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The interaction between academia and industry and its impact on national innovation capacity: The case of Algeria (2020)
Journal Article
Guermat, C., Saad, M., & Bourifout, Z. (in press). The interaction between academia and industry and its impact on national innovation capacity: The case of Algeria. Industry and Higher Education,

The role of higher education institutions (HEIs) in developing the innovative capacity of societies is well recognised. That role is accomplished through the creation and dissemination of knowledge, the success of which is dependent on the types and... Read More about The interaction between academia and industry and its impact on national innovation capacity: The case of Algeria.

Business model innovation in investment banks: a resilience perspective (2020)
Journal Article
Ramdani, B., Binsaif, A., Boukrami, E., & Guermat, C. (in press). Business model innovation in investment banks: a resilience perspective. Asia Pacific Journal of Management,

Firms frequently change their business models in order to respond to internal and external challenges. This study aims to explore how investments banks adjust their business models in response to internal and external challenges. Based on a qualitati... Read More about Business model innovation in investment banks: a resilience perspective.

Higher education teaching and training system and economic performance: An empirical investigation (2019)
Journal Article
Bouchakour, R., Saad, M., & Guermat, C. (2019). Higher education teaching and training system and economic performance: An empirical investigation. Journal of Education and Work, 32(5), 500-517. https://doi.org/10.1080/13639080.2019.1673885

© 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group. This paper investigates the impact of higher education characteristics on economic performance. Despite a relatively plethoric literature, there is still a clear lack of understa... Read More about Higher education teaching and training system and economic performance: An empirical investigation.

The long-term effect of economic value added adoption on the firm’s business decision (2019)
Journal Article
Guermat, C., Misirlioglu, I. U., & Al-Omush, A. (2019). The long-term effect of economic value added adoption on the firm’s business decision. Accounting Research Journal, 32(3), 496-513. https://doi.org/10.1108/ARJ-01-2018-0018

© 2019, Emerald Publishing Limited. Purpose: This study aims to examine the long-term effects of adopting economic value added (EVA) as a compensation tool on managers’ behaviour. Design/methodology/approach: The authors extend the sample used in pri... Read More about The long-term effect of economic value added adoption on the firm’s business decision.

Why do firms invest in accounts receivable? An empirical investigation of the Malaysian manufacturing sector (2018)
Journal Article
Devi, S., Paul, S. Y., Paul, S., Guermat, C., & Devi, S. (2018). Why do firms invest in accounts receivable? An empirical investigation of the Malaysian manufacturing sector. Journal of Accounting in Emerging Economies, 8(2), 166-184. https://doi.org/10.1108/JAEE-01-2017-0005

© 2018, Emerald Publishing Limited. Purpose: The purpose of this paper is to investigate the factors that influence Malaysian manufacturing sector investment in accounts receivable (AR), an asset seen by many as one of the riskiest in any company’s b... Read More about Why do firms invest in accounts receivable? An empirical investigation of the Malaysian manufacturing sector.

A conditional regime switching CAPM (2017)
Journal Article
Vendrame, V., Guermat, C., & Tucker, J. (2018). A conditional regime switching CAPM. International Review of Financial Analysis, 56, 1-11. https://doi.org/10.1016/j.irfa.2017.12.001

© 2017 Elsevier Inc. The standard Capital Asset Pricing Model (CAPM) is simple, intuitive, and grounded in sound economic theory. Yet, almost half a century's worth of empirical testing has so far failed to demonstrate its relevance. One major reason... Read More about A conditional regime switching CAPM.

The relationship between equity and bond returns: An empirical investigation (2017)
Journal Article
Tucker, J., Guermat, C., & Demirovic, A. (2017). The relationship between equity and bond returns: An empirical investigation. Journal of Financial Markets, 35, 47-64. https://doi.org/10.1016/j.finmar.2017.08.001

© 2017 Elsevier B.V. The correlation between equity and corporate debt is ambiguous. News affecting the value of a firm's assets induces a positive correlation, whereas an increase in the volatility of a firm's assets induces a negative correlation.... Read More about The relationship between equity and bond returns: An empirical investigation.

The connectedness between crude oil and financial markets: Evidence from implied volatility indices (2016)
Journal Article
Awartani, B., Maghyereh, A., & Guermat, C. (2016). The connectedness between crude oil and financial markets: Evidence from implied volatility indices

In this paper we exploit newly introduced implied volatility indexes to investigate the directional risk transfer from oil to US equities, Euro/Dollar exchange rates, precious metals and agricultural commodities. We find significant volatility transm... Read More about The connectedness between crude oil and financial markets: Evidence from implied volatility indices.

Some extensions of the CAPM for individual assets (2016)
Journal Article
Vendrame, V., Tucker, J., & Guermat, C. (2016). Some extensions of the CAPM for individual assets. International Review of Financial Analysis, 44, 78-85. https://doi.org/10.1016/j.irfa.2016.01.010

© 2016 Elsevier Inc. There is ample evidence that stock returns exhibit non-normal distributions with high skewness and excess kurtosis. Experimental evidence has shown that investors like positive skewness, dislike extreme losses and show high level... Read More about Some extensions of the CAPM for individual assets.

Accounting data and the credit spread: An empirical investigation (2015)
Journal Article
Demirovic, A., Tucker, J., & Guermat, C. (2015). Accounting data and the credit spread: An empirical investigation. Research in International Business and Finance, 34, 233-250. https://doi.org/10.1016/j.ribaf.2015.02.013

Measures of credit risk based on Merton (1974) rely upon information available in the market prices of securities. Under the Efficient Market Hypothesis market prices should reflect all available information and, hence, make redundant all other infor... Read More about Accounting data and the credit spread: An empirical investigation.

National innovation and knowledge performance: The role of higher education teaching and training (2015)
Journal Article
Saad, M., Guermat, C., & Brodie, L. (2015). National innovation and knowledge performance: The role of higher education teaching and training. Studies in Higher Education, 40(7), 1194-1209. https://doi.org/10.1080/03075079.2014.881344

This paper acknowledges the role of the higher education system (HES) in the production of knowledge and human capital. However, most of the literature attributes this production to the second (research activities) and third (exploitation of teachin... Read More about National innovation and knowledge performance: The role of higher education teaching and training.

Yes, the CAPM is testable (2014)
Journal Article
Guermat, C. (2014). Yes, the CAPM is testable. Journal of Banking and Finance, 46(1), 31-42. https://doi.org/10.1016/j.jbankfin.2014.05.001

It is well-known that cross-sectional tests of the CAPM are problematic. The market indexes used in empirical tests are likely to be inefficient ex ante, which could lead to spurious results even in the absence of sampling errors. This problem has le... Read More about Yes, the CAPM is testable.

The efficacy of high performance work practices in the Middle East: evidence from Algerian firms (2013)
Journal Article
Ramdani, B., Ramdani, B., Mellahi, K., Guermat, C., & Kechad, R. (2014). The efficacy of high performance work practices in the Middle East: evidence from Algerian firms. International Journal of Human Resource Management, 25(2), 252-275. https://doi.org/10.1080/09585192.2013.826918

Although there is developing evidence on the effectiveness of global HRM best practices in emerging and developing economies, little is known about the efficacy of those practices in the Middle East. This study examines the impact of high performance... Read More about The efficacy of high performance work practices in the Middle East: evidence from Algerian firms.

UK IPOs: Long run returns, behavioural timing and pseudo timing (2010)
Journal Article
Gregory, A., Guermat, C., & Al-Shawawreh, F. (2010). UK IPOs: Long run returns, behavioural timing and pseudo timing. Journal of Business Finance and Accounting, 37(5-6), 612-647. https://doi.org/10.1111/j.1468-5957.2010.02182.x

In this paper we examine a comprehensive set of 2,499 UK IPOs launched between mid-1975 and the end of 2004. We find compelling evidence of long run under-performance that persists for between 36 and 60 months post-flotation, depending on the precise... Read More about UK IPOs: Long run returns, behavioural timing and pseudo timing.

Short-term versus long-term impact of managers: Evidence from the football industry (2010)
Journal Article
Hughes, M., Hughes, M., Hughes, P., Mellahi, K., & Guermat, C. (2010). Short-term versus long-term impact of managers: Evidence from the football industry. British Journal of Management, 21(2), 571-589. https://doi.org/10.1111/j.1467-8551.2009.00668.x

Studies into the impact of top manager change on organization performance have revealed inconsistent findings. Using longitudinal data over a 12-year period on football organizations, we test for the short-term and long-term effects of manager change... Read More about Short-term versus long-term impact of managers: Evidence from the football industry.

A net beta test of asset pricing models (2010)
Journal Article
Freeman, M. C., Guermat, C., & Freeman, M. (2010). A net beta test of asset pricing models. International Review of Financial Analysis, 19(1), 1-9. https://doi.org/10.1016/j.irfa.2009.09.008

While many recent empirical studies of the CAPM have used conditional beta tests, this technique has recently been shown to have several weaknesses. Here we introduce a new, more robust, net beta test which shares a number of characteristics with con... Read More about A net beta test of asset pricing models.

The adoption of downsizing during the Asian economic crisis (2009)
Journal Article
Mellahi, K., & Guermat, C. (2009). The adoption of downsizing during the Asian economic crisis. Asian Business and Management, 8(3), 225-245. https://doi.org/10.1057/abm.2009.10

This study examines the adoption of downsizing during the Asian economic crisis. We use data from a large firm-level survey to examine and compare the adoption of downsizing by firms across sectors and across three countries - Indonesia, the Philippi... Read More about The adoption of downsizing during the Asian economic crisis.