The current study evaluates the performance of the Fama and French three-factor model in a global setting with stocks selected from 15 European countries. We employed the multivariate regression approach after sorting six portfolios according to size and book-to-market. The constituent stocks...

This study tests the asymmetric impact of the tax burden structures under the forms of direct, indirect, and social contributions, upon the shadow economy. For this purpose, a panel dataset analysis of the 27 European Union (EU) Member States is conducted over the 2005–2018 time period. Our...