Download or read book Three Essays on Empirical Corporate Finance written by Spyridon Lagaras 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 Three Essays in Empirical Corporate Finance written by Hamed Davari 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 Role of Co operatives in the Industrial Development of Individual Countries written by and published by . This book was released on 1971 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Empirical Corporate Finance written by Chang Jie Hu and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The core of the thesis includes three essays in empirical corporate finance. The first essay examines the relation between mandatory disclosure behavior and legal accountability. In this study, we treat the enactment of the Sarbanes-Oxley Act (SOX) in 2002 as a regulatory event that increases the legal accountability of top executives and compute the filing tones for a large sample of Forms 10-Q and 10-K filings between 1994 and 2017 using textual analysis. We document that the changes in filing tones contain substantial information that is reflected promptly in the capital market. We also show that a structural break exists in the distribution of filing tones around SOX. Firms use a more negative tone in their quarterly mandatory disclosure after SOX. Interestingly, investors exhibit a stronger reaction to per unit change of filing tones during the post-SOX era and we show that changes in investors’ reactions are not merely driven by the systematic changes in tone distribution after SOX. We also document that filing tones are determined by common performance measures, but such relation is weakened after SOX. The second essay studies the impact of the exit of Venture Capitalists (VCs) on innovation by comparing VC backed IPO firms with the non-VC backed. VCs play a significant role in bringing new ventures public by providing financing and consistent monitoring. Prior literature has established mostly a positive correlation between VCs and firm innovation because VCs may preselect more innovative firms to begin with. This study hopes to provide evidence on causal inference with reasonable assumptions from a “reverse treatment” perspective by examining the change in innovation when VCs exit. We treat the initial public offering (IPO) as a proxy for VC’s exit since most VCs exit shortly after IPO due to their limited investment horizon. Using a difference-in-differences framework, we find that VC-backed firms experience a greater drop in Research and Development (R&D) intensity after IPO-exits when compared to those non-VC backed. The third essay revisits the long-debated relation between market competition and firm innovation. While traditionally competition is measured at the industry level with historical data, our study utilizes two new text-based measures of competitive threats developed by Hoberg et al. (2014) and Li et al. (2013) which are both firm-specific and forward-looking. We address the potential endogeneity concerns using instrumental variables along with the propensity score matching of firms that experience an exogenous shock from import competition with those that do not. Our results show that an increase in competition unambiguously promotes firm innovation"--

Download or read book Three Essays in Empirical Corporate Finance written by Iana Zborshchyk 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 Three Essays on Empirical Corporate Finance written by Seyed Hossein Khatami and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Empirical Corporate Finance written by Poorya Kabir and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation presents three essays in empirical corporate finance. The essays discuss how financial markets affect the real economy. The first essay studies how a change in credit supply affects firms' decisions to create new products or destroy the existing ones. It provides reduced form causal evidence that a reduction in credit supply reduces product creation substantially. The second essay studies the effect of less product creation on consumer welfare. I find that the effect on consumer welfare is smaller relative to a "naive" interpretation of the reduced form estimate, due to equilibrium responses. The third essay studies how financially constrained firms reduce total investment costs. It provides suggestive evidence that when reducing total investment cost, they do so by lowering the expansion of output capacity and choosing cheaper investment options.

Download or read book Three Essays in Empirical Corporate Finance written by Rustam Abuzov and published by . This book was released on 2021 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thèse. HEC. 2021.

Download or read book Three Essays in Empirical Corporate Finance written by Guangyao Zhu and published by . This book was released on 2015 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Empirical Corporate Finance and Political Economy written by Yongxiang Wang and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Empirical Corporate Finance and Governance written by Johannes Zaia 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 Three Essays in Empirical Corporate Finance written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Empirical Corporate Finance written by Shage Zhang and published by . This book was released on 2012 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Empirical Corporate Finance and Political Economy written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Three essays on empirical corporate finance and political economy.

Download or read book Three Essays on Empirical Corporate Finance written by Brandon Julio and published by ProQuest. This book was released on 2007 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second essay follows up on the first by investigating whether debt repurchase activity is consistent with the existence of an optimal capital structure. I find that the timing and size of debt repurchases are consistent with trade-off theories of capital structure. Specifically, the likelihood and size of debt repurchases is increasing in a firm's deviation from its estimated target. The positive abnormal returns around the announcement of repurchases are increasing in the deviation from the target debt level, consistent with an optimal capital structure.

Download or read book Three Essays in Empirical Corporate Finance written by Philipp Horsch and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three independent papers dealing with three different research questions in the area of corporate finance. Despite the different topics all three papers have one main commonality: their focus on empirical identification. In the first paper, Competing with Superstars, we investigate the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to an award. The effect is more pronounced for competitors who have not received an award themselves, who are geographically close to an award winner and who are not entrenched. We observe an increase in risk-taking, operating performance and innovation activity of superstars' competitors as potential channels for this positive performance. Our results suggest a positive overall welfare impact of corporate superstar systems due to the incentivizing effect on superstars' competitors. The second paper, Unionization and Corporate Disclosure: Evidence from a Natural Experiment, investigates the effect of unionization on financial reporting quality. We establish causality by applying a regression discontinuity design exploiting the discontinuity generated by labor union elections that pass or fail by a small margin. Unionized firms improve their financial reporting quality by 2.6% the year after the election compared to nonunionized firms. The effect is mainly attributable to companies which understate their income. The effect is more pronounced in states with right to work laws and for companies with higher information asymmetry. Our results suggest that unions monitor companies if it potentially increases their rent seeking profits. In the third paper, Are There Peer Effects In Innovation?, we investigate how companies react to their peers' innovation activities, such as new patents. Exploiting exogenous.

Download or read book Three Essays on Empirical Corporate Finance written by Sumingyue Wang and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A common thread of the three chapters addresses the abovementioned trends and focuses on the internationalization decisions of both firms and PEs. I try to explore how technology transfer motivations, cultural distance, corporate governance, and country level characteristics affect the choice and performance of these international investments. Some of the research questions I tackle are: does the aim of technology transfer affect the decision of cross-border M&As? How do emerging-market acquirers create value in the international mergers? How would cultural, geographical distance and institutional distance affect the performance of cross-border M&As and the performance of international investments made by PEs?