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Author : Violetta Y. Davydenko
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Three Essays on Corporate Bonds Issuance and Trading written by Violetta Y. Davydenko and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jens Dick-Nielsen
Publisher :
ISBN 13 : 9788759384473
Total Pages : 122 pages
Book Rating : 4.3/5 (844 download)
Download or read book Three Essays on Corporate Bond Market Liquidity written by Jens Dick-Nielsen and published by . This book was released on 2010 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The three essays study the US corporate bond market with special attention to bond liquidity. All essays are empirical studies which rely heavily on the availability of transactions data. Earlier studies had to use quoted bond prices for empirical studies, but with the introduction of the TRACE system and with the following dissemination of transaction prices the data quality on corporate bonds has improved immensely. In the years after 2000 a range of studies assessed the performance of structural credit risk models and found that they were not able to fully explain the size of the average credit spread for corporate bonds. Huang and Huang (2003) suggested (among others) that the remaining non-default-component of the credit spread was an illiquidity premium. Using transaction data this thesis studies the impact of illiquidity and trading frictions on corporate bonds.
Author : Melissa Kaye Woodley
Publisher :
ISBN 13 :
Total Pages : 170 pages
Book Rating : 4.:/5 (234 download)
Download or read book Three Essays on Corporate Bonds written by Melissa Kaye Woodley and published by . This book was released on 2007 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Aoran Zhang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Three Essays on the Role of Political Connections in Corporate Finance written by Aoran Zhang and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation investigates the influence of political connections on corporate financing activities in China. The thesis consists of three chapters. In the first essay, we explore whether and how political connections affect the likelihood of completing a cross-border M&A deal for Chinese publicly listed, but privately-owned enterprises (POEs) and the resulting firm performance. In line with the proposed political connection trade-off theory, we demonstrate that POEs with politically connected top managers are more likely to complete a cross-border M&A deal than POEs with no such connections, but that this comes at the cost of negative announcement returns and subsequent lower accounting performance. These findings support the idea that politically connected top managers engage in empire building behavior at the cost of shareholders' wealth. In the second essay, we examine how political connections influence the likelihood of corporate bond issuance for POEs in China. Using a sample of Chinese POEs from 2007 to 2016, the research shows that politically-connected POEs are more likely to issue corporate bonds as a debt-financing instrument than their non-connected counterparts, and that they achieve lower coupon rates (i.e., lower refinancing costs). On the other hand, this research indicates that corporate bond-issuing POEs in China have weaker corporate governance and a surprisingly higher default probability. Overall, the results show that the corporate bond market in China is strongly distorted by political factors. In the third essay, we study how implicit government guarantees affect the yield spreads of Chinese corporate bonds. We presume that quasi-municipal corporate bonds (so called "Chengtou" bonds), issued by local government financing vehicles (LGFVs), carry an implicit government guarantee. Using a sample of publicly traded corporate bonds between 2010 and 2017, we find that bond investors are significantly less sensitive to bond-specific risks for corporate bonds with an implicit government guarantee: the yield spreads of Chengtou bonds are significantly lower than those of corporate bonds issued by POEs in China. We also find that corporate bonds from Northeast China are riskier than those issued by firms elsewhere in the country. Furthermore, we discover that policy changes introduced by the central government, which were intended to regulate local debt financing activities, significantly reduced the gap in yield spreads between Chengtou bonds and bonds issued by POEs. Overall, the empirical results suggest that implicit government guarantees play a crucial role in corporate debt market and that China's recent policy changes reduce the effectiveness of implicit government guarantees, making corporate bond market more market-oriented.
Author : Ming Fang
Publisher :
ISBN 13 :
Total Pages : 320 pages
Book Rating : 4.:/5 (132 download)
Download or read book Three Essays on Corporate Bonds and Their Impacts on Firms' Investment Decisions written by Ming Fang and published by . This book was released on 2006 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Brian Mattmann
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Three Essays on the Market Microstructure of U.S. Corporate Bond Markets written by Brian Mattmann and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luca Blasi
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Three Essays on Corporate Bonds Pricing and Risk Management written by Luca Blasi and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note is part of Quality testing.
Author : Elmira Shekari Namin
Publisher :
ISBN 13 :
Total Pages : 274 pages
Book Rating : 4.:/5 (12 download)
Download or read book Three Essays on Corporate Bonds Yield Spreads, Credit Ratings and Liquidity written by Elmira Shekari Namin and published by . This book was released on 2017 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eric Rosengen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)
Download or read book Three Essays on written by Eric Rosengen and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : R. Matthew Darst
Publisher :
ISBN 13 : 9781321982442
Total Pages : 205 pages
Book Rating : 4.9/5 (824 download)
Download or read book Essays on Credit Default Swaps and Corporate Debt Financing Decisions written by R. Matthew Darst and published by . This book was released on 2015 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract : The chapters of this dissertation examine the influence credit default swaps (CDS) have a number of different corporate debt financing outcomes. Chapter Two studies the effects CDS have on firm financing in a general equilibrium production economy with heterogeneous firms. Covered CDS lower borrowing costs for all firms even when CDS contracts are traded on only one firm type. This leads to higher investment levels in the economy, but raises the likelihood of default when productivity shocks are bad. Naked CDS raise borrowing costs for all firms even when CDS contracts trade on a single firm type. This lowers investment levels in the economy, and lowers the likelihood of default. Lastly, we show that both Covered and Naked CDS induce borrowing cost spillovers to all firm types even when CDS do not exist for all firm types.Chapter Three investigates the effects that CDS have on the term-structure of corporate bonds. I find that covered CDS tend to lengthen average debt maturity which is consistent with recent empirical work. Covered CDS lower borrowing costs, the benefits of which become consolidated at the time of issuance when the firm issues long term debt rather than a sequence of short term bonds, which exposes the firm to bond price updating. Additionally, naked CDS may shorten average debt maturity and create “maturity mis-match” in corporate debt markets. Naked CDS raise borrowing costs which also become consolidated at the time of issuance when firms issue long term debt rather than short term bonds, and incentivizes the firm to issue risky short term debt. Furthermore, naked CDS may destroy equilibrium whenever firms issue short term debt.Chapter Four tests whether trading in CDS markets lead to borrowing cost spillovers across firms that are not named reference entities in CDS transactions. General equilibrium models of firm financing with CDS suggest that collateralized CDS contracts may reallocate capital away from bond markets and into derivative markets. We find evidence, conditional on firm rating, that the introduction of CDS affects the cost of issuing bonds for firms who are not single-named CDS reference entities. Borrowing costs for investment-grade firms increase, whereas borrowing costs for high-yield firms decrease when CDS are introduced for equivalently rated firms. We attribute the difference in borrowing costs across ratings classes due to differences in how CDS affect the liquidity of investment-grade versus high-yield corporate bonds. Various robustness checks are conducted for the endogeneity of both CDS introduction and bond issuance.
Author : Luis Ceballos
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)
Download or read book Essays on Bond Markets written by Luis Ceballos and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three chapters on the topic of bond markets. The first chapter examines the pricing of inflation volatility risk --uncertainty on the unexpected component of inflation-- in the cross-section of expected corporate bond returns. I document a negative and significant inflation volatility risk premium (IVRP) obtained from the difference between high and low-inflation beta portfolios after accounting for common risk factors in the equity and corporate bond markets. Further, I find that the IVRP is partially explained by market risk and alternative measures of monetary policy shocks. Lastly, I show that the IVRP is associated with firms that incur in debt maturity management to mitigate refinancing risks. The second chapter analyzes the systemic impact of massive pension funds' portfolio reallocations triggered by a financial advisory firm in Chile. We analyze the main channels by which government yields are affected and trace their impact on households financing costs. We document significant and persistent price pressure in the domestic government bond market after portfolio switching recommendations. Further, we find persistent changes in government yields, particularly in long-term inflation-linked bond yields, triggered by changes in the term premium component. Consistent with the relevance of inflation-linked bonds as the primary benchmark in setting interest rates, we find a substantial impact on households' financing costs. The third chapter focuses on financing decisions in the floating bond market. We use floating rate bond offerings and data from interest rate swaps to study the impact of firms' financing decisions. A trading strategy that is long the stock of firms that make smart decisions and short the stock of firms that make non-smart decisions earns a significant alpha relative to the three-factor, four-factor, and five-factor asset pricing models. Our results remain significant even after controlling for swap usage, different stock holding periods, operating performance hedging, and a quality minus junk factor. Both smart and non-smart firms experience jumps in abnormal investor attention around floating bond issuance dates, but smart firms on average experience greater overall abnormal attention with lower attention volatility.
Author : Shikong Luo
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)
Download or read book Essays in Corporate Finance written by Shikong Luo and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the importance of understanding the interaction between financial markets and the real economy, the indirect effects of secondary markets on corporate outcomes, however, are not well understood. This dissertation comprises three essays that aim to shed some light on this issue by exploring the unintended consequences for firms in response to trading activities in equity and derivative markets. Uninformative stock price fluctuations induced by volatile mutual fund flows may inflict a hidden financial cost on firms. The first essay proposes a measure of stock-level passive equity mutual fund flow-induced volatility pressure and find it to positively affect bond yield spread at issuance through higher perceived risks revealed by increased equity volatility. Although flow-induced volatility is costly to the borrowing firm, it has no significant association with future firm fundamental risk, in contrast to equity volatility. This study empirically reveals a dark side of passive investing. The second essay examines the effects of options trading activities on corporate liquidity management. Based on a large sample of U.S. non-financial firms, it documents a positive relationship between equity options trading intensity and corporate cash holdings. Along with the instrumental variable approach, the CBOE's Penny Pilot Program as an exogenous shock and the extensive margin analysis using option listings corroborate a causality interpretation of the baseline results. The relationship is mainly driven by firms where financial distress risk is high and debt-financed investments are constrained by liquidity issues. Overall, these results suggest a precautionary saving motive due to active options markets that provide risk-shifting incentives to firms. During 2005-2007, SEC conducted a pilot program that relaxed short-selling restrictions. Using a difference-in-differences methodology and a hand-collected dataset of derivatives usage from a sample of U.S. oil and gas producing firms, the third essay finds a relative increase in hedging intensity among pilot firms compared to non-pilot firms during the pilot program period. This effect is stronger when firms face higher financial distress risk and when managers' incentives are more closely tied to firm value. These results indicate that managers are incentivized to smooth operating income due to concerns about a rise in the cost of financial distress under short-selling pressures.
Author : Yüan Ma
Publisher :
ISBN 13 :
Total Pages : 366 pages
Book Rating : 4.:/5 (34 download)
Download or read book Essays on Corporate Bond Pricing and Insider Trading Regulation written by Yüan Ma and published by . This book was released on 2001 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yelena Larkin
Publisher :
ISBN 13 :
Total Pages : 372 pages
Book Rating : 4.:/5 (798 download)
Download or read book Three Essays on Financial Policy of a Firm written by Yelena Larkin and published by . This book was released on 2012 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first chapter of the dissertation analyzes how characteristics of a firm's brand affect financial decisions by using a proprietary database of consumer brand evaluation. It demonstrates that positive consumer attitude alleviates financial frictions by providing more net debt capacity, as measured by higher leverage and lower cash holdings. Brand perception reduces the overall riskiness of a firm, as strong consumer evaluations translate into lower future cash flow volatility, higher Z-scores, and better performance during recession. Creditors favor strong brands by demanding lower yields on corporate public bonds. The results are more pronounced among small firms and non-investment grade bonds, contradicting a number of reverse causality and omitted variables explanations. The second chapter develops a framework that shows how exactly market timing and trade-off forces coexist. The idea is that market timing benefits dominate trade-off costs when firms are close to their target leverage, but become offset by the rebalancing considerations when firms are farther away. Two sets of empirical results support the validity of the framework. First, the sensitivity of equity issuances to past stock performance is the highest among firms close to the target leverage. Second, the long-run performance of equity issuers is also a function of their deviation from target leverage. The lower the leverage of issuing firms is relative to the target, the worse their after-issuance returns are, consistent with higher market timing incentives compared to other issuers. The third chapter studies whether investors value dividend smoothing stocks differently by exploring the implications of dividend smoothing for firms' expected returns and their investor clientele. First, it demonstrates that dividend smoothing is associated with lower average stock returns in both univariate and multivariate settings. Some of this return differential can be attributed to lower risk, captured by return comovement among high (low) smoothing firms. Second, the chapter shows that institutional investors, and specifically, mutual funds, are more likely to hold dividend smoothing stocks. Last, firms that smooth their dividends issue equity more frequently. Together, these results are consistent with the role of dividend smoothing in mitigating the impact of agency conflicts on the cost of capital.
Author : Eric Neis
Publisher :
ISBN 13 :
Total Pages : 618 pages
Book Rating : 4.:/5 ( download)
Download or read book Three Essays in Financial Economics written by Eric Neis and published by . This book was released on 2006 with total page 618 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 672 pages
Book Rating : 4.F/5 ( download)
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2008 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : American Bar Association. House of Delegates
Publisher : American Bar Association
ISBN 13 : 9781590318737
Total Pages : 216 pages
Book Rating : 4.3/5 (187 download)
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
