This study attempts to find out whether investors reward firms that carry no debt and penalize firms that carry large amount of debt during recessions. I compare the performance of portfolios of large cap debt free firms to comparable portfolios of leveraged firms during the last recession. The...

This paper highlights the major developments and structural changes in the Middle East and North Africa (MENA) markets. Noticeable growth was observed in these markets during the last decade. This is evidenced from the record growth rates in market capitalization, number of listed companies,...