No. 3/2013
5
EDITORIAL
Dear readers, dear researchers,
I am delighted to welcome you to the next issue of the scientific journal
Financial Assets and Investing which has been regularly published since
2010. I participate in organization of an international scientific
conference European Financial System, which has been regularly held
by the Department of Finance at Masaryk University since 2004, and it
is a great honour for me to write this editorial. In spring of this year, we
agreed that the extended versions of accepted papers can be submitted
to the journal after standard peer-reviewing. I am also pleased to
inform you that the 9th international scientific conference European
Financial Systems 2012 is indexed in Thomson Reuters Conference
Proceedings.
I believe that the conference is a great opportunity to exchange
knowledge and that is the basis of scientific work. In this year, attention
was paid to the European financial and sovereign debt crises, how it has
affected national financial systems, especially those of new members of
the European Union. The problems of long-term stability of European
financial systems were addressed. Discussions also covered recent
findings in banking, insurance, financial modelling, and financial
management alongside with developments in accounting practices and
taxation systems. I hope our cooperation will be beneficial, will be able
to spread new knowledge and will continue in future. I would be pleased
to meet you in occasion of the 11th
year of the conference held in 2014.
Now let me introduce the content of the current issue to you. The first
article you can find in this issue was written by Usman Bashir, Syed
Zulfiqar Ali Shah and Muntazir Hussain and is called On the Differential
Market Reaction to Dividend Announcement: Evidence from an
Emerging Equity Market. It tries to investigate the heterogeneous
market reaction to dividend announcement for firms listed in the
Karachi Stock Exchange. It shows that the majority of companies in the
sample period portray a positive cumulative abnormal returns and the
market reaction is positive.
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The second article, titled Decoupling hypothesis and the financial crisis,
written by Joanna Wyrobek and Zbigniew Stańczyk, presents the
decoupling hypothesis which says that the performance of emerging
economies becomes relatively independent of the changes in advanced
economies.
In the meantime, enjoy the content of this issue.
Best wishes,
Jan Krajíček