Leverage is often seen as villain in financial crises. Sudden deleveraging may lead to fire sales and price pressure when asset demand is downward-sloping. This paper looks at the effects of changes in leverage on asset prices. It provides a historical case study where a large, well-identified...

The Scientific, Technical and Economic Committee for Fisheries gave its opinion by written procedure in November 2011 on request by the European Commission. In response to the ToR the STECF EWG 11-16 on Black Sea stock assessments has accomplished seven stock assessments approaches of sprat,...

The Black’s leverage effect hypothesis postulates that a negative stock return innovation increases the financial leverage of a firm since the value of equity decreases at a given level of debt, which, in turn, creates a higher equity return volatility in the future. The paper is aimed at...

Black Economic Empowerment (BEE) remains one of the most important drivers for corporate restructuring in South Africa and, given the strategic significance of BEE transactions, successfully implementing such transactions poses a critical challenge for corporate South Africa. This paper argues...