東華大學圖書館 |

Language: English

Help

回圖書館首頁

手機版館藏查詢

Back

Switch To: Labeled | MARC Mode | ISBD

Essays on credit markets and corpora...

Osborn, Matthew Gordon.

Linked to FindBook

Google Book

Amazon

博客來

Essays on credit markets and corporate finance.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on credit markets and corporate finance./
Author:	Osborn, Matthew Gordon.
Description:	133 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-09(E), Section: A.
Contained By:	Dissertation Abstracts International76-09A(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3703887
ISBN:	9781321759785

Essays on credit markets and corporate finance.
Osborn, Matthew Gordon.

Essays on credit markets and corporate finance. - 133 p.

Source: Dissertation Abstracts International, Volume: 76-09(E), Section: A.

Thesis (Ph.D.)--Boston College, 2015.

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

In my first essay, I study how the rise of non-bank loan investment from CLOs, mutual funds, and hedge funds influenced contracting relationships between firms and their senior lenders. Contrary to common perception that non-bank investors diluted the incentive for banks to monitor firms, I find evidence that bank underwriters embraced tighter contracts to mitigate agency and holdout problems associated with less-informed and dispersed non-bank investors. While recent studies show that non-bank loan investors lowered the cost and expanded the availability of capital ex ante , I conclude that tighter contracts also assigned stronger control rights to lenders and imposed higher renegotiation costs to firms ex post.

ISBN: 9781321759785Subjects--Topical Terms:

542899
Finance.

Essays on credit markets and corporate finance.
LDR:02940nmm a2200325 4500 001 2061405
005 20150930092200.5
008 170521s2015 ||||||||||||||||| ||eng d
020 $a 9781321759785
035 $a (MiAaPQ)AAI3703887
035 $a AAI3703887
040 $a MiAaPQ $c MiAaPQ
100 1 $a Osborn, Matthew Gordon. $3 3175660
245 1 0 $a Essays on credit markets and corporate finance.
300 $a 133 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-09(E), Section: A.
500 $a Adviser: Philip Strahan.
502 $a Thesis (Ph.D.)--Boston College, 2015.
506 $a This item must not be sold to any third party vendors.
520 $a In my first essay, I study how the rise of non-bank loan investment from CLOs, mutual funds, and hedge funds influenced contracting relationships between firms and their senior lenders. Contrary to common perception that non-bank investors diluted the incentive for banks to monitor firms, I find evidence that bank underwriters embraced tighter contracts to mitigate agency and holdout problems associated with less-informed and dispersed non-bank investors. While recent studies show that non-bank loan investors lowered the cost and expanded the availability of capital ex ante , I conclude that tighter contracts also assigned stronger control rights to lenders and imposed higher renegotiation costs to firms ex post.
520 $a In my second essay, we examine the drivers of M&A activity in bankruptcy. M&A in bankruptcy is counter-cyclical, and is more likely when the costs of financing a reorganization are greater than financing costs to a potential acquirer. Consistent with a senior creditor liquidation bias, the greater use of secured debt leads to more sales in bankruptcy -- but, this result holds only for sales that preserve going concern value. We also show that overall creditor recovery rates are higher, and unsecured creditor recoveries and post-bankruptcy survival rates are not different, when bankrupt firms sell businesses as going concerns.
520 $a Finally, in my third essay, we examine whether corporate credit rating analysts are rewarded based on ratings accuracy or bias. Overall, accurate analysts are more likely to be promoted. However, analysts who disproportionately downgrade firms compared to the corresponding S&P rating are less likely to be promoted despite being more accurate than analysts who disproportionately upgrade firms. Further, analysts whose rating decisions lead to significantly negative announcement returns are also less likely to be promoted. We conclude that Moody's rewards accurate analysts but punishes analysts for negative bias.
590 $a School code: 0016.
650 4 $a Finance. $3 542899
650 4 $a Economic theory. $3 1556984
650 4 $a Banking. $2 bicssc $3 1557594
690 $a 0508
690 $a 0511
690 $a 0770
710 2 $a Boston College. $b Finance. $3 3175661
773 0 $t Dissertation Abstracts International $g 76-09A(E).
790 $a 0016
791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3703887