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Bank opacity and risk-taking: Evidence from analysts’ forecasts
We depart from existing literature by invoking analysts’ forecasts to measure banking system opacity and then investigate the impact of such opacity on bank risk-taking, using a large panel of US bank holding companies, ...
Information Asymmetry, Leverage and Firm Value. Do crisis and growth matter?
Drawing on pecking order and agency cost theories, we assess the extent to which information asymmetry is an important determinant of firm value and the extent to which this relationship is conditional on the leverage level ...
Multifactor explanation of security returns in South Africa
(International Journal of Management Practice, 2014)
This paper evaluates the performance of the Fama and French threefactor model in South Africa for individual securities. We employed a multivariate time series methodology similar to Fama and French. The empirical results ...