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Corporate Cash Holdings, National Culture, and Multinationality
Ramirez, Andres; Tadesse, Solomon - William Davidson Institute, University of Michigan - 2007
, firms in countries with high uncertainty avoidance, as a national culture, hold more cash as a way to hedge against … more cash. At the same time, however, the multinationality of the firm moderates the effects of culture on the firm … multinationality of the firm is positively correlated with holdings of cash. On the other hand, the effect of national culture on firm …
Persistent link: https://www.econbiz.de/10005652504
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Essays in Asset Pricing.
Anginer, Deniz - 2009
This work consists of three essays that investigate the effect of investor behavior on asset prices. In the first essay, titled “Transaction Costs and Investment Decisions of Individual Investors,” I study the liquidity decisions of 66,000 households from a large discount brokerage. My paper...
Persistent link: https://www.econbiz.de/10009476579
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The Role of Information Technology in Alliances and Mergers.
Tafti, Ali R. - 2009
This dissertation examines how investments in information technology (IT) influence the value that firms derive from merging or collaborating with other firms. The dissertation is organized as follows. The first chapter, entitled Towards a Theoretical Framework of Information Technology in...
Persistent link: https://www.econbiz.de/10009476581
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Does Capital Market Myopia Affect Plant Productivity? Evidence from Going Private Transactions
Dittmar, Amy - 2010
One influential criticism of the stock market oriented U.S. financial system is that its excessive focus on short term quarterly earnings forces public firms to behave in a myopic manner. We hypothesize that if capital markets pressure listed firms to be myopic in a way that impacts efficiency,...
Persistent link: https://www.econbiz.de/10009476643
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Essays in Property Taxation and Multinational Tax Avoidance
Bradley, Sebastien J. - 2011
This dissertation exploits variation in tax policies in order to better understand the incentive effects of taxation on individual and firm behavior. The results presented herein are intended to inform policy debates in the two areas examined--property and multinational taxation--as well as the...
Persistent link: https://www.econbiz.de/10009476658
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Currency Crises and Financial Vulnerability in Dollarized Economies.
Kamil, Herman - 2011
The dissertation consists of three distinct chapters that contribute to important, yet unresolved topics in Macroeconomics and International Economics.Macroeconomists have been keenly interested in understanding how financial crisis turn into real recessions in emerging markets. By using a...
Persistent link: https://www.econbiz.de/10009476665
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Understanding the Accrual Anomaly
Zhang, Lu - 2007
Interpreting accruals as working capital investment, we hypothesize that firms optimally adjusttheir capital investment in response to discount rate changes. Consistent with the discount-ratehypothesis, we document that (i) the predictive power of accruals for future returns increaseswith the...
Persistent link: https://www.econbiz.de/10009476721
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Financial Modeling in a Fast Mean-Reverting Stochastic Volatility Environment
Fouque, Jean-Pierre; Papanicolaou, George; Sircar, K. Ronnie - 1999
We present a derivative pricing and estimation methodology for a class of stochastic volatility models that exploits the observed 'bursty' or persistent nature of stock price volatility. Empirical analysis of high-frequency S&P 500 index data confirms that volatility reverts slowly to its mean...
Persistent link: https://www.econbiz.de/10009476731
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Relations Between Stock Returns and Fundamental Variables: Evidence from a Segmented Market
Dhatt, Manjeet S.; Kim, Yong H.; Mukherji, Sandip - 1999
This study examines relations between stock returns and potential explanatory factors in Korea, an important and segmented emerging market. Our results show that Korean stock returns in general and returns on stocks listed in Section 1 in particular are significantly positively related to...
Persistent link: https://www.econbiz.de/10009476732
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Risk Taking, Guarantees, Securitization and the Option to Change Strategy: The Economics of Pulling a Fast One
Van Order, Robert - 2009
This paper analyzes the risk-taking behavior of financial intuitions that have guarantees (e.g., banks with deposit insurance or Government Sponsored Enterprises with implicit guarantees) and/or institutions that find it beneficial to develop a reputation for not taking risk. For instance, banks...
Persistent link: https://www.econbiz.de/10009476805