We examine the impact of mispricing on corporate investments and its components: capital expenditures, research and development, acquisitions, and asset sales. By decomposing the market-to-book ratio into mispricing and growth components, we show that corporate investments are linked to...

This study is the first attempt to investigate both the linear and non-linear Granger causality between wavelet transformed spot and futures oil prices. Our findings consistently indicate bidirectional causality between the spot and futures oil markets at different time scales, under linear and...

The paper is the first attempt to estimate systematic risk 'beta' at different time scales in the context of the emerging Gulf Cooperation Council (GCC) equity markets by applying a relatively new approach in finance known as wavelet analysis. Our results indicate that on average beta...

We test the impact of taxes and governance systems on dividend payouts across countries. We show that, unlike previous studies, firms in strong investor protection countries pay lower cash dividends than in weak protection countries when the classical tax system is implemented, but they...

We offer additional insights regarding the motivation for dual class recapitalizations and their potential impact on managerial entrenchment. We test the general hypothesis that the loss of shareholder monitoring associated with dual class recapitalizations is replaced by alternative monitoring...

This paper develops a theory of the firm's weighted average cost of capital (WACC) and the marginal tax rate with risky debt and potentially redundant depreciation and interest tax shields. The tax shields' risks, the firm's borrowing interest rate and its marginal tax rate are intertwined, and...

A theoretical model of the role of regulatory climate in the capital structure decisions of regulated electric utilities is developed that indicates managers can mitigate the consequences of unfavorable regulation by increasing the proportion of debt in the capital structure. The increase in...

Digital divide among students has become a concern to many governments. Previously digital divide (DD) is seen as the difference between those who own a computer with those who don’t. But this has changed to how much technology access is done by someone. Thus measuring this digital divide has...

Learning is a complex process that not only merely involves gathering of information or knowledge but also depicts the process of which knowledge is accumulated. The process of learning is not about accumulation of material of learning but involves the process of changing conceptions.  In this...