In this paper, we study a sample of 179 corporate asset sales in Taiwan between 1993 and 2003. We find that corporate asset sales in Taiwan enhance parent firm value with cumulative abnormal returns of 1.7715% for the pre-announcement five-day period and 0.6086% for the two-day announcement...

Essay 1 extends the existing theoretical framework to incorporate a bank's charter value and analyze directly its effect on the pricing of deposit insurance. It derives values of deposit insurance with both deterministic and stochastic charter values. It is shown that significant charter value...

The paper investigates the relationship between bank credit lines and firms' overinvestment for Chinese listed companies from 2001 to 2008. We find significant impacts of bank credit lines on firm overinvestment activities. Further, we find that overinvestment is mainly made by State-owned...