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dc.contributor.advisor Bassiouny, Aliaa
dc.contributor.author Shalaby, Sahar
dc.date.accessioned 2020-09-13T13:12:29Z
dc.date.available 2020-09-13T22:00:06Z
dc.date.created Fall 2020 en_US
dc.date.issued 2020-09-13
dc.identifier.uri http://dar.aucegypt.edu/handle/10526/5947
dc.description.abstract The effect of financial leverage on firm’s performance is one of the most examined and debated issues in finance with an extensive empirical literature that directly or indirectly suggests a role for financial leverage in explaining the cross-sectional dispersion in expected stock returns. This thesis examines the effect of financial leverage on the cross section of equity returns of publicly listed non-financial firms in the Arab Markets. The thesis focused on four main stock exchanges: Amman Stock Exchange, Egyptian Stock Exchange, Kuwait Stock Exchange and Saudi Stock Exchange (Tadawul). The sampling period extended from the first quarter of 2006 to the last quarter of 2019. The total number of eligible firms was 536, 162 firms from Egypt, 123 firms from Jordan, 116 firms from Kuwait, and 135 firms from Saudi Arabia. The Capital Asset Pricing Model, the Fama French 3-factor model and the Fama-French 5-factor model were used to test the relationship between leverage -measured as the book value of total liabilities divided by book the value of assets - and equity returns. The results showed that leverage change and leverage level have no significant relations with stock returns for all countries included in this study. en_US
dc.format.extent 040 p. en_US
dc.format.medium theses en_US
dc.language.iso en en_US
dc.rights Author retains all rights with regard to copyright. en
dc.subject Financial Leverage en_US
dc.subject Equity Returns en_US
dc.subject.lcsh Thesis (M.A.)--American University in Cairo en_US
dc.title The relationship between financial leverage and equity returns in Arab stock markets en_US
dc.type Text en_US
dc.subject.discipline Finance en_US
dc.rights.access This item is available en_US
dc.contributor.department American University in Cairo. Dept. of Management en_US
dc.description.irb American University in Cairo Institutional Review Board approval is not necessary for this item, since the research is not concerned with living human beings or bodily tissue samples. en_US
dc.contributor.committeeMember Abdallah, Wael
dc.contributor.committeeMember Ayad, Mina


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  • Theses and Dissertations [1863]
    This collection includes theses and dissertations authored by American University in Cairo graduate students.

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