Three Essays In International Corporate Finance And Banking
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Three Essays In International Corporate Finance And Banking
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Author : Gergana L. Kostova
language : en
Publisher:
Release Date : 2014
Three Essays In International Corporate Finance And Banking written by Gergana L. Kostova 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.
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 Son Banking And Corporate Finance
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Author : Fang Zhao
language : en
Publisher:
Release Date : 2006
Three Essays Son Banking And Corporate Finance written by Fang Zhao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Banks and banking categories.
Essays On Banking And Corporate Finance
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Author : Philipp Schnabl
language : en
Publisher:
Release Date : 2008
Essays On Banking And Corporate Finance written by Philipp Schnabl and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with International finance categories.
This dissertation consists of three essays on topics in banking and corporate finance. The first essay analyzes whether equity holdings of international lenders affect the transmission of credit supply shocks from developed countries to emerging markets. I exploit the 1998 Russian debt default as an exogenous credit supply shock to international lenders and trace out the impact on bank lending in Peru. I find that after the shock international lenders with equity holdings in Peruvian banks increased financing to banks in Peru, while international lenders without equity holdings reduced financing to banks in Peru. This effect could be driven either by differential credit supply from international lenders or by heterogeneity in credit demand across banks. I control for credit demand by examining firms that have loans from both banks with international equity holders and banks without international equity holders and find evidence for the credit supply explanation. The change in credit supply has real effects: I find a lower bankruptcy rate among firms borrowing from banks with international equity holders than among firms borrowing from banks without international equity holders. These results suggest that equity holdings of international lenders mitigate the transmission of credit supply shocks to emerging markets.
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 International Finance
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Author : Byong-Ju Lee
language : en
Publisher: Stanford University
Release Date : 2011
Three Essays In International Finance written by Byong-Ju Lee and has been published by Stanford University this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Essays In International Corporate Finance
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Author : Julio César Riutort
language : en
Publisher:
Release Date : 2011
Essays In International Corporate Finance written by Julio César Riutort and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation consists of three essays in international corporate finance. It studies the impact of aggregate conditions and the institutional environment on the behavior of publicly traded firms from a broad sample of countries. In the first essay I argue that when credit constraints are widespread, as may be the case in countries with poor investor protection, we should not necessarily expect small firms' investment to be more sensitive to monetary contractions or negative aggregate shocks. A simple model of investment with credit constraints shows that for this pattern to occur we need a high enough level of investor protection. The empirical evidence is broadly consistent with the hypothesis. In periods of tight credit conditions, small firms from countries with high creditor protection contract their investment rate more than large firms, while there is no significant difference in the investment contraction of small and large firms in from low creditor protection countries. In the second essay I explore to what extent the effect of legal origin on payout policy, ownership concentration, and valuation has been stable through time. The results suggest that previously established results should be taken with caution, and cast doubts on their strength. In particular, it appears that corporate characteristics are converging across countries, and legal origin is not longer an important determinant of them. In the final essay I study to what extent capital raising in international markets is related to firms' ability to react to financial shocks. I provide a complete descriptive picture of the main patterns in the use of international financing between 1990 and 2009,study how issuers and non-issuers grow during financial crises, and how their growth is related to the aggregate conditions in the economy and their past financing behavior. Firms that raise capital internationally have a lower correlation with the local GDP growth, and grow more during local financial crises; however this relationship depends on the overall degree of development of the country and is highly dependent on the determinants of the issuance decision. The descriptive analysis show that international capital raising is pervasive in most countries, but the firms doing so differ depending on the development of their country of origin.
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 On Ownership Issues In Corporate Finance Dissertation
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Author : Yuan Wang
language : en
Publisher:
Release Date : 2022
Three Essays On Ownership Issues In Corporate Finance Dissertation written by Yuan Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
The study consists of three research topics about corporate ownership and financial issues. Existing literature focuses on overall corporate ownership structure. This study extends the existing literature by studying the impacts of different ownership types. Different types of shareholders are different in several key aspects such as investment policies, targets, and risk preference, all of which influence how they execute their screening role over the companies, and are important determinants of firms' decisions. To the extant literature, scholars have employed various perspectives to examine corporate ownership. In this study, I will be focusing on the behavior agency theory, agency theory, and socioemotional wealth theory, in the hope of bringing a more nuanced insight of the impacts of different corporate ownership on financial issues, such as, cost of bank loan, the formation of international joint venture, and CEO turnover. In the first essay, I employ a sample of U.S. public companies between 2007 and 2016 to explore the joint effects of executive inside debt (EID) and family involvement on the cost of bank loans. The empirical results indicate that the mitigating effect of EID on the cost of bank loans is attenuated for family firms. In addition, I provide evidence for the following: 1) the mitigating effect of EID on cost of debt is strengthened when a firm's performance is lower than its aspiration level and 2) the moderating effect of family involvement is significant when firm performance is above its aspiration level. Collectively, our findings support the behavioral agency prediction that family involvement shapes firms' risk-taking preference, which acts as a substitute for EID in decreasing the cost of debt. In the second essay, I examine whether family involvement in business affects firms' engagement in international joint ventures (IJVs). Building on the narrow framing perspective, I argue that family businesses are more prone to utilize risk diversifying strategies over multiple IJV choices than non-family firms, because the family firms' decisions tend to be broadly-framed. Examining the interaction between three IJV decisions (type of IJV, choice of host country, and number of partners) in a sample of 1,439 IJVs formed by publicly traded companies in the US, we found support for our predictions. In the third essay, I explore how institutional holding together with other finance factors affect the likelihood of CEO turnover and whether analyst forecast accuracy serves as a mechanism through which institutional holding influences the likelihood of CEO turnover. I find that increased institutional shareholding results in a lower likelihood of CEO turnover directly as well as indirectly (through the mechanism of analyst forecast accuracy). We also investigate the impact of CEO turnover on subsequent firm performance using market-based measures, including firm value and the cost of equity. Moreover, we examine whether different types of CEO turnover would make a difference on firm value and cost of equity. Our results reveal that after CEO turnover-especially when the previous CEO is forced to leave, and the successor is from outside the company-the firm value is higher, and the cost of equity is lower.
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.