Two Essays In Finance
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Two Essays In Finance
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Author : Samir Kamat
language : en
Publisher:
Release Date : 2003
Two Essays In Finance written by Samir Kamat and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Two Essays In Finance
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Author : Mary Ann Majadillas
language : en
Publisher:
Release Date : 2009
Two Essays In Finance written by Mary Ann Majadillas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
ABSTRACT: In the first essay, I formulate an empirical model that lets me estimate what bidders pay for separate components of a target's sources of cash flows. Specifically, my model allows me to examine previously disparate threads in the literature: whether acquirers overpay or not, and if so, which asset component do they overpay for, whether the form of payment, i.e., stock or cash, relates to which asset component an acquirer will pay a higher premium, whether there is a difference between LBO specialists and corporate acquirers in the valuation of the components of a firm's assets, in particular the value of slack (cash and debt capacity), and whether acquirers from the same industry as the target value the same items as acquirers from a different industry. Overall, I find that acquirers overpay for inventories, intangibles, and financial slack but that the overpayment may be attributed to the use of overvalued stock as a means of payment by acquirers. I also find that corporate acquirers, in general, value items that create synergy such as assets-in-place, R & D, and intangibles, while LBO specialists value financial slack. Lastly, I find that related acquirers overpay for inventories, fixed assets, and intangibles, while unrelated acquirers overpay for financial slack.
Two Essays In Finance
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Author : Ahmed Mahmoud Elnahas
language : en
Publisher:
Release Date : 2014
Two Essays In Finance written by Ahmed Mahmoud Elnahas 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.
This dissertation comprises two essays. In the first essay we show that accruals management, sales manipulation, and reckless growth in operating capacity are used in conjunction with forward splits by hundreds of firms in schemes to manipulate stock prices that help justify an average 32% increase in executives’ salaries and additional gains from aggressive stock sales. This is a path to destruction that ultimately leads to shedding of labor and physical assets and substantial declines in both return on assets and stock price that often necessitates a reverse stock split. Our results highlight agency problems in the context of deceptive stock splits that can be part of complex financial chicanery.In the second essay we show that during 2000-2004 Doral Financial Corporation, a leading banking holding company, overstated its pre-tax income by 100 percent, which enabled Doral to report 28 consecutive quarters of record earnings. Our results show that the proportion of equity related incentives and the timing of option grants likely played a significant role in prompting Doral’s earnings misstatements. After the restatement announcement, Doral’s new management adopted several corporate governance improvements such as increasing the board size and independence and separating the chair and CEO roles. However, these actions were not sufficient to restore Doral’s pre-restatement good reputation.
Two Essays In Finance
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Author : Ward R. Kangas
language : en
Publisher: Universal-Publishers
Release Date : 1997-10
Two Essays In Finance written by Ward R. Kangas and has been published by Universal-Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-10 with Business & Economics categories.
Based on data on publicly traded insurance firms, the first essay examines questions about the effect of large catastrophic events on insurance firms. Rather than looking at a single event, thirty catastrophic events were aggregated into quintiles and the cumulative abnormal returns around these events were found to be significantly positive over a 25 day trading window. There is no significant evidence that post-catastrophic stock returns are correlated to the magnitude of the catastrophe. The second essay analyzes the effect of a large land grant university, the University of Illinois, on the State Treasury of Illinois. If the State Treasury were acting as its own agent trying to maximize revenues, would it choose higher education as an investment versus other alternative investments. While it is true the State makes large expenditures for the operations of the University, it is also true that individuals receiving degrees on average receive higher incomes. Taxes or higher incomes offset the cost of operating the University. The study is broken out by the level of student: undergraduate, masters, doctorate, medical professional, and by function of the University. It was found that all levels of education have a positive return not only for the individual, but also for the State Treasury. This is in excess of any non-pecuniary benefits to the State of having a better educated population, or the local taxation effects on the county or city where the campus is located. These returns are found to be higher than other types of investments.
Two Essays In Finance
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Author : Inmoo Lee
language : en
Publisher:
Release Date : 1995
Two Essays In Finance written by Inmoo Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.
In the first essay, "Do Firms Knowingly Sell Overvalued Equity?", I develop a simple equilibrium model which shows that insider trading around seasoned equity offerings (SEO) depends on both the quality of issuing firms and insiders' exogenous consumption shocks, neither of which are known by outside investors in the model. The empirical evidence indicates that insider trading is not reliably related to the future long-term stock returns of issuing firms even though it is reliably related to their announcement period abnormal returns. Issuing firms underperform their benchmarks regardless of the prior insider trading pattern. This suggests that insiders who have purchased shares before issuing do not realize that the market has overcapitalized prior good news, and are not knowingly selling overvalued equity. The second essay, "Deposit Insurance with Changing Volatility: An Application of Exotic Options", develops a model to incorporate the bank managers' incentives to change the bank's volatility into the pricing of deposit insurance. It is assumed that the volatility of the bank's assets changes or can be changed when the assets first hit a certain level. The results show that the shareholders' equity and the deposit insurance premium can be represented as combinations of generalized versions of particular barrier options known as down-and-out and down-and-in options. Numerical examples are used to illustrate the properties of the model.
Essays In Finance
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Author : Robert Giffen
language : en
Publisher: Forgotten Books
Release Date : 2018-02-16
Essays In Finance written by Robert Giffen and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-16 with Business & Economics categories.
Excerpt from Essays in Finance: Second Series In the Preface to the fourth edition of the first series of Essays in Finance, lately published, I have explained in some detail the connection between the Essays in that volume and the Essays in the present volume; and may be permitted to refer here to that Preface. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Two Essays In Finance
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Author : Tanakorn Likitapiwat
language : en
Publisher:
Release Date : 2010
Two Essays In Finance written by Tanakorn Likitapiwat and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
The dissertation consists of two essays. The first essay examines the information contents of after-hours earnings announcements. The study investigates the after-hours trading (AHT) activities, price contribution and price discovery following the quarterly earnings announcements released outside of the normal trading hours. We hypothesize that trading activity and price discovery on the announcement days are higher than non-announcement days during the same AHT periods. Similarly, the price discovery on earnings announcement days is expected to be higher than that of the non-announcements days during the same AHT periods. For a sample of S&P500 stocks from 2004-2008, we find that despite lower volume, trading activities after hours are heightened on days with earnings announcements. A significant portion of price change and price discovery occurs immediately after the earnings releases during the before market open or after market close sessions. Prices in AHT show relatively large degree of informational efficiency, further demonstrating the importance of the price discovery in AHT as these prices are not likely to be all driven by noise trading.The second essay is related to the impact of low cost carriers (LCCs) announcement on the legacy airlines. The successful emergence of low cost carriers (LCCs) is an important structural and financial development in the airline industry. Oligopoly structure, entry barriers, and high fixed costs make the industry highly susceptible to competitive and network expansion impacts of LCC entry. We hypothesize that LCC entry not only increases competition in the industry but also expands the number of airline travellers. As a result, the level of competition should have a negative effect on the returns of legacy airlines while network expansion should have a positive effect. We conduct event studies and regression analysis to explore the impacts of LCC entry on legacy airline stock prices. As a surprising result, positive stock returns are observed, which we interpret as the spillover effects of network expansion. Thus, economies of scope from increased passengers and connectivity increase the revenues of legacy airlines to sufficiently offset the LCC competitive threats.
Two Essays In Finance
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Author : David G. Shrider
language : en
Publisher:
Release Date : 2003
Two Essays In Finance written by David G. Shrider and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Two Essays In Finance
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Author : Salvatore Lucia
language : en
Publisher:
Release Date : 2003
Two Essays In Finance written by Salvatore Lucia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Currency question categories.
Essays In Finance
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Author : Robert Giffen, Sir
language : en
Publisher: Palala Press
Release Date : 2016-05-09
Essays In Finance written by Robert Giffen, Sir and has been published by Palala Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-05-09 with categories.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.