attempts to develop a regret-augmented portfolio optimization framework to
quantify the psychological cost of regret faced by Shariah-compliant investors in the SSM.
Using daily stock data from 2018 and 2023, the study compares strict and moderate Shariah
adherence scenarios by constructing optimal portfolios under both constraints. Based on the
2018 model results, strict Shariah-compliant investors face an opportunity cost of 0.333 to
0.712 Sharpe ratio points while moderate adherents incur a lower cost between 0.324 and
0.404 points. When regret aversion is incorporated into the optimization, the preference regret model delivers the best trade-off between Shariah compliance, portfolio performance
and risk management. The findings highlight that regret aversion significantly shapes asset
allocation decisions and that behavioural models better capture investor preferences than the
classical Markowitz framework. The findings are further validated using 2023 data, which
confirm similar trends to 2018, though the impact of regret aversion is less significant due to
more favourable market conditions seen during the year 2023
Antimicrobial stewardship curricula for undergraduate healthcare education applicable to the UK: a full review of online resources
Get PDFBackground
Antimicrobials are the cornerstone of modern medicine, used to treat millions of people worldwide. Antimicrobial stewardship (AMS) is included as part of healthcare professional (HCP) undergraduate (UG) curricula; however, these have not been compared with WHO guidance and it is not known if there are education resources to help embed these principles into UG curricula and whether content may vary.
Aims
To identify published UG curricula or competency frameworks (CFs) for AMS relevant to medical, nursing, pharmacy, dental and allied HCPs in the UK. Also, to assess whether these curricula meet WHO recommendations and identify any gaps compared with the UK Health Security Agency (UKHSA) antimicrobial prescribing and stewardship competency framework.
Methods
A search for online education resources was carried out to identify UG curricula or CFs for HCPs for AMS or antimicrobial resistance applicable to the UK.
Results
Seven curricula or CFs were identified and reviewed. One AMS CF for all UG health workers, three for pharmacy UG students, one nursing AMS CF, one medical AMS CF, and the pathology curriculum. Domains varied between them but significant overlap was identified, and the majority of knowledge objectives in the WHO modules were covered in all UG curricula/CFs (except those objectives listed under the role of laboratory staff, which were only in the pathology curriculum). Gaps were identified between the most recently published UG curricula for pharmacists and the UKHSA antimicrobial prescribing and stewardship CF.
Conclusions
There is significant correlation between the UG curricula/CFs for HCPs in the UK, the WHO curricula guide, and UKHSA antimicrobial prescribing and stewardship CF; however, there are some identified gaps. Despite the availability of UG curricula and/or CFs for the majority of HCPs, these are not consistently embedded in UG training
Demasking and disappointment: modern political oratory in Germany
No full textThis chapter focuses on the parameters that triggered changes in West German postwar political oratory, such as the increasing mediatization and fragmentation of Germany’s party landscape as well as voting behavior. Based on existing research, I argue that after the founding of the Federal Republic of Germany there are two main caesuras (breaks or significant changes) in Germany’s public and political discourse. The first caesura can be seen as the result of increasing democratization and political participation in the late 1960s. The second caesura from the 1990s onwards can be understood to having resulted from increasing politicization and the normative underpinning of a range of issues that are difficult to tackle by national governments. These developments and their effects on political rhetoric will be exhibited through analyses of speeches given by leaders of new parliamentary parties that newly entered the German parliament
Core-level binding energies describe electrostatic potentials at nuclei for ionic liquids
Get PDFElectrostatic interactions in ionic liquids (ILs) dictate many of their physical properties and hence underpin a plethora of potential applications. It is vital to develop both experimental and theoretical electronic descriptors for ILs, to drive deeper understanding of the interactions that may be tuned for applications. A possible descriptor for ILs is the readily measurable core-level binding energy from experimental core-level X-ray photoelectron spectroscopy (XPS), EB(core). To establish that differences in EB(core) capture the differences in electrostatic potential at nuclei, Vn, we use a computational approach based on ab initio molecular dynamics (AIMD). We demonstrate clear quantitative (linear) correlations between experimental EB(core) and calculated Vn for carbon, nitrogen, sulfur, oxygen and fluorine for both cations and anions. Our work shows that EB(core) are chemically interpretable descriptors of electrostatic interactions in ILs. This has implications for the ability to predict, out of the vast number of ILs that can form from the array of available cations and anions, the best IL compositions for target applications. We also discuss how this work could open up new areas of enquiry, and the potential usefulness of Vn to characterise interactions of ILs with surfaces and interfaces
The impact of climate, vegetation and land-use changes on fire regimes during the Holocene
Get PDFThe investigation of palaeofire provides the basis for testing the reliability of recognised controls on
fire in the present day, but in environmental and social conditions that differ markedly. Whilst present
day analysis can make use of comprehensive data at high spatial resolution, palaeodata enables the
investigation of controls both spatially and temporally, on time scales that are relevant for longer term
processes. Although there are exceptions, the majority of palaeofire research has tended to analyse
relationships by visually assessing the synchronicity of time series, and with a focus on a single or
limited selection of controls. In this thesis, a number of statistical approaches are tested to identify
relationships between palaeofire and its drivers, making use of diverse data proxies.
The relationship between people and palaeofire was first investigated in Iberia during the Holocene.
Results from superposed epoch analysis (SEA) show no clear relationship between periods of high
population growth or on the time-transgressive spread of farming and fire. To extend this research to
the European scale, and to ensure that controls representing humans, vegetation and climate were
included in a holistic analysis of palaeofire at a site-level, a new statistical method, with broad-scale
applicability, was developed to reconstruct tree cover using sedimentary and modern pollen data. At
an aggregate level, the resulting reconstructions broadly matched those published in the literature.
These reconstructions were then included within cross-cutting analyses using regression techniques,
Granger causality and SEA. Limited evidence of consistent relationships were found at the scale of
analysis, emphasising the challenges of drawing regional-level conclusions, and helping to explain
contrasting findings from the research literature.
Overall, despite the challenges associated with palaeodata, this research highlights the need for
statistically robust, multi-variable analyses of the drivers of palaeofire to improve our understanding
of fire in the past, present and future
The role of integrative emotion regulation in adaptive coping and daily stress regulation
No full textEmotional integration involves ways of responding to one's emotions: receptive attention (i.e., open and nonjudgmental attention to emotions) and intentional exploration (i.e., active and motivated pursuit of one's own emotions. Across two studies (Study 1: two waves longitudinal, N = 239; Study 2: daily diary, N = 132), we compared these two dimensions of integrative emotion regulation (i.e. receptive attention and intentional exploration) in adaptive and maladaptive coping styles (i.e., specific strategies to shape one's response to stress) and daily well‐being. In Study 1, both forms of integrative emotion regulation were positively associated with adaptive coping (e.g., the use of active coping, acceptance, planning, and positive reframing) 1 month later, but only intentional exploration (and not receptive attention) showed benefits for well‐being in a 7‐day daily diary context (Study 2). Intentional exploration was negatively associated with perceived daily stress and positively associated with constructive self‐reflection, a marker of productive processing of emotions, and daily day satisfaction. In all, both forms of emotion regulation promote adaptive coping, but intentional exploration showed more consistent benefits across our studies. This research highlights the independent importance of motivated pursuit of emotional information in the coping process
Prescriber knowledge, behaviour and attitudes regarding antibiotic use and antibiotic resistance in Oman
Get PDFAntimicrobial stewardship programs use evidence-based strategies to monitor and assess antibiotic use.
This study aimed to identify prescribers’ knowledge, attitudes, and behavior regarding antibiotic use
and antibiotic resistance in Oman.
Research design and methods: A cross-sectional study was conducted using a questionnaire that was
adapted from the European Centre for Disease Prevention and Control instruments. The survey was
distributed among prescribers in Oman’s Ministry of Health.
Results: The survey included a total of 371 prescribers. Most respondents were specialists, and 73%
worked in hospitals. Antibiotics’ effectiveness against viruses, needless use, and adverse effects were
accurately answered by over 95% of prescribers. Eighty-four percent of prescribers realized the connection between their prescribing of antibiotics and the spread of antibiotic-resistant bacteria.
Approximately 80% agreed that they address antibiotic resistance and consider it when treating
patients. Around 70% of prescribers knew of the Oman national action plan to combat antibiotic
resistance. Sixty-six percent of prescribers wanted information regarding antibiotic resistance, 49%
about antibiotic use, and 40% about antibiotic prescriptions and medical problems.
Conclusion: The findings highlight the need for interventions to inform prescriber knowledge and
behavior, improve antibiotic prescribing practices, and combat the spread of antimicrobial resistance
ESG ratings inconsistency and its effects on information in capital market
No full textPurpose: This study explores how inconsistency in environmental, social, and governance (ESG) ratings affects the information environment of publicly traded companies in emerging markets.
Methodology: Drawing on data from six ESG rating agencies covering Chinese listed firms from 2010 to 2022, we construct measures of pairwise ESG rating divergence and average them across 15 unique rater pairs. We then employ Ordinary Least Squares (OLS) regressions with fixed effects to examine how inconsistencies in ESG ratings affect stock return synchronicity in the Chinese capital market.
Findings: Our findings indicate that greater ESG rating divergence correlates with increased stock return synchronicity, suggesting a decline in the dissemination of firm-specific information. Supporting evidence for this relationship includes reduced private information flow, heightened opportunistic executive sales, and decreased stock turnover for firms associated with higher ESG rating divergence. Our analysis suggests that such divergence hinders informed trading by institutional investors, and the effect is more pronounced for firms with lower transparency, such as those with fewer analysts, limited investor oversight, and sparse ESG disclosure, as well as for firms in non-polluting industries. These findings emphasize that ESG rating divergence exacerbates uncertainty about firms' future performance, discourages informed trading, and ultimately restricts the integration of firm-specific information into stock prices.
Originality: This study adds to the literature on ESG ratings and market efficiency, highlighting the importance of standardizing rating methodologies and improving corporate disclosure to counteract the adverse impacts of rating divergence
The scope for agency and the role of individuals in UN peace operations
No full textPeacekeeping, often portrayed as a collective endeavor governed by the United Nations Security Council, is, in practice, deeply contingent on the agency of individuals, who must interpret and implement complex mandates. Academic recognition of the role played by individuals has grown recently, and existing research has gone some way to showing how the effects of individuals can be assessed empirically. Yet work in this area is relatively nascent. Significant gaps remain in our understanding of how micro-level dynamics interact with structural forces, and of the overall scope for individual agency in peace operations. An emphasis on individual agency raises a series of pressing questions, which animate the contributions to this special section. These include questions about the effects of personal attributes, like nationality or level of education, affect behavior; the impact of individuals on strategic culture and operational norms within a mission; individuals’ capacity to bring about change amid structural constraints; and questions about methodological challenges that arise when studying these micro-level dynamics. In addressing these questions, the special section contributes to ongoing scholarly debates and to contemporary peacekeeping practice, embedding the study of individual agency within broader analytical frameworks and exploring its critical role in shaping peacekeeping outcomes