Essays In Corporate Finance
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Essays In Corporate Finance
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Author : Tilan Tang
language : en
Publisher:
Release Date : 2009
Essays In Corporate Finance written by Tilan Tang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Consolidation and merger of corporations categories.
Essays In Corporate Finance
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Author : Thomas P. Griffin
language : en
Publisher:
Release Date : 2019
Essays In Corporate Finance written by Thomas P. Griffin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Corporations categories.
The goal of this dissertation is to better understand recent trends in U.S. financial markets. The first essay examines whether trade liberalization contributed to the recent decline in U.S. public listing rates and increase in industry concentration. Drawing on heterogeneous firm models of trade, I argue that trade liberalization can lead to within-industry reallocation of market shares by disproportionately harming small firms. I empirically test this hypothesis using a differences-in-differences econometric strategy and find that the "China trade shock" led to i) a decline in public listing rates and an increase in concentration ii) by disproportionately harming small firms iii) that were unable to offshore production and remain competitive against Chinese imports. Stock price reactions to the policy change and threat of reversal by President Trump bolster this interpretation. These findings suggest that public companies today are older, larger, and garner a higher portion of industry revenues, in part, because of fundamental changes in the global competitive landscape. The second essay documents the loosing of financial covenants in syndicated loan agreements over the last twenty years. The loosening of covenants is widespread among all types of borrowers and loans and accompanies an increase in loan spreads over the period, suggesting that the trend reflects fundamental changes in the costs and benefits of tight covenants. The final essay explores how creditors use these control rights to influence corporate outcomes. Following a covenant violation, creditors use their bargaining power to tighten acquisition restrictions and limit acquisition activity, particularly deals expected to earn negative announcement returns. Firms that do announce an acquisition while in violation of a covenant earn 1.8% higher stock returns, on average, with the effect concentrated among firms with weak external governance. These results suggest that creditors provide valuable corporate governance that benefits shareholders by reducing managerial agency costs.
Essays In Corporate Finance
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Author : Bruno d Laranjeira
language : en
Publisher:
Release Date : 2011
Essays In Corporate Finance written by Bruno d Laranjeira and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This thesis presents two essays in Corporate Finance. In the first essay, I use the August 2007 crisis episode to gauge the effect of financial contracting on real firm behavior. I identify heterogeneity in financial contracting at the onset of the crisis by exploiting ex-ante variation in long-term debt maturity structure. Using a difference-in-differences matching estimator approach, I find that firms whose long-term debt was largely maturing right after the third quarter of 2007 cut their investment-to-capital ratio by 2.5 percentage points more (on a quarterly basis) than otherwise similar firms whose debt was scheduled to mature after 2008. This drop in investment is statistically and economically significant, representing one-third of pre-crisis investment levels. A number of falsification and placebo tests suggest that my inferences are not confounded with other factors. For example, in the absence of a credit contraction, the maturity composition of long-term debt has no effect on investment. Moreover, long-term debt maturity composition had no impact on investment during the crisis for firms for which long-term debt was not a major source of funding. Our analysis highlights the importance of debt maturity for corporate financial policy. More than showing a general association between credit markets and real activity, my analysis shows how the credit channel operates through a specific feature of financial contracting. In the second essay, I analyze how institutional investors choose which Initial Public Offering to invest. Using a sample of IPOs from 1980 to 2004, I show that the reputation of the lead underwriter is the most significant variable in this decision process. Using Carter-Manaster rankings of underwriter reputation, I report that a one point increase in the reputation ranking leads to a 2% increase in institutional investors` holding. Moreover, I test hypotheses about what kind of certification the underwriter is providing. I provide evidence that underwriters certify un-measurable characteristics, in contrast to measurable characteristics, such as those provided in the financial statements of the issuer.
Essays In Corporate Finance
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Author : Meenakshi Sinha
language : en
Publisher:
Release Date : 2005
Essays In Corporate Finance written by Meenakshi Sinha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Essays In Corporate Finance
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Author :
language : en
Publisher:
Release Date : 2007
Essays In Corporate Finance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Essays On Corporate Finance
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Author : Tiffany Yi Hong Thng
language : en
Publisher:
Release Date : 2018
Essays On Corporate Finance written by Tiffany Yi Hong Thng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Essays On Corporate Finance
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Author : Jing Li (Researcher on corporate finance)
language : en
Publisher:
Release Date : 2023
Essays On Corporate Finance written by Jing Li (Researcher on corporate finance) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with Banks and banking categories.
Essays In Corporate Finance
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Author : Evrim Akdoğu
language : en
Publisher:
Release Date : 2003
Essays In Corporate Finance written by Evrim Akdoğu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Three Essays In Corporate Finance
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Author : Hoontaek Seo
language : en
Publisher:
Release Date : 2009
Three Essays In Corporate Finance written by Hoontaek Seo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Boards of directors categories.
Three Essays In Corporate Finance
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Author : Hongchao Zeng
language : en
Publisher:
Release Date : 2012
Three Essays In Corporate Finance written by Hongchao Zeng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Electronic dissertations categories.
This dissertation contains three essays in corporate finance. In the first essay, using the presence of business combination (BC) laws to proxy for the monitoring strength of the takeover market, we examine how an active takeover market affects the level and valuation of corporate cash holdings. After accounting for potential endogeneity of state incorporation, we find that firms incorporated in states without BC laws hold significantly more cash than those incorporated in states with BC laws. We also find that the value of cash holdings used by firms to defend themselves against unwanted takeovers in the presence of an active takeover market is not discounted by investors. Our findings suggest a substitution effect between legal antitakeover protection and firms' use of cash protection. However, there is no evidence that these cash holdings lead to value destruction. Firms may use corporate payouts to signal internal governance quality and avoid a market discount placed on cash holdings. In the second essay, using the Herfindahl-Hirschman Index (HHI), the industry price-cost margin, the number of firms within an industry, and the level of import penetration to gauge the intensity of product market competition, we find that the speed of capital structure adjustment for firms in competitive industries is significantly faster than for firms in non-competitive industries. Further analysis reveals that this effect is driven solely by the capital structure movements of over-levered firms. While over-levered firms in competitive industries face higher levels of investment needs relative to those in non-competitive industries, they are significantly less likely to use debt financing and to deliberately deviate from target. In the third essay, we find that cash has a negative impact on the future market share growth of the old firms, evidence that can better explain the unwillingness of such firms to hold precautionary cash as they face increasingly more volatile cash flows in an imperfect capital market. Furthermore, we show that the relational strength between cash and product market performance evolves in a way that reflects a changing composition of manufacturing firms which progressively tilts toward young firms.