Download or read book Three Essays on Empirical Capital Structure Research written by David Florysiak and published by . This book was released on 2011 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three essays on empirical finance written by Tse-Chun Lin and published by Rozenberg Publishers. This book was released on 2009 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Two Essays in Empirical Capital Structure written by Carlos Alberto Molina and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three essays on capital structure written by Guangzhong Li and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Empirical Capital Structure written by Christopher Parsons and published by Now Publishers Inc. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.

Download or read book Essays on Capital Structure and Trade Financing written by Klaus Hammes and published by Department of Economics School of Economics and Commercial Law Go. This book was released on 2003 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Capital Structure and Cross Listing written by Saeed Ghasseminejad 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 Capital Markets Research 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 on Capital Structure and Structured Finance written by Gabriel H. Neukomm and published by . This book was released on 2012 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on the Influence of National Culture on Corporate Finance written by Vipin Mogha and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The premises of this doctoral dissertation is investigating the role played by national culture on corporate financial choices and outcomes. The investigation is done through three empirical essays. The first essay analyzes the influence of national culture on firms' capital structure choices. The second essay is analyzing the role played by national culture on firms extending more or less trade credit from pre-to-post the mortgage financial crisis. The third essay analyzes the influence of national culture on firms' market value. Furthermore, a chapter of theoretical conceptualization is done to fit these empirical essays work into a mathematical topology framework. This doctoral dissertation work finds itself at the junction of three broad sets of research bodies. These are the literature around the New Institutional Economics (NIE), the finance literature, and the social economics literature. We glue these literature sets together through the general mathematical topology framework to structure our culture and finance research. Chapter 2 introduces these literature sets and describes the foundations of our three essays.Chapter 3 (essay one) presents the analysis of the links between national culture and firms financing choices leading to their capital structure. Chapter 4 (essay two) presents the analysis of culture's influence on firm's choice of extending higher or lower trade credit from pre-to-post the 2008 mortgage financial crisis. Chapter 5 (essay three) presents how firms' financial value maybe influenced national cultural values.National culture is defined as the firm's country-of-origin cultural values. We represent it by four of Hofstede (1980, 2001) six cultural dimensions of individualism, masculinity, uncertainty avoidance, and long-term orientation. Hofstede national culture dimensions are largely applied in the growing culture and finance literature, thus providing strong empirically validity. Our choice of Hofstede dimensions are described in chapter 2.We apply these cultural dimensions in our three essays. Our empirical analysis is build following the New Institutional Economics framework (Williamson, 2000). This framework is the key structure around which we are able to build the theoretical bodies of our three essays. NIE has popularized the understanding and acceptance of the non-financial constraints -in macro-and-micro economics- of the social embeddedness level of culture. We empirically test the hypotheses in our three essays following Williamson NIE framework. The empirical tests are done on samples of listed firms from over 30 countries. These tests provide a broad applicability of our results to firms in the globalized economy. The results of our three essays meet our hypotheses expectations of culture's influence on firms' financial choices and outcomes.The results provide all stakeholders a lens to view and analyze corporate financial choices and outcomes through firms' national culture values. Indeed, the financial numbers one may read may have different meaning depending on firm's country-of-origin cultural values. This understanding would have multiple implications for investors, creditors, managers, shareholders, and policy makers. It may help them in their investing, lending, financing, returns expectations, and policy design to optimize their profits.

Download or read book Three Essays on Market Structure and Capital Structure written by Sung-Wook Lee and published by . This book was released on 1990 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Network Peer Effects on Firms and Financial Markets written by Bahman Fathi Ajirloo and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that address recent topics in corporate finance that concern for scholars, policymakers, and investors. Main body of this dissertation has been developed based on the "nexus of contracts" theory of the firm which in recent years has sparked renewed debates on the motivation underlying firm size and boundary. The first essay explores a network of interconnected firms and examines the impact of the firm's relationships with peers, rivals, and customers on its capital structure, and how the firm's revealed peers influence its financing decisions. We demonstrate that industry classification approach is fraught with measurement error, and instead implement an alternative peer identification scheme that designates peer groups as those explicitly disclosed by managers to shareholders. The results contrast with previous studies that find only weak evidence for peer effects on capital structure. We find that peer effects are particularly strong when focal firms have persistent rivals, in the sense of supplying common customers for at least two consecutive years. While constructing the firm's actual network poses a challenge, the new approach can lead to more real-world insights about firm behavior. In the second essay, I approach to a challenging version of peer effects model with firm's and peer's multinomial decision outcome as endogenous and financial fundamentals as exogenous explanatory variables. I show that managers do not set dividend policy independently and they are significantly under the influence of few self-disclosed diverse competitors rather than industry peers. The test results show that firm's dividend change actions are significantly correlated with past dividend actions of its peers and it is highly predictable for the next period. I also investigate and report marginal effects of firm's and peers' different endogenous and exogenous determinants on the outcome decision variable for example a peer group with an overall dividend increase action in the past 180 days, increases the chance of the dividend increase in the focal firm. Considering the market capitalization of dividend paying firms, the identified marginal effects and prediction of the cash distribution are economically meaningful and important. In the third essay, I propose a new approach to model and measure intangible value of the firm as the joint of network feature and book value of the firm. Despite the growing importance, the empirical asset pricing research has struggled to evaluate the effects of intangible assets on firms' market value. Utilizing characteristics of the firm network, I propose a network-centric value factor to replace the under-performing traditional value factor (HML) in a series of asset pricing factor model. I show that the new value factor portfolio provides stronger performance in all periods of the sample. I also explore short and long strategies to better understand effects of the networks on value of the firms. Initial findings emphasize that asset pricing studies should adjust the factor models by including intangible network value of the firm.

Download or read book Three Essays on Capital Structure written by Mona Yaghoubi 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 Empirical Finance written by Chady Emile Gemayel and published by . This book was released on 2019 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first chapter of this dissertation, I show that firms strategically liquidate their growth options and reputational capital after loan covenant violations. Loan covenant violations increase creditors' relative bargaining power, shifting control rights towards debt holders. I use Amazon product metadata and product reviews in an event study framework to identify changes firms make to their product strategies after these violations. In the two quarters after new loan covenant violations, firms decrease both their product portfolio size and their product quality. I use product review text to show that firms actively reduce product quality by increasing the rate of product failure. These changes increase short-term cashflows, consistent with firms' decisions aligning with creditors' incentives. Violating firms apply these changes strategically within their product portfolios. After covenant violations, firms cull the set of products sold in product markets with more competitors and lower the quality of their less popular products. These strategic decisions reduce the long-term costs of changing product quality and product portfolio size. In the second chapter of this dissertation (with Nimesh Patel), we find that domestic firms invest in their reputational capital in response to increases in international competition. Specifically, American firms increase the quality of their products after positive Chinese import competition shocks. We determine that this is an active decision by identifying product level changes, finding significant reductions in the rate of product failures for domestic firms. Firms build reputational capital by increasing product quality, allowing them to differentiate their products from those of their competitors. We find that product portfolio size attenuates our results, consistent with less diversified firms having greater incentive to differentiate their products. In the third chapter of this dissertation, I study the effects of initial public offerings on product quality. Public firms, unlike private firms, are required to regularly disclose financial and business information. The relative lack of information on private firms that results from this regulatory difference makes quantifying how firms change as a result of going public difficult. I use Amazon product data spanning both private and public firms in an event study framework to identify a decrease in product quality after firms complete their initial public offerings. I find that the decrease in product quality after firms go public is driven by an increase in both the rate of negative brand recognition and the rate of negative customer service experiences.

Download or read book Three Essays in Empirical Finance written by Micah S. Allred and published by . This book was released on 2010 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Empirical Finance written by Saurabh Ahluwalia and published by . This book was released on 2012 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does information, dispersed among diverse geographic markets, customer segments and employees, get incorporated into the stock price? I have endeavored to create novel datasets that incorporate information from thousands of disaggregated investors, employees and customers. I utilize these datasets to construct aggregate measures of information and study how the information measures affect future returns and corporate events. Specifically in the first chapter titled "Information Aggregation and Asset Prices", I utilize a unique data set based on Google Trends to construct a search index and use it to proxy for the information seeking behavior of retail investors. I find that abnormal search index predicts future buying pressure on the stock of a company. The portfolio with the highest increase in the search index has positive and significant alphas. The search index also predicts earnings surprises and is associated with the pre-earnings announcement drift. My results are robust to alternative specifications of CAR windows, past returns, news coverage, information available to investors prior to the release of earnings numbers, and the information environment surrounding the earnings announcements. Overall, my results are in line with the hypothesis that retail investors' trades have information content relevant to stock prices. In the second chapter titled "Effect of Employee Satisfaction on Earnings Surprises", I use a unique data set drawn from self administered employee surveys for 1495 US public corporations. I construct an Employee Satisfaction Index (ESI) and use it as a proxy for employee satisfaction. I find that ESI is higher for larger firms, high market to book ratio firms and firms that have low leverage. I also look at the effect of the changes in ESI on quarterly earnings announcements. I find that the changes in ESI are positively and (weakly) significantly related to the future quarterly earnings surprises. Moreover, the effect is stronger for companies that have higher information asymmetries and are more human capital dependent. The results are consistent with the theories that state that employees are insiders in a company and have information relevant to the future corporate performance. Moreover, consistent with human-capital centric theories I find evidence that the change in employee satisfaction has a greater effect on the performance of human-capital dependent companies. In the final chapter titled "Private Equity Ownership and the Performance of Reverse Leveraged Buyouts", I study the effect of private equity exit on the target firm performance. Using a hand collected sample of 133 reverse leveraged buyout firms from 1997-2002, I examine the financial performance of the firms immediately before the IPO and up to four years after the IPO. I find that for three years after the IPO they continue to outperform their industries. However, performance deteriorates after the IPO. Cross-sectional regression at time of the IPO suggests that long term performance after the IPO is related to changes in ownership by the private equity sponsors and is not related to changes in ownership by other insiders (all officers or directors who are not PE sponsors) or change in leverage. Even after the IPO, I find the positive relation between PE sponsor ownership and future performance continues. To establish causality between PE sponsor ownership and future performance I use the 2SLS-IV approach. The identifying instrument is the number of years since LBO and is a proxy for impatience of PE sponsors to free up their capital. I find that an IV regression finds a weakly significant relation between PE sponsor ownership and future performance.

Download or read book Three Essays on Empirical Finance written by Yuki Sakasai and published by . This book was released on 2008 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: