PurposeTo contrast the different factors that can determine the level of debt of firms by means of panel data methodology.Design/methodology/approachThe variables used in the study are: size, generated resources, level of warrants, debt cost, growth opportunities, and reputation. Six hypotheses are considered.FindingsThe results obtained suggest that the stated variables, other than reputation, can be considered to be explanatory variables of firm debt level. Using within‐groups estimation and generalized least squares, the results suggest that the behavior of the sample throughout the study period is consistent with the fixed effects approach, in which the specific characteristics of each firm remain constant throughout time. Moreover, with respect to the six considered hypotheses, the analysis shows the influence of all stated variables except reputation on the leverage.Originality/valueAdds to the body of research that has focused on the analysis of the financial decisions of the firm, with the level of debt appearing as a relevant factor in explaining the relationship between investment and financing decisions.

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The existence of seasonal behaviour in return and volatility of different international stock exchanges may be considered as an indication of nonintegrated financial markets. A type of this abnormal behaviour is the day of the week effect, which implies investment opportunities. This type of opportunity is studied in this paper, focused on the analysis of the day of the week effect on the major European stock markets using GARCH and T-ARCH models. Results show evidence in favour of day of the week effect in the volatility in the most of the studied countries.

El objetivo del trabajo consiste en analizar la incidencia del COVID-19 en el sector de los cruceros turísticos con operativa en el Puerto de La Luz y Las Palmas centrándonos en el gasto medio que realiza el cruceristas en la ciudad una vez desembarca. Para ello, se ha calculado la pérdida económica generada por la pandemia y, tras analizar las perspectivas de recuperación económica de los principales países visitantes, se plantean tres escenarios de recuperación del sector. Concluimos, que existe una mayor probabilidad de que el sector de los cruceros con operativa en el Puerto de La Luz y Las Palmas se recupere en la temporada de noviembre de 2022 a abril 2023.