Author: Pedro PereiraPublisher:
ISBN:
Category : Cost control
Languages : en
Pages : 242
Book Description
Three Essays on Cost Reducing Investment
Author: Pedro PereiraPublisher:
ISBN:
Category : Cost control
Languages : en
Pages : 242
Book Description
Three Essays in Empirical Corporate Finance
Author: Poorya KabirPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This dissertation presents three essays in empirical corporate finance. The essays discuss how financial markets affect the real economy. The first essay studies how a change in credit supply affects firms' decisions to create new products or destroy the existing ones. It provides reduced form causal evidence that a reduction in credit supply reduces product creation substantially. The second essay studies the effect of less product creation on consumer welfare. I find that the effect on consumer welfare is smaller relative to a "naive" interpretation of the reduced form estimate, due to equilibrium responses. The third essay studies how financially constrained firms reduce total investment costs. It provides suggestive evidence that when reducing total investment cost, they do so by lowering the expansion of output capacity and choosing cheaper investment options.
Three Essays on Investment-specific Technical Change
Author: Max ElgerPublisher:
ISBN: 9789172587281
Category :
Languages : en
Pages : 131
Book Description
On Investments by Individuals, Firms, and Nations
Author: Darryll HendricksPublisher:
ISBN:
Category : Economics
Languages : en
Pages :
Book Description
Three Essays on Investment and Growth
Author: Three Essays on International Finance
Author: Bhavik Rajesh ParikhPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
There are three essays in this dissertation. The first essay provides information regarding tax havens and its role in portfolio equity flows. For a sample of 70 countries average portfolio flows received from tax haven countries is higher than average flows received from non tax haven countries. When countries increase personal tax rates, portfolio equity flows from tax haven countries increases as compared to non tax haven countries. These effects are consistent for countries belonging to emerging, frontier and developed markets and whether a given country has high or low corporate governance. The second essay looks at the impact of tax treaties on valuations, equity flows and cost of equity capital. We construct a dyadic time series for 64 countries finding that the existence of over 2500 bilateral double taxation treaties (DTTs) facilitates effeciencies of foreign portfolio investment (FPI) by reducing investors' tax budens. Our analysis incoporates fixed effects, corporate and personal taxes and other control variables. Subsequent to countries' signing DTTS, annual flows increase significnatly, investors' benefits from tax savings, corporate equity valuation increases, and equity capital costs decline. Third essay looks at the impact of macro-economic uncertainty and stock index returns. Our resuls sugges that global GDP uncertainty is corrlated with country returns. More global macro uncertainty (GUN) is associated with higher country index returns. During non-crisis years, local macro uncertainty (CSUN) is uncorrelated with country returns. However CSUN is important for explaining market returns during extreme down markets. Thus macro uncertainty is a priced factor and differentation between country specific and global macro uncertainty is important. Lastly, we dcompose uncertainty into private and common components and study their effects. .
Three Essays on Economic Incentive Mechanisms
Author: Yeon-Koo CheThree Essays in Industrial Organization Theory
Author: Hyung BaeThree Essays in Monetary Theory
Author: Ludwig Van den HauwePublisher: BoD – Books on Demand
ISBN: 2810602212
Category : Monetary policy
Languages : en
Pages : 188
Book Description
Recent events in international financial markets have revived the scientific interest in conceivable institutional alternatives to prevailing monetary arrangements. In the essays reprinted in this book, the author critically examines some of the more influential arguments which have been made in favour of decentralization in banking.
Author: George O. Aragon