Our paper examines the daily stock market returns for four foreign countries. We find a so-called "week-end effect" in each country. In addition, the lowest mean returns for the Japanese and Australian stock markets occur on Tuesday.<p> The remainder of the paper answers four questions. Are...</p>

Financial economists have generally asserted that, in a world of corporate taxes and bankruptcy costs, the debt level of a firm is negatively related to its risk. Surprisingly, our paper shows that neither the face value of debt, the market value of debt, nor the ratio of market value of debt to...

Financial economists have generally asserted that, in a world of corporate taxes and bankruptcy costs, the debt level of a firm is negatively related to its risk. Surprisingly, our paper shows that neither the face value of debt, the market value of debt, nor the ratio of market value of debt to...

There is some empirical evidence that high tax bracket investors hold the equity of unlevered firms while law tax bracket investors hold levered firms. It has been suggested that an extension of the Miller model can provide a theory which is consistent with this observation. However, it has been...

Our paper examines the daily stock market returns for four foreign countries. We find a so-called "week-end effect" in each country. In addition, the lowest mean returns for the Japanese and Australian stock markets occur on Tuesday.<p> The remainder of the paper answers four questions. Are...</p>

There is some empirical evidence that high tax bracket investors hold the equity of unlevered firms while law tax bracket investors hold levered firms. It has been suggested that an extension of the Miller model can provide a theory which is consistent with this observation. However, it has been...