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Collegiality is the modus operandi of universities. Collegiality is central to academic freedom and scientific quality. In this way, collegiality also contributes to the good functioning of universities’ contribution to society and democracy. In this concluding paper of the special issue on collegiality, we summarize the main findings and takeaways from our collective studies. We summarize the main challenges and contestations to collegiality and to universities, but also document lines of resistance, activation, and maintenance. We depict varieties of collegiality and conclude by emphasizing that future research needs to be based on an appreciation of this variation. We argue that it is essential to incorporate such a variation-sensitive perspective into discussions on academic freedom and scientific quality and highlight themes surfaced by the different studies that remain under-explored in extant literature: institutional trust, field-level studies of collegiality, and collegiality and communication. Finally, we offer some remarks on methodological and theoretical implications of this research and conclude by summarizing our research agenda in a list of themes.

The study aims to investigate the persistence of seasonal anomalies during religious holidays in emerging markets.

The authors select the Bombay Stock Exchange and National Stock Exchange stock returns from January 1990 to December 2022. The GARCH family models were adopted to examine the mean-variance returns associated with symmetric and asymmetric effects. The ARIMAX model is used to investigate the exogenous order during the pre-mandated and post-mandated trading holidays.

The results show that the persistence of returns and volatility during religious holidays significantly when subjected to specific religious holidays. The authors also found that volatility during religious festivals dipped during the pre-holiday and gradually increased after the events. The findings suggest that religious holiday anomalies exhibit a trivial significant effect on stock market returns and this effect is waning.

The findings provide investors and market regulators with a better understanding of market anomalies related to religious practices. During these periods, investors may experience substantial fluctuations in their portfolios, potentially leading to significant losses or payoffs. Investors can sustain substantial losses or payoffs and market manipulation by adjusting their strategies around religious holidays to account for potential volatility, albeit temporarily.

This study contributes to behavioural finance literature that suggests that beliefs and cultural aspects determine a country’s stock market inefficiency. To the best of the authors’ knowledge, no previous study has comprehensively examined threshold religious holidays across diverse religions in Indian market using long-memory data.