Essays On Financial Economics
DOWNLOAD
Download Essays On Financial Economics PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Essays On Financial Economics 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 Financial Economics
DOWNLOAD
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 On Financial Economics
DOWNLOAD
Author : Pekka T. Hietala
language : en
Publisher:
Release Date : 1989
Essays On Financial Economics written by Pekka T. Hietala and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Managing Global Money
DOWNLOAD
Author : Graham Bird
language : en
Publisher: Springer
Release Date : 1988-05-24
Managing Global Money written by Graham Bird and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-05-24 with Business & Economics categories.
This collection of articles and papers has been organised under a limited number of specific themes in international financial economics, including balance of payment theory and policy, the activities of the IMF, Special Drawing Rights, the role of the private financial markets, and the international economic order. A unifying theme running through all the essays is that some degree of management of international financial affairs is desirable. The book has a strong policy orientation and should be of interest to students and practitioners of international financial economics alike.
Essays On Financial Economics
DOWNLOAD
Author : Rui Luo
language : en
Publisher:
Release Date : 2018
Essays On Financial Economics written by Rui Luo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Chief executive officers categories.
This dissertation contains three essays on financial economics. The first essay explores whether managerial inconsistent time preference leads to investment and financial distortions. Time-inconsistent CEOs are impatient -- they want to experience rewards sooner and delay costs later. As a result, they repeatedly procrastinate some good investments and regularly preproperate borrowing and dividend payments, leading to underinvestment, over-borrowing and excessive dividend payments relative to the first-best. I first test this prediction via reduced-form regressions. I construct a proxy for time inconsistency based on managers' time preference revealed in their personal portfolio decisions. I find that firms with time-inconsistent managers significantly invest less, hold more debt and pay more dividends. I then formulate a dynamic investment model in which the value-maximizing manager has inconsistent time preference. Simulation results again confirm my argument: managers cut investments, hold more debt and make more dividend payments if they exhibit self-control problems. The second essay exploits proprietary records of site visits in China and investigates how corporate site visits affect information asymmetry and whether this impact is influenced by the disclosure regulation. Starting from 2009, firms listed on Shenzhen Stock Exchange were mandated to disclose site visit information while firms listed on Shanghai Stock Exchange were not required to do so. Using the adverse selection component of bid-ask spread and dispersion in analyst forecasts as proxies for information asymmetry, this paper finds that overall corporate site visits reduce information asymmetry. However, the reduction of information asymmetry is not significantly different between firms that are mandated to disclose and those that are not. The third essay provides a dynamic minimum-variance hedge for firms in incomplete markets. By accounting for price transmission between the input and output prices, the model enables firms to minimize both input and output price fluctuations through a single tradable futures contract even in incomplete markets. The model conditions on the direction of price transmission between inputs and outputs, and on the availability of futures contracts. Using the problem of a hypothetical jet fuel producer as motivation, it is found that the two-sided model leads to a more effective hedge (more volatility reduction).
Essays In History
DOWNLOAD
Author : Charles Poor Kindleberger
language : en
Publisher: University of Michigan Press
Release Date : 1999
Essays In History written by Charles Poor Kindleberger and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Classic Kindleberger: Engaging and stimulating reading on eclectic topics in finance, economics, and the life of this captivating author
Why The World Economy Needs A Financial Crash And Other Critical Essays On Finance And Financial Economics
DOWNLOAD
Author : Jan Toporowski
language : en
Publisher: Anthem Press
Release Date : 2010-12-01
Why The World Economy Needs A Financial Crash And Other Critical Essays On Finance And Financial Economics written by Jan Toporowski and has been published by Anthem Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.
Three Empirical Essays In Financial Economics And International Finance
DOWNLOAD
Author : Marek Kolar
language : en
Publisher:
Release Date : 2008
Three Empirical Essays In Financial Economics And International Finance written by Marek Kolar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Banks and banking, Central categories.
Theory And Reality In Financial Economics
DOWNLOAD
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.
Essays In Financial Economics
DOWNLOAD
Author : Francisco Jose Guedes dos Santos
language : en
Publisher: Stanford University
Release Date : 2011
Essays In Financial Economics written by Francisco Jose Guedes dos Santos and has been published by Stanford University this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation consists of three essays that examine various problems in financial economics. Chapter 1 fills in a gap in the IPO literature by documenting a close connection between IPO underpricing and the long-term underperformance of IPOs. Firms going public in periods of low underpricing do not underperform in the long run, while firms going public in high underpricing periods do. Furthermore, IPOs in later stages of high underpricing periods underperform even relative to their offer prices, which suggests that many of the most "underpriced" IPOs are in fact priced above fundamental value. This result is unlikely to be explained by differences in risk, or to be driven by a peso problem. I also find that firms going public in later stages of high underpricing periods display worse operating performance and profitability, lower asset growth, lower investment rates and higher cash holdings. Finally, I provide evidence that investor sentiment is stronger in high-underpricing periods. These results are consistent with a setting in which low quality firms, in periods in which the average underpricing in the market is high, try to exploit investors' sentiment by going public. Chapter 2 looks at the return predictability information in Single Country Closed-End Fund (SCCEF) discounts. It is long argued that discounts in closed-end funds are caused by differences in sentiment between investors that trade the fund and investors that trade the underlying assets. SCCEFs provide an interesting setting given the clear market segmentation. American SCCEFs are priced by American investors, while underlying assets are mainly traded by investors in the respective country. I argue that if cross-sectional and time-series variation in SCCEFs are linked to differences in sentiment, then the SCCEF discount can be used to predict future performance of SCCEFs, international stock markets, or both. The evidence on international stock markets' return predictability using SCCEF discounts is mixed. A trading strategy designed to exploit potential differences in sentiment by buying and selling international stock indices delivers alphas of around 90bps per month in an International CAPM. Adding three extra factors: value, size and momentum in U.S. equity does not change the result. However, once we control for international value and momentum in stock markets, we no longer observe positive alphas for short-horizon investments. The evidence on SCCEF return predictability from SCCEF discounts is very strong. For all three asset pricing models considered, a strategy that exploits differences in sentiment yields positive alphas, with magnitudes ranging from 2% to 4% per month. In Chapter 3, I investigate how the stock market reacts to earnings surprises announced during major sport events in the U.S. In a rational and frictionless market, investors should not react differently to announcements released during sport events. However, major sport events combine two known psychological biases. First, sports can be distracting, impairing investors' judgment. Second, sports can change people's mood. Hence, through these biases, market prices could be affected. Considering the Super Bowl, World Series of Baseball and NBA finals I find that investors, immediately after sport events, underreact to positive surprises, and overreact to negative surprises in earnings. After this initial reaction, I find that, investors undo their 'mistakes' in the following weeks to the announcement. However, for the most negative and positive surprises, they over-compensate. In this study, I show that non relevant financial events have an impact on market prices. Moreover, I show that the observed impact cannot be explained only by limited attention, as investor mood seems to be crucial to explain investors' reactions.
Essays On Financial Economics
DOWNLOAD
Author : Masaru Konishi
language : en
Publisher:
Release Date : 1994
Essays On Financial Economics written by Masaru Konishi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Banks and banking categories.