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This paper examines the impact of forward guidance in monetary policy on the pass-through of interest rates in New Zealand by analyzing the degree of both the long-term and short-term pass-through.

We use dynamic OLS to estimate the long-term relationship between the official cash rate and the time-deposit rates and various lending rates of New Zealand banks. We use a standard error correction model to estimate the short-term dynamics.

The results show that implementing forward guidance improves the degree of long-term pass-through, especially for time-deposit interest rates and longer-term fixed mortgage rates. Furthermore, the markup for various lending rates decreased, and the degree of short-term pass-through increased slightly after the implementation.

Implementing forward guidance enhances the transmission of monetary policy. Commercial banks are able to respond more quickly to changes in monetary policy by adjusting their deposit and loan rates.

New Zealand is the first country to mandate inflation targeting. Since its birth in 1990, the 2% inflation target has become the norm for central banks all over the world, including the FED, European Central Bank, Bank of Japan, Bank of England, etc. To our knowledge, ours is the first paper to examine the impact of forward guidance on the interest rate pass-through.

The paper aims to examine whether the daily conventional money market overnight rate influences the monthly investment rate of Islamic deposits in Malaysia. The traditional approach, which averages the high-frequency data to match the low-frequency data, results in information loss for the high-frequency data.

The paper uses the mixed data sampling (MIDAS) model to study the relationship between Islamic banking and conventional banking. The Malaysian data are used for the analysis as Malaysia has one of the most developed Islamic financial industries in the world, and it is well-known for its dual banking system.

The evidence shows that the conventional overnight rate has a positive effect on the Islamic deposit rate. The results are consistent for Islamic deposit rates with different maturities. The positive aggregate effect holds when the lag length of the daily conventional overnight rate goes up to 90 days. Additional evidence shows that the daily conventional overnight rate has a similar effect on the conventional deposit rate.

This paper documents that the relationship between Islamic banking and conventional banking is not monotonous. When high-frequency data is averaged with low-frequency data, the non-linear relationship will be masked. It highlights the importance of using high-frequency data to get a detailed picture.

The authors examine the interest rate pass-through in Hong Kong (HK) and Macao both in the long term and short term.

The authors use time series methodology, i.e. unit root, cointegration and error correction models.

The results show that in the post-global financial crisis (GFC) period, both the long-run and short-run interest rate pass-through from policy rates to prime rates have disappeared in Macao and are weakened significantly in Hong Kong. The long-term relationship between deposit rates and policy rates no longer exists in either market while the short-term relationship has been reduced significantly.

The results indicate that the effectiveness of monetary policy in HK and Macao has been seriously undermined in the post-GFC period. New tools are needed in both regions.

Monetary policy transmission via bank interest rates in both HK and Macao are no longer effective after the outbreak of the GFC.

Effort to stimulate the economy and/or control inflation will be hampered.

To the best of the authors’ knowledge, this is the first study to examine the impact of the GFC on the effectiveness of monetary policy transmission in HK and Macao.

The purpose of this paper is to investigate the relationship between the Chinese stock market indices and a set of macro‐economic variables, i.e. money supply, industrial production, inflation, exchange rate and interest rates.

The aims of this paper are addressed using heteroscedastic cointegration analysis.

Results show that the cointegrating relationship does exist between stock prices and the macro‐economic variables in the highly speculative Chinese stock market. Detailed analysis shows stock market performance is positively related to that of macro‐economy in the long term.

The results imply that in the long run, investors can benefit in terms of better returns and portfolio diversification as the Chinese economy is expected to continue to perform strongly.

The main contributions of this paper are two‐fold: first, this is the first paper to examine the long‐term relationship between the stock market indices and macro‐economic variables in China, one of largest economies in the world. Second, heteroscedastic cointegration analysis is used and hence this paper controls for time‐varying volatility.

In this paper, we investigate the New Zealand stock market reactions to both on-market and off-market share repurchase programmes for the period 1995–2004. Share repurchases have become more frequent in New Zealand in recent years, though the size and the number of repurchases are still small by international standards. The main reason appears to be the presence of the dividend imputation system which diminishes the tax consequences of cash dividends compared to capital gains. On the whole, we observe that the market reacts positively and significantly to the share repurchase announcements. The magnitude of average abnormal returns for the on- and the off-market repurchases on the announcement day are 3.25 and 3.12% respectively. We further observe the reasons companies undertake stock repurchase are consistent with the investment and free cash flows agency hypotheses.

The purpose of this paper is to investigate the profitability of European Union (EU) firms with the aim of confirming the mean‐reverting pattern documented by earlier research in the USA. In addition, the paper classifies firms by industry sectors across countries to investigate potential differences.

The paper follows closely a model where the forecasting of profitability is done through year‐by‐year regressions. This approach allows the use of large samples and the year‐by‐year variation in the slopes. Both a linear and a nonlinear partial adjustment models are used for forecasting profitability.

Findings show that the profitability does follow a mean‐reverting process and that profitability forecasting can be improved substantially by exploiting the mean‐reverting feature. Further analysis shows that mean reversion does not play an important role in EU countries as in the USA and there is no evidence of nonlinearity in mean reversion. It was also found that mean‐reverting speed differ across industries, with utilities, financial and manufacturing among the lowest.

The sample companies are not originated from a single economy, but from 15 different countries with different macro‐economic conditions that might influence their profitability.

Studying the European market, where the institutional and financial structure of firms are different from the USA allows us to observe whether the US results are sample specific or can be generalized and applied elsewhere. The difference observed in these sample results is probably due to the fact that the US economy is more competitive than that of EU.

We study institutional investors’ influence on the use of related party transactions (RPTs) in China. We test the significance of potential factors in the cross-sectional regression analysis of the amount of RPTs reported by Chinese listed companies. We also analyze intraday trading activities and stock prices in days around public announcements of RPTs. Our findings suggest that institutional investors do not have a significant influence on Chinese firms’ usage of RPTs but they react to RPT announcements through buying or selling shares.

This study aims to provide a bibliometric analysis of 1,104 journal articles to explore the multifaceted research field of Islamic finance and banking, explicitly emphasising the impact of the COVID-19 pandemic.

Insights into the evolving trends and dynamics within the academic discourse are presented.

The research highlights different patterns and collaborative networks through co-authorship, co-occurrence and thematic map analyses. Prior to the pandemic, research focused primarily on customer satisfaction and compliance with Shariah principles. However, the pandemic heralded an increased discourse on sustainability, fintech and the financial crisis.

This review describes the prevailing academic terrain and identifies potential avenues for future research, particularly those that examine the socio-economic impact of the pandemic within the context of Islamic finance and banking.

Prominent author such as M. Kabir Hassan, leading institution such as the International Islamic University Malaysia and esteemed journal such as the International Journal of Islamic and Middle Eastern Finance and Management have been instrumental in shaping academic discussions and creating synergies in research. Moreover, Malaysia’s strong commitment to spatial research, evidenced by its robust global collaborations, underscores its pioneering role in the academic world of Islamic finance and banking.

The development, maintenance and improvement of quality efforts rest significantly on several internal and external enablers that encompass the building of quality infrastructure, changes in quality culture, transfer of technology, skills and management, integration of quality management practices, and so on. This paper reviews the contemporary quality concepts, and presents a glimpse into the major developments in the quality management domain in China. China’s experiences verified that the transformation process has gone through several phases, and finally attained the synergy of total quality management and compliance requirements of internationally recognized standards. China’s quality transformation efforts have been promoted through legislation and by the building of an institutional infrastructure. Moreover, the Chinese Government has played a directive role in shaping the context and institutional structure of Chinese enterprises and affecting the quality transformation efforts throughout the country.