This paper investigates the implications of changes in the US federal budget deficit for asset pricing. A portfolio-based risk factor related to changes in the budget deficit is formulated and its cross-sectional properties are analyzed. The average spread between equities exhibiting the highest...

We investigate the causality between the real federal budget deficit returns and real stock market returns for the US economy. We divide the overall sample into two sub-samples running from 1968:1 to 1988:3 and from 1988:4 to 2011:3. In contrast to earlier studies, we find a significant positive...

Potential investors examine governance characteristics prior to an initial public offering (IPO) to assess the quality and prospects of the issuing firm. One important governance characteristic is board financial expertise, as it provides directors with the relevant knowledge for an IPO process...

This paper provides a direct estimate of the cost efficiencies of firms in the US solar energy industry. It suggests that the cost efficiency in the industry is associated with the risk-bearing behaviour of firms. Less efficient firms maintain low price-cost margins and high labour–capital...

A new era began for U.S. equity real estate investment trusts (REITs) around 1992. This study is the first to document the dividend smoothing, determinants of dividend payouts, and the market reaction to dividend announcements of the modern REIT. We find the Lintner (1956) smoothing parameter...

The present study examines the Indian small-cap cycle between April 2011 and March 2022. The ordinary least squares (OLS) estimate shows that investors can benefit from investing in the Nifty Small-Cap 100 index by following a proper exponential moving average strategy. The study findings also...