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Essays in empirical corporate finance.

Guner, A. Burak.

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Essays in empirical corporate finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in empirical corporate finance./
作者:	Guner, A. Burak.
面頁冊數:	135 p.
附註:	Source: Dissertation Abstracts International, Volume: 66-04, Section: A, page: 1447.
Contained By:	Dissertation Abstracts International66-04A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3171777
ISBN:	0542086573

Essays in empirical corporate finance.
Guner, A. Burak.

Essays in empirical corporate finance. - 135 p.

Source: Dissertation Abstracts International, Volume: 66-04, Section: A, page: 1447.

Thesis (Ph.D.)--Stanford University, 2005.

Chapter 1 of this dissertation is based on a working paper coauthored with Ulrike Malmendier and Geoff Tate. We analyze whether and how board members with financial expertise affect corporate finance and investment decisions. Employing a novel data set of FORBES 500 companies with detailed demographic information on the individual directors of corporate boards from 1988 to 2001, we find that the presence of commercial bankers on corporate boards increases the size of loans to the corporation and decreases investment to cash flow sensitivity, particularly when the director's bank has a lending relationship with the firm. However, the increased access to finance affects mostly firms that have good credit, little financial constraints, and relatively poor investment opportunities, suggesting that banker directors do not act in the interest of shareholders but rather in the interest of creditors.

ISBN: 0542086573Subjects--Topical Terms:

626650
Economics, Finance.

Essays in empirical corporate finance.
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520 $a Chapter 1 of this dissertation is based on a working paper coauthored with Ulrike Malmendier and Geoff Tate. We analyze whether and how board members with financial expertise affect corporate finance and investment decisions. Employing a novel data set of FORBES 500 companies with detailed demographic information on the individual directors of corporate boards from 1988 to 2001, we find that the presence of commercial bankers on corporate boards increases the size of loans to the corporation and decreases investment to cash flow sensitivity, particularly when the director's bank has a lending relationship with the firm. However, the increased access to finance affects mostly firms that have good credit, little financial constraints, and relatively poor investment opportunities, suggesting that banker directors do not act in the interest of shareholders but rather in the interest of creditors.
520 $a Chapter 2 of this dissertation is based on my working paper, "Loan Sales and the Cost of Corporate Borrowing," which has recently been accepted for publication by the Review of Financial Studies. When a loan is sold, it goes to a lower-cost financing source than its originator. Yet, lending markets are less than perfectly competitive. Despite the lower funding cost, therefore, the loan price is not necessarily more favorable to the borrower. However, corporate borrowers are averse to the participation of their loans to other lenders due to the complexity of dealing with multiple banks and the potential information costs of the sale announcement. Consequently, I conjecture and empirically find that the borrower extracts a price concession in exchange for allowing the bank to sell participations in the loan.
520 $a Chapter 3 develops the hypothesis that credit-screening standards can be first increasing and then decreasing in the quality of the bank's pool of potential borrowers. The data support the interesting implication that banks with lending opportunities toward the middle of the quality spectrum are likely to have loan portfolios that perform better than do the portfolios of banks with loan-origination opportunities that are either too weak or too strong. Indirectly, the results point to a potentially destabilizing feedback effect of credit standards on business cycles.
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