Estimates of appropriate equity risk premiums are abundant in finance textbooks. Unfortunately, these estimates are ill suited to small and data scarce markets such as the Portuguese. We review the literature to select techniques to overcome this difficulty, and produce estimates of equity risk...

Estimates of appropriate equity risk premiums are abundant in finance textbooks. Unfortunately, these estimates are ill suited to small and data scarce markets such as the Portuguese. The literature is reviewed to select techniques to overcome this difficulty, and estimates of equity risk...

This paper examines the overreaction hypothesis on market indices for three- and five-year investment periods using end-of-month data from 49 Morgan Stanley Capital International indices from December 1970 to December 2018. The returns were computed as holding-period returns, instead of...

This paper analyses the determinants of expenses for Portuguese real estate funds from 2007 to 2012 and is a pioneer study on the determinants of expenses concerning real estate funds. Closed-end and open-end real estate funds benefit from economies of scale. However, the most important result...

The goal of this paper is to study the determinants of firms' cash holdings and how cash holdings were affected by the financial crisis of 2008. Using data from the period of 1995 to 2014 of non-financial firms, we present almost 265,000 firm-year observations. Our results suggest that cash...

Using a firm-level survey database covering 41 countries, we evaluate firms' abnormal retained earnings. The results of our work show that the trends of cash holdings and retained earnings are independent. While cash holdings around the world are increasing, the opposite has occurred for...

This essay analyses the relationship between corporate governance practices and Chief Executive Officer (CEO) wages from a sample of Portuguese listed companies over the period from 2002-2011. The relationship between CEO total compensation and shareholders return, firm characteristics, CEO...

The present study empirically analyses the association between board of directors' composition and capital structure. Particularly, the fraction of independent directors on the board, the fraction of female directors, the board size, and whether the Chief Executive Officer (CEO) is also the...

This paper reviews the impact of institutional variables on the capital structure of firms throughout the recent financial crises (dot.com bubble, subprime crisis, and European sovereign debt crisis). For the first time, the sovereign general gross debt and current account balance have entered...

In this paper we evaluate the impact of the European Monetary Union based on the Fama and French three-factor model. Our research shows that the models based on EMU factors present worse explanatory power than models based on local and international factors, although international factors do not...