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....

This paper reviews the impact of environmental variables on firms’ capital structure throughout the recent financial crises (dot.com bubble, subprime crisis, and European sovereign debt crisis). For the first time, the sovereign general gross debt and current account balance appear in the...

In this research we evaluate how corporate ownership around the world is defined and which variables, related to a firm’s characteristics and the countries’ infrastructures, influences this. We find that there are a small number of countries where firms present a lower percentage of block...

The paper’s purpose is to quantify the performance of a State in its action as a de facto LBO specialist, taking companies private to restructure them and subsequently reselling them in the share market. A sample comprising all the listed companies nationalized in Portugal in 1975 and 1976...