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The purpose of this paper is to investigate whether sentiment and mood, which are distinct theoretical concepts, can also be distinguished empirically.

Using a sample of German small-cap stocks and linear techniques, the effect of sentiment and mood on short-term abnormal stock return following earnings announcements is tested separately.

Mood tends to be a positive factor in predicting short-term abnormal stock return, as its biologically based impact uniformly affects the risk aversion of all market participants. Notably, negative mood influences stock return significantly negatively. Sentiment is no factor, however, as its cognitively based impact affects only unsophisticated investors, namely, their cash-flow expectations.

As the sample is restricted to small-cap stocks from a single stock market and only two proxies of sentiment and mood, respectively, are used, the findings should be generalized with caution. Future research might investigate other markets and employ different proxies of sentiment and mood.

Market participants should be aware of the different effect of sentiment and mood on stock return and adjust investment strategies accordingly.

As sophisticated investors are likely to profit from the irrational behavior of unsophisticated investors, who are prone to sentiment, the financial literacy of retail investors should be enhanced.

This paper is unique in distinguishing between sentiment and mood, both theoretically and empirically. Such distinction was largely ignored by related past research.

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.

With a growing preference for active, authentic, and cultural experiences over traditional ones, creative tourism has garnered significant academic interest. This study offers a comprehensive review of creative tourism research, delineating its evolution, prominent contributors, pivotal areas, and prospective trajectories through a bibliometric analysis.

Employing a bibliometric analysis using the biblioshiny and VOSviewer software, this study systematically reviews 198 articles on creative tourism identified and retrieved from the Scopus database.

A notable increase in creative tourism research is witnessed in recent times, with Portugal and the Netherlands leading in publications and citations, respectively. This review also pinpoints key authors, countries, institutions, and journals shaping the field, and presents emerging themes such as authenticity and creative experience, culture and heritage, urban and rural contexts, and co-creation in creative tourism.

Identifying core research contributors (authors, countries, institutions, journals) and contributions (themes, topics) assists academics in seeking collaborations and shaping future research. Practitioners are advised to adapt these trends (authenticity, co-creation, sustainability) into their strategic planning to meet market demands.

This study offers a seminal review of creative tourism through a bibliometric analysis, a technique that leverages the power of technology (data, software) to engage in retrospection and projection—the hallmark of benchmarking studies across fields, including tourism. Noteworthily, this study provides a detailed summary of the field’s trajectory and significant trends, positioning itself as an essential reference for academic scholars, industry professionals, and policymakers with a keen interest in creative tourism.