Essays In Macroeonomics And Corporate Finance
DOWNLOAD
Download Essays In Macroeonomics And Corporate Finance PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Essays In Macroeonomics And Corporate Finance book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Essays In Macroeconomics And Corporate Finance
DOWNLOAD
Author : Ander Perez
language : en
Publisher:
Release Date : 2008
Essays In Macroeconomics And Corporate Finance written by Ander Perez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Essays In Macroeconomics And Corporate Finance
DOWNLOAD
Author : Jonathan Elliot Goldberg
language : en
Publisher:
Release Date : 2011
Essays In Macroeconomics And Corporate Finance written by Jonathan Elliot Goldberg 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 examines questions at the intersection of macroeconomics and finance. Chapter 1 studies the persistent effects of a decrease in firms' ability to borrow. I develop a tractable model of deleveraging that emphasizes (i) firms as suppliers of financial assets to consumers and (ii) the ability of firms and consumers to alleviate financial frictions by accumulating wealth. In the model, a permanent decrease in the ability of firms to borrow leads to: increased capital misallocation and decreased total factor productivity (TFP); an increased wedge between the average marginal product of capital and the interest rate; and increased riskiness of consumption. An endogenous decrease in the interest rate is shown to amplify these effects by discouraging wealth accumulation. In a calibration using U.S. firm-level data, I find these amplification effects are large. Chapter 2 studies how proprietary trading and advising are combined on Wall Street even though a firm that engages in both of these activities may be tempted to mislead its clients. Chapter 3 studies the effects of government purchases of long-term debt. According to one interpretation, the preferred-habitat model of Vayanos and Vila (2009) implies that Federal Reserve purchases of long-term bonds generate a reduction in long-term interest rates. In this paper, I clarify this interpretation. In particular, in a Vayanos and Vila (2009) preferred-habitat model, I show that maturity-lengthening open-market operations have no effect on long-term interest rates if agents in the economy ultimately receive the profits from the government's portfolio via lump-sum taxes or transfers. I then introduce limited participation - an assumption that some agents are restricted from trading bonds of certain or all maturities. I show that limited participation implies that open-market operations do reduce the long-term interest rate. What drives this result is limited participation, not preferred-habitat preferences. With this motivation, I develop a model, with a more reasonable form of limited participation and without preferred-habitat preferences, in which open-market operations are relevant. Finally, I use these models to discuss how arbitrageurs' wealth covaries with technology or endowment shocks, and how this covariance is affected by open-market operations.
Essays In Macroeconomics Corporate Finance And Social Learning
DOWNLOAD
Author : Andrew C. P. Hertzberg
language : en
Publisher:
Release Date : 2004
Essays In Macroeconomics Corporate Finance And Social Learning written by Andrew C. P. Hertzberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
(Cont.) the release of information until the long-term results of the firm are realized. In equilibrium, when the belief about the aggregate state is high, managers will be given short-term incentives, delaying the release of information. When the belief about the aggregate state is low, long-term incentives will be prevalent and information will be released without delay. This produces asymmetric learning dynamics for the economy, with gradual booms and rapid recessions. In a boom the belief about the aggregate state increases, information is pushed off into the future, and learning is slow. In a recession the belief is falling, triggering a switch to long-term incentives, that brings forward the release of information and accelerates learning. Chapter 2 presents a model of corporate misreporting in an environment where investors have heterogeneous beliefs and short sale constraints. The disagreement between investors provides a motive for agents who start a firm to limit the amount of information which it releases to the public so as to sponsor speculation over its value. This incentive to limit information is stronger when the heterogeneity of beliefs among investors is stronger. Investors also learn about a firm's expected profitability from the information released by other firms in the industry. I show that this creates a strategic complementarily in the precision of information released by each firm. This can give rise to multiple equilibria: one in which all firms release precise reports and one in which their reports are inaccurate ...
Essays On Macroeconomics And Corporate Finance
DOWNLOAD
Author : Adam Hal Spencer
language : en
Publisher:
Release Date : 2018
Essays On Macroeconomics And Corporate Finance written by Adam Hal Spencer 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.
The first chapter develops and calibrates a dynamic equilibrium model with heterogeneous firms to study the impact of removing the U.S. corporate repatriation tax. I study the impact of the policy reform on firm investment, capital structure, payout policy and tax revenues. Firms in the model make both intensive and extensive margin choices regarding supplying foreign goods markets. I calibrate the model to U.S. data and then run a counterfactual where the repatriation tax is removed. The results show that aggregate U.S. firm productivity rises and more U.S. firms operate as multinationals. Domestic and overseas production by U.S. firms rise and firms borrow more and pay larger dividends to shareholders. These effects on firm variables are coupled with a rise in U.S. Government tax collections and a 0.79\% increase in U.S. welfare. The second chapter studies the transmission of U.S. fiscal policy changes to its major trading partners. In particular, I study the impact of removing the U.S. corporate repatriation tax on foreign tax policy. A two-country model with heterogeneous U.S. and foreign firms is developed and calibrated. The Foreign Government in the model solves a Ramsey taxation problem whereby it optimally chooses domestic corporate and personal tax rates. I run an experiment in the model whereby the repatriation tax is removed. The U.S. reform encourages more FDI by U.S. firms in the Foreign Country. I find that the Foreign Government chooses to decrease its domestic corporate tax rate so as to complement the U.S. policy change and further incentivise domestic investment. The recent U.S. tax bill removed the ``repatriation tax". However, policymakers are concerned that doing so may lead firms to shift more of their earnings to low tax haven nations, thereby putting downward pressure on Federal tax collections. The third chapter develops and solves a model of a multinational firm, who has the option to shift its earnings to a low-tax haven nation. Given the behaviour of the multinational firm, the haven nation solves a Ramsey optimal taxation problem, which involves choosing corporate and personal tax rates. I calibrate the model to a U.S. multinational that shifts its earnings to Bermuda: the classic example of a tax haven. Using the model, I find that if the U.S. moves to a territorial tax system, Bermuda will optimally respond by choosing a positive corporate tax rate, which will lead to a decrease in the earnings shifted by U.S. multinationals
Essays In Macroeonomics And Corporate Finance
DOWNLOAD
Author : Nicolas Crouzet
language : en
Publisher:
Release Date : 2014
Essays In Macroeonomics And Corporate Finance written by Nicolas Crouzet 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 dissertation contains three essays in Macroeconomics and Corporate Finance. The first essay deals the implications of inventory investment for news-driven business cycles. The second essay looks at the connection between debt structure and investment at the firm level. The third essay proposes a macroeonomic model where firms choose simultaneously the composition and scale of their debt.
Essays On International Macroeconomics And Corporate Finance
DOWNLOAD
Author : Yi Huang
language : en
Publisher:
Release Date : 2011
Essays On International Macroeconomics And Corporate Finance written by Yi Huang 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.
Essays In Corporate Finance And Macroeconomics
DOWNLOAD
Author : Arvind Krishnamurthy
language : en
Publisher:
Release Date : 1998
Essays In Corporate Finance And Macroeconomics written by Arvind Krishnamurthy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Corporations categories.
Essays In Macroeconomics And Finance
DOWNLOAD
Author : Congyan Tan
language : en
Publisher:
Release Date : 2011
Essays In Macroeconomics And Finance written by Congyan Tan 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.
For the past two decades, economists have focused intensive effort on building Macroeconomics on a firm Microeconomic foundation. As Macroeconomic research are more integrated with Microeconomics, more and better micro evidence has been examined to verify Macroeconomic theories. One recent development in this line of research uses detailed firm-level evidence to modify current Macroeconomic theories. In this dissertation extensive firm-level evidence are studied to shed light on important macro issues such as investment dynamics, financial frictions, regulations and productivity growth. In this study firm behaviors are studied and modeled by utilizing theories from a variety of fields in Corporate Finance, Public Finance, International Economics, Macroeconomic Dynamics etc. Implications of these evidence on the economic theory are carefully examined and subsequent extension of existing models are proposed. This dissertation consists of three chapters. All chapters study firm behaviors and their implications on macroeconomics, however, the focus of each is different. The first chapter studies issues of credit conditions, uncertainty and investment; the second chapter (co- authored with Zhiyong An) engages the issues of taxation and international corporate finance; the third chapter show how regulations are likely impact foreign investment. The first chapter explores the heterogeneity in firms' response to high economic uncertainty. I show that the effect of high economic uncertainty on firms' investment varies significantly with the degree of financial constraints. Firm decisions are studied in a model of non-convex adjustment costs and time-varying second moment shocks, with financial constraints. In my model, uncertainty makes financially-constrained firms cautious in capital spending and creates long periods of under-investment for these firms. Estimates from firm-level data show that publicly-traded companies' investment-to-capital ratio falls by an average of around 15% in response to a one standard deviation increase in uncertainty. Firms with easier access to credit are found to be much less responsive to uncertainty, consistent with the model's predictions. This implies that the effectiveness of stimulus policy may largely depend on firms' accessibility to credit in episodes of high uncertainty. The second chapter (co-authored with Zhiyong An) studies how firms respond to a quasi-experiment in China. China's new Corporate income Tax Law was passed in March 2007 and took effect on January 1, 2008. It increases the effective corporate income tax rate from about 15% to 25% for foreign investment enterprises (FIEs), while keeps that unchanged at 25% for domestic enterprises (DEs). This study uses a difference-in-differences approach to investigate FIEs' response to the law. Employing the Chinese Industrial Enterprises Database (2002-2008) to implement the analysis, we find evidence that FIEs are responding to the law by shifting their income out of China. Second, the magnitude of the estimated response is larger for enterprises larger in size, which suggests the greater capability of shifting income across countries for larger enterprises. In addition, the response is more acute for investment enterprises from Hong Kong, Macau, or Taiwan (HMT) than that for other FIEs, which is consistent with the tax haven status of Hong Kong and Macau. The third chapter studies productivity spillovers to domestic firms from foreign direct investment (FDI). Such productivity gain from FDI is considered to be the basis of policies that promote FDI in many countries. In this chapter, firm-level panel data from six European countries are examined to test a number of hypotheses regarding the impact of FDI on the productivity of domestic firms. I find evidence for the backward linkage channel of the FDI spillovers. Using a new dataset, Investing Across Borders 2010 that documents and scores regulations for FDI in 87 countries, this study goes further to explore how FDI-specific policies and institutions impact the spillovers from FDI inflows. Empirical evidence shows that good investment climate is associated with productivity gains, either by direct productivity contribution or by productivity increase in upstream industries. Higher ownership limit is shown to be significantly and positively correlated with productivity. However, productivity impact varies greatly across different investment climate measures.
Essays On Corporate Finance And Macroeconomics
DOWNLOAD
Author : Ikuo Takei
language : en
Publisher:
Release Date : 2021
Essays On Corporate Finance And Macroeconomics written by Ikuo Takei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
In Chapter 1, I estimate a heterogeneous firm model on dynamic adverse selection with screening and signaling in public debt markets for privately informed persistent productivity, and quantify the effect of asymmetric information on misallocation of capital and financial liabilities. The firm's manager chooses between public debt (e.g., corporate bonds), priced on the accumulation of borrower's history, and monitored private debt (e.g., bank loans), allowing costly monitoring to be an imperfect substitute for reputation building. Cross-subsidization caused by asymmetric information in public debt markets leads to overinvestment of low productivity firms and capital misallocation. A good reputation lowers borrowing costs from public lenders. The firm's manager uses leverage and equity to send a good signal. However, neither reputation building nor monitored private debt substantially remove capital misallocation. I find precise information associated with productivity increases total factor productivity, decreases the variance of the marginal product of capital, and increases consumption by 1.4%. Less demand for monitoring lowers aggregate bank debt ratio by 6 percentage points. In the counterfactual policy analysis, the taxation of debt forgiveness under Chapter 11 reorganization generates a rise in consumer welfare by reducing low productivity firms' incentive to overborrow. Chapter 2 studies bank risk-taking. To understand bank risk-taking incentives, I construct a novel dataset of small and medium-sized U.S. bank Chief Executive Officer (CEO) compensation contracts and bank financials. First, I find empirical evidence of bonus and stock option compensations that explain the bank's poor performance and failure during the financial crisis of 2007-2009. Second, I quantitatively evaluate regulatory policies for bank CEO compensation to promote long-run financial stability. I develop a dynamic model of banking with agency conflicts to characterize the effect of shares owned, bonuses, and stock options on risk-taking. The bank CEO faces trade-offs between short-termism for immediate payment of cash and long-termism for stability subject to costs of external equity issuance under capital regulation and deposit insurance. The model is calibrated to U.S. data using the novel dataset. Counterfactual analysis shows that the Euro bonus cap and U.K. remuneration code - limitations to the ability of the bonus payment - improve financial stability and welfare. Finally, I argue that the Dodd-Frank proposal of 2016, which included a combination of deferred dividends and bonuses, has a further improvement according to the model prediction. Heterogeneity in compensation among bank CEOs has aggregate consequences of designing a proper compensation system.
Essays In Macroeconomic Policy
DOWNLOAD
Author : Miranda S. Goeltom
language : en
Publisher: Gramedia Pustaka Utama
Release Date : 2007
Essays In Macroeconomic Policy written by Miranda S. Goeltom and has been published by Gramedia Pustaka Utama this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Indonesia categories.