This paper analyses whether it is possible to perform an event study on a small stock exchange with thinly trade stocks. The main conclusion is that event studies can be performed provided that certain adjustments are made. First, a minimum of 25 events appears necessary to obtain acceptable...

For small and medium enterprises (SMEs), various types of debt are not identical. There are specific costs and benefits associated with each funding source. Using a sample of Portuguese SMEs over the years 1990-2000, we show that the asset and liability side of the balance sheet are...