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International Journal of Financial Studies, Volume 9, Issue 1

2021 March - 16 articles

Cover Story: Nonprofit organizations resemble pass-through businesses in size but differ in terms of the taxes paid. Although not profit-driven, nonprofits should seek to maximize their value through optimal financing like profit-driven enterprises such as pass-throughs. In this study, we compute optimal outcomes for nonprofits and pass-throughs using the capital structure model (CSM) when there is a risk class for nonprofits that is similar to that for pass-throughs. For our computations, we also assume the same before-tax cash flows, the same costs of borrowing, and the same growth rates. Given our assumptions, we compute precise outcomes for nonprofits and pass-throughs with differences in outcomes explained by the tax-exempt status for nonprofits. View this paper
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Articles (16)

  • Article
  • Open Access
6 Citations
7,966 Views
20 Pages

Why the Par Value of Share Matters to Investors

  • Tadeusz Dudycz and
  • Bogumiła Brycz

The purpose of the study is the analysis of the relationship between the par value (also known as nominal value or face value) and the parameters influencing a company’s financing. Additionally, the utility of the par value as a manipulation tool for...

  • Article
  • Open Access
7 Citations
5,515 Views
19 Pages

This study focuses on the mediation channels through which the financial performance of intelligent manufacturing industries closely related to the Fourth Industrial Revolution has been affected. Along with compiling a massive volume of datasets publ...

  • Article
  • Open Access
9 Citations
6,220 Views
14 Pages

This study investigates the role of Information and Communication Technologies (ICT) investment and diffusion on Pakistan’s economic growth by proposing the threshold level of ICT investment. At our proposed level, the ICT imports significantly enhan...

  • Article
  • Open Access
2 Citations
3,865 Views
43 Pages

This paper’s purpose is to compare nonprofits with pass-throughs in terms of valuation, leverage, and growth. To achieve this purpose, we use the Capital Structure Model. This model determines maximum firm valuation through incorporating real data (t...

  • Article
  • Open Access
3,126 Views
11 Pages

The notion of “relativistic finance” became ingrained in the public imagination and has been asserted in many mass-media reports. However, despite an observed drive of the most reputable Wall Street firms to establish their servers ever closer to the...

  • Article
  • Open Access
13 Citations
5,414 Views
12 Pages

Digital financial services and more importantly, mobile money, have become an important financial innovation to advance financial inclusion in developing and emerging economies. While digital financial services have improved the lives of many Kenyans...

  • Article
  • Open Access
42 Citations
10,909 Views
16 Pages

The Moderating Role of Perceived Risks in the Relationship between Financial Knowledge and the Intention to Invest in the Saudi Arabian Stock Market

  • Saleh M. Shehata,
  • Alaa M. Abdeljawad,
  • Loqman A. Mazouz,
  • Lamia Yousif Khalaf Aldossary,
  • Maryam Y. Alsaeed and
  • Mohamed Noureldin Sayed

This research study aims to investigate the moderating role of perceived risks in the relationship between financial knowledge (represented by objective knowledge and subjective knowledge) and the intention to invest in the Saudi Arabian Stock Market...

  • Editorial
  • Open Access
2,531 Views
4 Pages

Acknowledgment to Reviewers of International Journal of Financial Studies in 2020

  • International Journal of Financial Studies Editorial Office

Peer review is the driving force of journal development, and reviewers are gatekeepers who ensure that International Journal of Financial Studies maintains its standards for the high quality of its published papers [...]

  • Article
  • Open Access
9 Citations
8,026 Views
11 Pages

The generalized autoregressive conditional heteroscedastic model (GARCH) is used to estimate volatility for Nifty Index futures on day trades. The purpose is to find out if a contemporaneous or causal relation exists between volatility volume and ope...

  • Article
  • Open Access
3 Citations
7,603 Views
13 Pages

Leading across national borders is a challenge, partly due to the cultural differences among employees in different locations. We investigate this dynamic for employees of a Swiss financial services company located in Switzerland and in Poland by sur...

  • Article
  • Open Access
35 Citations
8,647 Views
17 Pages

Environmental sustainability represents nowadays a significant factor for business sector. Firms carry out many initiatives to develop environmental practices. Investors increasingly consider environmental discloser by firms and integrate this disclo...

  • Article
  • Open Access
57 Citations
10,426 Views
19 Pages

Intraday Volatility Spillovers among European Financial Markets during COVID-19

  • Faheem Aslam,
  • Paulo Ferreira,
  • Khurrum Shahzad Mughal and
  • Beenish Bashir

During crises, stock market volatility generally rises sharply, and as consequence, spillovers are identified across markets. This study estimates the volatility spillover among twelve European stock markets representing all four regions of Europe. T...

  • Article
  • Open Access
1 Citations
3,407 Views
13 Pages

The presence of risk premium is an issue that weakens the rational expectation hypothesis. This paper investigates changing behavior of time varying risk premium for holding 10 year maturity bond using a bivariate VARMA-DBEKK-AGARCH-M model. The mode...

  • Article
  • Open Access
12 Citations
9,492 Views
23 Pages

To analyze the effects of government debt securities on the liquidity risk and profitability of banks in Cape Verde, this research employs an unbalanced panel dataset from 2000 to 2017 on the activity of all commercial banks operating at the end of 2...

  • Article
  • Open Access
6 Citations
4,360 Views
15 Pages

We examine the determinants of intercorporate investments for a sample of 127 firms listed in the National Stock Exchange (NSE) in India for the period 2015–2019. This research indicates that the investor firm’s intercorporate investments...

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Int. J. Financial Stud. - ISSN 2227-7072