This paper aims to investigate the extent of hedging and diversification opportunities available for an Australian investor who holds a portfolio consisting of Australian conventional and Islamic indices, crude oil, gold, Bitcoin, and the Australia–US exchange rate of daily data from 2011 to 2021. The relevant time-varying and time-scale dependent techniques, such as MGARCH dynamic conditional correlation (MGARCH-DCC), continuous wavelet transform (CWT), and maximal overlap discrete wavelet transform (MODWT) are employed to discern the correlation and volatilities of the variables. The paper’s unique contribution lies in unveiling an Australian investor’s diversification opportunities of a portfolio containing Bitcoin, gold, oil, Islamic indices, conventional indices, and exchange rates. Findings from MGARCH-DCC analysis suggest that Bitcoin is the least correlated variable. However, investors may be discouraged from choosing Bitcoin as a diversification instrument due to its high volatility. The evidence further suggests that Australian investors may benefit from diversification with gold. Nonetheless, the CWT result shows that the diversification benefits effects will last for a holding period no longer than 64 days. Our research findings tend to indicate the importance of finding diversification opportunities for investors with heterogeneous investment holdings over various periods by utilising relatively advanced techniques.

Purpose: This case study examines the long-term effect of corporate restructuring of Malaysian Resources Corporation Berhad (MRCB) in the period of 2000 to 2021. Design/methodology/approach: Financial ratio analysis and event study approaches are employed as tools to evaluate the restructuring process, focusing on assessing the financial distress and analyzing the capital structure of MRCB. Findings: Three proposed corporate restructuring (PCR) announcements are discussed for MRCB where the announcements were issued to specifically addressed troubled debt in the MRCB corporate structure. According to the event study approach, the PCR events were defined as the date when the firm first announced its restructuring plan. The event study approach examines the 50 days before and after PCR announcement. This study discovers that the company have more financial stability and more prudent debt management after corporate restructuring which consequently result for better performance. Research limitations/implications: This is a case study focusing on one company that is MRCB. Thus, the finding cannot be generalized to other companies with similar financial issues. Practical implications: This finding of the case study assists managers to take appropriate action in designing and implementing corporate restructuring exercises as the success or failure of corporate restructuring depends on the deployment of an appropriate strategy. Originality/value: This is the first case study to investigate the long -term effect performance of corporate restructuring.

The case study aims to examine the post-Malaysian corporate restructuring of United Engineers Malaysia Berhad. This case also will highlight the overview of the United Engineers Malaysia Berhad for the pre-and post-corporate restructuring. The financial performance of the company will be discussed specifically for the post-corporate restructuring. The post period for the selected United Engineers Malaysia Berhad case is from 2006 to 2020. UEM and Renong were taken private and delisted from Bursa Malaysia, Kuala Lumpur Stock Exchange (KLSE) in 2001 and 2003 respectively. On 14 November 2003, UEM World took over the listing status of Renong Berhad as the newly listed flagship of UEM Group-debt restructuring exercise was completed in November 2003. Overall, it can be concluded that debt management after corporate restructuring was more prudent which consequently make the companies have better performance