We analyze the optimal capital structure of a nation from a corporate finance perspective. In particular, we draw an analogy between a nation's fiat money and corporate equity following Bolton and Huang (2018). Based on dynamic capital structure theory, we develop a stochastic model to determine...

This paper is the first paper to provide a comprehensive review of the US regulatory treatment of a relatively recent and controversial source of funds, namely brokered deposits. To do this, we consider the extent to which banks rely on brokered deposits, as well as the impact of these funds on...

This study investigates the relationship between local culture, as measured by religiosity, and dividend payouts based on a sample of 155 Italian firms over the period 2000-2016, yielding 2,382 firm-year observations. We find a significantly positive relationship between religiosity and dividend...

Closed-end fund (CEF) prices often exhibit large and persistent deviations from their associated net asset values (NAVs), which is puzzling considering that NAVs are publicly observable for CEFs, which essentially represent repackaged financial assets. The persistence of these deviations is...

Financial technology (FinTech) is driving innovation in the financial industry worldwide. This article contributes to answer the question of whether FinTech firms and traditional financial institutions compete or collaborate. We use the decade of 2010s in Spain as a case study – a country with...