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Essays in Financial Economics.

Weber, Andreas.

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Essays in Financial Economics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in Financial Economics./
Author:	Weber, Andreas.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	227 p.
Notes:	Source: Dissertations Abstracts International, Volume: 82-05, Section: B.
Contained By:	Dissertations Abstracts International82-05B.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28152437
ISBN:	9798691216879

Essays in Financial Economics.
Weber, Andreas.

Essays in Financial Economics. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 227 p.

Source: Dissertations Abstracts International, Volume: 82-05, Section: B.

Thesis (Ph.D.)--New York University, 2019.

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

This thesis consists of two separate chapters. In the first chapter, I show that financial management skills are important for entrepreneurial success. To measure founders' financial management skills independent of their startups, I link high-frequency financial data from U.S. entrepreneurs' pre-startup personal financial accounts to their startup's financial business accounts. I find that entrepreneurs who are better at managing their personal finances before starting a business are also more successful in steering their startup through its infancy and in scaling their business. The economic magnitudes are meaningful: At the extensive margin, annual exit probabilities are one percentage point higher for less financially skilled entrepreneurs, relative to a baseline exit probability of 8.6%. At the intensive margin, better financial management skills increase revenues by 6.9%. I also show that financial management skills are especially valuable in industries where cash flow management is particularly challenging, and that founders with better financial management skills are more successful in taking advantage of local investment opportunity shocks to grow. To determine which industries require stronger financial management skills, I develop a new set of industry characteristics based on high-frequency cash flow profiles of 1.5 million recent startups. Finally, I provide evidence that potential founders with lower financial management skills are more likely to start a business in the first place.In the second chapter, I explore what private market data can tell us about the appropriate discount rates for valuing investments in climate change abatement. I estimate the term structure of discount rates for real estate up to the very long horizons relevant for investments in climate change abatement. The housing term structure is downward-sloping, reaching 2.6% at horizons beyond 100 years. I also show that real estate is exposed to both consumption risk and climate risk. I explore the implications of these new data using a tractable asset-pricing model that incorporates important features of climate change. Climate change is modeled as a rare catastrophic event, the probability of which increases with economic growth. Economic activity partially mean-reverts following a climate disaster, capturing the ability of the economy to adapt. As a result, short-run cash flows are more exposed to climate risk than long-run cash flows, allowing us to match the observed housing term structure. The model and data provide simple yet powerful guidance for appropriate discount rates for investments that hedge climate disaster risk. The term structure of these discount rates is upward-sloping but bounded above by the risk-free rate. For extremely far horizons at which we do not observe the risk-free rate, the estimated long-run discount rates for housing (a risky asset) provide an upper bound that becomes tighter with maturity. This suggests that the appropriate discount rates for investments in climate change abatement are low at all horizons, substantially below those conventionally used for valuing these investments and for determining the social cost of carbon.

ISBN: 9798691216879Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Discounting

Essays in Financial Economics.
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500 $a Source: Dissertations Abstracts International, Volume: 82-05, Section: B.
500 $a Advisor: Mueller, Holger M.;Stroebel, Johannes.
502 $a Thesis (Ph.D.)--New York University, 2019.
506 $a This item must not be sold to any third party vendors.
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520 $a This thesis consists of two separate chapters. In the first chapter, I show that financial management skills are important for entrepreneurial success. To measure founders' financial management skills independent of their startups, I link high-frequency financial data from U.S. entrepreneurs' pre-startup personal financial accounts to their startup's financial business accounts. I find that entrepreneurs who are better at managing their personal finances before starting a business are also more successful in steering their startup through its infancy and in scaling their business. The economic magnitudes are meaningful: At the extensive margin, annual exit probabilities are one percentage point higher for less financially skilled entrepreneurs, relative to a baseline exit probability of 8.6%. At the intensive margin, better financial management skills increase revenues by 6.9%. I also show that financial management skills are especially valuable in industries where cash flow management is particularly challenging, and that founders with better financial management skills are more successful in taking advantage of local investment opportunity shocks to grow. To determine which industries require stronger financial management skills, I develop a new set of industry characteristics based on high-frequency cash flow profiles of 1.5 million recent startups. Finally, I provide evidence that potential founders with lower financial management skills are more likely to start a business in the first place.In the second chapter, I explore what private market data can tell us about the appropriate discount rates for valuing investments in climate change abatement. I estimate the term structure of discount rates for real estate up to the very long horizons relevant for investments in climate change abatement. The housing term structure is downward-sloping, reaching 2.6% at horizons beyond 100 years. I also show that real estate is exposed to both consumption risk and climate risk. I explore the implications of these new data using a tractable asset-pricing model that incorporates important features of climate change. Climate change is modeled as a rare catastrophic event, the probability of which increases with economic growth. Economic activity partially mean-reverts following a climate disaster, capturing the ability of the economy to adapt. As a result, short-run cash flows are more exposed to climate risk than long-run cash flows, allowing us to match the observed housing term structure. The model and data provide simple yet powerful guidance for appropriate discount rates for investments that hedge climate disaster risk. The term structure of these discount rates is upward-sloping but bounded above by the risk-free rate. For extremely far horizons at which we do not observe the risk-free rate, the estimated long-run discount rates for housing (a risky asset) provide an upper bound that becomes tighter with maturity. This suggests that the appropriate discount rates for investments in climate change abatement are low at all horizons, substantially below those conventionally used for valuing these investments and for determining the social cost of carbon.
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653 $a Discounting
653 $a Financial literacy
653 $a Liquidity management
653 $a Real estate
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