We evaluate the effect of country-level uncertainty avoidance on capital structure decisions. Our analysis reveals that uncertainty avoidance has a negative effect on long-term debt that is essentially offset by a positive effect on short-term debt, therefore resulting in a negligeable effect on...

We hypothesize that Hofstede’s uncertainty avoidance index has a moderating effect on the firm-level determinants of capital structure. Using a large panel of listed firms around the world, we show that uncertainty avoidance amplifies the positive impact of firm size and asset tangibility and...

We propose a portfolio holdings-based method for evaluating global equity funds that decomposes excess returns versus benchmark indices into contributions from six equity and three currency ‘style factors', and alpha. The method is used to characterize sources of performance for institutional...

We use portfolio holdings data to examine the performance of 143 global equity funds over the period 2002 to 2012. We find that the average global equity manager outperforms their benchmark by 1.2% to 1.4% per annum before fees. Attribution analysis reveals that the prime source of excess return...

We use portfolio holdings data to examine the performance of 143 global equity funds over the period 2002 to 2012. We find that the average global equity manager outperforms their benchmark by 1.2% to 1.4% per annum before fees. Attribution analysis reveals that the prime source of excess return...