Do variables that measure economic base diversification, market expansion, population growth, and energy endowment affect municipal bond ratings? To examine this question, we specify and test a linear probability model of changes in municipal bond ratings related to changes in these variables....

Using the longest history of a U.S. equity market index, this paper simulates the return deviation and multiple deviation for Leveraged Exchange-Traded Products (LETPs) with different rebalancing frequencies, including daily, monthly, annually, and every five years, over various holding periods....

Purpose – This paper aims to assess the impact of the global financial crisis of 2007-09 on the risk structure of S&P 500 firms by examining their market, active, and residual risks before and during the crisis. Design/methodology/approach – The classic one-factor model is estimated for each...