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Essays on reputation signaling in co...

Gottesman, Aron Aryeh.

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Essays on reputation signaling in corporate finance and banking.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on reputation signaling in corporate finance and banking./
作者:	Gottesman, Aron Aryeh.
面頁冊數:	193 p.
附註:	Source: Dissertation Abstracts International, Volume: 63-04, Section: A, page: 1435.
Contained By:	Dissertation Abstracts International63-04A.
標題:	Business Administration, Banking. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=NQ67886
ISBN:	0612678865

Essays on reputation signaling in corporate finance and banking.
Gottesman, Aron Aryeh.

Essays on reputation signaling in corporate finance and banking. - 193 p.

Source: Dissertation Abstracts International, Volume: 63-04, Section: A, page: 1435.

Thesis (Ph.D.)--York University (Canada), 2001.

This thesis explores theoretical and empirical issues related to the use of signaling to overcome uncertainty about firm reputation. We first explore this issue in the context of highly leveraged transactions performed to signal quality. Empirical evidence demonstrates that product prices increase following leveraged transactions executed in response to an unwanted takeover attempt, unless the rival firm is relatively unleveraged and has very large market share. Using a duopoly model, it is demonstrated that prices can rise or fall in response to increased leverage, and decreased prices are more likely when the rival firm is lightly leveraged and has a large market share. Financial policy is endogenized. Insight is provided about how industry variables influence the relationship between financial policy and prices.

ISBN: 0612678865Subjects--Topical Terms:

1018458
Business Administration, Banking.

Essays on reputation signaling in corporate finance and banking.
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245 1 0 $a Essays on reputation signaling in corporate finance and banking.
300 $a 193 p.
500 $a Source: Dissertation Abstracts International, Volume: 63-04, Section: A, page: 1435.
500 $a Adviser: Gordon Robert.
502 $a Thesis (Ph.D.)--York University (Canada), 2001.
520 $a This thesis explores theoretical and empirical issues related to the use of signaling to overcome uncertainty about firm reputation. We first explore this issue in the context of highly leveraged transactions performed to signal quality. Empirical evidence demonstrates that product prices increase following leveraged transactions executed in response to an unwanted takeover attempt, unless the rival firm is relatively unleveraged and has very large market share. Using a duopoly model, it is demonstrated that prices can rise or fall in response to increased leverage, and decreased prices are more likely when the rival firm is lightly leveraged and has a large market share. Financial policy is endogenized. Insight is provided about how industry variables influence the relationship between financial policy and prices.
520 $a We further argue that an entrant may use convertible debt to avoid predation in entry deterrence games. This is demonstrated in the context of Poitevin's (1989) deep pocket formalization. We show conversion ratios exist under which creditors have an incentive to convert only if the entrant is a low cost producer. The low cost entrant can therefore issue convertible debt to signal quality to investors. Before production decisions are made, the creditors will convert, preventing predation. This model differs from Stein (1992) as it emphasizes predatory pricing avoidance, and does not require a call feature. The 1991 Euro Disney S.C.A. issue of convertible bonds with strong call protection is used as an illustration.
520 $a We next investigate the nature of the mid-loan relationship between bank-lenders and borrowers, to test whether firms borrow from banks to signal quality. Using the <italic>LPC Deal Scan, CRSP</italic>, and <italic>Wall Street Journal </italic> databases, we develop a rich data sample. We test the sample for whether borrower abnormal returns are related to bank, borrower, deal and/or event characteristics during the duration of the loan. We demonstrate that borrower abnormal returns are related to mid-loan bank events, defined as an event resulting in bank abnormal returns beyond a specified threshold. The results provide insight into the nature of the relationship between banks and borrowers, and suggest that borrowers are affected by bank events mid-loan, even when the event is not directly related to bank default.
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791 $a Ph.D.
792 $a 2001
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