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Three Essays in Public Capital Markets.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Three Essays in Public Capital Markets./
作者:	Taatian, Ali.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
面頁冊數:	137 p.
附註:	Source: Dissertations Abstracts International, Volume: 83-02, Section: A.
Contained By:	Dissertations Abstracts International83-02A.
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28417146
ISBN:	9798534673494

Three Essays in Public Capital Markets.
Taatian, Ali.

Three Essays in Public Capital Markets. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 137 p.

Source: Dissertations Abstracts International, Volume: 83-02, Section: A.

Thesis (Ph.D.)--Stevens Institute of Technology, 2021.

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

In essay 1, "Dual Holding and Bank Risk", we show that banks with investors holding simultaneously both their equity and bond (dual-holders) exhibit lower risk and superior performance. Using the 2007-9 financial crisis as a quasi-natural experiment, we find that the presence of dual-holders reduces risky investment and risky business portfolio choices. Dual-holders' influence is higher in more opaque banks, indicating that the mechanism of transmission is through a decrease in information asymmetry and a reduction in debtholder-shareholder conflict. This effect translates into higher unconditional and risk-adjusted stock returns. Our results have important normative implications in improving the stability of financial systems.In essay 2, "Debt holders and the Choice of Restructuring: Evidence from Dual Holders", we find a channel through which debt holders can affect corporate transactions. We show that dual holders (equity holders who also have the firm's debt in their portfolio) are sensitive to a decline in debt value in a leveraged buyout, and decrease the likelihood of LBOs. We show that the stock premium in LBO events is higher for a firm with dual holders due to their loss on their debt.The trade-off between execution immediacy and price improvement has explained the choice of traders between dark or lit markets. In essay 3, "Substitution Effect in Market Segmentation: Evidence from Switching to NASDAQ", we show that this choice is altered by the same trade-off resulted from trading in dealer or auction markets. We find that the switch to NASDAQ increases execution cost, confirming the empirical evidence in the existing literature, and in response, trades move to dark markets. We find that the informational efficiency improves in the lit market at the expense of lower liquidity when a firm moves from an auction market to a dealer market.

ISBN: 9798534673494Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Bank

Three Essays in Public Capital Markets.
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