This paper examines the relationship between capital structure and shareholder returns in the UK between 1980 and 2008. Expanding on Modigliani and Miller's (1958) Proposition 2, returns are estimated using the asset pricing models of CAPM, Fama and French and of Carhart. The analysis shows that...

This paper examines the relation between abnormal stock returns and leverage. Expanding on Modigliani and Miller's (1958) Proposition II, abnormal returns are estimated using the asset pricing models of Sharpe and Lintner (the traditional Capital Asset Pricing Model, CAPM), of Fama and French...

This study examines Indian firms that go public overseas through American Depository Receipts (ADRs) and Global Depositary Receipts (GDRs) and investigates the performance of ADRs and GDRs as a means of raising finance overseas for such firms. Our sample is composed of 124 firm year observation...

SPACs or Special Purpose Acquisition Companies are shell companies, created to raise capital and used by private firms to access capital markets. Using a global sample of SPAC firms, this study assesses their performance and finds evidence of significant positive abnormal returns for SPAC firms...

We examine a global sample of Special Purpose Acquisition Companies (SPACs) to find significant differences in short and long-term performance across geographical regions. In the short-term, SPACs in North America and Europe significantly outperform the market, while returns are negative in Asia...

Impact investing is based on using the ESG framework as a tool to evaluate firms that engage in generating positive impact. Most impact investors and fund managers now integrate the ESG framework in their investment and stock-picking process. However, due to lack of standardisation of ESG...