Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting e-ISSN: 2300-3065 p-ISSN: 2300-1240 Volume 9 Issue 3 2020 quarterly Address of the Publisher Nicolaus Copernicus University in Toruń, Gagarina 11, 87-100 Toruń, phone: +48 56 611 40 10 kontakt@umk.pl, www.umk.pl Print: Drukarnia WN UMK editoriAl office Gagarina 13a, 87-100 Toruń, phone: + 48 56 611 46 34 (mgr Agnieszka Żołądkiewicz-Kuzioła), fax: +48 56 654 24 93 cjfa@umk.pl, www.cjfa.umk.pl ICV 2019: 100.00 editoriAl boArd editor in chief: prof. dr hab. Leszek Dziawgo executive editor: dr Dorota Krupa AssociAte editors: dr Ewa Chojnacka, mgr Agnieszka Żołądkiewicz-Kuzioła secretAry: dr hab. Damian Walczak, prof. UMK, mgr Anna Olewnik-Dejewska scientific council Prof. Mustafa Akan, Dogus University, Istanbul, Turkey Prof. Gordon Chang, National Taiwan University of Science and Technology, Taiwan Prof. Sandra Isabel Goncalves da Saude, Instituto Politecnico de Beja, Portugal Prof. Luis Otero González, Universidad de Santiago de Compostela, Spain Prof. Christiane Goodfellow, Jade Hochschule Wilhelmshaven, Germany Prof. Günter Hofbauer, Technische Hochschule Ingolstadt Business School, Ingolstadt, Germany Prof. Elena Kireeva, Russian Presidential Academy of National Economy and Public Administration, Russia Prof. Rytis Krušinskas, Kaunas University of Technology, Lithuania Prof. Monika Marcinkowska, University of Lodz, Poland Prof. Juan-Antonio Mondéjar-Jiménez, Universidad de Castilla - La Mancha, Spain Prof. David Naranjo-Gil, Universidad Pablo de Olavide, Sevilla, Spain Prof. Stanisław Owsiak, Cracow University of Economics, Poland Prof. Wiesława Przybylska-Kapuścińska, WSB University in Poznań, Poland Prof. Małgorzata Zaleska, Warsaw School of Economics, Poland S t a t i s t i c a l E d i t o r : dr hab. Piotr Fiszeder, prof. UMK E n g l i s h P r o o f R e a d e r : dr hab. Richard Nicholls, mgr Hazel Pearson subject editors A c c o u n t i n g : prof. dr hab. Sławomir Sojak F i n a n c e : prof. dr hab. Danuta Dziawgo B e h a v i o r a l F i n a n c e a n d F i n a n c i a l E n g e e n e r i n g : prof. dr hab. Józef Stawicki C o v e r D e s i g n : Żaneta Dziawgo The primary version of the Journal is the on-line version (www.cjfa.umk.pl), however the Journal is available both in print and electronic form. e-ISSN: 2300-3065 p-ISSN: 2300-1240 Czasopismo jest wydawane na zasadach licencji niewyłącznej Creative Commons i dystrybuowane w wersji elektronicznej Open Acceses poprzez Platformę Czasopism UMK. Wersja papierowa jest dostępna w druku na żądanie na stronie internetowej Wydawnictwa www.wydawnictwoumk.pl © 2020 Copyright by Uniwersytet Mikołaja Kopernika Toruń 2020 list of reviewers Prof. Domagoja Buljan Barbača, University of Split, Croatia Prof. Francesca Bartolacci, University of Macerata, Italy Prof. Jasna Bogovac, University of Zagreb, Croatia Prof. Andrzej Buszko, University of Warmia and Mazury in Olsztyn, Poland Prof. José Raúl Canay-Pazos, Universidade de Santiago de Compostela, Spain Prof. Nicola Giuseppe Castellano, University of Macerata, Italy Prof. Andrzej Cwynar, University of Economics and Innovation, Poland Prof. Catherine Deffains-Crapsky, Université d’Angers, France Prof. Cristina Gânescu, Constantin Brâncoveanu din Pitești, Romania Prof. Jerzy Gierusz, Gdansk University, Poland Prof. Dirk Kiesewetter, Julius-Maximilians-Universität Würzburg, Germany Prof. Jan Koleśnik, Warsaw School of Economics, Poland Prof. Natalia Konovalova, RISEBA University, Riga, Latvia Prof. Zbigniew Krysiak, Warsaw School of Economics, Poland Prof. Nicoletta Marinelli, University of Macerata, Italy Prof. Astrida Miceikienė, Vytautas Magnus University, Lithuania Prof. Lyudmila Mihaylova, University of Ruse, Bulgaria Prof. Ewa Miklaszewska, Cracow University of Economics, Poland Prof. Emil Papazov, University of National and World Economy, Sofia, Bulgaria Prof. Ángel Peiró Signes, Universidad Politécnica de Valencia, Spain Prof. Adalmiro Pereira, Politécnico do Porto, Portugal Prof. Wojciech Piotrowicz, University of Oxford, Great Britain Prof. Maria del Val Segarra -Oña, Universidad Politécnica de Valencia, Spain Prof. Nirundon Tapachai, Kasetsart University, Thailand Prof. Waldemar Tarczyński, Szczecin University, Poland Prof. Gerard Olivar Tost, National University of Colombia, Colombia Prof. Jan Turyna, Warsaw University, Poland Prof. Joanna Wielgórska-Leszczyńska, Warsaw School of Economics, Poland table of contents Mostafa Hussein Abd-Alla Sentimental herding: the role of COVID-19 crisis in the Egyptian stock market ........... 9 Anju Bala, Kapil Gupta Examining the long memory in stock returns and liquidity in India ............................... 25 Hans Patrick Bidias-Menik, Simplice Gaël Tonmo Interest rate predictability in some selected African countries .................................... 45 Rajesh Desai, Jay Desai Moderating effect of firm size on capital structure determinants: evidence from Indian food processing industry ........................................................................................ 61 Md. Humayun Kabir, S. S. M. Sadrul Huda, Omar Faruq Mobile Financial Services in the context of Bangladesh ............................................... 83 Amira Neffati, Wided Khiari, Azhaar Lajmi Corporate governance and post-merger performance: evidence from US banks ... 99 Betgilu Oshora, Maria Fekete-Farkas, Zoltan Zeman Role of Microfinance Institutions in financing Micro and Small Enterprises in Ethiopia .......................................................................................................................... 115 Nadia Nahar Purkayastha, Şule Erdem Tuzlukaya Determination of the benefits and risks of Peer-to-Peer (P2P) lending: a social network theory approach ............................................................................................... 131 Table of contents OR 8 Wasiu Abiodun Sanyaolu, Babatunde Titus Adejumo, Idris Kadiri Board diligence and financial performance: evidence from Nigerian Deposit Money Banks ..................................................................................................................... 145 Simarjeet Singh, Nidhi Walia Time-series and cross-sectional momentum in Indian stock market .......................... 161 For Authors ......................................................................................................................... 177