Download or read book Three Essays on the Role of Information and Information Intermediaries on Security Price written by Saif Ullah and published by . This book was released on 2009 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the Role of Intermediaries written by Qu Zhan and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Financial Markets The Bright Side of Financial Derivatives Options Trading and Firm Innovation written by Iván Blanco and published by Ed. Universidad de Cantabria. This book was released on 2019-02-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Download or read book Three Essays on Intermediaries in Corporate Coruption written by Raphaela Seubert and published by . This book was released on 2006 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Value of Financial Intermediaries written by Ryan D. Flugum and published by . This book was released on 2017 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays regarding the value of various financial intermediaries in capital markets. In the first essay, we examine the value of hedge fund activists, conditional on a firm’s existing monitoring presence. Traditional corporate governance theory designates analysts and institutional investors as the primary external monitors of the firm, and therefore, hedge fund activists are more likely to add value when these forces are inadequate. Consistent with this hypothesis, in the two years following the arrival of a hedge fund activist, we find the greatest abnormal returns and changes in fundamentals to be taking place in low-monitored firms. In the second essay, we determine the impact that hedge fund activism has on the quality of analyst content and analyst ability. We find a preponderance of recommendations that move to or are reinstated at the Hold level following the arrival of a hedge fund activist. Furthermore, the predictive content of analyst recommendations and their ability to accurately forecast earnings is diminished in the presence of a hedge fund activist. Overall, the quality of the important functions of an analyst is reduced by the arrival of a hedge fund activist, questioning the degree of social good that Jensen and Meckling (1976) argue security analysts provide. In the third essay, I examine the profitability of analysts’ consensus recommendation level, conditional on a firm’s synchronicity. Roll (1988), and many others, conclude that low r-squared from standard factor models, sometimes called low synchronicity, coincides with a more efficient incorporation of firm-specific information into stock prices. Under this view, analyst recommendations issued to firms with low synchronicity should be more profitable, primarily because analysts disseminate firm-specific information. I find the consensus recommendation level of analysts to be more profitable for low synchronicity firms. Moreover, this enhanced profitability is present primarily in good economic times and only in the post Regulation Fair Disclosure time period.
Download or read book Three Essays on the Economics of Information and Its Applications to Trade Policy written by Domonique Desruelle and published by . This book was released on 1990 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Empirical Asset Pricing written by Wenqing Wang and published by . This book was released on 2004 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the Industrial Organization of Financial Markets written by David F. Andrade and published by . This book was released on 1997 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book THREE ESSAYS ON RISKS OF ONLINE PLATFORM INFORMATION SYSTEMS written by Shuting Wang and published by . This book was released on 2019 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past decade, a fundamental research topic in the information systems (IS) discipline has been to examine the value of online platforms on businesses, society, and consumers, notably in the form of improved efficiency in information sharing, consumer engagement, and increased sales. However, the risks rooted in online platforms may cannibalize the value created, which have received limited attention in the literature and practice. In my dissertation, I attempt to fill this gap in the literature by providing a comprehensive analysis of the risks of online platforms from the angle of these three main entities in the ecosystem with three separate yet related essays. The first essay focuses on the risks for businesses that leverage social media platforms, and assesses how their posting on social media fan pages affects consumers' decision to purchase and unfollow from the firms. The second essay focuses on the risks of fake news on social media and how social media platforms may use identity verification to reduce online anonymity and combat this increasingly critical social problem. The third essay focuses on estimating the risks of using monetary incentives to motivate consumers to write online product reviews, and examines how such strategy may affect product sales. Our studies have theoretical and practical implications for designing effective online platform information systems.
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2004 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstracts of dissertations available on microfilm or as xerographic reproductions.
Download or read book Three Essays on Credit Contracts written by Sung-Guan Yun and published by . This book was released on 2010 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Financial Economics written by Jiacui Li and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays which examine how asset prices are impacted by the behavior and constraints of financial market participants. Chapter 2 shows evidence that slow asset price reaction to information can be driven by constraints in investors' information processing, rather than by illiquidity and transaction costs, which are the current dominant explanations in academia. My core hypothesis is that investors cannot immediately read and understand all value-relevant information, so they have to choose where to allocate their attention, and that drives variation in price underreaction to information. The key testable prediction is that price underreaction will be information source-specific, with lower underreaction to sources that are more value-relevant. Corporate bond and stock return data are strongly supportive of this view. For instance, corporate bonds with higher credit risk respond more quickly to default-relevant news, and bonds with longer duration respond more quickly to interest rate news. These facts cannot be explained by traditional illiquidity mechanisms which only explain security-level variation. Chapter 3 shows that mutual fund flow-induced price pressures explain around 30% of Fama-French size and value factor movements. Throughout 1965 to 2015, mutual fund investors frequently made very large size and value style-level capital reallocations that amount to a few percentage points of the total equity market value. These flows induce fund man- agers to conduct corresponding trading in those factors, and such factor-level trading pressure creates price pressures that revert very slowly. Because size and value are major return factors, this means that price pressures can explain a significant fraction over overall price movements. Chapter 4, which is a joint project with Wenhao Li, examines the intermediation arrangements in institutional trading. When executing trades for institutional investors, intermediaries sometimes act as brokers (e.g. in equities) and earn commissions, and other times (e.g. in currencies) as dealers, taking risks and earning markups. What explains this variation in intermediation style? To this end, we propose a theory based on the trade-off between the cost of monitoring brokers and paying dealers for holding inventory. Brokers have incentives to misbehave so they need to be monitored. In contrast, dealers have aligned incentives, but charge customers for inventory costs. Consistent with our theoretical predictions, broker intermediation is more prevalent in liquid and transparent markets where monitoring is easier, and when intermediary inventory costs are higher.
Download or read book Kritika Essays on Intellectual Property written by Peter Drahos and published by Edward Elgar Publishing. This book was released on 2015-09-25 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: The field of intellectual property has broadened and deepened in so many ways, and at such pace, that there is a tendency for academic commentators to focus on the next new thing, or to react immediately to judicial developments, rather than to reflect more deeply on the greater themes of the discipline. The Kritika: Essays on Intellectual Property series is a series of books that are designed to fulfill this role by creating a forum for essays that take a critical, long-term approach to the field of intellectual property. Breaking down the barriers of specialization, and laying the foundation for an emergent critical scholarship, this first book in the series brings together the leading scholars in the field to reflect deeply on the current state and future of their discipline.
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Download or read book Three Essays on B2B E market Firms written by Qizhi Dai and published by . This book was released on 2003 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Securities Market Issues for the 21st Century written by Merritt B. Fox and published by . This book was released on 2018 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Policies Towards Risk written by Cheong-Seok Chang and published by . This book was released on 2006 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
