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Essay In Financial Economics
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Book Synopsis Essays in Financial Economics by : Rita Biswas
Download or read book Essays in Financial Economics written by Rita Biswas and published by Emerald Group Publishing. This book was released on 2019-10-24 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume, dedicated to John W. Kensinger, explores a variety of topics in financial economics, including firm growth, investment risks, and the profitability of the banking industry. With its global perspective, Essays in Financial Economics is a valuable addition to the bookshelf of any researcher in finance.
Book Synopsis Theory and Reality in Financial Economics by : George M. Frankfurter
Download or read book Theory and Reality in Financial Economics written by George M. Frankfurter and published by World Scientific. This book was released on 2007 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current literature on financial economics is dominated by neoclassical dogma and, supposedly, the notion of value-neutrality. However, the failure of neoclassical economics to deal with real financial phenomena suggests that this might be too simplistic of an approach. This book consists of a collection of essays dealing with financial markets'' imperfections, and the inability of neoclassical economics to deal with such imperfections. Its central argument is that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face. It also shows the direct relationship between economics and politics OCo something that is usually denied in academic models, given that science is supposed to be value-neutral. In this thought-provoking and avant-garde book, the author not only exposes what has gone wrong, but also suggests reforms to both the academic and the political-economic systems that might help make markets fair rather than efficient. Drawing on interdisciplinary fields, this book will appeal to readers who are interested in finance, economics, business, the political economy and philosophy. Sample Chapter(s). Foreword (37 KB). Chapter 1: Method and Methodology (146 KB). Contents: Method and Methodology; What is All Efficiency?; Still Autistic Finance; The Young Finance Faculty''s Guide to Publishing; Prolific Authors in Finance; For-Profit Education: An Idea That Should be Put to Rest?; Weep Not for Microsoft: Monopoly''s Fatal Exception; The Socio-Economics of Scandals; Desperately Seeking Toto; And Now for Something Entirely Different; After the Ball; Capitalism or Industrial Fiefdom; The Theory of Fair Markets (TFM): Toward a New Finance Paradigm. Readership: Graduate students of finance; students of economics, economic methodology and philosophy of science."
Book Synopsis Essays on financial economics by : Pekka T. Hietala
Download or read book Essays on financial economics written by Pekka T. Hietala and published by . This book was released on 1989 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics by : Jan Toporowski
Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.
Download or read book Essays in Financial Economics written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Empirical Essays in Financial Economics and International Finance by : Marek Kolar
Download or read book Three Empirical Essays in Financial Economics and International Finance written by Marek Kolar and published by . This book was released on 2008 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics by : Jan Toporowski
Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.
Book Synopsis Essays on Financial Economics by : Rui Luo
Download or read book Essays on Financial Economics written by Rui Luo and published by . This book was released on 2018 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays on financial economics. The first essay explores whether managerial inconsistent time preference leads to investment and financial distortions. Time-inconsistent CEOs are impatient -- they want to experience rewards sooner and delay costs later. As a result, they repeatedly procrastinate some good investments and regularly preproperate borrowing and dividend payments, leading to underinvestment, over-borrowing and excessive dividend payments relative to the first-best. I first test this prediction via reduced-form regressions. I construct a proxy for time inconsistency based on managers' time preference revealed in their personal portfolio decisions. I find that firms with time-inconsistent managers significantly invest less, hold more debt and pay more dividends. I then formulate a dynamic investment model in which the value-maximizing manager has inconsistent time preference. Simulation results again confirm my argument: managers cut investments, hold more debt and make more dividend payments if they exhibit self-control problems. The second essay exploits proprietary records of site visits in China and investigates how corporate site visits affect information asymmetry and whether this impact is influenced by the disclosure regulation. Starting from 2009, firms listed on Shenzhen Stock Exchange were mandated to disclose site visit information while firms listed on Shanghai Stock Exchange were not required to do so. Using the adverse selection component of bid-ask spread and dispersion in analyst forecasts as proxies for information asymmetry, this paper finds that overall corporate site visits reduce information asymmetry. However, the reduction of information asymmetry is not significantly different between firms that are mandated to disclose and those that are not. The third essay provides a dynamic minimum-variance hedge for firms in incomplete markets. By accounting for price transmission between the input and output prices, the model enables firms to minimize both input and output price fluctuations through a single tradable futures contract even in incomplete markets. The model conditions on the direction of price transmission between inputs and outputs, and on the availability of futures contracts. Using the problem of a hypothetical jet fuel producer as motivation, it is found that the two-sided model leads to a more effective hedge (more volatility reduction).
Download or read book Essays in Financial Economics written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Financial Economics by : Sung Bin Sohn
Download or read book Essays in Financial Economics written by Sung Bin Sohn and published by . This book was released on 2012 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays in financial economics. The first two essays explore how initial public offerings are affected by various stock market conditions. In the third essay, I study the meaning of innovations in investor sentiment. In the first essay, I use cointegration techniques to decompose stock market shocks into permanent and transitory shocks, building on the idea that transitory shocks should not have long-run effects on dividends and stock prices. The decomposed shocks improve on existing valuation measures by indicating the extent to which market value is driven by permanent or transitory fluctuations. I then examine the effects of these shocks on several aspects of IPOs, and find that (1) despite the lack of long-run effects on firms' value, more firms go public in response to stronger transitory shocks; (2) firms that go public after stronger transitory shocks underperform their benchmark more severely in the long run; (3) during the book-building period, managers are more likely to limit secondary share sales after stronger transitory shocks; and (4) managers who limit secondary share sales further during the book-building period exhibit more severe long-run underperformance. These findings are consistent with the hypothesis that transitory shocks induce more IPOs that opportunistically exploit temporarily higher market valuation than IPOs that finance profitable projects in better market conditions. The findings are also consistent with the hypothesis that managers are more prone to become overconfident after stronger transitory shocks and that the resulting overconfidence leads to long-run underperformance. The decomposition methodology can also be applied to other corporate finance decisions such as SEOs, mergers and investments. The second essay establishes a model that incorporates both uncertainty and dispersion of opinion to examine how these two factors affect IPO stock performance. The model predicts that, unlike uncertainty, dispersion of opinion has nonlinear effects. There is a threshold of dispersion of opinion below which the dispersion does not affect IPO stock performance. Above the threshold, on the other hand, larger dispersion of opinion bids up the stock price higher and consequently yields the lower long-run return. The level of the threshold is increasing in the amount of free-floating shares in the market. Since IPO firms tend to have relatively small free-floating shares than other listed firms, IPO stocks are more subject to the dispersion of opinion. Thus, empirical researches that do not control the dispersion of opinion can produce misleading results on IPO performance. The model also predicts IPOs observations are subject to self-selection bias. Private firms would decide not to go public under the combination of high uncertainty and small dispersion of opinion, which could actually yield high long-run returns. This prediction helps explain the time variation of IPO volume and the general pattern of IPO long-run underperformance. The third essay tries to understand the meaning of innovations in investor sentiment. The role of investor sentiment in the stock market has attracted attentions of economists. Previous papers show that investor sentiment has return predictability and it is more pronounced among stocks that are more difficult to value and to arbitrage, and emphasize the behavioral role of investor sentiment. However, it still remains unclear whether this predictability is due to a causal effect of autonomous animal spirits or not. Alternatively, investor sentiment may reflect systematic risks and the predictability could be mere coincidence, not causation. For a structural interpretation, I introduce a modified version of the long-run risks model in which sentiment innovations arise from both animal spirit shocks and several risk shocks, and animal spirit shocks could affect stock returns. By matching impulse responses from data simulated according to the theoretical model to those from actual data, I estimate parameters in the model. The estimated model moderately replicates the historical data in the actual stock market. The estimation results show that a substantial amount of variation in investor sentiment is explained by systematic risk shocks as well as by animal spirit shocks, and that animal spirit shocks can have significant effects on stock returns. The findings suggest that investor sentiment is a noisy proxy of animal spirits and that autonomous animal spirits are at least in part responsible for the apparent return predictability of investor sentiment.
Book Synopsis Essays in Financial Economics by : Marco Rossi
Download or read book Essays in Financial Economics written by Marco Rossi and published by . This book was released on 2010 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Financial Economics by : Elvan Aktas
Download or read book Essays in Financial Economics written by Elvan Aktas and published by . This book was released on 2003 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Financial Economics by : Amnon Levy
Download or read book Essays in Financial Economics written by Amnon Levy and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays. The first essay provides a theoretical explanation for why capital structure varies with macroeconomic conditions. The second essay provides a rational for why potential competitors get funding from a common active investor.
Book Synopsis Essays in Financial Economics by : Serkan Savasoglu
Download or read book Essays in Financial Economics written by Serkan Savasoglu and published by . This book was released on 2000 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Financial Economics by : Mohammadjavad Pakdel
Download or read book Essays in Financial Economics written by Mohammadjavad Pakdel and published by . This book was released on 2016 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two self-contained essays. The first essay compares out-of-sample performance of asset allocation using forward-looking information and backward-looking information. The existing literature processes forward-looking and backward-looking information using different models and consequently different sets of assumptions. Therefore, one might wonder if superior performance of portfolios using these two sources of information should be attributed to superiority of sources of information or superiority of models underlying them. In contrast, this study uses the identical stochastic volatility model to process both forward-looking and backward-looking information. The empirical results of this study show that the investor will be significantly better off when using the forward-looking information in her asset allocation compared to using the backward-looking information. In the second essay, I investigate the relationship between idiosyncratic risk at industry level and stock prices. The Capital Asset Pricing Model (CAPM) predicts that idiosyncratic risk would not be priced by investors, since investors can avoid it through portfolio diversification. In contrast to CAPM's prediction, the authors of existing literature usually conclude that this type of risk is priced by investors at firm level. I hypothesized that risk at industry level, like risk at firm level, is priced by investors. Surprisingly, I found some evidence that net industry-level volatility innovations are contemporaneously positively correlated to respective industry excess returns in some industries. This positive relation is interpreted as lower prices for industries with higher idiosyncratic risk, in contrast to my assumption.
Book Synopsis Theory And Reality In Financial Economics: Essays Toward A New Political Finance by : George M Frankfurter
Download or read book Theory And Reality In Financial Economics: Essays Toward A New Political Finance written by George M Frankfurter and published by World Scientific. This book was released on 2007-11-01 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current literature on financial economics is dominated by neoclassical dogma and, supposedly, the notion of value-neutrality. However, the failure of neoclassical economics to deal with real financial phenomena suggests that this might be too simplistic of an approach.This book consists of a collection of essays dealing with financial markets' imperfections, and the inability of neoclassical economics to deal with such imperfections. Its central argument is that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face. It also shows the direct relationship between economics and politics — something that is usually denied in academic models, given that science is supposed to be value-neutral. In this thought-provoking and avant-garde book, the author not only exposes what has gone wrong, but also suggests reforms to both the academic and the political-economic systems that might help make markets fair rather than efficient. Drawing on interdisciplinary fields, this book will appeal to readers who are interested in finance, economics, business, the political economy and philosophy.
Book Synopsis Essays in History by : Charles Poor Kindleberger
Download or read book Essays in History written by Charles Poor Kindleberger and published by University of Michigan Press. This book was released on 1999 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classic Kindleberger: Engaging and stimulating reading on eclectic topics in finance, economics, and the life of this captivating author