Download or read book Three Essays on Corporate Finance and Intermediation written by Haizhi Wang and published by ProQuest. This book was released on 2000 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Corporate Finance and Intermediation written by Yiwei Fang and published by . This book was released on 2012 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 Three Essays on Corporate Finance and Financial Institutions written by Yan Wang and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation consists of three essays. The first essay provides a systematic way to distinguish informed institutional trades from uninformed ones based on the relation between institutional trades and sequential public information. By studying actively managed U.S. institutions from 1994 to 2010, I show that institutional trades initiated by managers responding proactively to upcoming informational signals strongly predict future stock returns. A hedging portfolio based on these trades generates an average risk-adjusted abnormal return of approximately 3% per quarter. The predictability is more pronounced for stocks with higher information asymmetry, such as those of firms with high volatility and young age. I also find that the most informed institutional traders are likely to have short-term investment horizon, large block holdings, high industry portfolio concentrations, as well as reside in financial centers. My results indicate that the informedness of certain institutional investor groups is substantially reduced after Regulation FD. The second essay examines the product market impact of minority stake acquisitions. We show that partial equity ownership between rival firms has a significant impact on industry competition. Industry-level tests indicate that acquisitions of a minority stake in competing firms' equity are followed by higher output prices and higher price-cost margins, particularly in industries with high barriers to entry. Stock-price reactions of non-participating competitors of the acquirer and target are positive while announcement returns of customer firms are negative. Moreover, the positive (negative) stock-price reaction of competitors (customers) is more pronounced when the acquirer and target are larger firms with greater market share. These results indicate that equity ownership of rival firms dampens competition in an industry.The third essay examines whether foreign firms by listing on or delisting from regular U.S. stock exchanges affect their U.S. counterparts. We find that they do - negatively for listings and positively for delistings, - and the impact is especially profound for the listing events. The U.S. counterparts of foreign firms belonging to the same industry experience severe underperformance in the short- and long-run across a variety of financial and accounting performance metrics, such as firm returns as well as growth in sales, profits, total assets, and capital expenditures. For example, the average 60-day cumulative abnormal return of U.S. firms around the foreign listing date is negative 2%, while the 36-month post-listing return is negative 4.3%. This result is present among listings with and without U.S. equity issuance. In addition, incumbent U.S. firms experience changes in their financing policies and a reduction in analyst coverage following listings of competing foreign firms in the U.S. Our findings therefore highlight an important role of international markets in influencing U.S. firms and markets. " --

Download or read book Three Essays in Corporate Finance written by Xia (Summer). Liu 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 written by Jing Huang and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Finance written by Alex Meisami and published by . This book was released on 2010 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Finance and Banking written by Murillo Netto Carneiro Campello and published by . This book was released on 2000 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Finance and Financial Intermediation written by Anjolein Schmeits and published by . This book was released on 1999 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Corporate Finance written by Bin Zhao and published by . This book was released on 2010 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Finance and Financial Intermediation written by Joong Ho Han and published by . This book was released on 2005 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Finance written by Xudong Fu and published by . This book was released on 2008 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Finance written by Si-Wang Ryu and published by . This book was released on 1986 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Corporate Finance written by Hongchao Zeng and published by . This book was released on 2012 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays in corporate finance. In the first essay, using the presence of business combination (BC) laws to proxy for the monitoring strength of the takeover market, we examine how an active takeover market affects the level and valuation of corporate cash holdings. After accounting for potential endogeneity of state incorporation, we find that firms incorporated in states without BC laws hold significantly more cash than those incorporated in states with BC laws. We also find that the value of cash holdings used by firms to defend themselves against unwanted takeovers in the presence of an active takeover market is not discounted by investors. Our findings suggest a substitution effect between legal antitakeover protection and firms' use of cash protection. However, there is no evidence that these cash holdings lead to value destruction. Firms may use corporate payouts to signal internal governance quality and avoid a market discount placed on cash holdings. In the second essay, using the Herfindahl-Hirschman Index (HHI), the industry price-cost margin, the number of firms within an industry, and the level of import penetration to gauge the intensity of product market competition, we find that the speed of capital structure adjustment for firms in competitive industries is significantly faster than for firms in non-competitive industries. Further analysis reveals that this effect is driven solely by the capital structure movements of over-levered firms. While over-levered firms in competitive industries face higher levels of investment needs relative to those in non-competitive industries, they are significantly less likely to use debt financing and to deliberately deviate from target. In the third essay, we find that cash has a negative impact on the future market share growth of the old firms, evidence that can better explain the unwillingness of such firms to hold precautionary cash as they face increasingly more volatile cash flows in an imperfect capital market. Furthermore, we show that the relational strength between cash and product market performance evolves in a way that reflects a changing composition of manufacturing firms which progressively tilts toward young firms.

Download or read book Three Essays in Corporate Finance written by Ekaterina Volkova and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores three different aspects in corporate finance. My first essay explores governance from the side of blockholders. My second essay explores governance from the side of the Securities and Exchange Commission (SEC). And my third essay overview and summarizes recent literature in the IPO field. In Chapter 1, "Blockholder Diversity: Effect of Polyphony on the Power of Monitoring", I investigate how the differences in skill, incentives and preferences between large shareholders in the company affect the power of their monitoring. My findings suggest that diversity between blockholder creates disagreement that have strong negative influence of the power of their governance. Such adverse influence is also reflected in the future dynamics of company value and performance. In Chapter 2 (joint with Michelle Lowry and Roni Michaely) "Information Revelation Through Regulatory Process: Interactions Between the SEC and Companies Ahead of the IPO", we explore the main determinants of extensiveness and focus of SEC review of companies before they go public. In the second part of this chapter we explore what investors could learn from the information disclosed during this review process. In Chapter 3 (joint with Michelle Lowry and Roni Michaely) "Initial Public Offerings: a Synthesis of the Literature and Direction for Future Research" we provide a literature review of recent papers in the IPO field. In addition, we also explore how the main stylized facts behave of the large sample of IPOs between 1972 and 2015.

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 Three Essays in Corporate Finance written by Hoontaek Seo and published by . This book was released on 2009 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: