The present study explains both capital-structure and debt-maturity choices for small and medium-size Italian firms in terms of institutional differences at the local level, taking into consideration local financial development, the effectiveness of the local enforcement system, and other...

Stochastic models play an important role in the analysis of data in many different fields, including finance and insurance. Many models are estimated by procedures that lose their good statistical properties when the underlying model slightly deviates from the assumed one. Robust statistical...

We document that cross-sectional cryptocurrency returns predictably behaviour according to the salience theory of choice under risk. Investors overweight salience outcome (standout from the average of the alternatives). This leads to overpricing (underpricing) the cryptocurrencies with upward...

The Chinese stock market features an interesting history of divided market segments: domestic (A), foreigners' (B) and overseas (H). This puts forth questions of market integration as well as cross-divisional information transmission. We address these issues in a structural DCC framework, an...

A long literature in empirical finance has isolated both a value and a small-capitalization effect in asset pricing. This study confirms the existence of these style effects both in new types of equity indexes and in the stocks of Chinese companies traded in international markets. We then...

Most previous studies demonstrating the influential role of the textual information released by the media on stock market performance have concentrated on earnings-related disclosures. By contrast, this paper focuses on disposal announcements, so that the impacts of listed companies’...

This paper tests the weak form efficiency hypothesis in the Pakistani equity market. Using daily closing prices of 36 stocks, 8 sector indices, and the market index from January 1, 1989 to December 30, 1993 and applying Serial correlation and Runs analysis, the paper does not find the market to...