For small and medium-sized enterprises, various types of debt are not identical. There are specific costs and benefits associated with each funding source. We argue that the asset and liability sides of the balance sheet are interrelated. Specifically, we hypothesize that firms match specific...

Studies have shown that small stock returns can be partially predicted by the past returns of large stocks (cross-correlations), while a larger body of literature has shown that macroeconomic variables can predict future stock returns. This paper assesses the marginal contribution of...

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...