This dissertation consists of three chapters that examine how product market competition affects the cost of public bond debt and how credit rating adjustments influence the cost of debt and leverage of industry rivals chapter 1 explores how competitive threats affect the yield spread of corporate bonds i find that firms that. Three essays on banking, capital market frictions and corporate payout policy author: hosein nooriaan bsc computer, sharif university of technology mba, mcmaster university submitted in partial fulfillment of the requirements for doctor of philosophy in management at lazaridis school of business and economics. Three essays on international finance and international capital markets by qiaoqiao zhu a dissertation submitted in partial fulfillment of the requirements for the degree of doctor of philosophy (economics) in the university of michigan 2009 doctoral committee: professor linda l tesar, chair professor kathryn mary. Introduction the purpose of this thesis is to analyze how capital markets interpret accounting disclosure in three empirical studies, i evaluate the role that accounting disclosure plays in evaluating financial prospects and facilitating pricing decisions the present thesis contains three essays that analyze the market response. Contagion (subsection 213) to stock market liberalization and integration ( subsection 221) capital flows (subsection 222) and emerging market specific risks (section 23) section 31 summarizes the four essays and their relationship to each other while sections 32 and 33 conclude the contributions of the thesis.
My dissertation consists of three essays in international capital markets in chapter i, we examine the herd behavior of us institutional investors trad- ing around the world do investors herd across countries what are the impacts of their herding behavior, if any, on local stock market performances do countries. These findings are novel in the empirical capital structure literature and show the importance of cash flow volatility in firm financial policies the second essay studies the financing behaviour of hospital corporation of america (hca) from 1990 to 2013 and demonstrates variation in hca's market and book leverage ratios. Three essays on the german capital market dissertation zur erlangung des akademischen grades doctor rerum politicarum (doktor der wirtschaftswissenschaft) eingereicht an der wirtschaftswissenschaftlichen fakultät der humboldt-universität zu berlin von dipl-inf roman brückner, msc präsident der. A second difference is that lending from banks and similar institutions is more heavily regulated than capital market lending a third difference is that bank depositors and shareholders tend to be more risk averse than capital market investors the previous three differences all act to limit institutional lending as a source of.
This dissertation consists of three essays on momentum returns the first essay is entitled 'momentum returns, market states and the global financial crisis' t. Free essay: • business can also issue debt that can be short term debt or long term debt short term debt deal with own chapter 1: the capital market [ simplified csc notes] • capital is not what you make 3) governments, they need money to maintain a viable functioning economy there's 3 levels of.
Prof dr peter fiechter, université de neuchâtel, thesis director prof carolina salva, phd, université de neuchâtel prof dr david oesch, universität zürich prof dr jörg-markus hitz, georg-august-universität göttingen, germany defended on 27 april 2017 three essays on capital market effects of. This free finance essay on essay: capital markets is perfect for finance students to use as an example. The objectives of this research are: 1) to model mean reversion in developed stock markets and re-assess the mixed empirical findings to date 2) to characterize the returns generating process in emerging capital markets and examine the predictive ability and profitability of technical trading rules 3) to develop and evaluate. The essays have attention on banks' behaviour, and the empirical studies use primarily data from the bond market financing of banks in the first essay i investigate how banks' use of secured financing affects the optimal equity capital structure of banks due to changes in the optimal positioning, the net effect on bond risk is.
Three essays on the impacts of major tax or subsidy reforms on investors, capital markets and society inauguraldissertation zur erlangung des akademischen grades einer doktorin der wirtschaftswissenschaft des fachbereichs wirtschaftswissenschaft der freien universität berlin vorgelegt von mona lau, msc. Key words: market frictions, anomalies, market fragmentation, asset pricing, portfolio first, i summarize existing research that describes efficient capital markets the financial market is clearly not efficiently serving its fundamental function of allocating capital 3 summary and contribution of the essays.