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Essays in Corporate Finance.

Cheong, Chiyoung.

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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:	Cheong, Chiyoung.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
面頁冊數:	167 p.
附註:	Source: Dissertations Abstracts International, Volume: 81-04, Section: A.
Contained By:	Dissertations Abstracts International81-04A.
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13884261
ISBN:	9781085771870

Essays in Corporate Finance.
Cheong, Chiyoung.

Essays in Corporate Finance. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 167 p.

Source: Dissertations Abstracts International, Volume: 81-04, Section: A.

Thesis (Ph.D.)--Indiana University, 2019.

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

The three essays in this dissertation examine issues related to corporate finance. The first, second, and third essays look at firm value, loan contracting, and investment, respectively.The first essay examines employee satisfaction and firm value. It looks at how employee satisfaction, proxied by employee benefit, causally improves firm value through increases in productivity. This study uses paid parental leave as a measure of employee benefit, and uses state level legislation as an exogenous shock. This paper shows that by enforcing paid parental leave, firms improve in firm value by increase in 4% of a standard deviation in productivity. This effect only exists in firms that did not choose to provide paid parental leave before state level mandate. Results from instrumental variables approach shows results that agrees with the difference-in-difference studies. The second essay looks at the effect of enhancing access to equity market on debt market. The JOBS Act directly affects access to public equity for emerging growth companies (EGCs) by lowering regulatory requirements to conduct initial public offerings (IPOs). Indirectly, improved access to equity markets may alter how other capital providers engage with EGC firms, which may further accelerate EGC firm growth, regardless of and prior to IPO. Using regression discontinuity, we find syndicated loans to EGCs have lower credit spreads, less collateral, larger revolvers, and greater bank participation. These results suggest the JOBS Act not only has a direct effect via IPO access, but also indirectly enhances EGCs' access to the syndicated loan market.The third essay studies brand equity and investment-Q relations. It looks at the relationship between firms' investment choices in brand capital and physical capital, which is one of the most fundamental form of intangible asset. Using a new consumer-generated data on brand equity, it examines how product market-generated brand equity influences firms' investment behavior in other assets. It uses two natural experiments, first a court case that exogenously and significantly reduced brand protection, and second a law passage that increased it, to establish causality between brand equity and investment decisions.

ISBN: 9781085771870Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Corporate Finance

Essays in Corporate Finance.
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