Three Essays In Corporate Governance And Corporate Finance
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Three Essays In Corporate Governance And Corporate Finance
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Author : Elvis Alexander Hernandez Perdomo
language : en
Publisher:
Release Date : 2017
Three Essays In Corporate Governance And Corporate Finance written by Elvis Alexander Hernandez Perdomo 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.
Three Essays In Corporate Finance And Corporate Governance
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Author : Ting He
language : en
Publisher:
Release Date : 2011
Three Essays In Corporate Finance And Corporate Governance written by Ting He and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Corporate governance categories.
Three Essays In Banking
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Author : Tuyet Nhung Vu
language : en
Publisher:
Release Date : 2020
Three Essays In Banking written by Tuyet Nhung Vu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Three Essays On Corporate Finance And Governance
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Author : Vinh Q. Nguyen
language : en
Publisher:
Release Date : 2017
Three Essays On Corporate Finance And Governance written by Vinh Q. Nguyen 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.
Essays In Corporate Finance And Corporate Governance
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Author : David De Angelis
language : en
Publisher:
Release Date : 2012
Essays In Corporate Finance And Corporate Governance written by David De Angelis 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.
My dissertation contains three essays in corporate finance and corporate governance. The first essay studies the effect of information frictions across corporate hierarchies on internal capital allocation decisions, using the Sarbanes Oxley Act (SOX) as a quasi-natural experiment. SOX requires firms to enhance their internal controls to improve the reliability of financial reporting across corporate hierarchies. I find that after SOX, the capital allocation decision in conglomerates is more sensitive to performance as reported by the business segments. The effects are most pronounced when conglomerates are prone to information problems within the organization and least pronounced when they still suffer from internal control weaknesses after SOX. Moreover, conglomerates' productivity and market value relative to stand-alone firms increase after SOX. These results support the argument that inefficiencies in the capital allocation process are partly due to information frictions. My findings also shed light on some unintended effects of SOX on large and complex firms. The second essay is co-authored with Yaniv Grinstein and investigates how firms tie CEO compensation to performance. We take advantage of new compensation disclosure requirements issued by the Securities and Exchange Commission in 2006. Firms vary in their choice of performance measures and horizons, and in their reliance on pre-specified goals. Consistent with optimal contracting theories, we find that firms choose performance measures that are more informative of CEO actions, and rely less on pre-specified goals when it is more costly to contract on CEO actions. The third essay investigates the design of division managers (DMs) incentive contracts again taking advantage of the disclosure requirements. I find that firms do not use relative performance evaluation across divisions and that in general most of DM compensation incentives are associated with firm performance instead of division performance. Furthermore, division performance-based incentives tend to be smaller in complex firms, when within-organization conflicts are potentially more severe. I also find that when the probability of promotion to CEO is lower, DM ownership requirements are more stringent and DM compensation incentives are greater. These results support notions that influence costs as well as promotion-based incentives are important considerations in designing DMs contracts.
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 Empirical Corporate Finance And Governance
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Author : Johannes Zaia
language : en
Publisher:
Release Date : 2020
Three Essays In Empirical Corporate Finance And Governance written by Johannes Zaia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Three Essays In Corporate Finance
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Author : Jérôme Philippe Alain Taillard
language : en
Publisher:
Release Date : 2010
Three Essays In Corporate Finance written by Jérôme Philippe Alain Taillard 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.
Abstract: In my dissertation, I first contribute to the capital structure literature by estimating the potential impact of financial distress on a firm's real business operations. Secondly, I contribute to the ownership structure literature, and more broadly to the field of corporate governance, by revisiting the relationship between managerial ownership and firm performance. In my first essay, I analyze a comprehensive sample of defendant firms that found themselves exposed to an unexpected wave of asbestos litigation in the wake of two U.S. Supreme Court decisions. Since these legal liabilities are unrelated to current operations, firms that are in financial distress due to their legal woes provide a natural experiment to study the impact of financial distress on a firm's operational performance. When analyzing firms suffering from this exogenous shock to their finances, I find little evidence of negative spillover effects ("indirect" costs) of financial distress. That is, the competitive position of the distressed firms is not adversely impacted by their weakened financial situation. Furthermore, I find empirical support for a significant disciplinary effect of financial distress as these firms actively restructure and refocus on core operations. In my second and third essays, I focus on the relationship between managerial ownership and firm performance using a large panel dataset of U.S. firms over the period 1988-2004. In the second essay, I reconcile some of the extant literature by showing that the relationship is sensitive to the firm size characteristics of the sample being used. In particular, I recover the classic hump-shaped relationship when focusing only on the largest firms (e.g. Fortune 500 firms), while the relationship turns negative when the sample is comprised of smaller firms. The negative relationship among smaller firms is consistent with entrenchment arguments given that managerial ownership is on average much higher for small firms. Second, I find that for lower levels of managerial ownership, the negative relationship is driven by older firms that have on average less liquid stocks. This finding is consistent with firms that do not perform well enough to create a liquid market for their stock, and hence have to keep high levels of insider ownership in order to avoid a negative price impact that would result from a reduction of their stake. Lastly, these results could also be suggestive of endogeneity concerns. I investigate this issue further in my third essay. Principal-agent models predict that managerial ownership and firm performance are endogenously determined by exogenous changes in a firm's contracting environment. Changes in the contracting environment are, however, only partially observed, and the standard statistical techniques used to address endogeneity may be ineffective in this corporate setting. In my third essay, together with my coauthor Phil Davies, we develop a novel econometric approach to control for the influence of time-varying unobserved variables related to a firm's contracting environment. Using the same large panel dataset of U.S. firms over the period 1988-2004, we find no evidence of a systematic relation between managerial ownership and performance.
Three Essays On Corporate Governance And Entrepreneurial Finance
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Author : Ting Lu
language : en
Publisher:
Release Date : 2006
Three Essays On Corporate Governance And Entrepreneurial Finance written by Ting Lu 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.
The central issue of my dissertation is to explore the relationship between corporate governance and entrepreneurial finance by using data from the real world. I hold the belief that the key factor for economic growth and development is the match between human capital and financial capital. Such match depends on corporate governance, which is in turn determined by a region's political, legal and cultural environments.
Three Essays On Board Gender Diversity Corporate Governance And Corporate Finance
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Author : Aitzaz Ahsan Alias Sarang
language : en
Publisher:
Release Date : 2019
Three Essays On Board Gender Diversity Corporate Governance And Corporate Finance written by Aitzaz Ahsan Alias Sarang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This thesis examines the effect of board gender diversity in corporate finance. The first chapter provides a survey of literature on board gender diversity in management science domain and conclude the chapter by highlighting the potential areas of future work in the board gender diversity and corporate finance domain. The next chapters empirically examine the effect of female directors in three important, yet not explored areas of finance in the context of the French market. The second chapter examines the effect of female directors on corporate cash holdings. Using a sample of French firms over the period 1998 to 2015, we document a significant positive relationship between women directors and two measures of corporate cash holdings. The results support the notion that female directors have a lower liquidity risk-taking propensity than their male counterparts. The third chapter examines the relationship between board gender diversity and the cost of equity. We document a significant negative effect of female directors on the cost of equity. The fourth chapter is based on the critical mass theory. The results suggest that attaining the number of at least three women increases the likelihood of dismissing poorly performing CEOs. In summary, the results validate the notion that women directors are risk averse, strict at monitoring executives, and they increase the value of firm.