Essays On Industrial Organization And Finance

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Essays In Industrial Organization And Finance

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Author : Thomas Rutford Covert
language : en
Publisher:
Release Date : 2014

Essays In Industrial Organization And Finance written by Thomas Rutford Covert 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 consists of two essays on the behavior of traders in opaque financial markets and one on the behavior of firms while they are learning to use a new technology.

Essays In Industrial Organization Marketing And Financial Economics

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Author : Toker Doganoglu
language : de
Publisher:
Release Date : 2006

Essays In Industrial Organization Marketing And Financial Economics written by Toker Doganoglu 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.

Essays On Industrial Organization And Finance

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Author : Menghan Xu
language : en
Publisher:
Release Date : 2016

Essays On Industrial Organization And Finance written by Menghan Xu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

The dissertation consists of three essays on industrial organization with a particular focus on the structures of financial markets. The first chapter theoretically studies how search friction affects competition and resource allocation in crowdfunding loan markets, which are described using a many-to-one matching framework. Namely, competitive fundraisers must accumulate multiple investors to complete a transaction. I develop a dynamic matching model with a fixed sample search, a la Burdett and Judd (1983), in which fundraisers compete in interest rates while investors look for good investment targets. I highlight two important economic forces in the model. First, investors can only observe a limited number of quotes. Second, a surplus cannot be created until a fundraiser attracts contributions from enough investors. I show that in the presence of search friction, fundraisers implement mixed strategies to set interest rates in a unique stationary equilibrium, which results in rate dispersion even if the goods are homogeneous. Regarding resource allocation, I show that in the many-to-one market, rate dispersion creates an endogenous coordination mechanism among anonymous and independent investors, thereby making it easy for them to concentrate their investments. In other words, search friction improves allocation efficiency in a crowdfunding market compared with its perfect competition counterpart. Based on the theoretical framework constructed in the first chapter, the second chapter empirically studies the market structure of the crowdfunding market. I construct a novel data set based on a large panel of fundraisers' behaviors. Using reduced form analysis, I find evidence of persistent rate dispersion and funding mismatches, which are consistent with the theoretical predictions of the search model. I also show that the model is identifiable and can be estimated using a non-parametric approach, which allows me to measure the allocation efficiency. Regarding methodology, I demonstrate that it is sufficient to use projects' ranks to recover search friction primitives, which reduces the computational burden and increases the precision. The third chapter studies how the combination of adverse selection and moral hazard affects the design of financial contracts. Specifically, the chapter studies an optimal mechanism design problem,a la Mussa and Rosen (1978), in the presence of limited enforcement. In the study, the bank (principal) designs loan contracts to screen firms (agents) with unobserved productivities. Meanwhile, the bank cannot prevent the firm from consuming acquired funds without producing anything. The impediment of forming contracts creates an endogenous outside option for all borrowers. I show that in the optimal mechanism, loan sizes for higher types are decreased by ironing, i.e., by pooling on the top. In addition, the lower types produce at the second-best level. Moreover, I show that firms' participation is independent of the enforcement level.

Essays In Industrial Organization And Corporate Finance

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Author : Soegeng Wibowo
language : en
Publisher:
Release Date : 1999

Essays In Industrial Organization And Corporate Finance written by Soegeng Wibowo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.

Essays On Industrial Organization

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Author : Massimo Tognoni (t.d.-)
language : en
Publisher:
Release Date : 2006

Essays On Industrial Organization written by Massimo Tognoni (t.d.-) 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.

Three Essays In Industrial Organization And Corporate Finance

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Author : Emanuele Tarantino
language : en
Publisher:
Release Date : 2010

Three Essays In Industrial Organization And Corporate Finance written by Emanuele Tarantino and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Corporations categories.

Essays On The Application Of Financial Theory To Industrial Organization

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Author : Gerard Joseph Wedig
language : en
Publisher:
Release Date : 1987

Essays On The Application Of Financial Theory To Industrial Organization written by Gerard Joseph Wedig and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Finance categories.

Essays On Behavioral Industrial Organization And Finance

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Author : Pantelis Karapanagiotis
language : en
Publisher:
Release Date : 2021

Essays On Behavioral Industrial Organization And Finance written by Pantelis Karapanagiotis 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.

Financial Markets Marketing And Information Sharing

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Author : Rodney Benjamin Wallace
language : en
Publisher:
Release Date : 2000

Financial Markets Marketing And Information Sharing written by Rodney Benjamin Wallace and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.

Three Essays On Industrial Organization And International Finance

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Author : Mohammad Hossein Rahmati
language : en
Publisher:
Release Date : 2012

Three Essays On Industrial Organization And International Finance written by Mohammad Hossein Rahmati 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.

What motivates mergers in banking? The data show that merger activity is concentrated among very large banks. A large literature on the banking structure has studied this question by estimating cost functions and has provided mixed evidence. A crucial assumption is the exogeneity of input prices. If this assumption fails, result may be biased. This paper adopts the production function method proposed by Levinsohn and Petrin (2003) to separate the impact of productivity from scale economies in banking. To avoid this bias, I use recovery rates of non-performing loans, charge off rates, and cash holdings as proxies for productivity. The proxy method illustrates that the industry operates with significant diseconomies of scale, while the OLS method generates opposite results. Therefore, this finding supports the view that improvements in productivity cause mergers, which is also consistent with data. Finally, I introduce the Quantile Proxy Method to capture the impacts of both input endogeneity and size heterogeneity. This method reveals that medium size banks have largest diseconomies of scale, while top 5% experience somewhat extensive economies of scale. This result sheds light on the fact why many mergers occur among large banks: large parties involved in a consolidation benefit from both productivity improvements and scale economies.