This study explores the interplay between public measures adopted by the US government
to combat COVID-19 and the performance of the American hospitality industry. The recent …

The day-of-the-week effect is a well-known phenomenon in financial markets, detected in
the price of equities, bonds, currencies and commodities. In this study, we extend the …

This paper investigates the direct theoretical relationship between the variance of stock returns
(σ 2 E ) and financial leverage (L) considering both corporate and personal taxes. Using …

Empirical evidence from the literature documents that the size effect has gradually diminished
since the early 1980s. In this article, the authors examine the stability of this anomaly …

Purpose – The purpose of this paper is to develop alternative analytical measures for the
degree of operating leverage (DOL) that reflect the impact of uncertain demand shocks in the …

This paper tests the degree to which a sustainable relationship exists between financial
leverage and the systematic risk of shareholders under the following capital market imperfections…

Using a sample of industrial companies traded on the NYSE, this study examines the effect
of financial leverage (L) on the cost of equity (KE). The goal is to test the theoretical …

The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) and VIX-based risk
measures, such as the variance risk premium, are predictors for future portfolio returns. In …

Many studies dealing with calendar market anomalies have ascribed positive or negative
patterns detected in returns to investors? moods. However, in these studies, mood was not …

This research tests the impact of the nomination of designated market makers in various market
conditions. We explore the effect of such announcements on three dimensions: liquidity, …