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Author : Liu Wang
Publisher :
ISBN 13 :
Total Pages : 252 pages
Book Rating : 4.:/5 (669 download)
Download or read book Three Essays on Cross-listing written by Liu Wang and published by . This book was released on 2010 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Saeed Ghasseminejad
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (18 download)
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:
Author : Pratanphorn Piriyakul-Frye
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.:/5 (18 download)
Download or read book Three Essays on the Effects of the Exchange Act Rule 12h-6 on Cross-listings of Foreign Firms in the U.S. Market written by Pratanphorn Piriyakul-Frye and published by . This book was released on 2018 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007 Exchange Act Rule 12h-6 relaxes the deregistration requirements for the U.S.-listed foreign firms to leave the U.S. market, opening an opportunity to examine the benefit and costs of listing in the U.S market for foreign firms. Using a sample of all U.S.-exchange cross-listing events during 1998-2012, the results document that the U.S. exchanges are more likely to attract a larger pool of foreign listing activities in the post-Rule 12h-6 period. This increased attractiveness of the U.S market, however, is worrisome as the post-Rule 12h-6 listings appear to be more pronounced among firms from countries with weaker investor protection. Likewise, the critical evidence, including a substantial decline in valuation premiums of U.S. cross-listing, and a significant increase in valuation gap between the U.S. domestic and the U.S.-listing foreign firms, raises more concern about the adverse impact of the new rule. Overall, the results suggest that while the rule enhanced the attractiveness of the U.S. market, its unintended consequences such as the weakening disclosure requirements and protection system can provoke a moral hazard issue in the U.S. cross-listing and ultimately may imperil the supremacy of the U.S. capital market.
Author : Omar Alejandro Esqueda
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (831 download)
Download or read book Three Essays on Cross-listings from Emerging Markets written by Omar Alejandro Esqueda and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Berlusconi Silvio (1936-). written by and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Zeitungsausschnitte (1992-2000).
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 : Jing Wang
Publisher :
ISBN 13 :
Total Pages : 155 pages
Book Rating : 4.:/5 (922 download)
Download or read book Three Essays on Pricing and Volume Distributions of Cross-listed Stocks written by Jing Wang and published by . This book was released on 2014 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation provides empirical evidences in global cross-listed stocks trading volume and pricing. The first essay documents the global trading volume distribution of cross-listed stocks and examines factors that make a host market competitive in attracting order flows from the counterpart domestic market. The results show that host markets are more successful in attracting trading volume when they have a higher information factor, have lower bid-ask spreads, provide better investor protection and information disclosure, share the common language or legal origin with the counterpart home markets and locate closer to the home market. The second essay investigates the market competitiveness among rival host markets based on a unique sample of global firms simultaneously cross-listed in multiple foreign countries. I present the global cross-listings and trading volume distributions cross host-home markets as well as over time, and provide robust evidences that host markets are more successful in attracting trading volume from other competing markets when they have lower bid-ask spreads, better legal protection, more market liquidity, higher level of financial development, and where the firms with longer listing history. Interesting, I consistently find that host countries with English common law origins are able to attract trading volume while French civil law origin host countries attract less trading activities. The third essay investigates the cross-listed stock price discovery process. I use synchronous trading data and the error correction model to find that prices on the home and the U.S. markets are co-integrated and mutually adjusting. The price adjustment in response to price disparity happens in both the home market and the U.S. (host) market. In most cases, domestic prices are dominant for the price discovery. However, I also observe a statistically significant amount of feedback from the U.S. markets. The greater the competition offered by the U.S. market, represented as larger U.S. proportion of trading volume, more informative U.S. share price, more liquidity, better legal protection and closer to the home market, the more price adjustment from domestic side toward the U.S. price.
Author : Richard Taylor Carson
Publisher :
ISBN 13 :
Total Pages : 608 pages
Book Rating : 4.:/5 (29 download)
Download or read book Three Essays on Contingent Valuation written by Richard Taylor Carson and published by . This book was released on 1985 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yaseen Salah Alhaj-Yaseen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (654 download)
Download or read book Three Essays on Financial Economics written by Yaseen Salah Alhaj-Yaseen and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: For a unique sample of Israeli stocks that went public in the U.S. and then cross-listed in the home market, Tel Aviv Stock Exchange (TASE), this dissertation consists of three essays examining the dynamics of return spillovers and volume-return interactions across markets and the valuation effect around the event of cross-listing and delisting from the home market. In Chapter II, I investigate the role of trading volume in the information flow and return spillovers between the U.S. and Israeli markets. Findings suggest that the dynamics of volume-return interactions across markets can provide us with valuable information regarding future price movements, which can be a useful tool to predict future returns. I also find the home market to dominate the host market in pricing these stocks, which is consistent with the Home Bias hypothesis. In Chapter III, I analyze the impact of the event of cross-listing on stock returns and risk exposure. The behavior of abnormal returns around the cross-listing date implies that cross-listing in TASE is an effective mechanism in reducing market segmentation between the U.S. and the Israeli capital markets. Risk assessment following the cross-listing suggests a decline firms' overall risk exposure, indicating a higher degree of integration between the two markets due to cross-listing. In Chapter IV, I evaluate changes in the cost-of-capital for Israeli firms after delisting voluntary from TASE, the home market, while maintaining their listing in the U.S., the host market. The results show a significant positive shift in U.S. and negative shift in Israeli market risk exposure after the delisting. These results indicate that firms delisting form their home market (TASE), face greater risk exposure, higher required returns on their stocks and, hence, higher cost-of-capital after delisting.
Author : Sadettin Aydin Yuksel
Publisher :
ISBN 13 :
Total Pages : 446 pages
Book Rating : 4.3/5 (129 download)
Download or read book Three Essays on the Microstructure of the Turkish Stock Market written by Sadettin Aydin Yuksel and published by . This book was released on 2000 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arturo Rubalcava Cervantes
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (11 download)
Download or read book Essays on TSE Shares Cross-listed in U.S. Trade Venues written by Arturo Rubalcava Cervantes and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis consists of three essays. The first essay examines whether an international trade venue clientele effect exists for Canadian shares cross-listed on the New York Stock Exchange (NYSE), American Stock Exchange (AMEX) and National Association of Securities Dealers Automated Quotation System (NASDAQ). The main hypothesis states that for trades of Canadian cross-listed shares on the Toronto Stock Exchange (TSE) and U.S. stock markets, assets with increasing (decreasing) trade costs as measured by the relative effective half-spreads across trade venues are held in portfolios with the same or expected increasing (decreasing) relative investors' holding periods. The results support this hypothesis for the Canadian cross-listed shares whose trades are executed on the TSE and each U.S. trade venue. The findings suggests that the TSE has consistently lost its share of executed order flow relative to the U.S. primary trade venues, and that this loss is associated with increased relative trade costs on the TSE. The second essay analyzes the determinants of the price impact at the announcement and issue dates for domestic and international seasoned equity offerings (SEOs) for Canadian shares cross-listed on the NYSE/AMEX or NASDAQ. In addition, it analyzes whether the determinants for domestic and international SEOs are the same for shares cross-listed on the NYSE/AMEX and NASDAQ, respectively. The findings indicate that the determinants of the market reaction at the announcement and issue dates for the SEOs of the Canadian cross-listed shares differ for all the studied samples and are unambiguously dependent on the SEO geographic placement and cross-listing U.S. trade venue. Finally, the third essay investigates whether the determinants of underwriter fees are the same for domestic and non-domestic SEOs by Canadian firms cross-listed on the NYSE/AMEX or NASDAQ. The results clearly indicate that the determinants of underwriting fees differ for the domestic and non-domestic SEOs. After controlling for differences in other relevant fee determinants, the underwriter fees for non-domestic SEOs are significantly higher for the Canadian shares cross-listed on the NASDAQ compared to those cross-listed on the NYSE/AMEX.
Author : Moon Sub Choi
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (654 download)
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.
Author : Jong Hun Kim
Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.:/5 (318 download)
Download or read book Three Essays on the Transmission of the Korean Financial Crisis to the Real Sector written by Jong Hun Kim and published by . This book was released on 2005 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main purpose of this dissertation is to identify the prominent channels through which financial decisions are transmitted to real economic activities with three different empirical studies. The first essay examines investment behavior and the effects of financing constraints among Korean manufacturing firms before and after the 1997 financial crisis using a firm-level panel data. The results indicate that investment depends on both sales and the level of cash balances. Firms' financing constraints, as measured by their cash balances, turn out to be binding in financially "weaker" groups such as younger firms and those with lower dividend payouts. The second essay identifies the role of non-monetary factors using a methodology similar to Bernanke's (1983) study of the Great Depression in the United States. We find that increases in the spread between market interest rates and government bond yields, which is a measure of the cost of credit intermediation, whether caused by shifts in business risk or lowered expectations for the Korean economy among international investors, explain the decline in output more fully than frameworks relying only on a fall in the real stock of money. The results, obtained from structural regression equations, unrestricted vector autoregressive systems, and the accompanying dynamic forecasts, suggest that the causes of the crisis lie in factors far deeper than shifts in precautionary and speculative demands for the won. We also find that the credit crunch following the crisis affected light industry more emphatically than heavy industry. The third essay examines the impact of financial factors on economic growth in several East Asian countries using macroeconomic panel data and various estimation techniques. The dynamic panel vector autoregressive analysis shows that growth in these countries was to some extent "finance-led." We do not find that the relationship between finance and growth differs between the four countries that experienced crises (Indonesia, Korea, Malaysia and Thailand) and the other countries that did not. The results suggest that we may not be able to blame the financial sector solely as the main trigger of the economic crisis. While these essays focus on the 1997 East Asian crisis, and may give more attention on the Korean episode, we believe that they shed light on financial and economic developments more generally since the crisis could happen to any country, especially when they are on a path to having more developed and internationally open economies.
Author :
Publisher :
ISBN 13 :
Total Pages : 398 pages
Book Rating : 4.:/5 (318 download)
Download or read book Journal of Economic Literature written by and published by . This book was released on 2007 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William C. Johnson
Publisher :
ISBN 13 :
Total Pages : 322 pages
Book Rating : 4.3/5 (129 download)
Download or read book Three Essays on Initial Public Offerings and Market Information written by William C. Johnson and published by . This book was released on 2006 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaoping Song
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)
Download or read book Three Essays on Corporate Finance written by Xiaoping Song and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis consists of three essays. In the first essay, we examine whether alleviating financial constraints is one of the motives for non-U.S. firms to cross-list in stock markets in the United States. Using payout ratio, payout level, and WW index (Whited and Wu, 2006) as measures of financial constraints, we find that firms with higher financial constraints are more likely to cross-list in the U.S. This pattern is driven by small firms, which tend to be financially constrained. After firms cross-list, they significantly increase their payout ratio and payout level. Small firms have more increases in payouts than large firms. WW index decreases for small firms after cross-listing. Tests about cash flow sensitivities of cash also suggest that the decline in financial constraints is more significant for small firms. Overall the results suggest that relief from financial constraints may be an important motive for cross-listing, especially for small firms. In the second essay, we investigate the level of cash holdings of IPO firms in the year of IPO issuance assuming the IPO proceeds are not received. The results show that more than 70% of IPO firms will run out of cash if they do not receive IPO proceeds, indicating that near-term cash shortage is probably a common phenomenon for IPO firms prior to IPO issuance. We next examine whether the near-term cash shortage is correlated with post-IPO long-run underperformance and find that the near-term cash shortage will negatively and significantly affect the post-IPO long-run performance. The IPO firms with higher level of cash shortage underperform more than IPO firms with lower level of cash shortage or without cash shortage, consistent with the market underreaction hypothesis. Further tests also suggest that near-term cash shortage is negatively and significantly correlated with post-IPO operating performance. Faulkender and Wang (2006)'s study about the value of cash holdings may be subject to endogeneity problem and under-reaction problem. In the third essay, I investigate the marginal value of cash holdings using a sample of cash windfalls for oil-and-gas firms during 2000-2007. This sample avoids the endogeneity problem to a large extent. The results indicate that on average one extra dollar of cash is worth much more than what Faulkender and Wang (2006) suggest. Tests about future stock performance suggest that while the under-reaction problem may cause Faulkender and Wang (2006) to underestimate the marginal value of cash, our method does not suffer from the same issue.
Author :
Publisher :
ISBN 13 :
Total Pages : 640 pages
Book Rating : 4.F/5 ( download)
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt:
