Previous research has argued that the degree of co-movement of stock returns (the R² of a market regression) at country-level can be explained by the interaction of firmspecific and market-wide information. The R² measure has been used to investigate a number of issues of potentially great...

Recent research uses the degree of stock returns co-movement as a measure of the quality of a country’s information environment. It has been argued that stronger property rights, better corporate governance regimes and more efficient enforcement mechanisms lead to prices incorporating more...

Using a firm-level survey database covering 50 countries we evaluate firms´ abnormal retained earnings. The results of our work indicate that firms located in emerging markets retain more earnings than firms from developed countries. On the other hand, firms located on common law based...

Using a firm-level survey database covering 50 countries we evaluate firms´ abnormal retained earnings. The results of our work show that the trends of cash holdings and retained earnings are independent. The results of our work indicate that small firms retain less earnings. Such is a problem...

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...

The goal of this paper is to study how cash holdings were affected by the financial crisis of 2008. Our results suggest that 2008 financial crisis had a negative impact on cash holdings and in the period from 2008 to 2014, contrarily to the 2009 and 2010. We hypothesize that firms in face of the...

Investors are told to be overreacting when their sentiment drives the price of a certain security up (down) enough to make it the biggest winners (loser), in most cases considering this overreaction period as long as 3 or 5 years. This paper studies the overreaction hypothesis in market indices....