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Essays in corporate finance.

Han, Seonghee.

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Essays in corporate finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in corporate finance./
作者:	Han, Seonghee.
面頁冊數:	149 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-07(E), Section: A.
Contained By:	Dissertation Abstracts International76-07A(E).
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3683164
ISBN:	9781321571783

Essays in corporate finance.
Han, Seonghee.

Essays in corporate finance. - 149 p.

Source: Dissertation Abstracts International, Volume: 76-07(E), Section: A.

Thesis (Ph.D.)--State University of New York at Binghamton, 2014.

This item must not be sold to any third party vendors.

This dissertation includes three essays. Each essay deals with different research topics in finance.

ISBN: 9781321571783Subjects--Topical Terms:

542899
Finance.

Essays in corporate finance.
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500 $a Adviser: Murali Jagannathan.
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506 $a This item must not be sold to any third party vendors.
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520 $a This dissertation includes three essays. Each essay deals with different research topics in finance.
520 $a Essay one examines whether powerful CEOs more effective in responding to pressure from the economic environment. We empirically investigate the performance of firms with powerful CEOs when industry conditions deteriorate. We focus on industry downturns since these represent an exogenous 'shock' to a firm's environment and focus on settings where the net effect of CEO power is likely more consequential: innovative firms, firms with relatively little related industry board expertise, firms operating in competitive industries and firms operating in industries characterized by relatively greater managerial discretion. In each of these settings we find powerful CEOs perform significantly worse than other CEOs.
520 $a In Essay 2, we examine whether insider trading prior to a large stock price drop increases the likelihood of a class-action lawsuit being filed against the firm. We show that it is primarily "opportunistic" sales by CEOs that increases the likelihood of litigation. Sales by other insiders, including their opportunistic sales, do not increase the likelihood of a lawsuit. Lawsuits also appear to focus on sales made in the near quarter prior to the price drop rather than sales made in earlier quarters, even though the class action period during which the manipulation is alleged to have occurred extends well beyond the prior three months.
520 $a In Essays 3, I examine whether the value of financial flexibility arises from timing flexibility or operational flexibility. Like the other well-known motives of share repurchases such as signaling, the timing flexibility suggests that OMR announcing firms that do not buy back shares are of poor quality, compared to repurchasing firms. In contrast, under the operational flexibility, an absence of buy back activity may not be necessarily bad to investors since it may be caused by unexpectedly good investment opportunities. Consistent with the operational flexibility, I find a clear difference in long-term announcement abnormal returns among the non-repurchases, which are explained by unexpected investment growth following the announcements. Growth firms benefiting from the operational flexibility enjoy significantly positive abnormal returns over the long horizon. Overall, these findings support the operational flexibility.
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