Essays In Corporate Finance And Investments
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Essays On Corporate Finance And Investment
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Author : Jue Wang (PhD)
language : en
Publisher:
Release Date : 2020
Essays On Corporate Finance And Investment written by Jue Wang (PhD) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Consolidation and merger of corporations categories.
In this dissertation, I focus on a range of topics in corporate finance and investments.
Essays On Corporate Finance And Investment
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Author : Vladimir Smirnov
language : en
Publisher:
Release Date : 2002
Essays On Corporate Finance And Investment written by Vladimir Smirnov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Corporations categories.
Essays In Corporate Finance And Investment
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Author : Lin William Cong
language : en
Publisher:
Release Date : 2014
Essays In Corporate Finance And Investment written by Lin William Cong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This thesis consists of two essays that examine several problems in corporate finance and mechanism design. The central theme is endogenous agency conflicts and their impact on dynamic investment decisions. The first essay features auctions of assets and projects with embedded real options, and subsequent exercises of these investment options. The essay shows timing and security choice of auctions endogenously misalign incentives among agents and derives the optimal auction design and exercise strategy. The second essay studies implications of endogenous learning on irreversible investment decisions, in particular, how learning gives rise to asymmetric information between managers and shareholders in decentralized firms. Depending on the quality of the project, the optimal contract between principal and agent distorts investments in ways that has not been examined in the literature. Specifically, in Chapter 1 of the dissertation, I study how governments and corporations auction real investment options using both cash and contingent bids. Examples include sales of natural resource leases, real estate, patents and licenses, and start-up firms with growth options. I incorporate both endogenous auction initiation and post-auction option exercise into the traditional auctions framework, and show that common security bids create moral hazard because the winning bidder's real option differs from the seller's. Consequently, investment could be either accelerated or delayed depending on the security design. Strategic auction timing affects auction initiation, security ranking, equilibrium bidding, and investment; it should be considered jointly with security design and the seller's commitment level. Optimal auction design aligns investment incentives using a combination of down payment and royalty payment, but inefficiently delays sale and investment. I also characterize informal negotiations as timing and signaling games in which bidders can initiate an auction and determine the forms of bids. I show that post-auction investments are efficient and bidding equilibria are equivalent to those of cash auctions. However, in this setting, bidders always initiate the informal auctions inefficiently early. In addition, I provide suggestive evidence for model predictions using data from the leasing and exploration of oil and gas tracts, which leads to several ongoing empirical studies. Altogether, these results reconcile theory with several empirical puzzles and imply novel predictions with policy relevance. In Chapter 2, I examine learning as an important source of managerial flexibility and how it naturally induces information asymmetry in decentralized firms. Timing of learning is crucial for investment decisions, and optimal strategies involve sequential thresholds for learning and investing. Incentive contracts are needed for learning and truthful reporting. The inherent agency conflicts alter investment behavior significantly, and are costly to investors and welfare. But contracting on learning restores efficiency with low future uncertainty or sufficient liquidity. Unlike prior studies, the moral hazard of learning accelerates good projects and delays bad projects. Even the best type's investment is distorted, and only when learning is contractible can adverse selection dominate learning.
Essays On Corporate Finance And Investments
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Author : Hui Xue
language : en
Publisher:
Release Date : 2004
Essays On Corporate Finance And Investments written by Hui Xue and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Corporations categories.
Essays In Corporate Finance And Investments
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Author :
language : en
Publisher:
Release Date : 2012
Essays In Corporate Finance And Investments written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Two Essays In Corporate Finance And Investment
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Author : Joonghyuk Kim
language : en
Publisher:
Release Date : 2001
Two Essays In Corporate Finance And Investment written by Joonghyuk Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Essays In Corporate Finance
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Author : Hyun Joong Im
language : en
Publisher:
Release Date : 2012
Essays In Corporate Finance written by Hyun Joong Im and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Corporations categories.
Three Essays In Corporate Finance
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Author : Tareque Nasser
language : en
Publisher:
Release Date : 2010
Three Essays In Corporate Finance written by Tareque Nasser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Electronic dissertations categories.
This dissertation contains three distinct essays in the broad area of corporate finance. The first two essays examine the role of an independent director who is also a blockholder (IDB), a potent governance mechanism, on executive compensation, and corporate financial and investment policies, respectively. The last essay examines insider trading in takeover targets. The first essay examines three issues. First, we investigate the determinants of an IDB's presence in a firm. Second, we examine the relations between IDB presence and (1) the level and structure of CEO compensation, and (2) CEO turnover-performance sensitivity. Third, we analyze if IDB presence is related to firm valuation. Our findings suggest that the presence of an independent blockholder on the board promotes better incentives and monitoring of the CEO, and consequently leads to higher firm valuation. In the second essay, we examine how the presence of an IDB affects: (1) four key financial and investment policy choices of a firm: the levels of cash holdings, dividends, investments and financial leverage, and (2) firm risk. We also examine how the market values IDB presence and changes in various policy choices associated with IDB presence in a firm. We find that firms with IDBs have significantly lower levels of cash holdings, dividend yields, repurchases, and total payout, but higher levels of capital expenditures. We also find that firms with IDBs have lower risk. Overall, IDB presence appears to reduce agency problems between managers and shareholders. The third essay brings large-sample evidence on whether the level and pattern of profitable insider trading before takeover announcements is abnormal for a broad cross-section of targets of takeovers during modern times. We find an interesting and subtle pattern in the average pre-takeover trading behavior of target insiders. While insiders reduce both their purchases and sales below normal levels, their sales reduce more than purchases, leading to an increase in net purchases. This pattern of 'passive' insider trading is confined to the six-month period before takeover announcement, holds for each insider group, for all measures of net purchases examined, and in certain sub-samples with less uncertainty about takeover completion.
Essays In Corporate Financing And Investment Decisions
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Author : Hoang Van Vu
language : en
Publisher:
Release Date : 2015
Essays In Corporate Financing And Investment Decisions written by Hoang Van Vu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The evolution of corporate debt markets in recent decades, especially short-term debt facilities and bank debt, has made funding more accessible for corporate borrowers. On the other hand, the changing environment of debt markets also creates new challenges for corporate borrowers. First, as the debt maturity structure has become shorter, companies face higher liquidity pressure. Second, since banks also increasingly rely on short-term wholesale funding, the maturity mismatch of bank assets and liabilities has widened, further increasing economy-wide liquidity risk. These problems were illustrated by the most recent liquidity crisis that lasted from 2007 to 2009. Understanding the implications of borrowing using short-term debt therefore is crucial for the modern corporate finance. Moreover, the issues regarding the maturity mismatch of the banking sector imply that fluctuations in bank credit might increase, as banks become more sensitive to liquidity constraints. This thesis explores a number of issues regarding the use of short-term debt by non-financial companies, as well as the implications of fluctuations in bank credit for corporate financial and investment policies. The thesis contains three empirical research essays, presented individually in Chapters 2, 3 and 4. The first essay investigates the implications of debt maturity structure on corporate investment activities in the presence of firm specific default risk. The second and the third essays examine the implications of bank credit cycles on corporate activities. Essay 2 studies the effect of bank credit cycles on firms' choice of external financing issues, whereas Essay 3 examines the effect of bank credit on corporate liquidity management policies and the spending on different types of investment.
Essays In Corporate Finance
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Author : Lan Xu
language : en
Publisher:
Release Date : 2013
Essays In Corporate Finance written by Lan Xu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Electronic dissertations categories.
This dissertation includes three essays that study topics of diversification discount, corporate investment, and employee stock options. The first essay proposes and tests a novel view that the diversification discount is largely an acquisition discount. I find that the manner in which diversification is achieved, organically or through acquisitions, matters. The diversification discount narrows by 10% to 14% if I account for acquisitions in my broad sample. My narrow sample provides a cleaner setting to identify the impact of growth mode on the discount: firms diversifying through acquisitions experience a significant decline in excess value after becoming diversified, while firms of organic growth do not. When pooled together, the diversifying firms exhibit a value-change pattern which closely tracks that of the acquisitive-growth subsample. This pattern is robust to within-firm comparisons, regressions, and matching estimations. I investigate possible causes and conclude it is consistent with inefficient investment hypothesis. The second essay examines the competitive investments of firms after recession shocks. I show that firms' strategic investments during the recovery phase of the cyclical downturn induce a compositional shift in investments within industries and help explain the slow economic recovery, thus adding an additional layer of cost to recessions. The third essay explores an alternative signaling theory and tests its implications in the case of firms' voluntary expensing of employee stock options and I find strong empirical support.