Essays In Corporate Finance And Market Efficiency
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Essays In Corporate Finance And Market Efficiency
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Author : Eric Pirmin Zurbriggen McKee
language : en
Publisher:
Release Date : 2020
Essays In Corporate Finance And Market Efficiency written by Eric Pirmin Zurbriggen McKee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Corporations categories.
This dissertation focuses on agency conflicts between shareholders and creditors as well as how markets evaluate human capital networks. In the first chapter, I examine empirical evidence for risk-shifting in a quasi-natural experiment. In the second chapter, we study if creditors use dualownership to protect themselves from agency conflicts. In the third chapter, we test if a network based on interfirm employee movements is fully accounted for by the financial market.
Three Essays In Finance
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Author : Leslie Ann Jeng
language : en
Publisher:
Release Date : 1998
Three Essays In Finance written by Leslie Ann Jeng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Insider trading in securities categories.
Essays In Financial Economics
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Author : Rita Biswas
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-10-24
Essays In Financial Economics written by Rita Biswas and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-24 with Business & Economics categories.
This volume, dedicated to John W. Kensinger, explores a variety of topics in financial economics, including firm growth, investment risks, and the profitability of the banking industry. With its global perspective, Essays in Financial Economics is a valuable addition to the bookshelf of any researcher in finance.
Theory And Reality In Financial Economics
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Author : George M. Frankfurter
language : en
Publisher: World Scientific
Release Date : 2007
Theory And Reality In Financial Economics written by George M. Frankfurter and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
A collection of essays dealing with financial markets' imperfections, and the inability of neoclassical economics to deal with such imperfections. This book argues that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face.
Portfolio Construction Measurement And Efficiency
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Author : John B. Guerard, Jr.
language : en
Publisher: Springer
Release Date : 2016-09-23
Portfolio Construction Measurement And Efficiency written by John B. Guerard, Jr. and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-23 with Business & Economics categories.
This volume, inspired by and dedicated to the work of pioneering investment analyst, Jack Treynor, addresses the issues of portfolio risk and return and how investment portfolios are measured. In a career spanning over fifty years, the primary questions addressed by Jack Treynor were: Is there an observable risk-return trade-off? How can stock selection models be integrated with risk models to enhance client returns? Do managed portfolios earn positive, and statistically significant, excess returns and can mutual fund managers time the market? Since the publication of a pair of seminal Harvard Business Review articles in the mid-1960’s, Jack Treynor has developed thinking that has greatly influenced security selection, portfolio construction and measurement, and market efficiency. Key publications addressed such topics as the Capital Asset Pricing Model and stock selection modeling and integration with risk models. Treynor also served as editor of the Financial Analysts Journal, through which he wrote many columns across a wide spectrum of topics. This volume showcases original essays by leading researchers and practitioners exploring the topics that have interested Treynor while applying the most current methodologies. Such topics include the origins of portfolio theory, market timing, and portfolio construction in equity markets. The result not only reinforces Treynor’s lasting contributions to the field but suggests new areas for research and analysis.
Essays On Corporate Finance And Governance
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Author : Johan Molin
language : en
Publisher: Stockholm School of Economics Efi Economic Research Institut
Release Date : 1996
Essays On Corporate Finance And Governance written by Johan Molin and has been published by Stockholm School of Economics Efi Economic Research Institut this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Validity Of The Efficient Market Hypothesis In Times Of Speculative Investment Bubbles Strategy Of A Successful Ipo
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Author : Johannes Walder
language : en
Publisher: GRIN Verlag
Release Date : 2013-04-10
Validity Of The Efficient Market Hypothesis In Times Of Speculative Investment Bubbles Strategy Of A Successful Ipo written by Johannes Walder and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-10 with Business & Economics categories.
Research Paper (undergraduate) from the year 2012 in the subject Business economics - Investment and Finance, grade: 89%, University of Greenwich (Business), course: Finance, language: English, abstract: It can be assumed that the internet was one of the most influential inventions of the 20th century. The internet opened up completely new ways of communicating and executing businesses. It enabled shopping portals like Amazon or eBay to emerge and revolutionise the shopping experience of millions of customers worldwide. The new economy was a Symbol for seemingly endless possibilities and a market with no limits. However, all those new ways of doing business could not prevent one of the biggest stock market crashes in modern history caused by the dot.com bubble. This essay examines if the dot.com bubble stands in contradiction to the efficient market hypothesis (EMH) and their underlying assumptions. It will be argued that in the short term the efficient market can be bypassed but it will regulate itself again in the long run. The second part describes the strategy of a successful initial public offering (IPO) and analyses if the EMH has an impact on this endeavour. This paper will claim that the EMH influences the pricing of stocks and that a long term strategy is a key for a successful IPO.
Essays In Corporate Finance
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Author : Pavel Zryumov
language : en
Publisher:
Release Date : 2015
Essays In Corporate Finance written by Pavel Zryumov 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.
This thesis studies the investment and financing decisions of firms in dynamic markets with asymmetric information. In the first chapter I analyze the effects of time-varying market conditions and endogenous entry on the equilibrium dynamics of markets plagued by adverse selection. I show that variation in gains from trade, stemming from market conditions, creates an option value and distorts liquidity when gains from trade are low. An improvement in market conditions triggers a wave of high-quality deals due to the preceding illiquidity and lack of incentives to signal quality. When gains from trade are high, the market is fully liquid; high prices and no delay in trade attract low-grade assets, and the average quality deteriorates. My analysis also reveals that illiquidity can act as a remedy as well as a cause of inefficiency: partial illiquidity allows for screening of assets and restores efficient entry incentives. I demonstrate model implications using several applications: early stage financing, initial public offerings, and private equity buyouts. Chapter 2, which is a joint work with Ilya Strebulaev and Haoxiang Zhu, reexamines the classic yet static information asymmetry model of Myers and Majluf (1984) in a fully dynamic market. A firm has access to an investment project and can finance it by debt or equity. The market learns the quality of the firm over time by observing cash flows generated by the firm's assets in place. In the dynamic equilibrium, the firm optimally delays investment, but investment eventually takes place. In a ``two-threshold'' equilibrium, a high-quality firm invests only if the market's belief goes above an optimal upper threshold, while a low-quality firm invests if the market's belief goes above the upper threshold or below a lower threshold. However, a different ``four-threshold'' equilibrium can emerge if cash flows are sufficiently volatile. Relatively risky growth options are optimally financed with equity, whereas relatively safe projects are financed with debt, in line with stylized facts. Finally, Chapter 3, which is based on an ongoing work with Ilya Strebulaev and Haoxiang Zhu, extends the analysis of Chapter 2 by allowing cash accumulation within the firm. We consider a firm whose managers possess superior information about the firm's value relative to the rest of the market and analyze the optimal timing of equity issuance. We show that equilibrium features socially inefficient, but privately optimal, delay of investment and equity financing of positive NPV projects. Waiting allows high quality firms to accumulate internal cash and increase investors' beliefs, therefore, reducing the cost of adverse selection. In the dynamic equilibrium low quality firms delay investment as well in hope of being mistaken for the high quality ones. However, when market beliefs are sufficiently low and/or internally accumulated level of cash is sufficiently high the low quality firm prefers to reveal itself.
Investing In A Market Where People Believe In Efficiency Is Like Playing Bridge With Someone Who Has Been Told It Doesn T Do Any Good To Look At The Cards
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Author : Charles Ekweruo
language : en
Publisher: GRIN Verlag
Release Date : 2011-12-08
Investing In A Market Where People Believe In Efficiency Is Like Playing Bridge With Someone Who Has Been Told It Doesn T Do Any Good To Look At The Cards written by Charles Ekweruo and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-08 with Business & Economics categories.
Essay from the year 2011 in the subject Business economics - Investment and Finance, grade: 1, University of Bradford (School of Management-Business School), course: Capital Market Investment And Finance, language: English, abstract: “In an efficient market, security (example shares) prices rationally reflect available information” (Arnold 2005, p.684). The efficient market hypothesis (EMH) refers to share price movement with respect to available information and thus no trader will be presented with an opportunity of making supernormal profits (except by chance), therefore their profits on a share will reflect the riskiness associated with that shares (Pike and Neal 2009). However, “detailed investigations using advanced econometric techniques, larger data sets, increasingly powerful computing ability, and alternative theoretical models have in the last few years revealed a range of anomalies when the unpredictability-of -returns hypothesis is tested. Financial markets are often predictable to some extent, but the crucial question is whether this predictability can be exploited to make excess profits from trading in the markets‖ (Mills 1992, as cited by Coutts, 2000, p.579). Warren Buffet, known as one of the most successful investors in history, is convinced that stock markets are inefficient. ''I think it's fascinating how the ruling orthodoxy can cause a lot of people to think the earth is flat. Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards'' (Buffet, 1984, as cited by Davis, 1990, p.4). Buffet is referring to the fact that market price movements are often caused by emotional purchases and sales of stocks, resulting to an inefficient market, in other words, irrational market prices (Buffet, 1984). However, there are financial economists who see it the other way round. They agree with the “Efficient Market Hypothesis” which states that security prices rationally reflect only available information (Arnold, 2005, p. 684) (see fig 1) therefore inhibiting the possibility of beating the market. According to this theory, there does not exist under- or overvalued shares, only true and fair values. It is difficult to say which side is right and which side is wrong, as both are based on logical reasoning and transparent facts. This paper will therefore, evaluate both concepts using different theories and ideas from those for and those against the EMH in order to find a conclusion which is reasonable and flexible enough to support a constructive point of view (based on pragmatism) and to better understand if Buffet‟s statement is true or false or maybe both.
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.