Three Essays In Empirical Corporate Finance And Governance

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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 Empirical Corporate Finance

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Author : Philipp Horsch
language : en
Publisher:
Release Date : 2016

Three Essays In Empirical Corporate Finance written by Philipp Horsch 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.

This dissertation consists of three independent papers dealing with three different research questions in the area of corporate finance. Despite the different topics all three papers have one main commonality: their focus on empirical identification. In the first paper, Competing with Superstars, we investigate the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to an award. The effect is more pronounced for competitors who have not received an award themselves, who are geographically close to an award winner and who are not entrenched. We observe an increase in risk-taking, operating performance and innovation activity of superstars' competitors as potential channels for this positive performance. Our results suggest a positive overall welfare impact of corporate superstar systems due to the incentivizing effect on superstars' competitors. The second paper, Unionization and Corporate Disclosure: Evidence from a Natural Experiment, investigates the effect of unionization on financial reporting quality. We establish causality by applying a regression discontinuity design exploiting the discontinuity generated by labor union elections that pass or fail by a small margin. Unionized firms improve their financial reporting quality by 2.6% the year after the election compared to nonunionized firms. The effect is mainly attributable to companies which understate their income. The effect is more pronounced in states with right to work laws and for companies with higher information asymmetry. Our results suggest that unions monitor companies if it potentially increases their rent seeking profits. In the third paper, Are There Peer Effects In Innovation?, we investigate how companies react to their peers' innovation activities, such as new patents. Exploiting exogenous.

Three Essays On Empirical Corporate Finance

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Author : Sumingyue Wang
language : en
Publisher:
Release Date : 2018

Three Essays On Empirical Corporate Finance written by Sumingyue Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

A common thread of the three chapters addresses the abovementioned trends and focuses on the internationalization decisions of both firms and PEs. I try to explore how technology transfer motivations, cultural distance, corporate governance, and country level characteristics affect the choice and performance of these international investments. Some of the research questions I tackle are: does the aim of technology transfer affect the decision of cross-border M&As? How do emerging-market acquirers create value in the international mergers? How would cultural, geographical distance and institutional distance affect the performance of cross-border M&As and the performance of international investments made by PEs?

Three Essays In Empirical Corporate Finance

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Author : Shage Zhang
language : en
Publisher:
Release Date : 2012

Three Essays In Empirical Corporate Finance written by Shage Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Chief executive officers categories.

Three Essays In Empirical Corporate Finance

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Author : Iana Zborshchyk
language : en
Publisher:
Release Date : 2018

Three Essays In Empirical Corporate Finance written by Iana Zborshchyk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

Three Essays In Empirical Corporate Finance

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Author : Chang Jie Hu
language : en
Publisher:
Release Date : 2020

Three Essays In Empirical Corporate Finance written by Chang Jie Hu 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.

"The core of the thesis includes three essays in empirical corporate finance. The first essay examines the relation between mandatory disclosure behavior and legal accountability. In this study, we treat the enactment of the Sarbanes-Oxley Act (SOX) in 2002 as a regulatory event that increases the legal accountability of top executives and compute the filing tones for a large sample of Forms 10-Q and 10-K filings between 1994 and 2017 using textual analysis. We document that the changes in filing tones contain substantial information that is reflected promptly in the capital market. We also show that a structural break exists in the distribution of filing tones around SOX. Firms use a more negative tone in their quarterly mandatory disclosure after SOX. Interestingly, investors exhibit a stronger reaction to per unit change of filing tones during the post-SOX era and we show that changes in investors’ reactions are not merely driven by the systematic changes in tone distribution after SOX. We also document that filing tones are determined by common performance measures, but such relation is weakened after SOX. The second essay studies the impact of the exit of Venture Capitalists (VCs) on innovation by comparing VC backed IPO firms with the non-VC backed. VCs play a significant role in bringing new ventures public by providing financing and consistent monitoring. Prior literature has established mostly a positive correlation between VCs and firm innovation because VCs may preselect more innovative firms to begin with. This study hopes to provide evidence on causal inference with reasonable assumptions from a “reverse treatment” perspective by examining the change in innovation when VCs exit. We treat the initial public offering (IPO) as a proxy for VC’s exit since most VCs exit shortly after IPO due to their limited investment horizon. Using a difference-in-differences framework, we find that VC-backed firms experience a greater drop in Research and Development (R&D) intensity after IPO-exits when compared to those non-VC backed. The third essay revisits the long-debated relation between market competition and firm innovation. While traditionally competition is measured at the industry level with historical data, our study utilizes two new text-based measures of competitive threats developed by Hoberg et al. (2014) and Li et al. (2013) which are both firm-specific and forward-looking. We address the potential endogeneity concerns using instrumental variables along with the propensity score matching of firms that experience an exogenous shock from import competition with those that do not. Our results show that an increase in competition unambiguously promotes firm innovation"--

Role Of Co Operatives In The Industrial Development Of Individual Countries

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Author :
language : en
Publisher:
Release Date : 1971

Role Of Co Operatives In The Industrial Development Of Individual Countries written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1971 with categories.

Three Essays On Empirical Corporate Finance

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Author : Spyridon Lagaras
language : en
Publisher:
Release Date : 2018

Three Essays On Empirical Corporate Finance written by Spyridon Lagaras and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

Three Essays On Empirical Corporate Finance And Political Economy

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Author : Yongxiang Wang
language : en
Publisher:
Release Date : 2010

Three Essays On Empirical Corporate Finance And Political Economy written by Yongxiang Wang 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 Empirical Corporate Finance And Corporate Governance

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Author : Erik Fernau
language : en
Publisher:
Release Date : 2013

Essays On Empirical Corporate Finance And Corporate Governance written by Erik Fernau and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.