Author: Jeon-Hyeok ChoPublisher:
ISBN:
Category :
Languages : en
Pages : 282
Book Description
Three Essays on Consumer Behavior and Asset Prices
Author: Jeon-Hyeok ChoThree Essays in Empirical Asset Pricing
Author: Thomas A. JacobsPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The financial crisis of 2007-2008 led to extraordinary government intervention in firms and markets. The scope and depth of government action rivaled that of the Great Depression. Many traded markets experienced dramatic declines in liquidity leading to the existence of conditions normally assumed to be promptly removed via the actions of profit seeking arbitrageurs. These extreme events motivate the three essays in this work. The first essay seeks and fails to find evidence of investor behavior consistent with the broad 'Too Big To Fail' policies enacted during the crisis by government agents. Only in limited circumstances, where government guarantees such as deposit insurance or U.S. Treasury lending lines already existed, did investors impart a premium to the debt security prices of firms under stress. The second essay introduces the Inflation Indexed Swap Basis (IIS Basis) in examining the large differences between cash and derivative markets based upon future U.S. inflation as measured by the Consumer Price Index (CPI). It reports the consistent positive value of this measure as well as the very large positive values it reached in the fourth quarter of 2008 after Lehman Brothers went bankrupt. It concludes that the IIS Basis continues to exist due to limitations in market liquidity and hedging alternatives. The third essay explores the methodology of performing debt based event studies utilizing credit default swaps (CDS). It provides practical implementation advice to researchers to address limited source data and/or small target firm sample size.
Three Essays in Behavioral Finance, Asset Pricing and Macroeconomics
Author: Nitzan MelamedPublisher:
ISBN:
Category : Consumer behavior
Languages : en
Pages : 256
Book Description
Three Essays on the Volatility of Asset Prices
Author: Dal-Hee LeeEssays in Consumer Behavior and Pricing
Author: Ammara MahmoodPublisher:
ISBN:
Category : Consumer behavior
Languages : en
Pages : 450
Book Description
Three Essays on Behavioral Finance
Author: Gabriele M. LeporiPublisher:
ISBN:
Category : Efficient market theory
Languages : en
Pages : 342
Book Description
Three Essays on Asset Pricing Model with Heterogenous Agents
Author: Tae-Jin KangThree Essays on Rational Consumer Behavior
Author: David Yong ShimPublisher:
ISBN:
Category : Consumers
Languages : en
Pages : 298
Book Description
Three Essays in Applied Economics
Author: Birzhan B. BatkeyevPublisher:
ISBN:
Category : Competition
Languages : en
Pages : 125
Book Description
This dissertation consists of three topics that fall under the broad banner of applied economics. The first chapter will show that student debt is negatively related to the extent of investment in risky financial assets by households by using data from the Survey of Consumer Finances (SCF). An exogenous shock to student debt due to the Higher Education Amendments of 1992 negatively impacts portfolio risk-taking for students already in four- year college at the time of this regulation. Households with significant student debt are more likely to fall behind on their student debt payments when they have significant personal financial portfolio risk. The evidence also suggests that student debt reduces the frequency of trades by households. Further, the negative relation between student debt and personal portfolio risk-taking is stronger for more financially constrained households. The results indicate that student debt may reduce investment in risky assets, thus affecting the long- term wealth of individuals, and may also have repercussions for the broader economy. Firms compete with each other in numerous routine ways, but particularly interesting are firms' responses to competitive threats to their critical assets and operations. Firms may mount vigorous defenses or launch offensive strategies - even bordering on predatory - against rivals that initiate hostile acts. The second chapter will take an empirical approach to analyzing such actions, using observed behavior of a single firm to develop basic facts about strategies and responses to competitive threats from rivals in its industry. An intend is to develop an understanding of the types of responses by one firm to another's initiative, and the factors that determine that choice of response in specific circumstances. The third chapter will analyze the association between a change in pricing policy regime on dispersion of prices for homogeneous goods. Specifically, this study looks into the effects of minimum Resale Price Maintenance (RPM) on dispersion of contact lens prices by using the retail-level data for the most popular contact lens brand. This paper shows the empirical importance of costly consumer search in price dispersion and consistent with predictions from theoretical literature finds a negative relationship between consumer search and price dispersion.
Three Essays in Empirical Asset Pricing
Author: Alessio Alberto SarettoPublisher:
ISBN:
Category : Bonds
Languages : en
Pages : 322
Book Description