This study is based on the analysis of panel data for 23 countries in the presence of cross-country dependence. It uses the second-generation tests for unit root and cointegration. This paper fits (Dynamic) Common Correlated Effects - Mean Group (CS-ARDL) and Pooled Mean Group (CS-ECM)) models...

Using two exogenous shocks, we examine the causal impact of stock liquidity on firms’ dividend policy. Both the first shock, the reduction of the minimum tick size from one sixteenth to decimals in the US, and the second shock, the mandatory conversion of non traded stocks to traded stocks in...

Managers are involved in corporate management activities and actively intervene in major managerial decisions to make decisions that maximize firm profits. Since CEO's personal disposition influences the decision of risky investment project, the higher the CEO's overconfidence, the more...