東華大學圖書館 |

語系: 繁體中文

說明(常見問題)

回圖書館首頁

手機版館藏查詢

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

Three Essays on Capital Markets.

Wu, Kai.

FindBook

Google Book

Amazon

博客來

Three Essays on Capital Markets.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Three Essays on Capital Markets./
作者:	Wu, Kai.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
面頁冊數:	203 p.
附註:	Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.
Contained By:	Dissertation Abstracts International79-10A(E).
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10814858
ISBN:	9780438026674

Three Essays on Capital Markets.
Wu, Kai.

Three Essays on Capital Markets. - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 203 p.

Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.

Thesis (Ph.D.)--Cornell University, 2018.

This dissertation is a combination of three papers on capital markets. The first chapter studies on the impact of cost of capital on corporate investment and financing decisions. Previous literature shows that the implied cost of capital (ICC) has a negative effect on investment, while the factor model-based estimates have positive effects on investment. Our paper documents that these alternative cost-of-equity proxies also have opposite effects on equity issuance. We show that the ICC has negative effects on investment and equity issuance by capturing the firm-specific discount rate news, whereas the factor model-based estimates have positive effects on these decisions by capturing the market-wide cash flow news. Thus, the opposite effects of the ICC and factor-model based estimates can be explained by their distinctive information contents.

ISBN: 9780438026674Subjects--Topical Terms:

542899
Finance.

Three Essays on Capital Markets.
LDR:03598nmm a2200337 4500 001 2163744
005 20181022132748.5
008 190424s2018 ||||||||||||||||| ||eng d
020 $a 9780438026674
035 $a (MiAaPQ)AAI10814858
035 $a (MiAaPQ)cornellgrad:10811
035 $a AAI10814858
040 $a MiAaPQ $c MiAaPQ
100 1 $a Wu, Kai. $3 1022869
245 1 0 $a Three Essays on Capital Markets.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2018
300 $a 203 p.
500 $a Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.
500 $a Advisers: David Ng; Scott Yonker.
502 $a Thesis (Ph.D.)--Cornell University, 2018.
520 $a This dissertation is a combination of three papers on capital markets. The first chapter studies on the impact of cost of capital on corporate investment and financing decisions. Previous literature shows that the implied cost of capital (ICC) has a negative effect on investment, while the factor model-based estimates have positive effects on investment. Our paper documents that these alternative cost-of-equity proxies also have opposite effects on equity issuance. We show that the ICC has negative effects on investment and equity issuance by capturing the firm-specific discount rate news, whereas the factor model-based estimates have positive effects on these decisions by capturing the market-wide cash flow news. Thus, the opposite effects of the ICC and factor-model based estimates can be explained by their distinctive information contents.
520 $a In the second chapter, I evaluate the economic consequences of advisory misconduct by estimating the effect of publicly disclosed regulatory actions of mutual fund advisors on fund flows. Based on a broad set of misconduct events from 2000-2013, I find a 5% reduction in fund flows to malfeasant advisors in one year following the misconduct. Further analysis using the 2001 SEC electronic filing mandate as a positive shock to misconduct transparency corroborates these results. In order to mitigate the negative impact on flows, mutual fund companies tend to raise marketing expenditures, reduce contractual incentives and relax investment restrictions in subsequent years. Moreover, advisory misconduct adversely affects advising relationships and advisor survival. My findings highlight the significant impact of misconduct on fund flows and advisory contracting in the mutual fund industry.
520 $a In the last chapter, we evaluate the effectiveness of Interfund Lending Programs for both borrowing and lending funds in fund families. We find strong support for the positive effect for borrowing funds. Under extreme distress ILP-funds have 0.32% higher returns than non-ILP funds in the following week. Sub-sample analysis shows that the positive effect is mainly driven by equity and municipal funds, and the effect is more pronounced when funds hold illiquid assets, when external funding cost is high, and when fund families are more diversified in styles. Moreover, Interfund Lending Programs facilitate liquidity management and reduce external borrowing activities. But we find limited evidence concerning the effectiveness for lending funds. Taken together, our results suggest that Interfund Lending Programs play a crucial part as internal capital market in fund families.
590 $a School code: 0058.
650 4 $a Finance. $3 542899
650 4 $a Economic theory. $3 1556984
650 4 $a Management. $3 516664
690 $a 0508
690 $a 0511
690 $a 0454
710 2 $a Cornell University. $b Applied Economics and Management. $3 3280990
773 0 $t Dissertation Abstracts International $g 79-10A(E).
790 $a 0058
791 $a Ph.D.
792 $a 2018
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10814858