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Author : Peter Tufano
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.F/5 ( download)
Download or read book Three Essays on Financial Innovation written by Peter Tufano and published by . This book was released on 1993 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lipeng Wang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)
Download or read book Three Essays on Finance and Innovation written by Lipeng Wang and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luciano Alfredo Somoza
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)
Download or read book Three Essays on Innovation in Finance written by Luciano Alfredo Somoza and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thèse. HEC. 2023
Author : Martina Fraschini
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Three Essays on Innovation in Finance written by Martina Fraschini and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thèse. HEC. 2022
Author : Luis Alfredo Hernandez-Aramburo
Publisher :
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.:/5 (326 download)
Download or read book Three Essays on the Standard of Value and Financial Innovation written by Luis Alfredo Hernandez-Aramburo and published by . This book was released on 1994 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Boris Vallée
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (94 download)
Download or read book Three Essays on Financial Innovation written by Boris Vallée and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is made of three distinct chapters that empirically investigate financial innovation in different fields: household finance, public finance and financial institutions. The first chapter presents a work joint with Claire Célérier,analyzing the growing complexity of retail structured products, and how bank use complexity to mitigate competitive pressure.The second chapter, joint with Christophe Pérignon, studies how local governments strategically use toxic loans according to their political incentives. The third chapter explores the effects of exercising contingent capital, and how these instruments can contribute to solving the bank leverage dilemna.
Author : 王友珊
Publisher :
ISBN 13 :
Total Pages : 260 pages
Book Rating : 4.:/5 (629 download)
Download or read book Three Essays on Innovation, Intervention, and Market Efficiency written by 王友珊 and published by . This book was released on 2005 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Iván Blanco
Publisher : Ed. Universidad de Cantabria
ISBN 13 : 8481028770
Total Pages : 90 pages
Book Rating : 4.4/5 (81 download)
Download or read book Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation written by Iván Blanco and published by Ed. Universidad de Cantabria. This book was released on 2019-02-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Author : Mondschean Thomas Herbert
Publisher :
ISBN 13 :
Total Pages : 422 pages
Book Rating : 4.:/5 (89 download)
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:
Author : Martin Shubik
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (13 download)
Download or read book Three Essays on the Theory of Money and Financial Institutions Essay 3 written by Martin Shubik and published by . This book was released on 2017 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay is the third of three. The first is nontechnical and in part autobiograhpical describing the evolution of my approach to developing a microeconomic theory of money and financial institutions. The second essay was devoted to a more formal sketch of a closed economic exchange system with no other externalities beyond money and markets. This essay builds on the existence of monetary exchange but also context, and active government with nonsymmetric information and many externaties indicate that the views of Keynes, Hayek and Schumpeter are all consistent with the next stages of complexity as the logic requires many different arrays of institutions to provide the necessary economic functions and adjust to the variety of socio-economic contexts.
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 : Martin Shubik
Publisher : MIT Press
ISBN 13 : 9780262693110
Total Pages : 472 pages
Book Rating : 4.6/5 (931 download)
Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Author : Martin Shubik
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (13 download)
Download or read book Three Essays on the Theory of Money and Financial Institutions Essay 2 written by Martin Shubik and published by . This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay is the second of three. The first is nontechnical and in part autobiographical describing the evolution of my approach to developing a micro economic theory of money and financial institutions. This essay is devoted to a mathematical sketch of a closed economic exchange system with general equilibrium GE and rational expectations RE viewed game theoretically. It squeezes the last drop out of statics and an illusory dynamics in the form of the RE extension of GE with no other externalities beyond money and markets. The third essay builds on process models adding uncertainty, innovation, an active government, nonsymmetric information and other externaties that all lead away from a static equilibrium model to an evolving entity where competition involving finance and innovation is part of a dynamic non-equilibrium process.
Author : Benjamin Lozano
Publisher : Routledge
ISBN 13 : 9781138379329
Total Pages : 142 pages
Book Rating : 4.3/5 (793 download)
Download or read book Of Synthetic Finance written by Benjamin Lozano and published by Routledge. This book was released on 2018-09-18 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Synthetic finance revolutionizes materialism such that we can now create wealth in the process of universally distributing it. While financial innovation in global capitalism provided the conditions for the 2008 financial crisis, it has also engineered a set of financial technologies with universal distributive potential. This bookexplains this possibility anddemonstrates how it can be achieved through a rigorous ontological exposition of the radical, nomadic, distributive power of synthetic finance. It also illustrates that Gilles Deleuze is the heterodox political economist who best reveals its profound material capacities. This book articulates an innovative method for the study of finance, fundamentally revaluates political economy as a discipline and practice, and inaugurates a research project from which derivative methodologies and approaches to critical finance can evolve. Of Synthetic Finance actualizes a new kind of heterodox political economy called speculative materialism, and advocates a radical project of speculative materialist financial engineering. Both of these are predicated on the deployment of the latent, nomadic, monstrous capacities of synthetic finance to create and universally distribute risk and cash flow. This book is a must read for anyone interested in critical finance, the financial crisis and the future of political economy.
Author : Rejo Joby Peter
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (136 download)
Download or read book Empirical Essays on Finance and Innovation written by Rejo Joby Peter and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three empirical studies in finance and innovation. I study various financial factors affecting innovation such as stock market manipulation and public to private transaction. I also investigate the effect of ownership structure on these public to private transactions. The first study finds that the End-of-day price manipulation is associated with short-termism of the firms orientation, long-term harm to a firms equity values, and commensurate with reduced incentives for employees to innovate. Insider trading, by contrast, enables innovators to achieve exacerbated profits from innovation. Using a sample of suspected manipulation events for all stocks from nine countries over the years 2003-2010, I find evidence consistent with these real impacts of market manipulation on innovation. These findings are not attributable to bad firms innovating less and manipulating more, since the average firm subjected to manipulation in the sample is more innovative during the pre-manipulation period. The second study investigates the effect of going private buyout transactions on the investments in innovation using an international sample of buyout transactions from 36 countries over 1997 to 2011. Patent counts and citations are used to proxy for quantity, quality and economic importance of innovation. The data indicate that the effect of buyouts on innovation is quite sizable in terms of quantity and quality, as both patent counts and citations drop following a buyout. I also find that the number of radical patents (i.e. more scientific) drop as well. When we split the sample into institutional and management buyouts the negative association is only confirmed for institutional buyouts. We find that the negative effect of buyouts on innovation is aggravated in post-2006 period, suggesting that the nature of deals has worsened for innovation over time. The data also show that buyouts have a negative effect on innovation efficiency. The third study considers ownership structure of target firms that are subject to going private buyout transactions, which are often highly leveraged and give rise to potential agency conflicts among existing shareholders. In this study, I examine ownership structure prior to going private transactions in 33 countries around the world from 2002 to 2014.The data indicate strong and consistent evidence that pre-going private ownership is characterized by higher institutional and corporate ownership. Family ownership lowers the probability of a public to private transaction. Stronger creditor rights increase the probability of going private particularly for whole company and institutional buyouts.
Author : Hilary Shane
Publisher :
ISBN 13 :
Total Pages : 250 pages
Book Rating : 4.:/5 (187 download)
Download or read book Three Essays in Empirical Finance on High Technology Firms written by Hilary Shane and published by . This book was released on 1995 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Da Eun Jung
Publisher :
ISBN 13 : 9781303262654
Total Pages : 91 pages
Book Rating : 4.2/5 (626 download)
Download or read book Three Essays in Finance written by Da Eun Jung and published by . This book was released on 2013 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt:
