Prakash Pinto

Efficient market hypothesis (EMH) states that financial markets are “informationally efficient”, implying that current prices fully reflect all available information. The present study aims at testing the weak form of market efficiency of the individual stocks listed on the Bahrain Bourse for the period 2011 to 2015. Weak form of EMH is tested using the Kolmogorov-Smirnov goodness of fit test, run test and autocorrelation test. The K-S test result concludes that in general the stock price movement does not follow random walk. The results of the runs test reveals that share prices of seven companies do not follow random walk. Autocorrelation tests reveal that share prices exhibit low to moderate correlation varying from negative to positive values. As the study shows mixed results, it is difficult to conclude the weak form of efficiency of Bahrain Bourse.

Semi-monthly effect is a kind of calendar anomalies which is less explored in the financial literature. The main objective of this paper to investigate the presence of semi-monthly effect in selected sectoral indices of Bombay Stock Exchange (BSE). The study uses the daily stock returns of five sectoral indices viz S&P BSE Auto Index, S&P BSE Bankex, S&P BSE Consumer Durables Index, S&P BSE FMCG Index and S&P BSE Health Care Index for the period of 10 years starting from 1st April 2007 to 31st March 2017. The data were analyzed using two approaches namely calendar days approach and trading days approach. To test the equality of mean returns for the two halves of the month, Mann-Whitney U test is used. The empirical results of the study did not provide any evidence for the presence of semi-monthly effect in the selected sectoral indices. Nevertheless, BSE Auto Index showed significant difference in the mean returns of first half and second half of trading month during the study period.

Oil export is the major source of revenue for the countries in the Middle East. Their economies are sensitive to fluctuations in oil prices. The present study examines the impact of oil crisis on the performance of selected banks of Kingdom of Bahrain using profitability, efficiency, capital adequacy and liquidity ratios in the pre-crisis and crisis periods. The study reveals that there is no significant difference in the performance of banks in the pre-crisis and crisis period. The results indicate that there is a significant difference in the performance of conventional banks and Islamic banks in the pre-crisis period. However, there is no significant difference in the performance of conventional banks and Islamic banks during the crisis period.

Waiting involves both cognition and emotions. It has a bearing on the overall perception of retail service quality. The advancement in retailing has triggered scholarly conversations on the psychological impact of waiting at the retail checkout. Prior studies confirm customers being deeply involved in the passage of time and time estimation during the entire waiting period. This study investigates the customer idle time and its implication on emotional discomfort resulting from crowding stress. The study employed confirmatory sampling wherein specific sample elements are chosen since they are the key respondents to confirm hypotheses being tested. Accordingly, 385 respondents (shoppers) visiting the leading organized retailers located in major localities in Bengaluru were approached. The responses were analyzed using a Chi-squared test and Pearson correlation. The outcome reveals that irrespective of age and gender, customers visiting the offline retail outlets experience emotional discomfort. The young customers aged 18-30 dislike waiting in the queue at the checkout compared to older customers. In contrast, gender did not affect the inclination to wait. The idleness during the checkout waits causes emotional discomfort on most occasions. The findings supplement the growing research in psychology on the actual and perceived consumption of time, focusing on idleness. The study concludes that customers desire to avert an unproductive use of time, thus lowering their emotional discomfort.

Retail customers often wait to complete their purchases during the checkout process. Prior research suggests that long checkout lines and service delays negatively affect customers’ evaluation of store services. The present study investigates the potential customer and in-store distractions and their implication for emotional discomfort due to crowding stress. This study employed a cross-sectional research design and surveyed 385 respondents visiting the target retail outlets in Bengaluru, India. Correlation analysis explored the relationship between self-distraction, in-store distractions, and emotional discomfort. The study found that self-distraction negatively correlates with discomfort while in the queue (r = –0.119) and discomfort during the billing (r = –0.119). In contrast, in-store distractions (r = –0.161) and video displays near the checkout area (r = 0.116) effectively reduce emotional discomfort while in the queue. Additionally, point-of-purchase (POP) display (r = –0.265) and availability of refreshments near the billing counter (r = –0.175) are effective in reducing emotional discomfort during the billing. This study thus offers viable and affordable methods of improving the customer’s waiting experience while contributing to store profits.

The Indian IPO market showcased resilience during the global stock market downturn in 2022, emerging as a notable bright spot in regions such as Europe, the Middle East, India, and Africa. As the bullish rally of 2022 persists, Indian stock markets remain enticing for foreign institutional investors in 2023. A resurgence in IPO activity is anticipated, driven by increasing momentum and larger deals that are poised to overcome the constraints of subdued global sentiments and liquidity pressures, addressing the challenges posed by these factors. The study offers insights into factors influencing IPO subscriptions, capitalizing on the context of heightened stock market volatility and optimistic trends in the Indian stock market. A total of 132 IPOs listed on the Indian stock market between April 2019 and March 2023 were analyzed in this study. Multiple Linear Regression was used to assess the strength of the association between several factors outlined in the literature, and the overall subscription. Among the ten variables investigated in the study, it was observed that three variables under the external factors, specifically Grey Market Premium, IPO Rating, and Broker Recommendations, exerted a significant influence on the overall subscription. While other factors such as allocation proportion and issue attributes, were found to have no discernible influence on the overall subscription. The results indicate that the Indian IPO market demonstrates a prevalence of speculative behavior and a stronger reliance on expert recommendations, rather than being primarily driven by IPO characteristics.

Acknowledgment
Authors acknowledge that the publication fee is funded by Kingdom University, Bahrain.

This paper intends to analyze the impact of store layout, ambient factors, and employees on impulsive decision-making among female customers visiting the apparel outlets. The responses were collected through a single-stage mall intercept survey method using a structured questionnaire from 385 respondents in leading apparel stores in selected Tier I and Tier II cities in the state of Karnataka, India. The responses were analyzed using multiple regression analysis. Constructs such as store layout, ambience and employees were found to be significantly positively correlated with impulse buying behavior. The variables largely explain the variation in impulse buying under store ambiance. Except ‘attention to the window display’ and ‘friendly staff’ all other twelve variables considered in the study were found to have significant impact on the impulse buying behavior. Though store ambiance, well-structured layout, and pleasant shopping experience are essential determinants of customer satisfaction, the study results imply that the number of store staff and sales skills are critical aspects of impulse buying in the apparel business and true assets to the retail organization. Additionally, poor customer interaction, staff shortage, and high employee attrition could discourage the store’s revenue generation.

The online food delivery market in India perseveres to grow at a sustained pace. The business has unique dynamics and challenges with the spike in orders during weekends, meeting delivery schedules during peak demand, offering deep discounts to address wavering customer loyalty, reducing cash burns, and managing food quality inconsistency. In contrast, the fast-paced life and the rise of millennials in the workforce is likely to assure a promising future for the food aggregators. The above backdrop has led the researchers to pursue this study. An empirical study was carried out to explore the consumption occasion and the antecedents of online food ordering in the select cities in Karnataka, India. The data was collected from 385 respondents through telephonic and mail survey using a structured questionnaire. The responses were analyzed using exploratory factor analysis and multiple regression. The result of the study indicated a positive association between the constructs ‘buying motives’, ‘aggregator attractiveness’, and customer satisfaction. The variation in customers` satisfaction is largely attributable to the convenience of order placing, food quality, availability of food and restaurant reviews, offers and discounts, faster home delivery, and the wide choice of restaurants listed on the aggregator’s website. Additionally, the aggregator attractiveness showed a higher impact on customer satisfaction as compared to buying motives.