Download or read book Essays on Financial Institutions and Advisors written by Joseph D. Farizo and published by . This book was released on 2020 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Corporate Finance written by Rachel E. Gordon and published by . This book was released on 2015 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of one chapter studying the information possessed by outside directors before mergers and two chapters related to firms and their advisor relationships. The three essays in my dissertation explore various areas of corporate finance. My first paper titled "Are they in the know? Assessing outside director private information in M&A" examines trades by acquirer outside directors to test whether these directors are informed about upcoming mergers and whether they trade on this information for personal gain. Empirical evidence provides strong support of these hypotheses. Opportunistic trading in pre-merger months by outside directors is associated with the likelihood of a merger announcement and these trades appear correlated with deal quality. Outside directors sell shares before less valuable deals and purchase shares before more value-enhancing ones, suggesting that outside directors use their private information in self-serving ways. This relationship appears to be concentrated in harder to value firms and intensifies when a greater number of outside directors on the board trade in the same direction. Furthermore, there is evidence that this behavior occurs in firms with high levels of CEO power signifying that underlying agency problems may exist for some of these firms. The second essay titled "Why hire your rival? The case of bank debt underwriting," with David Becher and Jennifer Juergens, explores the previously undocumented debt underwriting relationship for financial firms. These firms are unique in that they are the only firms both able and capable of underwriting their own securities issuances. We find, however, that publicly traded investment and commercial banks ("banks") hire a rival in nearly 30% of all their debt issuances from 1979-2014. Further, the use of rivals is not limited to small, low ranked, or commercial banks as large, high quality, or investment banks also tend to engage rivals.Traditional (bank expertise and information sharing) as well as bank-specific (capacity constraints and limited distribution networks) motivations help explain why banks hire a rival. Evidence also suggests that the decision to use a rival to underwrite debt offerings affects fees. Collectively, these results expand our understanding of banks' underwriter choice and show that despite the potential costs, banks pervasively hire their rivals. The last essay titled "Are firm-advisor relationships valuable? A long-term perspective," with David Becher and Jennifer Juergens, examines long-term firm-advisor relations using an extended history of debt, equity, and merger transactions. Hard-to-value firms are more likely to maintain dedicated advisor relations (underwriters or merger advisors). Firms that retain predominantly one advisor over their entire transaction history pay higher underwriting/advisory fees, have inferior deal terms, and have lower analyst coverage relative to those that employ many advisors. When we condition on a firm's information environment as a catalyst for longterm advisor retention, riskier firms obtain better terms when they utilize a variety of advisors, but informationally-opaque firms do not. Our results suggest that only some firms benefit from long-term advisor retention.
Download or read book Three Essays in Financial Institutions and Investments written by Mark Kurt Pyles and published by . This book was released on 2005 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Two Essays in Finance written by Thomas W. Doellman and published by . This book was released on 2012 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, I examine two distinct topics in finance. The first part of the study examines the impact of conflicts of interest in the 401(k) industry on the investment performance of 401(k) plan participants. Specifically, I examine whether differences in plan performance and costs are significantly related to the type of financial institution administering the plan and whether these differences are related to conflicts of interest. I find that plans administered by companies that we characterize as asset management advisors or large commercial banks tend to significantly underperform plans administered by all other types of companies in the sample. We argue that this poor performance is associated with their particular susceptibility to conflicts of interest. Further evidence that these performance differences are indeed driven by conflicts of interest is provided by using a proxy for an administrator's susceptibility to conflicts of interest and by controlling for plan holdings in their proprietary funds. In both cases plan underperformance is magnified.
Download or read book Two Essays on Financial Institutions written by Steven J. Pilloff and published by . This book was released on 1995 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Financial Intermediation written by Javed Ahmed and published by . This book was released on 2011 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I analyze behavior of two types of financial intermediaries that play critical roles in capital allocation: ratings agencies and merger advisors. Each type of intermediary survives due to (assumed) informational advantages relative to firms and investors. In the following chapters, I analyze how differences in information between market participants and intermediaries lead to signaling behavior related to privately-observed quality. My results explain some seemingly-anomalous aspects of financial markets, and provide a framework for assessing the impact intermediaries can have on efficient capital allocation. In the first chapter, I examine whether rating agencies strategically manipulate the informativeness of bond ratings in response to competition from private lenders. I model a monopolistic rating agency that caters to a low-quality marginal customer with uninformative ratings. High-quality customers prefer informative ratings but are captive customers of the rating agency in the absence of competition from private lenders. With competition from private lenders, the rating agency uses informative ratings to keep high-quality customers in public markets. The model also suggests that the ratings sector dampens the impact of capital supply shocks, and offers a strategic pricing rationale for the controversial practice of issuing unsolicited credit ratings. In the second chapter, I test predictions of the model using a measure of informativeness based on the impact of unexpected ratings on a debt issuer's borrowing cost. I analyze two events that increased the relative supply of private vs.\ public lending: the temporary shutdown of the high-yield market in 1989 and legislation in 1994 that reduced barriers to interstate bank lending. After each event, I find that the informativeness of ratings increased for issuers whose relative supply of private vs.\ public capital increased most. In the third chapter, I analyze how acquiring firms select and pay advisors. I present a model in which an advisor with privately known quality screens targets (due diligence) and improves negotiation outcomes (bidding). When a transaction involves only bidding, advisors pool by offering fees contingent on a completed transaction. By contrast, a transaction involving due diligence can lead to a separating equilibrium and fixed fees. The model predicts that acquirers use advisor market share instead of stock return-based measures to select advisors when synergies are not observable, and that acquirers with better information about advisor quality pay higher fees. I argue that investors in leveraged buyouts are skilled in acquisitions, and find that they pay higher fees for both mergers and tender offers, controlling for assignment and deal characteristics. They are also less likely to include contingent fees than other acquirers. Results suggest skilled investors use private information about advisor ability to hire advisors, and do so primarily to screen targets rather than to improve negotiation outcomes.
Download or read book Essays on Financial Institutions written by Youngsoo Oh and published by . This book was released on 1989 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Financial Institutions written by César Orosco and published by . This book was released on 2005 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Planning Handbook for Physicians and Advisors written by David Edward Marcinko and published by Jones & Bartlett Learning. This book was released on 2005 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Planning for Physicians and Advisors describes a personal financial planning program to help doctors avoid the perils of harsh economic sacrifice. It outlines how to select a knowledgeable financial advisor and develop a comprehensive personal financial plan, and includes important sections on: insurance and risk management, asset diversification and modern portfolio construction, income tax and retirement planning, and succession and estate planning. When fully implemented with a professional's assistance, this book will help physicians and their financial advisors develop an effective long-term financial plan.
Download or read book Three Essays on the Benefits and Costs of Financial Advisors and Data Providers written by Nic Schaub and published by . This book was released on 2014 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on financial institutions written by Binzi Shu and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Remuneration Systems of Financial Advisors written by Markus Weinert and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Comprehensive Financial Planning Strategies for Doctors and Advisors written by David Edward Marcinko and published by CRC Press. This book was released on 2014-12-09 with total page 726 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the expertise of multi-degreed doctors, and multi-certified financial advisors, Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners will shape the industry landscape for the next generation as the current ecosystem strives to keep pace.Traditional g
Download or read book Financial Intelligence Advice Insight and Counsel from Worth Magazinea s Leading Wealth Advisors and Attorneys written by and published by Financial Intelligence. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: FINANCIAL INTELLIGENCE More than 60 essays written exclusively for Worth Magazine on wealth management topics relating to: Family Issues Insurance Investing & The Economy Philanthropy Retirement Planning Tax Planning Wealth Transference Succession Planning PLUS: WHAT TYPE OF ADVISOR IS RIGHT FOR YOU? HOW TO INTERVIEW A FINANCIAL ADVISOR HOW TO VET YOUR WEALTH ADVISOR Financial Intelligence, published by Worth magazine, features an exclusive portfolio of more than 60 questions and answers addressing key wealth management concerns presented by advisors featured in the Worth Leading Advisor program. From family issues to philanthropy, insurance to investments, these informative essays deliver insights and expertise from advisors who collectively manage more than $220 billion in assets. Here you’ll also find invaluable information to help foster a more productive dialogue with your current advisor. And if you don’t have an advisor or are thinking about making a change, this book will inform and invigorate your search for the best person to manage and protect your wealth.
Download or read book Essays on Access to Financial Institutions Inequality and Redistribution written by Ulrike Vogelgesang and published by . This book was released on 2002 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Financial Institutions and Risk Management written by Majeed Simaan and published by . This book was released on 2018 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on the Risks and Real Effects of Non Bank Financial Institutions written by Yao Zeng and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
