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Three Essays In Cross Border Finance
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Book Synopsis Three Essays In Cross-border Finance by : Moon Sub Choi
Download or read book Three Essays In Cross-border Finance written by Moon Sub Choi and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Ph.D. dissertation investigates various areas in financial economics: market microstructure, corporate finance, asset pricing, and financial econometrics. The three comprising essays have a common ground: cross-border finance. Chapter One documents the impact of differential private information on relative asset pricing across borders by studying the probability of informed trading (PIN) for Canadian shares traded on exchanges separated by Niagara Falls. Relative to the New York Stock Exchange (NYSE), the Toronto Stock Exchange (TSX) has more informed trades and accounts for a larger information share, indicating that informed traders contribute to cross-border price discovery. The information imbalance across the two markets is associated with small but positive price premiums for New York trades. The dynamics of these premiums depends on trade informedness. Lastly, the PIN of a TSX -listed share typically rises upon cross-listing on the NYSE, which is consistent with negative abnormal returns of the original listing. The theory of corporate governance suggests that managers of poorly governed firms are more likely to make poor investment decisions, and the evidence on high antitakeover provision (ATP) firms is consistent. In Chapter Two, I study the effect of domestic and foreign takeovers by U.S. firms and find that high-ATP bidders tend to pay relatively high premiums for either targets. While this suggests that these firms make poor decisions, high-ATP bidders also experience relatively high event study returns at times of foreign takeover news. This contradicts the findings of Masulis et al. (2007) for domestic takeovers. Finally, Chapter Three explores the convergence between the prices of American Depositary Receipts (ADRs) listed by Asia-Pacific firms and their original shares listed on home exchanges. Instead of relying on conventional parametric approaches that carry embedded model-specification errors, I contribute to the literature by introducing a nonparametric technique to estimate the convergence speed parameter. I present the time-varying characteristics of both firm and country-level convergence speed parameters. Furthermore, I empirically verify and visually corroborate the comparative dynamics of convergence with respect to short sales restrictions, trading time differences, and market-tier measures proxied by the Morgan Stanley Capital International indices. I conclude that enhancement in market efficiency accelerates the reversion to the parity of ADR -pairs.
Book Synopsis Three Essays on Cross-border Mergers and Acquisitions in Emerging Markets by : Peng Cheng Zhu
Download or read book Three Essays on Cross-border Mergers and Acquisitions in Emerging Markets written by Peng Cheng Zhu and published by . This book was released on 2009 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Finance by : Byong-Ju Lee
Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by Stanford University. This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Book Synopsis Three Essays on International Corporate Finance by : Burcin Col
Download or read book Three Essays on International Corporate Finance written by Burcin Col and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This thesis consists of three essays on issues that affect valuation and capital allocation decisions of multinational companies (MNCs). The first essay explores the valuation consequences of tax avoidance using an international sample of cross-border mergers that involve tax haven targets and/or acquirers. Cross-border mergers with haven-based firms offer a refined setting to study the valuation implications of tax avoidance. Firms can achieve tax savings through these transactions in two ways: 1) selling to an acquirer based in a tax haven, hence making the newly created multinational a haven resident or 2) setting up a subsidiary in these locations by targeting a tax haven firm. Using the data on cross-border M&As for the period from 1989 to 2010, we find that the announcement returns to targets and acquirers of tax haven firms are lower relative to a control sample of non-tax motivated M&As.
Book Synopsis Three Essays on Empirical Corporate Finance by : Sumingyue Wang
Download or read book Three Essays on Empirical Corporate Finance written by Sumingyue Wang and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A common thread of the three chapters addresses the abovementioned trends and focuses on the internationalization decisions of both firms and PEs. I try to explore how technology transfer motivations, cultural distance, corporate governance, and country level characteristics affect the choice and performance of these international investments. Some of the research questions I tackle are: does the aim of technology transfer affect the decision of cross-border M&As? How do emerging-market acquirers create value in the international mergers? How would cultural, geographical distance and institutional distance affect the performance of cross-border M&As and the performance of international investments made by PEs?
Book Synopsis Three Essays in International Finance by : Tuvshintugs Batdelger
Download or read book Three Essays in International Finance written by Tuvshintugs Batdelger and published by . This book was released on 2009 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Finance by : Gregory Peter Hopper
Download or read book Three Essays in International Finance written by Gregory Peter Hopper and published by . This book was released on 1993 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three essays on international finance by : Meifang Xiang
Download or read book Three essays on international finance written by Meifang Xiang and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Finance by : Alexandre Jeanneret
Download or read book Three Essays in International Finance written by Alexandre Jeanneret and published by . This book was released on 2010 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Finance by : James Orlin Grabbe
Download or read book Three Essays in International Finance written by James Orlin Grabbe and published by . This book was released on 1981 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Finance by : Andrew Chen
Download or read book Three Essays in International Finance written by Andrew Chen and published by . This book was released on 2002 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Finance by : John Wingle
Download or read book Three Essays in International Finance written by John Wingle and published by . This book was released on 2000 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Corporate Finance and Financial Institutions by :
Download or read book Three Essays in Corporate Finance and Financial Institutions written by and published by . This book was released on 2014 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis conducts empirical studies related to financial institutions and corporate finance. Specifically, I look at banks' lending behavior, performance of leveraged buyouts (LBOs), and the cultural impact on cross-border LBOs. Following an introduction in Chapter 1, in Chapter 2, I study U.S. commercial banks' herding behavior in their domestic loan decisions, where herding is defined as the extent to which banks deviate from the industry average lending decisions and collectively increase or decrease loans to certain categories. I find significant evidence that herding exists and that banks tend to herd more when the economic condition is less favorable, regulation is tight, and when banks are struggling . Overall, these findings support the hypotheses of information asymmetry and regulatory arbitrage as motivations for herding. Chapter 3 provides a comprehensive study of LBO deal characteristics, participants' involvement, and their impact on target firms' performance. I find that better post-buyout operating performance is associated with larger amounts of leverage added during the LBO process, tighter LBO loan covenants, and equity contribution by target firms' incumbent management. LBOs are more likely to exit through an IPO or a sale if they use more bank debt with tighter covenants and are sponsored by private equity (PE) firms of high reputation. These results suggest that the main source of value creation in LBOs is the reduced agency costs through the disciplining effect of debt, closer monitoring by lenders, and the better aligned management incentives. PE reputation is also important in ensuring successful deal outcomes. Chapter 4 (co-authored) examines the impact of cultural differences between PE firms and target firms on the completion of cross-border LBOs. We find that cultural distance between PE and target firms reduces the likelihood of buyout completion and increases the time between buyout announcement and completion. We also find that club deals moderate the negative (positive) impact of cultural distance on the likelihood (the duration) of LBO completion. This mitigation effect is through the increased familiarity channel of club formation. Our findings contribute to the literature that underscores the importance of culture in economic outcomes.
Book Synopsis Three Essays in Finance by : Ghada Gaber Ismail
Download or read book Three Essays in Finance written by Ghada Gaber Ismail and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation research comprises three essays in finance. The first and second essays study the effect of religion on corporate decision making and financial reporting. The first essay shows that contingent payment in mergers and acquisitions not only violates Islamic law but also results in several agency issues by creating an incentive for managers to participate in long-term value-destroying behavior during earnout periods. Our empirical results, using regression as well as difference-in-difference estimation, show that target managers significantly manage earnings upward by cutting discretionary expenses during earnout periods. As compared to a sample of matched non-earnout M&A, acquisitions with earnout clauses are followed by significantly lower long-term abnormal returns. Our arguments and results have significant economic and legal consequences on cross-border M&A and could be used to facilitate worldwide economic integration. The second essay argues that financial statement analytical tools could violate several commands of the Islamic law. Specifically, traditional liquidity ratios imply undervaluation, uncertainty, and interest bearing aspects that are strictly prohibited in the Islamic law. We propose an Islamic-compliant measure of corporate liquidity. In order to validate our proposed ratio as a measure of corporate liquidity, we incorporate it in the traditional corporate bankruptcy prediction models. Our measure significantly improves the accuracy of the corporate bankruptcy prediction models of Altman (1968) Z-score and Ohlson (1980). The third essay conjectures that strong brands reduce the propensity of firms to engage in activities that lead to earnings restatements and accounting fraud. Our empirical results show that firms with valuable brands are less likely to announce (1) accounting restatements, (2) income-decreasing restatements, and (3) restatements that involve an SEC investigation. Our findings establish another channel through which valuable brands enhance firm value.
Book Synopsis Three Essays in International Finance by : Sritharan Nadesan
Download or read book Three Essays in International Finance written by Sritharan Nadesan and published by . This book was released on 1992 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on International Finance and Macroeconomics by : Hiroyuki Ito
Download or read book Three Essays on International Finance and Macroeconomics written by Hiroyuki Ito and published by . This book was released on 2004 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Finance by : Raman S. Uppal
Download or read book Three Essays in International Finance written by Raman S. Uppal and published by . This book was released on 1989 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
