Essays in Empirical Corporate Finance and Portfolio Choice PDF Download
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Author: Andrij Bodnaruk
Publisher:
ISBN:
Category : Going public (Securities)
Languages : en
Pages : 166
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Author: Andrij Bodnaruk
Publisher:
ISBN:
Category : Going public (Securities)
Languages : en
Pages : 166
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Author: Md Masud Karim
Publisher:
ISBN:
Category :
Languages : en
Pages : 140
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Book Description
My dissertation consists of two chapters exploring several aspects of empirical corporate finance with a special focus on founder CEOs and family firms. Chapter 1 focuses on the impact of founder CEO leadership on firm value in publicly listed U.S. firms. Previous research on how founder CEOs affect firm value shows mixed results. Using a natural experiment whereby I measure the impact of the sudden deaths of CEOs during the period 1964-2018, I document that stock prices increase by 1.56% upon founder CEOs' deaths and decrease by 2.89% upon professional CEOs' deaths. Next, I develop a novel measure of managerial private benefits and discuss several new insights. First, I document that the positive stock price reactions to the sudden deaths of founder CEOs are mainly driven by the fact that founder CEOs extract two times greater private benefits relative to professional CEOs. Second, segregating private benefits into two parts - nepotism and non-nepotism - I find that investors react to both types of private benefits. Third, investor reactions are more pronounced for tunneling-related disclosed private benefits than for investment-related non-disclosed private benefits. Fourth, investors reactions are more pronounced for private benefits related to underinvestment than for private benefits related to overinvestment. Overall, my paper highlights the impact of CEO leadership styles on shareholder wealth. Chapter 2 examines significant family ownership in publicly listed U.S. firms. Instead of holding a diversified portfolio, family owners, such as the Waltons of Walmart, hold large fractions of their wealth in a single stock. To explain this decision, we build a unique model of ambiguity aversion wherein the family's information advantage in their firm allows them to more accurately estimate value-at-risk in tail events relative to the diversified portfolio. Using an index of macroeconomic uncertainty, we find a strong, negative relation between the uncertainty beta and both family ownership and involvement. Also consistent with our predictions, we document that families with high absolute wealth or risk aversion are unlikely to exit the firm. Our analysis provides an explanation for a family owner's decision to hold a concentrated stake in a single firm in countries with well-developed financial markets and legal regimes.
Author: Xing Gao
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Li Zhang
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Alberto Allegrucci
Publisher:
ISBN: 9789177311768
Category :
Languages : en
Pages : 0
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Author: Francesca Toscano
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Bjørn Espen Eckbo
Publisher: Elsevier
ISBN: 0080559565
Category : Business & Economics
Languages : en
Pages : 1137
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Book Description
This two-volume set summarizes recent research on corporate decision-making. The first volume covers measurement and theoretical subjects as well as sources of capital, including banks, public offerings, and private investors. In the second volume, contributors focus on the ways corporations are structured and the practices through which they can be bought and sold. Thus, its major subjects include dividends, capital structure, financial distress, takeovers, restructurings, and managerial incentives. Takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues Discusses everything from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior Contributors are leading empirical researchers that remain active in their respective areas of expertise Writing style makes the chapters accessible to industry practitioners
Author: Farooq Durrani
Publisher:
ISBN:
Category :
Languages : en
Pages : 110
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My dissertation consists of two chapters which explores various aspects of empirical corporate finance and institutional ownership. In the first chapter, I examine whether common owners - an institution with holdings in both the distressed and the lending firm - ameliorates this conflict given that common owners should seek to maximize the equity value of both firms. The results show that when a common owner holds a stake in both the borrowing and lending firm, distressed firms are over 3.3-times more likely to file for Chapter 11 freefall bankruptcy (rather than prepack) as compared to borrowing-lending firms without a common owner. Using ownership of passive funds as an instrument for the presence of a common owner, I provide evidence of a causal relation between common ownership and bankruptcy filing choice. Overall, the analysis indicates that common ownership in both financially distressed borrowing firms and their lending firms leads to a greater likelihood of Chapter 11 freefall bankruptcy filing; suggesting that common owners typically side with creditors to maximize their combined equity value in both the borrowing and lending firm. Next, I examine the effect of CEO social connections on stock returns. An equally weighted (value weighted) long-short portfolio strategy earns investors excess returns of 5.39% (4.44%) per year. Three potential reasons explain the relation between CEO social connections and excess returns; better firm performance, investor information asymmetry, and/or greater investor risk-bearing. Our analysis provides evidence consistent with CEO connections both increasing firm risk and improving firm performance.
Author: Xiang Yin
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Peter H. Severin
Publisher:
ISBN:
Category :
Languages : en
Pages :
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