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Purpose: This paper discovers the relationship between investor sentiment and market return over a period of 12 years in the context of Indian stock market. Design/Methodology/Approach: Using 23 market and macroeconomic variables, investors’ sentiment indices have been created by applying principal component analysis. Further analysis has been done by employing an auto-regressive distributed lag model. Findings: Results show that there is a significant positive relationship between investor sentiment and market return. Practical Implications: The results of the study are helpful for retail investors, fund managers, and policymakers to gain a better understanding of the Indian stock market and enhance their earnings by incorporating investor sentiment into their decision-making. Further, asset pricing models such as CAPM, the Fama-French three- and five-factor  model, and the Carhart factor model need to incorporate investor sentiment for a better explanation of prices. Originality/Value: The study proposed a new methodology to measure the investor sentiment of Indian investors. The results have paved the way to spreading the present work in the context of foreign markets such as the BRICS countries.

Keywords: Auto Regressive Distributed Model; Behavioral Finance; Investor Sentiment; Market Return; Principal Component Analysis; Sentiment; Sentiment Index.
JEL Classification: G11, G12, G17, G4, G41

This paper examines the impact of the transition to democracy on the structural change in exports in Bangladesh. The study finds that the introduction of democracy has led to a significant increase in growth in exports compared to the previous non-democratic period. Using an econometric model involving a dummy variable, we analyze the relationships between export earnings and various demand determinants, including US GDP, World GDP, and exchange rates. The results indicate that the export function is significantly different between pre and post-democratic transition periods, providing evidence that democracy has had a positive impact on the growth of exports in Bangladesh. Overall, the study highlights the importance of democratic governance in fostering economic growth and development.

Keywords: Exports, Structural Change, Democracy, Growth

Subversive innovation is generated by behavioural modalities and attitudes that innovators must possess. In this paper, we identify which innovation capabilities sustain lean-against-the-wind trajectories of innovation in hybrid economies. This paper explores the concept of subversive innovation within hybrid economies, where commercial and sharing economies coexist. The study delves into the characteristics of hybrid economies, examining the principles of sharing economies and their combination with commercial counterparts. Key challenges in merging these paradigms have been discussed, emphasising the importance of open and contestable common spaces.

The Pirates Dilemma, a game-theoretical scenario, has been introduced to illustrate how piracy, when approached as innovation, can lead to socially optimal outcomes. The paper explores the role of subversive actions in handling inefficiencies within commercial entities and creating new collective spaces.

The resurgence of the Do It Yourself (DIY) philosophy in the context of the Internet Revolution has been explored, highlighting how modern technologies enable shared ownership and value creation within communities. The convergence of DIY, modding, piracy, and sharing has been identified as a fertile ground for subversive innovations.

The paper also examines the role of graffiti, street art, and norms in hybrid economies, emphasising the importance of open and nondiscriminatory access to information networks. The conclusion profiles subversive innovators, drawing parallels between pirates, modders, hackers, and writers who challenge established beliefs and institutions. The study underscores the necessity of subversive innovators in fostering revolutionary changes and preventing the stagnation of discontinuous innovation in culturallyflat, mass-capitalist landscapes.

Keywords: Discontinuous Innovation; Innovation Capabilities; Hybrid Economy.
JEL Codes: O31, O35, O36

Corporate social responsibility (CSR) is a business approach that cares for social and environmental issues, and customer orientation (CO) is a business strategy that focuses on the needs and wishes of customers at the centre of all decision-making. This paper examines two games of Cournot duopoly in which two profit-maximising firms produce complementary goods. The first game is that the firms consider the surplus of all consumers (CSR) as corporate culture, and the second game is that the firms care only for their own customers (CO). This paper presents the respective optimal levels of CSR and CO. Furthermore, the paper shows that all the profits at these optimal levels are the same.

Keywords: Complementary goods; Consumer surplus; Cournot model; Customer surplus
JEL classification: C72; D21

This study investigates the socio-economic determinants of financial inclusion in Southwest Nigeria. Cross-sectional data were employed and the sample of 409 Micro Small and Medium enterprises (MSMEs) owners were used for data analysis in this study. Descriptive statistics and Ordinary Least Square (OLS) regression were employed to analyse the data. The findings on the determinants of financial inclusion revealed that income constraint is negatively and significantly drive financial inclusion. Using someone else’s account positively influence financial inclusion. Bank distance and difficulty to withdraw negatively affect financial inclusion. The results further revealed the socio-economic factors that influences financial inclusion of enterprise owners and the results indicated that gender, education, age, marital status, sector of business and financial literacy positively drive financial inclusion with only education and financial literacy being significant at 0.05 p-value. The study recommends that the stakeholders (Government, Central Bank of Nigeria and other financial institutions) need to develop appropriate products and services within the scope and reach, suitable to and can accommodate low-income earners like some micro enterprise owners, this will avail them the opportunity of accessing financial services.

Keyword: Financial services, Financial inclusion, Enterprise owners, socioeconomic factors
JEL: G00, L26, M21