Teses / dissertações sobre o tema "And Financial Management"
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Pfaff, Donovan. "Financial supply chain management /". [S.l. : s.n.], 2007. http://www.gbv.de/dms/zbw/558860591.pdf.
Texto completo da fonteLaurent, Marie-Paule. "Essays in financial risk management". Doctoral thesis, Universite Libre de Bruxelles, 2003. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211221.
Texto completo da fonteLacaria, Chris J. "Financial management of construction contractors". Thesis, Monterey, California. Naval Postgraduate School, 1994. http://hdl.handle.net/10945/25945.
Texto completo da fonteLiao, Chuan. "Essays in International Financial Management". The Ohio State University, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=osu1264946797.
Texto completo da fonteMaren, Vanessa <1997>. "Diversity Management impact on financial and non-financial organizations’ performance". Master's Degree Thesis, Università Ca' Foscari Venezia, 2022. http://hdl.handle.net/10579/21875.
Texto completo da fonteSievert, Kristin E. "Control and management tasks within family financial management systems". Online version, 1998. http://www.uwstout.edu/lib/thesis/1998/1998sievertk.pdf.
Texto completo da fonteFairhurst, Douglas J. "Financial Flexibility and Short-Term Financing Needs: Evidence from Seasonal Firms". Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/316777.
Texto completo da fonteMashyanova, E. "Financial management: make pollution prevention pay". Thesis, Вид-во СумДУ, 2006. http://essuir.sumdu.edu.ua/handle/123456789/11694.
Texto completo da fonteAbryutina, A. V. "Financial management of firm's innovation activity". Thesis, Sumy State University, 2014. http://essuir.sumdu.edu.ua/handle/123456789/45226.
Texto completo da fonteGueye, Djibril. "Some contributions to financial risk management". Thesis, Strasbourg, 2021. http://www.theses.fr/2021STRAD027.
Texto completo da fonteThis thesis deals with various issues related to quantitative management of financial risks. We are interested, in a first part, in the models of default time in credit risk within the framework of enlargement of filtrations theory. We propose models where the default time can coincide with some instants of economic shocks. We first extend the model of Jiao and Li (2018) in the case where the shocks are not predictable by studying the characteristics of the default time. Secondly, we present the generalized Cox model which is an extension of Lando's (see Lando, 1998). We offer a wide range of examples to ulistate our construction. The second part deals with the construction of volatility surfaces of financial assets under the condition of no arbitrage opportunity (AOA) using kriging methodologies (or Gaussian process regression). Our approach consists in learning kriging on European option prices by taking into account non-arbitrage conditions. These conditions are characterized by shape constraints on prices, namely monotonicity in the direction of maturities and convexity in the direction of strikes. Since these constraints correspond to a finite number of linear inequalities, we adopt a kriging technique under constraints of linear inequalities. For this, we use the method developed by Maatouk and Bay (2016) which is based on the finite-dimensional approximation of the Gaussian process. The Monte Carlo Hamiltonian algorithm of Pakman and Paninski (2014) will be used to simulate the Gaussian coefficients. We propose a method for calculating the Maximum a Posteriori (MAP) of the Gaussian process. We compare our method with those of constrained neural networks and SSVIs
Smalley, Joseph Allen. "An integrated approach to financial management". Diss., Virginia Polytechnic Institute and State University, 1988. http://hdl.handle.net/10919/77840.
Texto completo da fontePh. D.
Laffont, Amandine Claire-Marie. "Debt management of non-financial corporations". Thesis, Imperial College London, 2012. http://hdl.handle.net/10044/1/9172.
Texto completo da fonteWang, Mulong. "Financial derivatives in corporate risk management". Access restricted to users with UT Austin EID, 2001. http://wwwlib.umi.com/cr/utexas/fullcit?p3036610.
Texto completo da fonteZhang, Kefan 1957. "Factors affecting financial resources management behaviors". Thesis, The University of Arizona, 1989. http://hdl.handle.net/10150/277107.
Texto completo da fonteHall, Jonathan. "Digitalization of Facility Management : Financial Incentives". Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-236766.
Texto completo da fonteKommande år i fastighetsförvaltning i allmänhet kommer det att vara avgörande för utvecklingen inom industrin med digitala lösningar. De processer, affärer och tillvägagångssätt som har påverkat en bransch under en mycket lång tid är på väg att förändras i grunden. Äga en fastighet eller förvalta ett objekt de närmaste åren i en alltmer digitaliserad värld kommer att medföra nya typer av krav på organisationer som avser att delta i utvecklingen och vara aktuell på marknaden. Under lång tid har digitalisering funnits som ett koncept som synes spännande och intressant. Smarta enheter har tagit en större del av tiden via telefoner, tv-apparater och liknande. Bankprocesser har utvecklats genom telefoner och andra digitala verktyg för att ge nya variationer av banktjänster. Flygplatser har utvecklat digitala incheckningstjänster, vilket innebär att du faktiskt är på planet innan du kommer till flygplatsen. Utvecklingen av dessa bank- och turismtjänster förändrar marknaden och företagen har kunnat ta del av marknaden genom att erbjuda nya lösningar. Inom utveckling och innovation finns det ett begrepp vilket används återkommande, en idé om en ”disruptive innovation”. Mer explicit, att en ny innovation förstör den tidigare fungerande marknaden, där det konkreta exemplet är den tidigare väl fungerande kameran vilken idag i stor omfattning är utbytt till den digitala kameran. Eller den tidigare nämnda utvecklingen av bank och flygprocesser. Det har tidigare varit fungerande marknader, dock har nya processer och innovationer slagit ut tidigare fungerande lösningar. I det här arbetet har möjligheterna undersökts närmre ifall det går att finna potentiella ”disruptive innovations” inom fastighetsförvaltning. Den fysiska nyckeln är en utav de mest antika innovationerna som genom årtusenden och århundranden har förfinats och utvecklats. Med den nya digitala verkligheten kan det vara möjligt att finna en ny process vilken fungerar på ett bättre sätt.
Schaumburg, Julia. "Quantile methods for financial risk management". Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2013. http://dx.doi.org/10.18452/16675.
Texto completo da fonteThis thesis develops new methods to assess two types of financial risk. Market risk is defined as the risk of losing money due to drops in the values of asset portfolios. Systemic risk refers to the breakdown risk for the financial system induced by the distress of individual companies. During the financial crisis 2007–2009, both types of risk materialized, resulting in huge losses for investors, companies, and tax payers all over the world. Therefore, considering new risk management alternatives is of interest for both financial institutions and regulatory authorities. A common feature of the models used throughout the thesis is that they adapt quantile regression techniques to the context of financial risk management in a novel way. Firstly, to predict extreme market risk, nonparametric quantile regression is combined with extreme value theory. The resulting extreme Value at Risk (VaR) forecast framework is applied to different international stock indices. In many situations, its performance is superior to parametric benchmark models. Secondly, a systemic risk measure, the realized systemic risk beta, is proposed. In contrast to exististing measures it is tailored to account for tail risk interconnections within the financial sector, individual firm characteristics, and financial indicators. To determine each company’s relevant risk drivers, model selection techniques for high-dimensional quantile regression are employed. The realized systemic risk beta corresponds to the total effect of each firm’s VaR on the system’s VaR. Using data on major financial institutions in the U.S. and in Europe, it is shown that the new measure is a valuable tool to both estimate and forecast systemic risk.
Lowther, Dwain Eldred. "Customer relationship management: A financial perspective". CSUSB ScholarWorks, 2004. https://scholarworks.lib.csusb.edu/etd-project/2694.
Texto completo da fonteGenin, Adrien. "Asymptotic approaches in financial risk management". Thesis, Sorbonne Paris Cité, 2018. http://www.theses.fr/2018USPCC120/document.
Texto completo da fonteThis thesis focuses on three problems from the area of financial risk management, using various asymptotic approaches. The first part presents an importance sampling algorithm for Monte Carlo pricing of exotic options in exponential Lévy models. The optimal importance sampling measure is computed using techniques from the theory of large deviations. The second part uses the Laplace method to study the tail behavior of the sum of n dependent positive random variables, following a log-normal mixture distribution, with applications to portfolio risk management. Finally, the last part employs the notion of multivariate regular variation to analyze the tail behavior of a random vector with heavy-tailed components, whose dependence structure is modeled by a Gaussian copula. As application, we consider the tail behavior of a portfolio of options in the Black-Scholes model
Nikoci, Besjana <1989>. "Stress Testing for Financial Risk Management". Master's Degree Thesis, Università Ca' Foscari Venezia, 2015. http://hdl.handle.net/10579/6935.
Texto completo da fonteMashoka, Tareq Zaki. "Earnings management and loss reversal". Thesis, Brunel University, 2010. http://bura.brunel.ac.uk/handle/2438/4619.
Texto completo da fonteMoretto, Edoardo <1993>. "Financial Reporting and Management Accounting: can Management Accounting provide support and value for a high quality Financial Reporting?" Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/14830.
Texto completo da fontePaltalidis, Nikolaos. "Essays on applied financial econometrics and financial networks : reflections on systemic risk, financial stability & tail risk management". Thesis, University of Portsmouth, 2015. https://researchportal.port.ac.uk/portal/en/theses/essays-on-applied-financial-econometrics-and-financial-networks(3534970d-eeba-4748-9812-d18430925664).html.
Texto completo da fonteStyles, Mikala. "A Financial Epidemic: How Financial Literacy Affects College Students’ Financial Management Practices and the Debt Crisis in America". Digital Commons @ East Tennessee State University, 2018. https://dc.etsu.edu/honors/444.
Texto completo da fonteSadalla, Marco Antonio V. (Marco Antonio Vieira). "An overview of potential financial bubbles in the US financial markets". Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/81012.
Texto completo da fonteCataloged from PDF version of thesis.
Includes bibliographical references (p. 94-97).
Financial bubbles have presented a challenge for the financial markets for a long time and caused steep losses for many investors. This thesis has two main goals relating to financial bubbles. The first is to try to determine if it is possible to find out if a financial bubble is forming. To accomplish that, the economic theories that govern bubble formation and burst are analyzed and the models that exist to predict bubble formation are discussed. A new model is suggested and is applied in the US financial markets to determine if any of the asset classes are currently risking the development of a bubble. This analysis suggests that one asset class is likely to be developing a bubble and this thesis further discusses this asset class. The second objective of this thesis is to suggest alternatives that prudent investors could introduce to protect themselves from some of the worst consequences of bubbles. This thesis will suggest models inspired by completely different industries: the air transportation industry with its high safety standards; the oil industry with its long-term planning; and the socially responsible investment industry, with its self-regulatory structure.
by Marco Antonio V. Sadalla.
M.B.A.
Zou, Lin. "Essays in financial economics and risk management". Thesis, [College Station, Tex. : Texas A&M University, 2007. http://hdl.handle.net/1969.1/ETD-TAMU-1476.
Texto completo da fonteGraf, Mario. "Financial Risk Management State-of-the-Art /". St. Gallen, 2005. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01665710001/$FILE/01665710001.pdf.
Texto completo da fonteBallard, Mavourneen W. "Corporate policy management for a financial organization". [Denver, Colo.] : Regis University, 2006. http://165.236.235.140/lib/MBallard2006.pdf.
Texto completo da fonteEwers, Robin B. "Enterprise Risk Management in Responsible Financial Reporting". Thesis, Walden University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10637579.
Texto completo da fonteDespite regulatory guidelines, unreliable financial reporting exists in organizations, creating undue financial risk-harm for their stakeholders. Normal accident theory (NAT) identifies factors in highly complex integrated systems that can have unexpected, undetected, and uncorrected system failures. High-reliability organization (HRO) theory constructs promote reliability in complex, integrated systems prone to NAT factors. Enterprise risk management (ERM) integrates NAT factors and HRO constructs under a holistic framework to achieve organizational goals and mitigate the potential for stakeholder risk-harm. Literature on how HRO constructs promote ERM in responsible integrated financial systems has been limited. The purpose of this qualitative, grounded theory study was to use HRO constructs to identify and define the psychological factors involved in the effective ERM of responsible organizational financial reporting. Standardized, open-ended interviews were used to collect inductive data from a purposeful sample of 13 reporting agents stratifying different positions in organizations that have maintained consistent operational success while attenuating stakeholder risk-harm. The data were interpreted via transcription, and subsequent iterative open, axial, and narrative coding. Results showed that elements of culture and leadership found in the HRO construct of disaster foresightedness and mitigation fostered an internal environment of successful enterprise reporting risk management to ethically achieve organizational goals and abate third-party stakeholder risk-harm. The findings will contribute to positive social change by suggesting an approach for organizations to optimize strategic objectives while minimizing stakeholders’ financial risk-harm.
O'Neil, Meganne Ross. "Teaching modules for small business financial management". Master's thesis, This resource online, 1991. http://scholar.lib.vt.edu/theses/available/etd-02162010-020108/.
Texto completo da fonteSiyi, Zhou. "Essays on financial and insurance risk management". Thesis, Imperial College London, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.586894.
Texto completo da fonteMurphy, Steven B., Derrick L. Clark, Steven B. Murphy e Derrick L. Clark. "Financial management in a joint field environment". Thesis, Monterey, California. Naval Postgraduate School, 2004. http://hdl.handle.net/10945/9910.
Texto completo da fonteApproved for public release, distribution is unlimited
MBA Professional Report
Approved for public release, distribution is unlimited
This MBA professional report highlights the FM challenges that comptroller's encounter in the joint field environment, identifies sources of payment inefficiencies and recommends solutions to reduce those inefficiencies, thus addressing the issue of improving foreign contract payments by comptrollers in the field. Problem disbursements during Operation Desert Storm yielded $54 million dollars in mismanaged funds for the U.S. Army alone. With the continued emphasis on joint operations, the comptroller must effectively manage funds obligated to various Department of Defense (DoD) activities. The research involved in this endeavor includes doctrine and policy review, interviews with various DoD comptrollers and a case study of exercise Cobra Gold 2002 budget execution and contractual payments at the joint organization level. Cobra Gold is an excellent example of a large-scale joint and combined operation in a foreign country; it provides a great opportunity to analyze the research question. This professional report concludes that field comptrollers cannot adequately meet fiscal responsibilities without comparable garrison IT connectivity and recommends that all of the U.S. services procure systems that are fully interoperable to best support the warfighter. This report is primarily intended for field comptrollers with limited joint field experience to make them aware of the uniqueness that exists in joint operations.
This MBA professional report highlights the FM challenges that comptroller's encounter in the joint field environment, identifies sources of payment inefficiencies and recommends solutions to reduce those inefficiencies, thus addressing the issue of improving foreign contract payments by comptrollers in the field. Problem disbursements during Operation Desert Storm yielded $54 million dollars in mismanaged funds for the U.S. Army alone. With the continued emphasis on joint operations, the comptroller must effectively manage funds obligated to various Department of Defense (DoD) activities. The research involved in this endeavor includes doctrine and policy review, interviews with various DoD comptrollers and a case study of exercise Cobra Gold 2002 budget execution and contractual payments at the joint organization level. Cobra Gold is an excellent example of a large-scale joint and combined operation in a foreign country; it provides a great opportunity to analyze the research question. This professional report concludes that field comptrollers cannot adequately meet fiscal responsibilities without comparable garrison IT connectivity and recommends that all of the U.S. services procure systems that are fully interoperable to best support the warfighter. This report is primarily intended for field comptrollers with limited joint field experience to make them aware of the uniqueness that exists in joint operations.
Kiyohara, Dean M. "Financial management training for Navy ashore commands". Thesis, Monterey, California. Naval Postgraduate School, 1990. http://hdl.handle.net/10945/37524.
Texto completo da fonteThis thesis discusses the formal training courses and programs which are currently available to Operations and Maintenance, Navy (O&M,N) funded ashore command financial management accounting and budgeting personnel. It examines and analyzes the importance of training programs which are neded to meet the job responsibilities of financial management accounting and budgeting personnel. In addition, the thesis reviews the current working environment of Navy ashore financial management personnel. The results of the research indicates a lack of formal Navy financial management training courses, insufficient numbers of qualified instructors and the need for additional financial management training materials. The study identifies recommendations for specific problem areas and recommends a financial management curriculum review.
Lu, I.-Chen (Jennifer). "Robust portfolio management with multiple financial analysts". Thesis, Loughborough University, 2015. https://dspace.lboro.ac.uk/2134/18045.
Texto completo da fonteLightfoot, Geoffrey. "Financial management and small firm owner-managers". Thesis, Kingston University, 1998. http://eprints.kingston.ac.uk/20617/.
Texto completo da fonteNguyen, Tat Thang. "Corporate diversification, firm value and financial management". Thesis, University of Leeds, 2013. http://etheses.whiterose.ac.uk/6315/.
Texto completo da fonteIefymenko, T. "Innovative financial management of human capital development". Thesis, Київський національний університет технологій та дизайну, 2019. https://er.knutd.edu.ua/handle/123456789/14492.
Texto completo da fonteMomotenko, I. "Financial management: should we pollute or not?" Thesis, Вид-во СумДУ, 2009. http://essuir.sumdu.edu.ua/handle/123456789/17154.
Texto completo da fonteКобушко, Ігор Миколайович, Игорь Николаевич Кобушко, Ihor Mykolaiovych Kobushko e Victoria Lymar. "Financial-economic mechanism of management an enterprise". Thesis, Видавництво СумДУ, 2007. http://essuir.sumdu.edu.ua/handle/123456789/7987.
Texto completo da fonteAbbas, Sawsan. "Statistical methodologies for financial market risk management". Thesis, Lancaster University, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.547964.
Texto completo da fonteBorden, Lynne, e DenYelle Baete Kenyon. "Family Financial Management -- Planning for the Future". College of Agriculture and Life Sciences, University of Arizona (Tucson, AZ), 2004. http://hdl.handle.net/10150/156897.
Texto completo da fonteBorden, Lynne, e DenYelle Baete Kenyon. "Family Financial Management -- Interventions Following a Disaster". College of Agriculture and Life Sciences, University of Arizona (Tucson, AZ), 2004. http://hdl.handle.net/10150/157199.
Texto completo da fonteBen, Hadj Saifeddine. "Essays on risk management and financial stability". Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E003/document.
Texto completo da fonteWe first investigate the computational complexity for estimating quantile based risk measures, such as the widespread Value at Risk for banks and Solvency II capital requirements for insurance companies, via nested Monte Carlo simulations. The estimator is a conditional expectation type estimate where two stage simulations are required to evaluate the risk measure: an outer simulation is used to generate risk factor scenarios that govern price movements and an inner simulation is used to evaluate the future portfolio value based on each of those scenarios. The second essay considers the financial stability from a macro perspective. Measuring negative externalities of banks is a major challenge for financial regulators. We propose a new risk management approach to enhance the financial stability and to increase the fairness of financial transactions. The basic idea is that a bank should assume as much risk as it creates. Any imbalance in the tails of the distribution of profit and losses is a sign of the bank's failure to internalize its externalities or the social costs associated with its activities. The aim of the third essay is to find a theoretical justification toward the mutual benefits for members of a bonking union in the context of a strategic interaction model. We use a unique contagion dynamic that marries the rich literature of game theory, contagion in pandemic crisis and the study of collaboration between regulators. The model is focused toward regulating asset classes, not individual banks. This special design addresses moral hazard issues that could result from government intervention in the case of crisis
Rossetto, Silvia. "Optimal timing of strategic financial decisions". [Amsterdam] : Amsterdam : Thela Thesis ; Universiteit van Amsterdam [Host], 2002. http://dare.uva.nl/document/64688.
Texto completo da fonteNewberry, Susan Margaret. "New Zealand's Public Sector Financial Management System: Financial Resource Erosion in Government Departments". Thesis, University of Canterbury. Accountancy, Finance and Information Systems, 2002. http://hdl.handle.net/10092/862.
Texto completo da fonteAas, Roar. "Risk management using derivatives". Thesis, Heriot-Watt University, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.262000.
Texto completo da fonteNeis, Eric. "Three essays in financial economics". Diss., Restricted to subscribing institutions, 2006. http://proquest.umi.com/pqdweb?did=1158520261&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.
Texto completo da fonteSun, Yang Ph D. Massachusetts Institute of Technology. "Essays in financial economics". Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/108220.
Texto completo da fonteCataloged from PDF version of thesis.
Includes bibliographical references (pages 157-163).
This thesis consists of three essays in corporate finance and capital markets. The first chapter estimates the effect of competition from low-cost index funds on fees in the money management industry. A difference-in-differences analysis exploiting the staggered entry of index funds finds that while actively managed funds sold directly to retail investors reduce fees by six percent, those sold through brokers increase fees by four percent. Additionally, actively managed funds, especially closet indexers, shift away from holding the index portfolio. The paper proposes a price-discrimination model to illustrate that the effect of low-cost passive fund competition depends on market segmentation. Beyond the price competition effect, the entry creates a selection effect that isolates the least-price-sensitive investors in the broker channel and results in a price increase for this group. Repeating the study using the entry of exchange-traded funds reveals similar but stronger finding. Overall, the results shed light on why aggregate mutual fund fees decline slowly despite increased competition from lower-cost passive alternatives. The second chapter, joint with Jean-Noel Barrot, examines the effects of imperfect investor risk adjustment on the behavior of mutual fund managers. We exploit a natural experiment when a major fund rating company changed its rating methodology. While in the old system, all equity funds were compared with one another in one pool, in the new algorithm, funds become compared within narrow peer groups. This algorithm revision increases the ability of retail investor to compare funds based on risk-adjusted returns, and it has an important impact on the fund mangers' compensation. The sensitivity of retail fund flows to systematic returns is eliminated. Using institutional funds as a control for retail funds in a difference-in-differences analysis, we find that this revision reduces fund managers risk taking behavior, in particular for funds in the categories that had biased low ratings ex-ante. The third chapter, joint with Carola Frydman and Eric Hilt, documents the dividend policy of firms in the United States during the first three decades of the twentieth century. This period features severe information asymmetry between insiders and outsiders, while other factors that could affect the payout policy were relatively muted. In the years surrounding World War I, industrial firms increased their payout ratios and dividends became less sticky. The new industrial firms listed on the NYSE in the 1920s had the best fit with the Lintner (1956) model and these firms refrained from committing to sticky dividend policy. Consistent with the asymmetric information theory, the market reacted positively to dividend increase announcements, especially to those made by the new industrials, and reacted negatively to dividend cuts.
by Yang Sun.
The effect of index fund competition on money management fees -- The effect of investor risk adjustment on fund manager incentives -- Dividend policy in the early twentieth century United States.
Ph. D.
Chen, Chyi-Mei. "Essays on financial economics". Thesis, Massachusetts Institute of Technology, 1992. http://hdl.handle.net/1721.1/13148.
Texto completo da fonteMitton, Todd V. (Todd Victor) 1966. "Essays in financial economics". Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/8807.
Texto completo da fonteIncludes bibliographical references.
The thesis consists of three essays dealing with corporate governance in an international context. The first essay is entitled "A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis." In a sample of 399 firms from Indonesia, Korea, Malaysia, the Philippines, and Thailand, cross-firm differences in variables related to corporate governance had a significant impact on firm performance during the East Asian financial crisis of 1997- 1998. Higher outside ownership concentration led to significantly better stock price performance during the crisis, but higher managerial ownership concentration had no significant effect on performance. This may indicate that the presence of an outside lock holder can mitigate expropriation of minority shareholders, but that managers with significant holdings can resist this effect. Diversified firms performed significantly worse than focused firms during the crisis. On average, single-segment firms emerged from the crisis trading at a premium of over 20% relative to diversified firms with which they were equally valued prior to the crisis. The relative loss in value for diversified firms was due primarily to the performance of firms with high variation in investment opportunities across divisions, suggesting that cross-subsidization of divisions may have been a source of the value loss. Variables indicative of higher disclosure quality are associated with significantly better performance during the crisis. Having an ADR and having an auditor from a "Big Six" accounting firm had separate positive effects on firm performance. Firms with both indicators came out of the crisis valued at a premium of over 50%, on average, relative to firms without these indicators with which they were equally valued prior to the crisis. Taken as a whole, the results provide some evidence at the micro level that poor corporate governance contributed to the depth of the East Asian financial crisis. The second essay is entitled "The Performance of Politically Favored Firms in the East Asian Financial Crisis: Evidence from Malaysia." Malaysia presents an interesting opportunity to study the impact of political favoritism on firm performance during the East Asian crisis. Favoritism runs along two dimensions in Malaysia. Firms are favored based on the ethnicity of their owners as well as through personal relationships with key government officials. I find that the stock price performance of firms favored based on ethnicity was significantly better than the performance of non-favored firms during the crisis. However, the performance of firms favored through personal connections was significantly worse than the performance of non-connected firms. The evidence does not suggest that the relative loss for connected firms was driven by excessive leverage or inherent operating inefficiencies. Rather, the evidence suggests that the performance difference was driven by changes in the expected value of benefits for politically favored firms. The third essay is entitled "Do Agency Problems Affect Dividend Policy? Firm-Level Evidence from Around the World." The "outcome" agency model of dividends (La Porta, Lopez-de-Si lanes, Shleifer, and Vishny (LLSV (2000)) yields two key empirical predictions. First, dividend payouts will be higher among firms in which agency problems are less severe. Second, a negative relationship between growth opportunities and dividend payouts will be stronger among firms in which agency problems are less severe. LLSV (2000) use country-level measures of legal protection as a proxy for lower agency costs, and find empirical support for both predictions. I build on these findings by using firm-level measures indicative of the severity of agency problems. The proxies I employ are based on the cross-listing of firms in the U.S., the quality of accounting disclosure, diversification across industries, and the presence of a large outside shareholder. In a sample of 3,385 firms across 32 countries, I also find empirical support for both predictions of the outcome model.
by Todd V. Mitton.
Ph.D.
Ru, Hong Ph D. Massachusetts Institute of Technology. "Essays in financial economics". Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/98607.
Texto completo da fonteCataloged from PDF version of thesis.
Includes bibliographical references.
This thesis considers three empirical essays on financial economics. The first chapter examines the effect of government credit on firm investment, employment, debt, profitability, and survival by using unique data from the China Development Bank (CDB). I explore the different effects of various types of government credit (credit to infrastructure vs. credit to state-owned enterprises (SOEs)). I also trace the effect of government credit across different levels of the supply chain. I find that CDB SOE industry loans crowd out private firms in the same industry but crowd in private firms in downstream industries. I also find private firms benefit from CDB infrastructure loans. I use the exogenous timing of municipal political leaders' turnover as an instrument for CDB loans to cities. The second chapter, joint with Antoinette Schoar, analyzes pricing and advertising strategies of credit card offers. We show that credit cards which have reward programs have lower regular APR but rely more heavily on backward loaded and more hidden payment features. Issuers target different reward programs at different types of the population: Programs such as miles, cash back and points are offered to richer and more educated customers, while low intro APR offers are offered to poorer and less educated customers. Our results also suggest that card features that are mainly demanded by sophisticated consumers cannot be shrouded and need to be priced upfront. Finally, using shocks to the credit worthiness of customers, we show that card issuers rely more heavily on backward loaded credit terms when customers are more protected. The third chapter studies the effects of privatization on both SOEs and privately-owned firms in China. Using political turnover as an instrument variable for privatization, I find that after privatization, the productivity of SOEs and private firms increases by 50% and 100%, respectively. Moreover, every 100 workers got fired by SOEs come with a 169 increase from private firms' hiring in the same industry and same province. I also find that politicians' fixed effect on SOEs is significant. Moreover, corrupt politicians make SOEs less efficient but more powerful in the market.
by Hong Ru.
Ph. D.