Browsing Colleges and Schools by Department "Finance"
Now showing items 1-20 of 42
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(Texas A&M University, 2004-09-30)I examine the market reaction to merger announcements and the long-term post-merger stock price performance of newly merged firms. For a sample of 484 acquiring firms completing mergers between 1993 and 2000, the average ...
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(Texas A&M University, 2005-08-29)As evident from recent changes in NYSE and Nasdaq listing requirements, board independence is considered an important constituent of firms?? corporate governance structures. However, the empirical evidence regarding the ...
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(2022-03-25)In this paper, we collect data from the online investment platform Seeking Alpha to study the effect of social media on stock market trading. First, we find that the tone of Seeking Alpha articles and comments is informative ...
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(Texas A&M University, 2007-09-17)This dissertation provides evidence on the risk factors that are priced in bank equities. Alternative empirical models with precedent in the nonfinancial asset pricing literature are tested, including the single-factor ...
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(Texas A&M University, 2005-08-29)Agency theories suggest that governance matters more when agency conflicts are potentially more severe. However, empirical studies often do not control for the potential severity of agency conflicts. I show that the marginal ...
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(Texas A&M University, 2005-08-29)Extant literature finds that long-term abnormal stock returns are generated by a strategy based on corporate governance index values (Gompers, Ishii, and Metrick 2003). The result is inconsistent with efficient markets and ...
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(2012-10-19)This dissertation examines stock return predictability with aggregate credit conditions. The aggregate credit conditions are empirically measured by credit standards (Standards) derived from the Federal Reserve Board's ...
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(2016-01-22)This dissertation aims to understand the impact that currency movement—in particular U.S. dollar movement—has in determining the returns to individual global equities. To that end, the dissertation focuses on three main ...
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(2009-06-02)Prior research has established that stocks with high dispersion of earnings forecasts or short interest are associated with low subsequent returns. Assuming dispersion of forecasts is a proxy for divergence of opinions and ...
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(2009-05-15)In the first essay, I decompose inflation risk into (i) a part that is correlated with real returns on the market portfolio and factors that determine investor’s preferences and investment opportunities and (ii) a residual ...
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(2014-06-02)The first essay, “Local Institutional Investors and the Maturity Structure of Corporate Debt”, examines the relation between the geographic proximity of a firm’s institutional shareholders and its debt maturity choices. ...
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(2019-05-31)The competitive environment of a firm shapes its financial policies. With the rise in the concentration of US industries, fewer listed firms, and reduced competition, questions about the effect of competition on firm ...
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(2016-08-03)The dissertation consists of three essays. The first essay examines the role of earnings per share (EPS)–tied performance metrics on firm value and share repurchase activity using compensation data from proxy statements. ...
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(2009-05-15)In the first essay, we provide new evidence on the relationship between order flow and prices, an issue that is central to asset pricing and market microstructure. We examine proprietary data on a broad panel of NYSE-listed ...
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(2016-07-27)In this dissertation, I study the role of a specific group of financial institutions, institutional investors, in the asset allocation process as well as in shaping corporate policies. The first essay investigates the role ...
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(2022-06-13)This dissertation studies innovation within the context of corporate finance across three papers. The second section of this dissertation establishes empirical facts about how a firm’s equity ownership status affects firms’ ...
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(2019-06-10)The dissertation studies intermediary asset pricing, including two chapters. The first chapter examines how heterogeneity in intermediary capital – the equity capital ratio of the largest financial intermediaries in the ...
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(Texas A&M University, 2004-11-15)The finding of reversals in weekly returns has been attributed to a combination of microstructure issues and overreaction to information. I provide new evidence eliminating overreaction as a source of reversal. I show ...
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(2017-06-26)This dissertation studies how the interconnectedness embedded in a firm’s economic environment shapes a variety of corporate policies, including (1) strategic investment, (2) discovery of sources of risk and its dissemination ...
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(2016-11-03)This dissertation studies whether hedge funds are proficient at avoiding investing in firms that conduct financial fraud. Using 13F quarterly holdings data from 1980 to 2012, we find that hedge funds have significantly ...