Download or read book Four Essays in Strategic Corporate Finance written by Torsten Twardawski and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance written by John Robinson and published by . This book was released on 2010 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance and Strategy written by Gabriel Andres Natividad and published by ProQuest. This book was released on 2000 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Compilation of Essays in Corporate Finance written by Melinda L. Newman and published by . This book was released on 2000 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Four Essays in Corporate Finance written by Sukwhan Ahn and published by . This book was released on 1993 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Current Challenges for Corporate Finance written by Guido Eilenberger and published by Springer Science & Business Media. This book was released on 2009-09-21 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strategic corporate finance? This sounds like a paradox at first. After all, corporate finance means responding to the financial markets. Strategy, on the other hand, aims to change and shape the environment in the long term. Lately, though, more and more managers and investors appear to be breaking the laws of the capital market. At the same time, corporations are discovering new ways to not just react to the capital markets, but to actively shape them. The authors show that these violations are not isolated occurrences, but part of a paradigm shift. If companies want to stay successful in changing markets, they have to take a strategic approach to corporate finance. The authors use practical examples to demonstrate how this can be achieved. This book is intended not only for corporate finance experts, but also for students interested in the latest developments on the financial markets.

Download or read book Essays in Empirical Corporate Finance written by Alberto Allegrucci and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Four Essays on Corporate Finance Issues in Emerging Stock Markets written by Rose Ngugi and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance written by Nomalia Manna and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate strategies have always been an important part of the Finance literature. Firms and corporations constantly update their strategies and adopt new ways to combat the ever-changing market dynamics and reap benefits from various corporate activities. My thesis includes three essays that span over different strategies adopted by corporations and corporate boards to mitigate issues resulting from corporate deals, competition, and regulations. In the first essay, I examine if targets of serial acquirers retain or hire a specific type of financial advisors. Using pairwise matching between target firms and potential financial advisors, I find that 41% of firms targeted by serial acquirers use the financial advisor of a previous target of the same acquirer. After controlling for prior relations and reputation, I find that targets hire these advisors with a significantly higher likelihood than others. These targets earn higher returns and can complete deals sooner. On the other hand, serial acquirers suffer from lower returns. The results suggest that targets adopting this strategy of hiring "repeated advisors" gain an information advantage. The "repeated advisors" collect knowledge about the acquirers from prior deal negotiations and can transfer this information to the later targets. The results also provide a potential explanation for why serial acquirers perform poorly in their later deals. The second essay (with Sungjoung Kwon) studies the choices of corporate venturing by public corporations. While existing literature on corporate venture capital (CVC) primarily focuses on investments through CVC units, corporations frequently make investments in startups directly. We document that between 2000 and 2019, approximately 42% of deals made by U.S. public firms were through direct investments, and 90% of public firms with CVC units also made direct investments in startups. The agency hypothesis predicts that managers use direct investments to entrench themselves. In contrast, the organizational friction hypothesis posits that firms rely on direct investments to address immediate strategic goals. Our findings provide strong support for the organization friction hypothesis. Firms directly invest in startups whose operations are highly correlated with theirs and which are less likely to be potential investment targets of their CVC units. Using a difference-in-differences design around the introduction of Amazon Elastic Computer Cloud, we find that firms increase direct investments (but not investments through their CVC units) when the entry of startups increases. Overall, our findings shed light on choices of corporate venturing under different firm strategies. The final essay investigates the effects of merger objection lawsuits on acquirers and deal outcomes. In recent years these lawsuits have significantly increased in numbers, and a majority of them usually settle with the addition of more information to the proxy statements and substantive attorney fees. Since these settlements do not benefit the shareholders, most merger litigations are deemed as frivolous lawsuits in recent years. In response to this, in January 2016, Delaware Chancery Court introduced In re Trulia ruling, which states that the court will dismiss all lawsuits leading to "disclosure-only" settlements. This phenomenon lowered the massive volume of merger lawsuits faced by firms. Using this quasi-natural shock to the settlements of litigations, I find that acquirers incorporated in the states that adopted this ruling perform more acquisitions post-2016 and complete deals faster. I also find that such deals do not result in negative acquirer returns or higher offer premiums. Overall, the results indicate that this ruling provided some relief for the acquirers from the nuisance of the frivolous lawsuits.

Download or read book Corporate Financial Strategy written by Ruth Bender and published by Routledge. This book was released on 2013-11-07 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The field of Corporate Finance has developed into a fairly complex one from its origins focussed on a company's business and financial needs (financing, risk management, capitalization and budgeting). Corporate Financial Strategy provides a critical introduction to the field and in doing so shows how organizations' financial strategies can be aligned with their overall business strategies. Retaining the popular fundamentals of previous editions, the new edition brings things up to date with an array of new examples and cases, new pedagogical features such as learning objectives and suggested further reading, and includes new material on mergers and acquisitions, and valuations and forecasting. Unlike other textbooks, Ruth Bender writes from the perspective of the firm rather than the investor. Combined with a structure driven by issues, the result is a textbook which is perfectly suited to those studying corporate finance and financial strategy at advanced undergraduate, postgraduate and executive education levels.

Download or read book Four Essays on Corporate Finance Issues in Emerging Stock Markets written by Rose Ngugi and published by . This book was released on 2002 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance and Investment written by Lin William Cong and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of two essays that examine several problems in corporate finance and mechanism design. The central theme is endogenous agency conflicts and their impact on dynamic investment decisions. The first essay features auctions of assets and projects with embedded real options, and subsequent exercises of these investment options. The essay shows timing and security choice of auctions endogenously misalign incentives among agents and derives the optimal auction design and exercise strategy. The second essay studies implications of endogenous learning on irreversible investment decisions, in particular, how learning gives rise to asymmetric information between managers and shareholders in decentralized firms. Depending on the quality of the project, the optimal contract between principal and agent distorts investments in ways that has not been examined in the literature. Specifically, in Chapter 1 of the dissertation, I study how governments and corporations auction real investment options using both cash and contingent bids. Examples include sales of natural resource leases, real estate, patents and licenses, and start-up firms with growth options. I incorporate both endogenous auction initiation and post-auction option exercise into the traditional auctions framework, and show that common security bids create moral hazard because the winning bidder's real option differs from the seller's. Consequently, investment could be either accelerated or delayed depending on the security design. Strategic auction timing affects auction initiation, security ranking, equilibrium bidding, and investment; it should be considered jointly with security design and the seller's commitment level. Optimal auction design aligns investment incentives using a combination of down payment and royalty payment, but inefficiently delays sale and investment. I also characterize informal negotiations as timing and signaling games in which bidders can initiate an auction and determine the forms of bids. I show that post-auction investments are efficient and bidding equilibria are equivalent to those of cash auctions. However, in this setting, bidders always initiate the informal auctions inefficiently early. In addition, I provide suggestive evidence for model predictions using data from the leasing and exploration of oil and gas tracts, which leads to several ongoing empirical studies. Altogether, these results reconcile theory with several empirical puzzles and imply novel predictions with policy relevance. In Chapter 2, I examine learning as an important source of managerial flexibility and how it naturally induces information asymmetry in decentralized firms. Timing of learning is crucial for investment decisions, and optimal strategies involve sequential thresholds for learning and investing. Incentive contracts are needed for learning and truthful reporting. The inherent agency conflicts alter investment behavior significantly, and are costly to investors and welfare. But contracting on learning restores efficiency with low future uncertainty or sufficient liquidity. Unlike prior studies, the moral hazard of learning accelerates good projects and delays bad projects. Even the best type's investment is distorted, and only when learning is contractible can adverse selection dominate learning.

Download or read book Three Essays in Corporate Finance written by Bernardino Manuel Pereira Adão and published by . This book was released on 1995 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Finance written by Worawat Margsiri and published by . This book was released on 2006 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Finance written by Roy Thomas Cooper IV. and published by . This book was released on 2007 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Corporate Finance written by Vladimir Mukharlyamov and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the third chapter, using a novel dataset that allows me to capture the education and career trajectories of over 250,000 employees of 224 bank holding companies, I find that banks with shorter employee tenures and higher fractions of MBAs, top school graduates, and job jumpers performed more poorly during the Great Recession. This relationship is driven by the predisposition of these banks to take on greater risk. These same workforce measures also explain banks' performance in the 1998 crisis. Taken together, my results suggest that investigating workforce measures could be a step towards quantifying components of risk culture or strategy that contribute to financial institutions' vulnerability to crisis.

Download or read book Essays in Corporate Finance written by Lan Xu and published by . This book was released on 2013 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes three essays that study topics of diversification discount, corporate investment, and employee stock options. The first essay proposes and tests a novel view that the diversification discount is largely an acquisition discount. I find that the manner in which diversification is achieved, organically or through acquisitions, matters. The diversification discount narrows by 10% to 14% if I account for acquisitions in my broad sample. My narrow sample provides a cleaner setting to identify the impact of growth mode on the discount: firms diversifying through acquisitions experience a significant decline in excess value after becoming diversified, while firms of organic growth do not. When pooled together, the diversifying firms exhibit a value-change pattern which closely tracks that of the acquisitive-growth subsample. This pattern is robust to within-firm comparisons, regressions, and matching estimations. I investigate possible causes and conclude it is consistent with inefficient investment hypothesis. The second essay examines the competitive investments of firms after recession shocks. I show that firms' strategic investments during the recovery phase of the cyclical downturn induce a compositional shift in investments within industries and help explain the slow economic recovery, thus adding an additional layer of cost to recessions. The third essay explores an alternative signaling theory and tests its implications in the case of firms' voluntary expensing of employee stock options and I find strong empirical support.