Using the event study method, we examine the impacts of the Russia-Ukraine war 2022 on
the global tourism sector stocks. The findings suggest that the impact is different for firms in …

There is limited research on the effect of layoff announcements on stock returns during
difficult economic conditions. We use event study and cross-sectional analysis to examine …

Purpose This paper aims to examine the relationship between cash holdings (CH) and
expected equity return in a sample of firms of Pacific alliance countries …

Whether there is a cash anomaly and what drives the cash–returns relationship are unclear.
By constructing a cash risk factor, this study explores the cash–returns relationship and the …

The positive cash-return relation, previously found in the USA, is similarly present in
international Europe, Australasia, and the Far East (EAFE) markets over the sample period …

This article tests the mispricing-based explanation for the cash premium in international and
US real estate equities. Exploiting the nature of listed property firms, our results show high …

In the perfect markets corporate finance theory (Modigliani–Miller), public corporations
(firms) have no economic function. Their existence therefore cannot be justified. An …

Corporate cash holdings can predict stock returns, but whether it is a risk or mispricing effect
is still unclear. Through constructing a cash factor 'LMS', this study explores the mechanisms …

Limited prior research addresses the cross-section of delta-hedged equity option returns.
Meanwhile, the literature on explaining stock returns is ever expanding with the introduction …

In corporate finance, the pecking order theory suggests that firms raise capital according to
the following preference order: internal funds, debt, and then equity. The most liquid …