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Two Essays on Corporate Finance and ...

Zhao, Tianyu.

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Two Essays on Corporate Finance and Capital Market.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Two Essays on Corporate Finance and Capital Market./
Author:	Zhao, Tianyu.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	69 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
Contained By:	Dissertations Abstracts International81-03A.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13864259
ISBN:	9781085618847

Two Essays on Corporate Finance and Capital Market.
Zhao, Tianyu.

Two Essays on Corporate Finance and Capital Market. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 69 p.

Source: Dissertations Abstracts International, Volume: 81-03, Section: A.

Thesis (Ph.D.)--Illinois Institute of Technology, 2019.

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

Two of the most important credit suppliers on the capital market of the United States are commercial banks and online peer-to-peer (P2P) lending platforms. Relaxing restrictions on interstate banking and intrastate branching in banking industry bring more competitions and better efficiency in the banking industry, which provides a much lower cost for firms to raise external funds. We find bank deregulations decrease investment-cash flow sensitivity of firms, which explains the declining trend of investment-cash flow sensitivity since the late 1970s. With the development of internet and transaction technology, online P2P lending platforms become more and more important in the capital market. However, the borrowers on P2P platforms are private individuals with limited official information. We document that when borrower's official information is limited, social capital, a factor contains region based soft information, plays an important role in effecting online P2P lending activities.

ISBN: 9781085618847Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Bank deregulations

Two Essays on Corporate Finance and Capital Market.
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520 $a Two of the most important credit suppliers on the capital market of the United States are commercial banks and online peer-to-peer (P2P) lending platforms. Relaxing restrictions on interstate banking and intrastate branching in banking industry bring more competitions and better efficiency in the banking industry, which provides a much lower cost for firms to raise external funds. We find bank deregulations decrease investment-cash flow sensitivity of firms, which explains the declining trend of investment-cash flow sensitivity since the late 1970s. With the development of internet and transaction technology, online P2P lending platforms become more and more important in the capital market. However, the borrowers on P2P platforms are private individuals with limited official information. We document that when borrower's official information is limited, social capital, a factor contains region based soft information, plays an important role in effecting online P2P lending activities.
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