Four Essays In Financial Economics
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Four Essays In Financial Economics
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Author : Michael J. Barclay
language : en
Publisher:
Release Date : 1986
Four Essays In Financial Economics written by Michael J. Barclay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with categories.
Four Essays In Financial Economics
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Author : Li Jin
language : en
Publisher:
Release Date : 2001
Four Essays In Financial Economics written by Li Jin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Lack Of Commitment And Strategic Behavior
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Author : Enrico Camillo Perotti
language : en
Publisher:
Release Date : 1990
Lack Of Commitment And Strategic Behavior written by Enrico Camillo Perotti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with categories.
Essays On Financial Economics
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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.
A Tale Between Finance And Economics
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Author : Thomas Delcey
language : en
Publisher:
Release Date : 2021
A Tale Between Finance And Economics written by Thomas Delcey 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.
This thesis provides a historical and methodological analysis of the efficient market hypothesis, which represents one of the theoretical pillars of financial economics, but also one of the most controversial notions in the field. This research aims to shed light on the debates about this central and ambiguous concept, whose history is characterized by the diversity of its formulations and interpretations. In this thesis, I study these formulations and the contexts in which they emerged. I analyze the evolution of this hypothesis, from its origins in the 1920s to the recent transformations of the early 1980s. I interpret the efficient market hypothesis as a bridge between financial economics and economics, that is, as a concept at the heart of the identity of financial economics, but also as the main object through which this sub-discipline dialogues with the rest of the discipline. This intellectual history is structured around four articles, which discuss in detail these interactions. In the first episode, I examine the pioneering analyses of financial markets pursued by agricultural economists during the inter-war period and their influence on modern financial economics. In the second episode, I focus on the modern development of this hypothesis during the emergence of financial economics in the 1960s and on the close relationship between economists and early financial economists. The third episode explores the growing role of macroeconomists in the 1970s and early 1980s, which ultimately led to the questioning and reformulation of the hypothesis. Finally, the fourth chapter offers a methodological analysis that investigates the link between market efficiency and Hayek's information theory. In this fourth episode, I analyze the conceptual similarities and differences between these two theories of price formation.
Gold Credit And Employment
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Author : G. D. H. Cole
language : en
Publisher: Routledge
Release Date : 2017-11-08
Gold Credit And Employment written by G. D. H. Cole and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-08 with Business & Economics categories.
Originally published in 1930, the essays in this book discuss some of the leading financial controversies of the early 1930s in non-technical language. Rationalisation, the Gold Standard and the problems of currency and credit in their relation to unemployment are among the questions discussed. The volume as a whole is a plea at once for a revision of the (then) current banking policy and for a more energetic effort by the Government to break into the vicious circle of unemployment and under-consumption.
Essays On Financial Economics
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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.
Four Essays On Financial Systems And Economic Performance
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Author : Gemechu Ayana Aga
language : en
Publisher:
Release Date : 2012
Four Essays On Financial Systems And Economic Performance written by Gemechu Ayana Aga 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.
This thesis analyses the causes and consequences of access to credit by small- scale enterprises in developing countries and the design of optimal financial systems. The first essay explores the link between informality and access to external finance by Small and Microenterprises (MSEs). A probit model is estimated using data on MSEs from Ethiopia. The results show that informality plays an important role in a firm's access to credit. Specifically, informal firms are about sixteen percentage points more likely to be credit constrained than their formal counterparts. The second essay examines the consequence of credit constraints on a firm's innovation using the same data on MSEs from Ethiopia. We construct a measure of innovation exploiting a question in the survey that asks whether a firm has engaged in some form of innovation or not. Employing various estimation methods to deal with the possible endogeneity of access to credit, the results show that access to credit has a significant and positive effect on a firm's propensity to engage in innovative activi- ties. The third essay examines whether opening a stock exchange boosts per capita income growth in Sub-saharan Africa countries (SSA). Employing a semi-parametric Difference-in-Difference (DiD), i.e., a DiD on a set of matched countries, we show that opening a stock exchange does not appear to have a significant impact on eco- nomic growth in SSA as well as in other developing countries in other regions. The fourth essay studies whether the structure of the economy determines the evolution of the optimal structure of the financial system. Employing a measure of economic structure constructed based on a country's comparative advantage and using an in- novative instrumentation strategy to deal with the possible endogeneity of economic structure, the essay shows that the structure of the economy exerts a first-order causal effect on the evolution of the structure of a country's financial system.
Four Essays In Corporate Finance
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Author : Sukwhan Ahn
language : en
Publisher:
Release Date : 1993
Four Essays In Corporate Finance written by Sukwhan Ahn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Corporate debt categories.
Essays In Financial Economics
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Author : Sung Bin Sohn
language : en
Publisher:
Release Date : 2012
Essays In Financial Economics written by Sung Bin Sohn 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.
This dissertation consists of three essays in financial economics. The first two essays explore how initial public offerings are affected by various stock market conditions. In the third essay, I study the meaning of innovations in investor sentiment. In the first essay, I use cointegration techniques to decompose stock market shocks into permanent and transitory shocks, building on the idea that transitory shocks should not have long-run effects on dividends and stock prices. The decomposed shocks improve on existing valuation measures by indicating the extent to which market value is driven by permanent or transitory fluctuations. I then examine the effects of these shocks on several aspects of IPOs, and find that (1) despite the lack of long-run effects on firms' value, more firms go public in response to stronger transitory shocks; (2) firms that go public after stronger transitory shocks underperform their benchmark more severely in the long run; (3) during the book-building period, managers are more likely to limit secondary share sales after stronger transitory shocks; and (4) managers who limit secondary share sales further during the book-building period exhibit more severe long-run underperformance. These findings are consistent with the hypothesis that transitory shocks induce more IPOs that opportunistically exploit temporarily higher market valuation than IPOs that finance profitable projects in better market conditions. The findings are also consistent with the hypothesis that managers are more prone to become overconfident after stronger transitory shocks and that the resulting overconfidence leads to long-run underperformance. The decomposition methodology can also be applied to other corporate finance decisions such as SEOs, mergers and investments. The second essay establishes a model that incorporates both uncertainty and dispersion of opinion to examine how these two factors affect IPO stock performance. The model predicts that, unlike uncertainty, dispersion of opinion has nonlinear effects. There is a threshold of dispersion of opinion below which the dispersion does not affect IPO stock performance. Above the threshold, on the other hand, larger dispersion of opinion bids up the stock price higher and consequently yields the lower long-run return. The level of the threshold is increasing in the amount of free-floating shares in the market. Since IPO firms tend to have relatively small free-floating shares than other listed firms, IPO stocks are more subject to the dispersion of opinion. Thus, empirical researches that do not control the dispersion of opinion can produce misleading results on IPO performance. The model also predicts IPOs observations are subject to self-selection bias. Private firms would decide not to go public under the combination of high uncertainty and small dispersion of opinion, which could actually yield high long-run returns. This prediction helps explain the time variation of IPO volume and the general pattern of IPO long-run underperformance. The third essay tries to understand the meaning of innovations in investor sentiment. The role of investor sentiment in the stock market has attracted attentions of economists. Previous papers show that investor sentiment has return predictability and it is more pronounced among stocks that are more difficult to value and to arbitrage, and emphasize the behavioral role of investor sentiment. However, it still remains unclear whether this predictability is due to a causal effect of autonomous animal spirits or not. Alternatively, investor sentiment may reflect systematic risks and the predictability could be mere coincidence, not causation. For a structural interpretation, I introduce a modified version of the long-run risks model in which sentiment innovations arise from both animal spirit shocks and several risk shocks, and animal spirit shocks could affect stock returns. By matching impulse responses from data simulated according to the theoretical model to those from actual data, I estimate parameters in the model. The estimated model moderately replicates the historical data in the actual stock market. The estimation results show that a substantial amount of variation in investor sentiment is explained by systematic risk shocks as well as by animal spirit shocks, and that animal spirit shocks can have significant effects on stock returns. The findings suggest that investor sentiment is a noisy proxy of animal spirits and that autonomous animal spirits are at least in part responsible for the apparent return predictability of investor sentiment.