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Author : Xing Gao
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)
Download or read book Essays in Empirical Corporate Finance and Investment written by Xing Gao and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Santo Centineo
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (99 download)
Download or read book Essays in Empirical Corporate Finance written by Santo Centineo and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Shashwat Alok
Publisher :
ISBN 13 :
Total Pages : 151 pages
Book Rating : 4.:/5 (859 download)
Download or read book Essays in Empirical Corporate Finance written by Shashwat Alok and published by . This book was released on 2013 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation evaluates the role of political incentives, conglomeration and bankruptcy on firm performance and executive compensation. The first analyzes the role of political influence on the investment behavior of firms with majority government stake. The second chapter explores the impact of various externalities that may arise in multi-divisional firm on managerial compensation. In the third chapter, we investigate the impact of relative bargaining power of firms over creditors during bankruptcy on ex-post firm performance, once the firm emerges out of bankruptcy. Political interference has long been considered a major source of inefficiency in state-owned enterprises. However, empirical evidence regarding the impact of political influence on non- financial firms has been limited. We evaluate the influence of political factors on corporate investment decisions using a unique database of new investment projects announced in India, matched with electoral data at the district level for the period of 1995-2009. We find that state-owned enterprises (SOEs) announce a greater number of projects during election years, especially in politically competitive districts. The number of investments announced by central (state) government firms in election years is on average 36% (58%) greater in districts in which the ruling party won or lost the previous election by a narrow margin (
Author : Poorya Kabir
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (122 download)
Download or read book Three Essays in Empirical Corporate Finance written by Poorya Kabir and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation presents three essays in empirical corporate finance. The essays discuss how financial markets affect the real economy. The first essay studies how a change in credit supply affects firms' decisions to create new products or destroy the existing ones. It provides reduced form causal evidence that a reduction in credit supply reduces product creation substantially. The second essay studies the effect of less product creation on consumer welfare. I find that the effect on consumer welfare is smaller relative to a "naive" interpretation of the reduced form estimate, due to equilibrium responses. The third essay studies how financially constrained firms reduce total investment costs. It provides suggestive evidence that when reducing total investment cost, they do so by lowering the expansion of output capacity and choosing cheaper investment options.
Author : Li Zhang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (697 download)
Download or read book Essays on Empirical Corporate Finance written by Li Zhang and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Francesca Toscano
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)
Download or read book Essays in Empirical Corporate Finance written by Francesca Toscano and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrij Bodnaruk
Publisher :
ISBN 13 :
Total Pages : 166 pages
Book Rating : 4.3/5 (555 download)
Download or read book Essays in Empirical Corporate Finance and Portfolio Choice written by Andrij Bodnaruk and published by . This book was released on 2005 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yang Zhao
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book Essays in Empirical Corporate Finance written by Yang Zhao and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I study two independent but closely related topics: the impact of liquid assets on corporate investments and bank deposit funding. In the first chapter, I examine the effect of a firm's liquidity holdings on its real investments and its impact on broader outcomes. I exploit a regulation-driven supply expansion of wealth management products (WMPs) that leads to an exogenous liquidity return increase accessible to Chinese firms. WMPs are deposit alternatives issued by commercial banks outside of the regulatory purview and are the dominant form of liquidity holdings by Chinese firms. I find that in response to the regulation, firms increase their liquidity holdings and sharply reduce capital and R& D expenditures. Using exogenous variation in banks' WMP supply induced by regulation, I argue that the effect of corporate liquidity holdings on real investments is causal and not driven by changes in firms' real investment opportunities. The reduction in real investments further leads to a decrease in firm-level TFP, patent application, primary business revenue, and employment. Exploiting regional economic growth in a difference-in-difference setting that uses the same regulatory shock suggests that the growth of corporate liquidity holdings has a negative impact on local economic outcomes. Cities more exposed to the WMP supply expansion exhibit slower capital and consumption growth. My findings suggest that a firm's liquidity holding decisions have a direct impact on its real investments and broader economic activities. In the second chapter, we demonstrate the passthrough of Treasury supply to deposit funding through bank market power. We show that an increase in Treasury supply leads to a net deposit outflow. At the same time, reliance on wholesale funding decreases. The effect is heterogeneous in nature - banks in more competitive markets experience larger outflows. The explanatory power of Treasury supply is not driven by monetary policy and bank-specific investment opportunities. Our empirical findings are rationalized with a model of imperfect deposit competition. Consistent with "The Deposits Channel of Monetary Policy", the model and empirics predict the opposite effect for Fed Fund rate hikes: there is a larger response in less competitive markets. Our results also shed light on the effect of the Reverse Repurchase (RRP) Facility on monetary policy passthrough.
Author : Chang Jie Hu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (122 download)
Download or read book Three Essays in Empirical Corporate Finance written by Chang Jie Hu and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The core of the thesis includes three essays in empirical corporate finance. The first essay examines the relation between mandatory disclosure behavior and legal accountability. In this study, we treat the enactment of the Sarbanes-Oxley Act (SOX) in 2002 as a regulatory event that increases the legal accountability of top executives and compute the filing tones for a large sample of Forms 10-Q and 10-K filings between 1994 and 2017 using textual analysis. We document that the changes in filing tones contain substantial information that is reflected promptly in the capital market. We also show that a structural break exists in the distribution of filing tones around SOX. Firms use a more negative tone in their quarterly mandatory disclosure after SOX. Interestingly, investors exhibit a stronger reaction to per unit change of filing tones during the post-SOX era and we show that changes in investors’ reactions are not merely driven by the systematic changes in tone distribution after SOX. We also document that filing tones are determined by common performance measures, but such relation is weakened after SOX. The second essay studies the impact of the exit of Venture Capitalists (VCs) on innovation by comparing VC backed IPO firms with the non-VC backed. VCs play a significant role in bringing new ventures public by providing financing and consistent monitoring. Prior literature has established mostly a positive correlation between VCs and firm innovation because VCs may preselect more innovative firms to begin with. This study hopes to provide evidence on causal inference with reasonable assumptions from a “reverse treatment” perspective by examining the change in innovation when VCs exit. We treat the initial public offering (IPO) as a proxy for VC’s exit since most VCs exit shortly after IPO due to their limited investment horizon. Using a difference-in-differences framework, we find that VC-backed firms experience a greater drop in Research and Development (R&D) intensity after IPO-exits when compared to those non-VC backed. The third essay revisits the long-debated relation between market competition and firm innovation. While traditionally competition is measured at the industry level with historical data, our study utilizes two new text-based measures of competitive threats developed by Hoberg et al. (2014) and Li et al. (2013) which are both firm-specific and forward-looking. We address the potential endogeneity concerns using instrumental variables along with the propensity score matching of firms that experience an exogenous shock from import competition with those that do not. Our results show that an increase in competition unambiguously promotes firm innovation"--
Author : Peter H. Severin
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)
Download or read book Essays in Empirical Corporate Finance written by Peter H. Severin and published by . This book was released on 2020* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Philipp Horsch
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (944 download)
Download or read book Three Essays in Empirical Corporate Finance written by Philipp Horsch and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three independent papers dealing with three different research questions in the area of corporate finance. Despite the different topics all three papers have one main commonality: their focus on empirical identification. In the first paper, Competing with Superstars, we investigate the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to an award. The effect is more pronounced for competitors who have not received an award themselves, who are geographically close to an award winner and who are not entrenched. We observe an increase in risk-taking, operating performance and innovation activity of superstars' competitors as potential channels for this positive performance. Our results suggest a positive overall welfare impact of corporate superstar systems due to the incentivizing effect on superstars' competitors. The second paper, Unionization and Corporate Disclosure: Evidence from a Natural Experiment, investigates the effect of unionization on financial reporting quality. We establish causality by applying a regression discontinuity design exploiting the discontinuity generated by labor union elections that pass or fail by a small margin. Unionized firms improve their financial reporting quality by 2.6% the year after the election compared to nonunionized firms. The effect is mainly attributable to companies which understate their income. The effect is more pronounced in states with right to work laws and for companies with higher information asymmetry. Our results suggest that unions monitor companies if it potentially increases their rent seeking profits. In the third paper, Are There Peer Effects In Innovation?, we investigate how companies react to their peers' innovation activities, such as new patents. Exploiting exogenous.
Author : A. Burak Güner
Publisher :
ISBN 13 :
Total Pages : 270 pages
Book Rating : 4.:/5 (794 download)
Download or read book Essays in Empirical Corporate Finance written by A. Burak Güner and published by . This book was released on 2005 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Md Masud Karim
Publisher :
ISBN 13 :
Total Pages : 140 pages
Book Rating : 4.:/5 (128 download)
Download or read book ESSAYS IN EMPIRICAL CORPORATE FINANCE written by Md Masud Karim and published by . This book was released on 2021 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation consists of two chapters exploring several aspects of empirical corporate finance with a special focus on founder CEOs and family firms. Chapter 1 focuses on the impact of founder CEO leadership on firm value in publicly listed U.S. firms. Previous research on how founder CEOs affect firm value shows mixed results. Using a natural experiment whereby I measure the impact of the sudden deaths of CEOs during the period 1964-2018, I document that stock prices increase by 1.56% upon founder CEOs' deaths and decrease by 2.89% upon professional CEOs' deaths. Next, I develop a novel measure of managerial private benefits and discuss several new insights. First, I document that the positive stock price reactions to the sudden deaths of founder CEOs are mainly driven by the fact that founder CEOs extract two times greater private benefits relative to professional CEOs. Second, segregating private benefits into two parts - nepotism and non-nepotism - I find that investors react to both types of private benefits. Third, investor reactions are more pronounced for tunneling-related disclosed private benefits than for investment-related non-disclosed private benefits. Fourth, investors reactions are more pronounced for private benefits related to underinvestment than for private benefits related to overinvestment. Overall, my paper highlights the impact of CEO leadership styles on shareholder wealth. Chapter 2 examines significant family ownership in publicly listed U.S. firms. Instead of holding a diversified portfolio, family owners, such as the Waltons of Walmart, hold large fractions of their wealth in a single stock. To explain this decision, we build a unique model of ambiguity aversion wherein the family's information advantage in their firm allows them to more accurately estimate value-at-risk in tail events relative to the diversified portfolio. Using an index of macroeconomic uncertainty, we find a strong, negative relation between the uncertainty beta and both family ownership and involvement. Also consistent with our predictions, we document that families with high absolute wealth or risk aversion are unlikely to exit the firm. Our analysis provides an explanation for a family owner's decision to hold a concentrated stake in a single firm in countries with well-developed financial markets and legal regimes.
Author : Oupin Tang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)
Download or read book Essays in Empirical Corporate Finance written by Oupin Tang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : M. Wang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (11 download)
Download or read book Essays in Empirical Corporate Finance written by M. Wang and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christoph Thomas Wenk Bernasconi
Publisher :
ISBN 13 :
Total Pages : 154 pages
Book Rating : 4.:/5 (861 download)
Download or read book Essays in Empirical Corporate Finance written by Christoph Thomas Wenk Bernasconi and published by . This book was released on 2013 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alberto Allegrucci
Publisher :
ISBN 13 : 9789177311768
Total Pages : 0 pages
Book Rating : 4.3/5 (117 download)
Download or read book Essays in Empirical Corporate Finance written by Alberto Allegrucci and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
