東華大學圖書館 |

Three Essays in Empirical Corporate Finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Three Essays in Empirical Corporate Finance./
作者:	Changjie, Hu.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
面頁冊數:	158 p.
附註:	Source: Dissertations Abstracts International, Volume: 82-10, Section: A.
Contained By:	Dissertations Abstracts International82-10A.
標題:	Innovations. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28384073
ISBN:	9798708718952

Three Essays in Empirical Corporate Finance.
Changjie, Hu.

Three Essays in Empirical Corporate Finance. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 158 p.

Source: Dissertations Abstracts International, Volume: 82-10, Section: A.

Thesis (Ph.D.)--McGill University (Canada), 2020.

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

The core of the thesis includes three essays in empirical corporate finance. The first essay examines the relation between mandatory disclosure behavior and legal accountability. In this study, we treat the enactment of the Sarbanes-Oxley Act (SOX) in 2002 as a regulatory event that increases the legal accountability of top executives and compute the filing tones for a large sample of Forms 10- Q and 10-K filings between 1994 and 2017 using textual analysis. We document that the changes in filing tones contain substantial information that is reflected promptly in the capital market. We also show that a structural break exists in the distribution of filing tones around SOX. Firms use a more negative tone in their quarterly mandatory disclosure after SOX. Interestingly, investors exhibit a stronger reaction to per unit change of filing tones during the post-SOX era and we show that changes in investors' reactions are not merely driven by the systematic changes in tone distribution after SOX. We also document that filing tones are determined by common performance measures, but such relation is weakened after SOX.The second essay studies the impact of the exit of Venture Capitalists (VCs) on innovation by comparing VC backed IPO firms with the non-VC backed. VCs play a significant role in bringing new ventures public by providing financing and consistent monitoring. Prior literature has established mostly a positive correlation between VCs and firm innovation because VCs may preselect more innovative firms to begin with. This study hopes to provide evidence on causal inference with reasonable assumptions from a "reverse treatment" perspective by examining the change in innovation when VCs exit. We treat the initial public offering (IPO) as a proxy for VC's exit since most VCs exit shortly after IPO due to their limited investment horizon. Using a difference-in-differences framework, we find that VC-backed firms experience a greater drop in Research and Development (R&D) intensity after IPO-exits when compared to those non-VC backed. The third essay revisits the long-debated relation between market competition and firm innovation.While traditionally competition is measured at the industry level with historical data, our study utilizes two new text-based measures of competitive threats developed by Hoberg et al. (2014) and Li et al. (2013) which are both firm-specific and forward-looking. We address the potential endogeneity concerns using instrumental variables along with the propensity score matching of firms that experience an exogenous shock from import competition with those that do not. Our results show that an increase in competition unambiguously promotes firm innovation.

ISBN: 9798708718952Subjects--Topical Terms:

754112
Innovations.
Subjects--Index Terms:

Empirical corporate finance

Three Essays in Empirical Corporate Finance.
LDR:07310nmm a2200337 4500 001 2277715
005 20210521102513.5
008 220723s2020 ||||||||||||||||| ||eng d
020 $a 9798708718952
035 $a (MiAaPQ)AAI28384073
035 $a (MiAaPQ)McGill_5999n770c
035 $a AAI28384073
040 $a MiAaPQ $c MiAaPQ
100 1 $a Changjie, Hu. $3 3556043
245 1 0 $a Three Essays in Empirical Corporate Finance.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2020
300 $a 158 p.
500 $a Source: Dissertations Abstracts International, Volume: 82-10, Section: A.
500 $a Advisor: Motta, Adolfo De.
502 $a Thesis (Ph.D.)--McGill University (Canada), 2020.
506 $a This item must not be sold to any third party vendors.
520 $a The core of the thesis includes three essays in empirical corporate finance. The first essay examines the relation between mandatory disclosure behavior and legal accountability. In this study, we treat the enactment of the Sarbanes-Oxley Act (SOX) in 2002 as a regulatory event that increases the legal accountability of top executives and compute the filing tones for a large sample of Forms 10- Q and 10-K filings between 1994 and 2017 using textual analysis. We document that the changes in filing tones contain substantial information that is reflected promptly in the capital market. We also show that a structural break exists in the distribution of filing tones around SOX. Firms use a more negative tone in their quarterly mandatory disclosure after SOX. Interestingly, investors exhibit a stronger reaction to per unit change of filing tones during the post-SOX era and we show that changes in investors' reactions are not merely driven by the systematic changes in tone distribution after SOX. We also document that filing tones are determined by common performance measures, but such relation is weakened after SOX.The second essay studies the impact of the exit of Venture Capitalists (VCs) on innovation by comparing VC backed IPO firms with the non-VC backed. VCs play a significant role in bringing new ventures public by providing financing and consistent monitoring. Prior literature has established mostly a positive correlation between VCs and firm innovation because VCs may preselect more innovative firms to begin with. This study hopes to provide evidence on causal inference with reasonable assumptions from a "reverse treatment" perspective by examining the change in innovation when VCs exit. We treat the initial public offering (IPO) as a proxy for VC's exit since most VCs exit shortly after IPO due to their limited investment horizon. Using a difference-in-differences framework, we find that VC-backed firms experience a greater drop in Research and Development (R&D) intensity after IPO-exits when compared to those non-VC backed. The third essay revisits the long-debated relation between market competition and firm innovation.While traditionally competition is measured at the industry level with historical data, our study utilizes two new text-based measures of competitive threats developed by Hoberg et al. (2014) and Li et al. (2013) which are both firm-specific and forward-looking. We address the potential endogeneity concerns using instrumental variables along with the propensity score matching of firms that experience an exogenous shock from import competition with those that do not. Our results show that an increase in competition unambiguously promotes firm innovation.
520 $a Le essentiel de la these comprend trois essais en finance d'entreprise empirique. Le premier essai examine la relation entre le comportement de divulgation obligatoire et la responsabilite juridique. Dans cette etude, nous traitons la promulgation de la loi Sarbanes-Oxley (SOX) en 2002 comme un evenement reglementaire qui augmente la responsabilite juridique des cadres superieurs et calcule les tonalites de depot pour un large echantillon de formulaires 10-Q et 10-K entre 1994 et 2017 a l'aide d'une analyse textuelle. Nous documentons que les changements dans les tonalites de depot contiennent des informations substantielles qui se refletent rapidement sur le marche des capitaux. Nous montrons egalement qu'il existe une rupture structurelle dans la distribution des tonalites de depot autour de SOX. Les entreprises utilisent un ton plus negatif dans leur divulgation obligatoire trimestrielle apres SOX. Il est interessant de noter que les investisseurs presentent une reaction plus forte au changement unitaire des tonalites de depot au cours de l'ere post-SOX et nous montrons que les changements dans les reactions des investisseurs ne sont pas simplement du aux changements systematiques de la distribution des tons apres SOX. Nous documentons egalement que les tonalites de classement sont determinees par des mesures de performance courantes, mais cette relation est affaiblie apres SOX.Le deuxieme essai etudie l'impact de la sortie de capital-risque (VC) sur l'innovation en comparant les entreprises introduites en bourse financees par capital-risque avec les societes non financees par capital-risque. Les VC jouent un role important en rendant publiques de nouvelles entreprises en fournissant un financement et un suivi coherent. La litterature anterieure a etabli principalement une correlation positive entre les societes de capital-risque et l'innovation des entreprises, car les societes de capital-risque peuvent preselectionner des entreprises plus innovantes au depart. Cette etude espere fournir des preuves sur l'inference causale avec des hypotheses raisonnables dans une perspective de «traitement inverse» en examinant le changement dans l'innovation a la sortie de VC. Nous traitons l'offre publique initiale (IPO) comme un proxy pour la sortie de VC, car la plupart des VCs sortent peu de temps apres l'introduction en bourse en raison de leur horizon d'investissement limite. En utilisant un cadre de difference dans les differences, nous constatons que les entreprises soutenues par VC connaissent une baisse plus forte de l'intensite de la recherche et du developpement (R&D) apres les introductions en bourse par rapport a celles qui ne sont pas soutenues par VC.Le troisieme essai revient sur la relation longuement debattue entre la concurrence sur le marche et l'innovation des entreprises. Bien que la concurrence soit traditionnellement mesuree au niveau de l'industrie avec des donnees historiques, notre etude utilise deux nouvelles mesures textuelles des menaces concurrentielles developpees par Hoberg et al. (2014) et Li et al. (2013) qui sont a la fois specifique a l'entreprise et tournees vers l'avenir. Nous abordons les problemes potentiels d'endogeneite en utilisant des variables instrumentales ainsi que l'appariement des scores de propension des entreprises qui subissent un choc exogene de la concurrence des importations avec celles qui n'en subissent pas. Nos resultats montrent qu'une augmentation de la concurrence favorise sans ambiguite l'innovation des entreprises.
590 $a School code: 0781.
650 4 $a Innovations. $3 754112
650 4 $a Accountability. $3 3435301
650 4 $a Competition. $3 537031
653 $a Empirical corporate finance
690 $a 0454
690 $a 0508
710 2 $a McGill University (Canada). $3 1018122
773 0 $t Dissertations Abstracts International $g 82-10A.
790 $a 0781
791 $a Ph.D.
792 $a 2020
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28384073