Download or read book Essays on Corporate Finance and Governance written by Johan Molin and published by Stockholm School of Economics Efi Economic Research Institut. This book was released on 1996 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Finance and Governance written by Juan Chen and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Corporate Finance and Governance written by Vinh Q. Nguyen and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance and Corporate Governance written by David De Angelis and published by . This book was released on 2012 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Essays on Corporate Governance and Corporate Finance written by Yiwei Li and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance and Governance written by Ashley Nicole Newton and published by . This book was released on 2015 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Finance and Corporate Governance written by Johannes Alexander Barg and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Governance and Corporate Finance written by Elvis Alexander Hernandez Perdomo and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Finance and Governance written by Michael Furchtgott and published by . This book was released on 2013 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters that lie at the intersection where corporate finance meets law and economics. The first chapter (co-authored with Frank Partnoy) is a study on the relationship between shareholder litigation risk and the tactics that firms use for disclosing negative news. The empirical approach uses a natural experiment that arose from a Supreme Court decision that changed the policies used by the lower courts in certain jurisdictions. The main findings are that firms that were differentially impacted by the policy change were more likely to change their disclosure tactics. This result shows that firms respond to the litigation-risk environment in choosing their disclosure strategies. Although the court's policy decision was meant to protect firms from frivolous litigation, our evidence indicates that many firms responded by releasing information in a less timely and less transparent manner. The second chapter, which uses a unique dataset of out-of-court restructurings of Japanese firms, examines CEO turnover during the distress-resolution process. Taking into account the selection process behind CEO turnover, the empirical evidence indicates that all else equal, replacing the CEO during a restructuring leads to worse operating performance. This result suggests that in Japan's thin market for experienced executives, firing the CEO can have negative consequences for the firm's future performance. However, there is evidence that equity funds---which have become a more significant force in Japan in recent years---are better at recruiting skilled managers than other types of restructuring leaders. The third chapter presents an empirically-motivated theoretical model that explores bankruptcy law in the context of distress externalities. The model describes industries in which one firm's liquidation can have negative effects on other firms that use similar assets as collateral in their own financing. The main result of the model is that courts can produce efficiency gains by using debtor-friendly bankruptcy laws that may violate the usual priority of claims on a distressed firm.

Download or read book Essays in Corporate Finance Corporate Governance and Family Firm Behavior written by Markus Fütterer and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Governance Corporate Finance and Control written by Daniel Christian Powell and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Empirical Corporate Finance and Corporate Governance written by Erik Fernau and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Empirical Corporate Finance and Corporate Governance written by Inga Van den Bongard and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Finance and Corporate Governance written by Ting He and published by . This book was released on 2011 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance and Corporate Governance written by Gerrit Henrich and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book ESSAYS ON CORPORATE FINANCE AND GOVERNANCE written by Serkan Akguc and published by . This book was released on 2014 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis of key corporate decisions is mostly restricted to publicly listed firms even though privately held firms constitute a substantial part of any economy. In this dissertation, my goal is to enhance our understanding of some of the important decisions of private firms, namely: cash holdings, investment and performance using unique and large cross-country samples. In the first chapter, I examine cash holdings of private, unlisted firms versus publicly traded firms in 33 European countries during 2002-2011. I find that the average cash-to-assets ratios are lower in the Eurozone than in non-Eurozone countries by 5.4% due to lower transaction demand under a single currency regime. Public firms have higher cash ratios than private firms. However, the difference in cash ratios between public and private firms is higher in the Eurozone than in non-Eurozone countries, reflecting that: (a) precautionary demand is higher in the Eurozone due to risks and pitfalls of policy coordination, and (b) economic adjustments and transfers in the Eurozone more directly affect publicly traded firms than private ones. Moreover, I show that, during the financial crisis, corporate cash ratios increased in the Eurozone, indicating that the increase in precautionary cash demand was greater than a decrease in transaction demand due to the adoption of the Euro. In the second chapter, I compare the operating performance and efficiency of publicly and privately held firms in the UK over the period 2003-2012. I find that privately held firms typically perform better than publicly traded firms. This finding is robust in various model settings, using industry and size as well as propensity scored matched samples, considering alternative definitions of operating performance, ownership structure and taking into account the endogeneity of firm's exchange listing choice. I also show that average operating profitability of public firms is even lower than that of private firms when both types of firms are financially constrained. Finally, I show that informational value of R&D is higher for private firms than it is for public firms. In the third chapter, I examine the relationship between time horizons and corporate investment, both on the firm and country levels, for private, unlisted firms and publicly traded firms using a unique dataset from 73 countries around the world during the time period of 2003-2012. I show that a longer time horizon (i.e. higher propensity to save and invest) on a cultural and country level also manifests itself as higher investment at the firm level. This is robust to using alternative proxies for the country-level time horizon. Investment behavior of private firms, not public firms, follows a country-level horizon pattern, which is reflective of close monitoring by fewer owners and the absence of stock market pressures in making investment decisions. When I consider time-horizon at the firm-level, we find that firms with a longer time horizon invest more, and this effect is more pronounced for public firms than for private firms, given the former's greater, easier, and cheaper access to capital in the public capital market. I also show that public firms invest more and are more responsive to investment opportunities than private firms.