Browsing Graduate and Professional School by Department "Finance"
Now showing items 21-40 of 42
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(2011-10-21)Recent theory predicts that two factors influencing the CEO’s view of risk, overconfidence and debt-like compensation, have implications for CEO forced turnover and firm equity value, respectively. We test each of these ...
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(2009-05-15)Insider trading may convey information to the market and promote accurate pricing of stocks. In this dissertation, I investigate insider trading at the turn of the century. In the first essay, I investigate insider trading ...
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(2013-04-11)In this dissertation, I study the influence of monitoring by institutional investors on corporate behavior within the context of CEO compensation-based incentives. I find that institutional investors provide an executive ...
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(2023-04-27)In my dissertation, I aim to study how stock mispricing causally affects firm investment. I first examine the association between mispricing and investment by combining 98 return anomalies into a mispricing score and show ...
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(2012-07-16)An extensive body of research supports the momentum strategy's persistence but disagrees on the underlying source of its profitability. A key obstacle to distinguishing between behavioral and rational explanations of ...
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(2013-05-08)This work utilizes zero-beta CAPM to derive an alternative form dubbed the ZCAPM. The ZCAPM posits that asset prices are a function of market risk composed of two components: average market returns and cross-sectional ...
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(2021-02-01)This dissertation studies two new methods in empirical finance. Section 2 applies a rolling estimation window approach to adjust for time-varying risk parameters in asset pricing models when estimating long-run abnormal ...
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(2012-10-19)In a production-based general equilibrium model, I study the impact of time-to-build and time-to-produce technology constraints and inventory on asset prices and macroeconomic quantity dynamics. A time-to-build constraint ...
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(2012-10-19)Past research documents a positive link between momentum and firm-level default risk, yet this anomaly is not connected to default risk at the macro level. Namely, there is no documented momentum during recessions, when ...
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(2020-07-23)This dissertation attempts to address two research questions. In the first essay "Bank Regulation, Cost of Borrowing, and Product Market Predation on Borrowers", I study the effect of bank regulation on the microeconomic ...
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(2015-06-25)In this dissertation, we answer two research question in corporate finance. In the first essay, “A New Benchmark: Relative Performance Evaluation with Total Returns”, we revisit the question of relative performance evaluation ...
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(2012-07-16)In the first essay, "Why Won't You Forgive Me? Evidence of a Financial Misreporting Stigma in Bank Loan Pricing," we examine the relation between bank loan pricing and intentional financial misreporting. Firms that misreport ...
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(2012-02-14)CEO succession decisions are an important part of boards of directors’ responsibilities to shareholders. I study two aspects of these decisions. First, I examine whether or not forced CEO departure decisions are based on ...
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(2018-07-27)This dissertation includes two essays on ambiguity and stock return volatility. The first essay focuses on the degree of ambiguity in the firm news, and studies the impact of ambiguous information regarding dividends and ...
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(2015-06-05)This dissertation includes two essays on corporate finance. The first essay investigates why bank debt contracts are frequently renegotiated outside default. I test empirical implications from several theories by looking ...
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(2019-05-21)The dissertation consists of two chapters. The first chapter studies the effect of ownership by long-term passive institutions on CEO compensation duration. I exploit the exogenous variation in passive ownership associated ...
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(Texas A&M University, 2008-10-10)I examine two sets of incentives faced by corporate CEOs to determine how they respond to those incentives. I compare firms that restate financial statements to firms that do not restate to test the hypotheses that bank ...
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(2023-08-03)The dissertation consists of two essays on shareholder activism. In the first essay, I study the effect of hedge fund activism on total firm value and on wealth transfers between financial claimants, as well as the channels ...
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(2021-03-29)This dissertation consists of two essays on the investment of institutional investors. The first essay focuses on managers' choice on ESG investing, and examines whether mutual fund managers' pecuniary benefits can affect ...
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(2012-10-19)In the first essay, "The Source of Cash and Its Marginal Value," we study the relation between the source of firms' cash holdings and the value of the cash to shareholders. The marginal value of a dollar of cash holdings ...