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Impediments and Enhancements to the Flow of Capital and Information Through Financial Markets.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Impediments and Enhancements to the Flow of Capital and Information Through Financial Markets./
作者:	Hamilton, Dennis.
面頁冊數:	1 online resource (171 pages)
附註:	Source: Dissertations Abstracts International, Volume: 82-03, Section: A.
Contained By:	Dissertations Abstracts International82-03A.
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27955419click for full text (PQDT)
ISBN:	9798672161631

Impediments and Enhancements to the Flow of Capital and Information Through Financial Markets.
Hamilton, Dennis.

Impediments and Enhancements to the Flow of Capital and Information Through Financial Markets. - 1 online resource (171 pages)

Source: Dissertations Abstracts International, Volume: 82-03, Section: A.

Thesis (Ph.D.)--The University of Iowa, 2020.

Includes bibliographical references

In the first chapter, I examine the capital market consequences of a post-crisis banking regulation. Banks increased held-to-maturity (HTM) classifications by more than $600 billion between 2010 and 2016 despite binding sale restrictions that render HTM securities illiquid. They accepted this friction in order to protect regulatory capital ratios from Basel III's expanded marking to market of fixed income security portfolios. I find the unprecedented rise in restrictive HTM classifications crowds out dealer inventories, resulting in constrained market making capacity and reduced liquidity provisions by banks. Ultimately, market liquidity worsens for securities most frequently classified as HTM. Contemporaneous regulations are ruled out through analyses of treated and control banks, dealers, asset classes and mortgage-backed securities. In the second chapter, I examine NBA betting markets, a potentially cleaner laboratory for testing theories regarding insider trading and market quality. Disgraced referee Tim Donaghy, who was indicted following the 2006-2007 season for betting on his own games, provides exogenous variation in insider trading as he was assigned to referee games involving every team in the league. Abnormal price behavior begins as soon as Donaghy's information network expands, and market makers provide less liquidity once the insiders' presence becomes apparent, as theory would predict. Market efficiency increases in price movements, suggesting that insider trading improves price discovery.In the final chapter, my co-authors and I study why creditors simultaneously hold debt and equity in the same firm. We posit that holding both debt and equity can protect the value of debt which may be at risk for expropriation by stockholders. Using a regression discontinuity design and exogenous events that increase the probability of a wealth transfer, we find that creditors respond by purchasing equity. Importantly, this effect is true for bondholders but not for lenders who are already protected via control rights.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2023

Mode of access: World Wide Web

ISBN: 9798672161631Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Agency costsIndex Terms--Genre/Form:

542853
Electronic books.

Impediments and Enhancements to the Flow of Capital and Information Through Financial Markets.
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500 $a Source: Dissertations Abstracts International, Volume: 82-03, Section: A.
500 $a Advisor: Sa-Aadu, Jarjisu.
502 $a Thesis (Ph.D.)--The University of Iowa, 2020.
504 $a Includes bibliographical references
520 $a In the first chapter, I examine the capital market consequences of a post-crisis banking regulation. Banks increased held-to-maturity (HTM) classifications by more than $600 billion between 2010 and 2016 despite binding sale restrictions that render HTM securities illiquid. They accepted this friction in order to protect regulatory capital ratios from Basel III's expanded marking to market of fixed income security portfolios. I find the unprecedented rise in restrictive HTM classifications crowds out dealer inventories, resulting in constrained market making capacity and reduced liquidity provisions by banks. Ultimately, market liquidity worsens for securities most frequently classified as HTM. Contemporaneous regulations are ruled out through analyses of treated and control banks, dealers, asset classes and mortgage-backed securities. In the second chapter, I examine NBA betting markets, a potentially cleaner laboratory for testing theories regarding insider trading and market quality. Disgraced referee Tim Donaghy, who was indicted following the 2006-2007 season for betting on his own games, provides exogenous variation in insider trading as he was assigned to referee games involving every team in the league. Abnormal price behavior begins as soon as Donaghy's information network expands, and market makers provide less liquidity once the insiders' presence becomes apparent, as theory would predict. Market efficiency increases in price movements, suggesting that insider trading improves price discovery.In the final chapter, my co-authors and I study why creditors simultaneously hold debt and equity in the same firm. We posit that holding both debt and equity can protect the value of debt which may be at risk for expropriation by stockholders. Using a regression discontinuity design and exogenous events that increase the probability of a wealth transfer, we find that creditors respond by purchasing equity. Importantly, this effect is true for bondholders but not for lenders who are already protected via control rights.
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538 $a Mode of access: World Wide Web
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653 $a Agency costs
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653 $a Capital markets
653 $a Information asymmetry
653 $a Market frictions
653 $a Shareholder-creditor conflicts
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773 0 $t Dissertations Abstracts International $g 82-03A.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=27955419 $z click for full text (PQDT)