This paper estimates consequences of the VAT increase on the tourism industry, by analysing the impact of the significant VAT rise in Portugal on the profitability and survival of firms related to food and beverage service activities. The analysis is divided into 3 periods: before and after the...

This paper discusses how bank governance has evolved in academic research and critically discusses the evolution of its concepts, research topics, and research scope in the literature. This paper differs from other literature reviews of the bank's corporate governance in two main points. First,...

We provide one of the first large sample studies to examine the effect of the COVID-19 crisis on firm profitability and liquidity for micro, small, and medium-sized firms in the Visegrad Four (V4) countries. Using panel analysis and difference-in-differences estimation we analyze a sample of...

Standard Fama-French-Carhart models are widely used by academics to assess risk-adjusted fund performance versus market, size, style and momentum factors. However, it fails to reflect the industry standard, following which the performance of money managers is commonly evaluated relative to a...

We provide one of the first large sample studies to examine how firm-level characteristics and national-level institutions affect cash balances in privately held and publicly traded firms and investigate whether the determinants of cash holdings for both types of firms are similar. Using panel...

Purpose The purpose of this paper is to investigate the role of volatility risk on stock return predictability specified on two global financial crises: the dot-com bubble and recent financial crisis. Design/methodology/approach Using a broad sample of stock options traded on the American Stock...

Purpose The purpose of this paper is to examine the impact of Federal Open Market Committee (FOMC) announcements, which includes information about the targeted Federal fund rate and revision to the future path of monetary policy on Southeast Asian stock market performance....

Purpose This paper aims to analyse the causes and impact of the significant mean price discounts (25 per cent for financial and 29 per cent for non-financial firms) in rights issues in the UK using a sample of 268 observations for the period of 1994 to 2012. It is observed that for non-financial...