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Three Essays In Entrepreneurial Financial Markets
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Book Synopsis Three Essays in Entrepreneurial Financial Markets by : Steven H. Wagner
Download or read book Three Essays in Entrepreneurial Financial Markets written by Steven H. Wagner and published by . This book was released on 2012 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Theorists have shown how credit enhancement in the generic form of collateral can mitigate market failures in credit markets. None of these models has explained, however, why a guarantee rather than collateral will appear in the equilibrium debt contract. In the first essay, I develop optimal debt contracting models under moral hazard to show that lower transactions costs associated with guarantees make them more efficient than collateral. The guarantee contract is feasible, however, only if the business owner is sufficiently wealthy relative to the loan amount. This result suggests that market failure may occur if a small business owner with a high-return project has inadequate personal wealth to guarantee a loan. The second essay in this dissertation uses data from the 2003 Survey of Small Business Finances to empirically test the predictions of the first essay. I estimate both multinomial logit and ordered probit models to examine the effect of guarantor wealth on the equilibrium enhancement structure for lines of credit. I find that increasing owner wealth results in an increased likelihood that a line of credit will be enhanced with only a personal guarantee and a decreased likelihood that the line of credit will be secured with collateral. I also find that use of the more efficient guarantee is less prevalent when the borrower is located in a non-competitive banking market. Both results are consistent with predictions of the first essay. Relationships between small businesses and financial intermediaries are generally viewed only as mechanisms that arise to mitigate informational asymmetries in credit markets. In the third essay, I use a pooled cross section of the 1988, 1993, 1998 and 2003 Surveys of Small Business Finances to study relationships between small businesses and their primary source of financial services. I find evidence that mechanisms other than mitigation of informational asymmetries in credit transactions influence the structure and benefits associated with maintaining relationships. I also find that the two empirical measures of relationship strength decreased between 1988 and 2003 as the small business credit market was being transformed by bank consolidation, financial deregulation and technological innovation in small business lending."--Abstract from author supplied metadata.
Book Synopsis Three Essays on the Efficiency of Selected Financial Markets by : Fabian Ackermann
Download or read book Three Essays on the Efficiency of Selected Financial Markets written by Fabian Ackermann and published by . This book was released on 2014 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Finance by : Liang Peng
Download or read book Three Essays in Finance written by Liang Peng and published by . This book was released on 2002 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Financial Market Innovation by : Mondschean Thomas Herbert
Download or read book Three Essays on Financial Market Innovation written by Mondschean Thomas Herbert and published by . This book was released on 1989 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Financial Economics by : Rajiv Sobti
Download or read book Three Essays in Financial Economics written by Rajiv Sobti and published by . This book was released on 1984 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Financial Development in Emerging Markets by : Katharina Diekmann
Download or read book Three Essays on Financial Development in Emerging Markets written by Katharina Diekmann and published by . This book was released on 2013 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Finance by : Xiankui Hu
Download or read book Three Essays in Finance written by Xiankui Hu and published by . This book was released on 2009 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Finance by : Gang Xiao
Download or read book Three Essays in Finance written by Gang Xiao and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Financial Economics by : Hongtao Zhou
Download or read book Three Essays in Financial Economics written by Hongtao Zhou and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Financial Economics by : Bin Zhou
Download or read book Three Essays on Financial Economics written by Bin Zhou and published by . This book was released on 1998 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Financial Innovation by : Peter Tufano
Download or read book Three Essays on Financial Innovation written by Peter Tufano and published by . This book was released on 1989 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Innovation and Entrepreneurial Finance by : Paul P. Momtaz
Download or read book Essays in Innovation and Entrepreneurial Finance written by Paul P. Momtaz and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters.In Chapter 1 of the dissertation, I contribute to the inconclusive literature on labor empow- erment and corporate innovation. The paper exploits a law that creates Labor-Controlled Firms (LCFs) for identification in a regression discontinuity design using administrative data that link employers, inventors, and patents in Germany. The law mandates that firms with more than 500 or 2,000 employees have a minority (33%) or parity (50%) share of labor-elected directors on their boards, respectively. Local average treatment effects on the number of patents and the forward citation-weighted number of patents per LCF are significantly positive at both the minority and parity cutoffs, although forward citations per patent are significantly negative at the parity cutoff. The results suggest that labor control causes innovative productivity to increase at the expense of a relative shift from exploratory toward exploitative search. Auxiliary tests support this conclu- sion. Labor control insures employed inventors against adverse labor market shocks, increasing firm-related specialization through longer employment spells while reducing the intensive margin of innovative labor supply. Moreover, inventors' marginal income per patent is insensitive to the quality of the patent when the employer is labor-controlled, suggesting a lack of financial incen- tives for exploratory search in LCFs. In Chapter 2, we estimates that shares in Private Investments in Public Equity (PIPEs) offered a discount of 3% for each year during which these shares could not be resold. The discount can be substantially larger in offerings in which marketability is a greater concern. Our estimates make use of the duration of the resale restriction and information about the effects of a regulatory change. In 2008, the SEC amended Rule 144 to shorten the default statutory holding period. Our estimates are smaller than previous estimates and robust to various controls and endogeneity concerns. In Chapter 3, we offer evidence from acquisition decisions that suggests that antitakeover pro- visions (ATPs) may increase firm value when internal corporate governance is sufficiently strong. We document that, in Germany, firms with stronger ATPs, and particularly supermajority provi- sions, are better acquirers. Managers of high-ATP firms create value in acquisitions by making governance-improving deals. They are more likely to engage in acquisitions that reduce their own entrenchment level and less likely to invest in declining industries. The empirical evidence is consistent with a short-termist interpretation. Takeover threats can induce myopic investment decisions, which ATPs can mitigate. They also lead managers to engage more often in value- creating long-term and innovative investing, and increase their sensitivity to investment opportu- nities. Our findings contribute to a growing literature challenging conventional wisdom that the agency-increasing effect of ATPs empirically dominates the myopia-eliminating effect, suggesting that a more contextual view of the value implications of ATPs is necessary.
Book Synopsis Essays on Financial Markets and Growth by : Jacques Olivier
Download or read book Essays on Financial Markets and Growth written by Jacques Olivier and published by . This book was released on 1996 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Financial Economics by : Dexin Zhou
Download or read book Three Essays on Financial Economics written by Dexin Zhou and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Financial Frictions, Entrepreneurship and Economic Development by : Rasim Burak Uras
Download or read book Essays in Financial Frictions, Entrepreneurship and Economic Development written by Rasim Burak Uras and published by . This book was released on 2010 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that study the economic implications of financial frictions on entrepreneurial investment decision making and aggregate economic performance. The first essay studies investment horizon choice of a distribution of entrepreneurs when a fraction of the financiers within the economy consists of impatient type of lenders. The second essay studies the effects of financial contract enforcement in promoting productive entrepreneurship and economic development. The third essay studies the link between financial development and entrepreneurial capital-labor management. In the first essay, I study the effects of incomplete insurance in financial contracts on risk taking, investment horizon choice and productivity of a distribution of heterogeneous entrepreneurs. I develop a highly-stylized three-period OLG model in which young financiers are heterogeneous in terms of their liquidity needs. As a result, in the model only a fraction of financiers are patient enough to consider their long term lending opportunities. The lending options of financiers are short and long term and any combination of both which result in either short term or long term investment projects undertaken by entrepreneurs. In this setting, equilibrium investment composition (short term vs. long term) and productivity levels of entrepreneurs are determined by their intrinsic entrepreneurial ability distribution, as well as by the fraction of the patient type of financiers in the economy. When productivity improves, entrepreneurial firms increase their capital investment; however, whether they shift to long term oriented projects or not is strongly linked with the liquidity needs of the financiers. Cross-country data shows a positive correlation between a nation's contract enforcement level and its ability to adopt modern technologies. In the second essay of my dissertation, I study the role entrepreneurial incentives play in shaping this empirical observation. I develop and solve a life-cycle model with limited financial contract enforcement, entrepreneurial heterogeneity (ability and financial pledgeability) and technology choice. In the model production processes can be undertaken using either the Traditional or the Modern technology. Depending on the entrepreneurial ability, the modern technology can be more productive relative to the traditional technology, but the former requires a long-term investment making entrepreneur's pledgeability important in his choice. In equilibrium the level of contract enforcement and entrepreneurial characteristics endogenously determine (1) the investment size and (2) the technology choice. Key results of the paper indicate that when financial contract enforcement is weak, the investment size and the intensity of modern technology use of entrepreneurial firms are positively correlated with financial pledgeability. Collateral-building associated with short term investment is important for the results. I calibrate the model to study its quantitative properties. Quantitative experiments illustrate sizeable positive effects of financial contract enforcement on aggregate output and aggregate modern technology adoption for the U.S. economy. Furthermore, counterfactual analysis shows that if financial contract enforcement in Turkey (a low enforcement economy) improves to the U.S. level (a high enforcement economy), output rises by 13-15%; and one third of this change is due to the increase in the rate of modern technology adoption. The third essay in my dissertation provides a quantitative analysis on the effects of firm level financial characteristics in explaining the observed industry-wide productivity heterogeneity in U.S. firm level data. In the first part of the essay, I develop a model in which the interplay between capital and financial market frictions endogenously determine capital-labor ratio decisions of entrepreneurial firms. In this economy capital is costly to rent to some producers due to investment related moral hazard. Therefore, it is beneficial for such entrepreneurs to purchase the capital good instead of renting it. Entrepreneurs can internalize the cost of capital by borrowing in the financial market. However, the amount which can be borrowed is constrained by an entrepreneurs financial market reputation (pledgeability) and his financial asset liquidity (collateral). In equilibrium, firms with lower pledgeability and/or lower liquidity become more labor intensive relative to firms with higher pledgeability and/or liquidity. Distortions to capital rental rates augment the sensitivity of capital-labor choice with respect to firm level financial pledgeability and liquidity. In the second part of the essay, the analytical results are tested in a panel data analysis. Using proxies for "labor intensive production", "financial pledgeability", and "financial asset liquidity" for a large sample of U.S. firms from Compustat North America, I show that low pledgeability and low asset liquidity are associated with labor intensive production. The third part of the essay provides a quantitative analysis. I choose seven major industries in the U.S. economy. For these industries, I show that ability to borrow against financial pledgeability and asset liquidity mitigate the distortionary effects of non-uniform capital rental rates and decrease intra-industry productivity dispersion while increasing industry total factor productivity by quantitatively important proportions. However, there are differential effects of financial pledgeability and financial asset liquidity on aggregate industry performance. My results suggest that the way sectoral firms benefit from the presence of financial pledgeability and asset liquidity depend on sector specific characteristics.
Book Synopsis Three Essays in Finance Economics by : Chuanliang Jiang
Download or read book Three Essays in Finance Economics written by Chuanliang Jiang and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Efficiency of Financial Markets by : Tal Moshe Fishman
Download or read book Essays on the Efficiency of Financial Markets written by Tal Moshe Fishman and published by . This book was released on 2007 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation presents theory and evidence from three independent perspectives on the informational efficiency of financial markets.
