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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 : 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 : 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 : 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 : 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:
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 : Bjørn Espen Eckbo
Publisher : Elsevier
ISBN 13 : 0080559565
Total Pages : 1137 pages
Book Rating : 4.0/5 (85 download)
Download or read book Handbook of Empirical Corporate Finance SET written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2008-12-23 with total page 1137 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume set summarizes recent research on corporate decision-making. The first volume covers measurement and theoretical subjects as well as sources of capital, including banks, public offerings, and private investors. In the second volume, contributors focus on the ways corporations are structured and the practices through which they can be bought and sold. Thus, its major subjects include dividends, capital structure, financial distress, takeovers, restructurings, and managerial incentives. Takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues Discusses everything from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior Contributors are leading empirical researchers that remain active in their respective areas of expertise Writing style makes the chapters accessible to industry practitioners
Author : Farooq Durrani
Publisher :
ISBN 13 :
Total Pages : 110 pages
Book Rating : 4.:/5 (128 download)
Download or read book ESSAYS IN EMPIRICAL CORPORATE FINANCE AND INSTITUTIONAL OWNERSHIP written by Farooq Durrani and published by . This book was released on 2020 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation consists of two chapters which explores various aspects of empirical corporate finance and institutional ownership. In the first chapter, I examine whether common owners - an institution with holdings in both the distressed and the lending firm - ameliorates this conflict given that common owners should seek to maximize the equity value of both firms. The results show that when a common owner holds a stake in both the borrowing and lending firm, distressed firms are over 3.3-times more likely to file for Chapter 11 freefall bankruptcy (rather than prepack) as compared to borrowing-lending firms without a common owner. Using ownership of passive funds as an instrument for the presence of a common owner, I provide evidence of a causal relation between common ownership and bankruptcy filing choice. Overall, the analysis indicates that common ownership in both financially distressed borrowing firms and their lending firms leads to a greater likelihood of Chapter 11 freefall bankruptcy filing; suggesting that common owners typically side with creditors to maximize their combined equity value in both the borrowing and lending firm. Next, I examine the effect of CEO social connections on stock returns. An equally weighted (value weighted) long-short portfolio strategy earns investors excess returns of 5.39% (4.44%) per year. Three potential reasons explain the relation between CEO social connections and excess returns; better firm performance, investor information asymmetry, and/or greater investor risk-bearing. Our analysis provides evidence consistent with CEO connections both increasing firm risk and improving firm performance.
Author : Xiang Yin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Essays in Empirical Corporate Finance written by Xiang Yin and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : 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 : Michael W. Faulkender
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (51 download)
Download or read book Essays in Empirical Corporate Finance written by Michael W. Faulkender and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation empirically examines facets of the capital structure decision made by firms. The first chapter extends the implications of the theoretical capital structure literature to the cash holdings decision of small firms. The second chapter examines the determinants of the interest rate exposure choice firms make on their incremental debt issues.
Author : Malgorzata Teresa Ryduchowska
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (111 download)
Download or read book Essays in Empirical Corporate Finance written by Malgorzata Teresa Ryduchowska and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Omar Hossain Ahsan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Essays in Empirical Corporate Finance and Labor Economics written by Omar Hossain Ahsan and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I show that these results are likely driven by career concerns, rather than carelessness, by showing their error rate does not increase with tenure in situations where it would not reduce their workload.
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 : Joakim Bång
Publisher :
ISBN 13 : 9789172588516
Total Pages : 119 pages
Book Rating : 4.5/5 (885 download)
Download or read book Essays in Empirical Corporate Finance written by Joakim Bång and published by . This book was released on 2011 with total page 119 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:
