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Three Essays On Market Structure And Capital Structure
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Book Synopsis Three Essays on Market Structure and Capital Structure by : Sung-Wook Lee
Download or read book Three Essays on Market Structure and Capital Structure written by Sung-Wook Lee and published by . This book was released on 1990 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three essays on capital structure by : Guangzhong Li
Download or read book Three essays on capital structure written by Guangzhong Li and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Real Consequences of Capital Structure by : Gordon Hanka
Download or read book Three Essays on Real Consequences of Capital Structure written by Gordon Hanka and published by . This book was released on 1994 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Capital Market with Incomplete and Asymmetric Information by : Chaoli Guo
Download or read book Three Essays on Capital Market with Incomplete and Asymmetric Information written by Chaoli Guo and published by Open Dissertation Press. This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Three Essays on Capital Market With Incomplete and Asymmetric Information" by Chaoli, Guo, 郭朝莉, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis includes one essay on incomplete information and two essays on the capital market implications of asymmetric information. The acquisition of information and its dissemination to all economic units are central activities in capital markets. Limits to information diffusion may exist when market participants have limited processing ability or when market structure causes information asymmetry to persist. Merton (1987) proposes a simple capital market equilibrium model with incomplete information, in which difference in a stock's investor recognition affects its cost of capital. Myers and Majluf (1984) lay out the theoretical foundation for the role of asymmetric information in corporate finance and its capital market implications. The first essay tests and offers support to Merton's (1987) theory. In the U.S. market, using the breadth of ownership among retail investors as a proxy for investor recognition, I show that a long-short portfolio based on the annual change of shareholder base earns a compounded annual abnormal return of 6.42% after controlling for the Fama-French three factors. These results are more pronounced among young, low visibility and high idiosyncratic volatility stocks. Moreover, I present evidence that the investor recognition effect can explain approximately 20% of the puzzling net equity issuance effect documented by Pontiff and Woodgate (2008). The second essay suggests a novel signaling mechanism in the framework of asymmetric information. When a firm's convertible debt is issued, it is not only determined by the fundamentals of the firm such as past stock performance, but also related to whether this performance is realized during the tenure of current CEO who decides the issues. I define the performance that the current CEO achieves in the firm ever since the CEO comes to the helm as CEO-specific performance. Higher CEOspecific performance leads to (1) a higher probability of convertible issues, and (2) a less negative abnormal stock return in response to the convertible issue announcement, controlling for other firm characteristics. These evidences indicate that CEO-specific performance serves as a credible information signal to influence the adverse selection costs between the firm and outside investors in convertible bond financing. The third essay explores the possibility of asymmetric information in explaining the pronounced share issue anomaly in the cross-sectional variations of stock returns, as documented by Pontiff and Woodgate (2008). A lot of equity share issue and repurchase actions are actively determined by the decision of corporate stakeholders, such as employees at the stock options exercises. As these stakeholders hold a large amount of private information about the firm, it is in their optimal decisions to try to time the exercise of their share purchase activity, but outside investors are likely to fail to interpret the information revealed from these actions. I present strong evidence that a negative relation between share issues and stock returns is affected to a greater extent when the information asymmetry problem is more severe. DOI: 10.5353/
Book Synopsis Three Essays on Capital Structure and Cross-Listing by : Saeed Ghasseminejad
Download or read book Three Essays on Capital Structure and Cross-Listing written by Saeed Ghasseminejad and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Financial Economics by : Harry Charles DeAngelo
Download or read book Three Essays in Financial Economics written by Harry Charles DeAngelo and published by . This book was released on 1977 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Capital Structure and Structured Finance by : Gabriel H. Neukomm
Download or read book Three Essays on Capital Structure and Structured Finance written by Gabriel H. Neukomm and published by . This book was released on 2012 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Evolution of Financial Structure and Performance of Young Firms by : Jie Zhang
Download or read book Three Essays on Evolution of Financial Structure and Performance of Young Firms written by Jie Zhang and published by . This book was released on 2008 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Market Structure and Trading Behavior by : Hao-Chen Liu
Download or read book Three Essays on Market Structure and Trading Behavior written by Hao-Chen Liu and published by . This book was released on 2007 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Empirical Capital Structure Research by : David Florysiak
Download or read book Three Essays on Empirical Capital Structure Research written by David Florysiak and published by . This book was released on 2011 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the Macroeconomic Effects of Financial Structure by : William Osterberg
Download or read book Three Essays on the Macroeconomic Effects of Financial Structure written by William Osterberg and published by . This book was released on 1986 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Market Structure by : Qingxin He
Download or read book Three Essays on Market Structure written by Qingxin He and published by . This book was released on 2013 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in Corporate Finance by : Yangyang Chen
Download or read book Three Essays in Corporate Finance written by Yangyang Chen and published by . This book was released on 2010 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Network Peer Effects on Firms and Financial Markets by : Bahman Fathi Ajirloo
Download or read book Three Essays on Network Peer Effects on Firms and Financial Markets written by Bahman Fathi Ajirloo and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that address recent topics in corporate finance that concern for scholars, policymakers, and investors. Main body of this dissertation has been developed based on the "nexus of contracts" theory of the firm which in recent years has sparked renewed debates on the motivation underlying firm size and boundary. The first essay explores a network of interconnected firms and examines the impact of the firm's relationships with peers, rivals, and customers on its capital structure, and how the firm's revealed peers influence its financing decisions. We demonstrate that industry classification approach is fraught with measurement error, and instead implement an alternative peer identification scheme that designates peer groups as those explicitly disclosed by managers to shareholders. The results contrast with previous studies that find only weak evidence for peer effects on capital structure. We find that peer effects are particularly strong when focal firms have persistent rivals, in the sense of supplying common customers for at least two consecutive years. While constructing the firm's actual network poses a challenge, the new approach can lead to more real-world insights about firm behavior. In the second essay, I approach to a challenging version of peer effects model with firm's and peer's multinomial decision outcome as endogenous and financial fundamentals as exogenous explanatory variables. I show that managers do not set dividend policy independently and they are significantly under the influence of few self-disclosed diverse competitors rather than industry peers. The test results show that firm's dividend change actions are significantly correlated with past dividend actions of its peers and it is highly predictable for the next period. I also investigate and report marginal effects of firm's and peers' different endogenous and exogenous determinants on the outcome decision variable for example a peer group with an overall dividend increase action in the past 180 days, increases the chance of the dividend increase in the focal firm. Considering the market capitalization of dividend paying firms, the identified marginal effects and prediction of the cash distribution are economically meaningful and important. In the third essay, I propose a new approach to model and measure intangible value of the firm as the joint of network feature and book value of the firm. Despite the growing importance, the empirical asset pricing research has struggled to evaluate the effects of intangible assets on firms' market value. Utilizing characteristics of the firm network, I propose a network-centric value factor to replace the under-performing traditional value factor (HML) in a series of asset pricing factor model. I show that the new value factor portfolio provides stronger performance in all periods of the sample. I also explore short and long strategies to better understand effects of the networks on value of the firms. Initial findings emphasize that asset pricing studies should adjust the factor models by including intangible network value of the firm.
Book Synopsis Economic Growth, Capital Structures, and Market Interdependence by : Sumit Agarwal
Download or read book Economic Growth, Capital Structures, and Market Interdependence written by Sumit Agarwal and published by . This book was released on 1999 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Capital Structure and Corporate Cash Holdings by : Brian John Clark
Download or read book Three Essays on Capital Structure and Corporate Cash Holdings written by Brian John Clark and published by . This book was released on 2010 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Corporate Governance, Equity Capital Structure, and Corporate Diversification by : Markus Schmid
Download or read book Three Essays on Corporate Governance, Equity Capital Structure, and Corporate Diversification written by Markus Schmid and published by . This book was released on 2004 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: