Many financial scandals appear to depend on a lack of skepticism on the part of their victims. Sophisticated investors trusted Bernie Madoff, for example, despite early warning signs of implausible returns. Our study investigates how education …

We estimate the causal effect of external debt on greenhouse gas emissions in a panel of 78 emerging market and developing economies over the 1990-2015 period. Unlike previous literature, we use external instruments to address the potential …

This paper provides evidence that acquirers earn higher returns and are less likely to complete acquisitions when relationship banks play a certification role. The greater the intensity of the acquirer’s prior bank lending relationship, the higher …

Oil and Natural Gas markets are integrated with equity markets over time. While the integration characteristics vary between type, direction, and magnitude, this persistent relationship yields questions about oil's and natural gas's place in …

The importance of dynamics in housing value and its impact on the aggregate consumption was a highlight of the global financial crisis. Although the theoretical relationship has been analyzed by various authors, the empirical facts in Europe …

This study investigates the repercussions of substantial workforce reductions on the performance of publicly traded US tech firms from 2020Q1 to 2023Q1, being robust to multiple proxies across four performance parameters. Findings reveal decreased …

This paper investigates the relationship between liquidity, information asymmetry, political risk rating, government and regulatory quality rating for non-U.S. stocks in the energy industries listed on the New York Stock Exchange (NYSE). Our …

We study determinants of COVID-19 vaccine donations from recipients’ perspective, especially considering supply chain and institutional weakness (corruption) aspects. Results, based on data from more than 130 nations, show that strengthened supply …

This paper uses a two-regime Markov-switching GARCH model to illustrate that the state-switching of returns in the EU carbon market and its associated energy and stock markets is related to the occurrence of major events. Using the European …

The COVID-19 pandemic substantially impacted many aspects of regular life including financial markets. The increased media attention and slowdown associated with the pandemic provide the opportunity to explore how both institutional and retail …

The corporate firms are affected by the impact of Covid-19 crisis on business activities, cash flow, and firm leverage. It is required to analyze the Speed of Adjustment (SoA) through which firms adjust their leverage toward target during …

We assess the impact of changes in oil prices on building permit applications in the top oil-producing counties, using monthly data between 2004 and 2021. In the long-run, a positive shock in oil prices increases the number of home permit …

This study examines the long memory properties in the volatility of the foreign exchange markets of Egypt, Ghana, Kenya, Nigeria and South Africa. Applying the FIEGARCH model to daily data from June 2, 1997, to December 31, 2021, we find long …

This paper investigates the impact of economic policy uncertainty (EPU) on U.S. banks' performance over the period 2001:Q1-2021:Q1. The empirical results indicate that EPU exerts an adverse influence on banks’ return on assets (ROA), but this …

We examine how the small-minus-big (SMB) size premium changes when firms from different industries are included and excluded from its calculation. Through this analysis, we are able to deduce whether firms in a particular industry play a …

In this study, we examine the impact of fiscal rules on debt affordability across an extensive sample of developed and emerging market economies, employing a panel data model that accommodates weakly exogenous regressors and effectively addresses …

Our study investigates the relationship among liquidity, information asymmetry, and business ethics for non-U.S. stocks listed on the New York Stock Exchange (NYSE). Our results show that non-U.S. stocks from countries with lower ethical standards …

This work exploits a large panel dataset on Italian manufacturing SMEs to examine the relationship between leverage and firms’ financial stability. Specifically, we evaluate whether and to what extent this link is affected by the degree of …

This paper utilizes fractional integration and cointegration techniques to investigate the stochastic properties of the bilateral linkages between the Consumer Sentiment Index (CSI) of eight developed economies, Australia, Canada, France, Germany …

This paper empirically investigates the performance of portfolio screening strategies based on ESG (Environmental, Social, Governance) scores, by testing three main hypotheses motivated by the introduction of sustainability considerations within …