I investigate the sources of value gains in public-to-private transactions by examining the wealth effects on industry rivals of target firms. For a sample of 279 public-to-private bids in the U.S. from 1980 to 2007, I find that agency hypothesis explains more of the cross-sectional variation in...

Dichev (2007, American Economic Review), in an influential paper, examines the gap between the performance of major stock markets and the dollar-weighted performance of investors in these markets. He finds a significant gap of 1.3 percent per year for NYSE/AMEX and 1.5 percent internationally....

Existing work on mutual fund performance persistence has obtained diverse results, depending on the group of funds studied. We examine whether performance persistence within a peer group of competing mutual funds depends on the group's composition. The UK mutual fund industry is ideal for such...

This thesis examines the relationship between real flexibility and financial structure using detailed economic and financial data on firms in 17 manufacturing industries. I investigate the impact of real flexibility on firms' finance capacity, namely, their ability to obtain debt, borrow...