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Three Essays In Corporate Finance

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Three Essays Of Corporate Finance

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Author : Lunzhou Che
language : en
Publisher:
Release Date : 2021

Three Essays Of Corporate Finance written by Lunzhou Che and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Business categories.

Three Essays In Corporate Finance

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Author : Hongchao Zeng
language : en
Publisher:
Release Date : 2012

Three Essays In Corporate Finance written by Hongchao Zeng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Electronic dissertations categories.

This dissertation contains three essays in corporate finance. In the first essay, using the presence of business combination (BC) laws to proxy for the monitoring strength of the takeover market, we examine how an active takeover market affects the level and valuation of corporate cash holdings. After accounting for potential endogeneity of state incorporation, we find that firms incorporated in states without BC laws hold significantly more cash than those incorporated in states with BC laws. We also find that the value of cash holdings used by firms to defend themselves against unwanted takeovers in the presence of an active takeover market is not discounted by investors. Our findings suggest a substitution effect between legal antitakeover protection and firms' use of cash protection. However, there is no evidence that these cash holdings lead to value destruction. Firms may use corporate payouts to signal internal governance quality and avoid a market discount placed on cash holdings. In the second essay, using the Herfindahl-Hirschman Index (HHI), the industry price-cost margin, the number of firms within an industry, and the level of import penetration to gauge the intensity of product market competition, we find that the speed of capital structure adjustment for firms in competitive industries is significantly faster than for firms in non-competitive industries. Further analysis reveals that this effect is driven solely by the capital structure movements of over-levered firms. While over-levered firms in competitive industries face higher levels of investment needs relative to those in non-competitive industries, they are significantly less likely to use debt financing and to deliberately deviate from target. In the third essay, we find that cash has a negative impact on the future market share growth of the old firms, evidence that can better explain the unwillingness of such firms to hold precautionary cash as they face increasingly more volatile cash flows in an imperfect capital market. Furthermore, we show that the relational strength between cash and product market performance evolves in a way that reflects a changing composition of manufacturing firms which progressively tilts toward young firms.

Three Essays In Corporate Finance

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Author : Imants Paeglis
language : en
Publisher:
Release Date : 2002

Three Essays In Corporate Finance written by Imants Paeglis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.

Three Essays In Corporate Finance

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Author : Hoontaek Seo
language : en
Publisher:
Release Date : 2009

Three Essays In Corporate Finance written by Hoontaek Seo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Boards of directors categories.

Three Essays In Corporate Finance

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Author : Debarshi K. Nandy
language : en
Publisher:
Release Date : 2004

Three Essays In Corporate Finance written by Debarshi K. Nandy 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.

Three Essays In Corporate Finance

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Author : Ekaterina Volkova
language : en
Publisher:
Release Date : 2017

Three Essays In Corporate Finance written by Ekaterina Volkova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.

This dissertation explores three different aspects in corporate finance. My first essay explores governance from the side of blockholders. My second essay explores governance from the side of the Securities and Exchange Commission (SEC). And my third essay overview and summarizes recent literature in the IPO field. In Chapter 1, "Blockholder Diversity: Effect of Polyphony on the Power of Monitoring", I investigate how the differences in skill, incentives and preferences between large shareholders in the company affect the power of their monitoring. My findings suggest that diversity between blockholder creates disagreement that have strong negative influence of the power of their governance. Such adverse influence is also reflected in the future dynamics of company value and performance. In Chapter 2 (joint with Michelle Lowry and Roni Michaely) "Information Revelation Through Regulatory Process: Interactions Between the SEC and Companies Ahead of the IPO", we explore the main determinants of extensiveness and focus of SEC review of companies before they go public. In the second part of this chapter we explore what investors could learn from the information disclosed during this review process. In Chapter 3 (joint with Michelle Lowry and Roni Michaely) "Initial Public Offerings: a Synthesis of the Literature and Direction for Future Research" we provide a literature review of recent papers in the IPO field. In addition, we also explore how the main stylized facts behave of the large sample of IPOs between 1972 and 2015.

Three Essays In Corporate Finance

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