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International Journal of Financial Studies, Volume 9, Issue 1

March 2021 - 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
3 Citations
7,037 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
56 Citations
9,579 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
33 Citations
7,939 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
1 Citations
3,161 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
8,601 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
5 Citations
4,164 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 2227-7072Creative Common CC BY license