Essays On Corporate Finance And Financial Markets
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Essays In Corporate Finance And Financial Markets
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Author : Fan Yang
language : en
Publisher:
Release Date : 2005
Essays In Corporate Finance And Financial Markets written by Fan Yang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Capital market categories.
Essays In Corporate Finance
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Author : Mustabsar Awais
language : en
Publisher:
Release Date : 2021
Essays In Corporate Finance written by Mustabsar Awais 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.
Essays On Corporate Finance And Financial Markets
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Author : Jiaheng Yu
language : en
Publisher:
Release Date : 2023
Essays On Corporate Finance And Financial Markets written by Jiaheng Yu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This thesis consists of three chapters. Chapter 1 studies the informational role of trade credit and the accounts receivable financing market. I hand collect new data on the contracts of accounts receivable based loans and trade credit terms. I find that sellers experiencing payment delays are primarily financed through accounts receivable based loans. These loans are 2- 4% per year more expensive than buyers' borrowing rates and require a 20% average haircut on invoice value. Seller moral hazard that leads to bad-quality products is a determinant of payment delays, and although difficult to observe in existing data, can be uncovered from terms of accounts receivable based loans. Lenders help improve the quality of sellers: sellers who successfully receive credit experience a 5% decline in receivable days and have higher sales and longer relationships with buyers. I propose and structurally estimate a trade credit model that incorporates accounts receivable financing. In the model, the buyer trades off the financial cost and the incentive effect of trade credit and learns from the lender's loan decisions. I show through counterfactual analyses that regulatory limits on payment delays increase the presence of bad products and lower output, while subsidizing accounts receivable financing may increase output at relatively low expense. In Chapter 2, joint work with Rodney Garratt and Haoxiang Zhu, we study the design of Central Bank Digital Currencies. Banks of different sizes respond differently to interest on reserves (IOR) policy. For low IOR rates, large banks are non-responsive to IOR rate changes, leading to weak pass-through of IOR rate changes to deposit rates. In these circumstances, a central bank digital currency (CBDC) may be used to provide competitive pressure to drive up deposit rates and improve monetary policy transmission. We explore the implications of two design features: interest rate and convenience value. Increasing the CBDC interest rate past a point where it becomes a binding floor, increases deposit rates but leads to greater inequality of market shares in both deposit and lending markets and can reduce the responsiveness of deposit rates to changes in the IOR rate. In contrast, increasing convenience, from sufficiently high levels, increases deposit rates, causes market shares to converge and can increase the responsiveness of deposit rates to changes in the IOR rate. In Chapter 3, joint work with Jingxiong Hu, we study the effect of "guaranteed close" on the informativeness of market close prices. Passive investment strategies that trade at market close have incurred high transaction fees charged by the primary exchanges. Investment banks undercut the exchanges by executing client orders at close prices set on the exchanges yet charging lower fees. While providing liquidity, banks trade on the order flow information. Using a quasi-experimental shock - an NYSE close auction fee cut - we find that banks' trading activities improve the informativeness of close prices and reduce the cost of passive investment strategies. To explain this finding, we propose a model where dual trading improves price discovery. A bank contributes to price discovery by trading on the informativeness of the orders it receives relative to the market. The implications of our model apply generally to scenarios with multiple trading venues where venue operators trade on order flow data.
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.
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 : Shikong Luo
language : en
Publisher:
Release Date : 2021
Essays In Corporate Finance written by Shikong Luo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Electronic dissertations categories.
Despite the importance of understanding the interaction between financial markets and the real economy, the indirect effects of secondary markets on corporate outcomes, however, are not well understood. This dissertation comprises three essays that aim to shed some light on this issue by exploring the unintended consequences for firms in response to trading activities in equity and derivative markets. Uninformative stock price fluctuations induced by volatile mutual fund flows may inflict a hidden financial cost on firms. The first essay proposes a measure of stock-level passive equity mutual fund flow-induced volatility pressure and find it to positively affect bond yield spread at issuance through higher perceived risks revealed by increased equity volatility. Although flow-induced volatility is costly to the borrowing firm, it has no significant association with future firm fundamental risk, in contrast to equity volatility. This study empirically reveals a dark side of passive investing. The second essay examines the effects of options trading activities on corporate liquidity management. Based on a large sample of U.S. non-financial firms, it documents a positive relationship between equity options trading intensity and corporate cash holdings. Along with the instrumental variable approach, the CBOE's Penny Pilot Program as an exogenous shock and the extensive margin analysis using option listings corroborate a causality interpretation of the baseline results. The relationship is mainly driven by firms where financial distress risk is high and debt-financed investments are constrained by liquidity issues. Overall, these results suggest a precautionary saving motive due to active options markets that provide risk-shifting incentives to firms. During 2005-2007, SEC conducted a pilot program that relaxed short-selling restrictions. Using a difference-in-differences methodology and a hand-collected dataset of derivatives usage from a sample of U.S. oil and gas producing firms, the third essay finds a relative increase in hedging intensity among pilot firms compared to non-pilot firms during the pilot program period. This effect is stronger when firms face higher financial distress risk and when managers' incentives are more closely tied to firm value. These results indicate that managers are incentivized to smooth operating income due to concerns about a rise in the cost of financial distress under short-selling pressures.
Three Essays In Corporate Finance
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Author : Suman Banerjee
language : en
Publisher:
Release Date : 1999
Three Essays In Corporate Finance written by Suman Banerjee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Corporations categories.
Essays In Corporate Finance And Financial Institutions
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Author : Adam Kolasinski
language : en
Publisher:
Release Date : 2006
Essays In Corporate Finance And Financial Institutions written by Adam Kolasinski and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Chi: Subsidiary Debt, Capital Structure, and Internal Capital Markets I investigate external subsidiary debt financing and its implications for internal capital markets. I find that firms tend to finance business segments with subsidiary debt when those segments have better investment opportunities than the rest of the firm, and such debt tends to be parent-guaranteed. I also find that having such debt outstanding significantly reduces the effect of a segment's cash flow on the capital expenditures of other segments. These findings suggest that firms use subsidiary debt to protect their stronger segments from the underfunding or "poaching" problems modeled in theories of internal capital markets. In addition, I find that firms use subsidiary debt for reasons related to traditional capital structure concerns. Ch2: Is the Chinese Wall too High? I test whether new regulatory restrictions on cooperation between analysts and investment bankers adversely affect equity research coverage. Contrary to the hypothesis, I find that firms engaging in SEO's enjoy just as large an increase in analyst coverage in the post-regulatory period as they do in the pre-regulatory period.
Three Essays On Empirical Asset Pricing In International Equity Markets
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Author : Birgit Charlotte Müller
language : de
Publisher: Springer Gabler
Release Date : 2021-08-20
Three Essays On Empirical Asset Pricing In International Equity Markets written by Birgit Charlotte Müller and has been published by Springer Gabler this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-20 with Business & Economics categories.
In this Open-Access-book three essays on empirical asset pricing in international equity markets are presented. Despite being of fundamental economic and scientific importance, international financial markets have remained considerably underresearched until today. In the first essay, the role of firm-specific characteristics is analyzed for the momentum effect to exist in international equity markets. The second essay investigates the validity, persistence, and robustness of the newly discovered capital share growth factor across international equity markets as proposed by Lettau et al. (2019) for the U.S. market. Lastly, the third and final essay studies stock market reactions of European vendor banks to distressed loan sale announcements.
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.