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Three Essays On Bond Trading, Brittany Cole
Three Essays On Bond Trading, Brittany Cole
Electronic Theses and Dissertations
In Part 1, we study the impact of bond exchange listing in the US publicly traded corporate bond market. Overall, we find that listed corporate bonds have lower bid-ask spreads than unlisted corporate bonds. We specifically show that listed bond spreads are $0.14 lower than unlisted bond spreads. We find that execution venue matters for listed bonds, and that listed bond trades that execute on the NYSE have higher trading costs than listed bond trades that execute off-NYSE. We show that listed bonds are more volatile than unlisted bonds. Lastly, we study bond trading around earnings announcements. We find no …
Essays On Monopoly And Monopsony Under Imperfect Information, Matthew Philip Makofske
Essays On Monopoly And Monopsony Under Imperfect Information, Matthew Philip Makofske
Electronic Theses and Dissertations
No abstract provided.
Homeownership And Unemployment: Outcomes And Implications, George Mawuli Akpandjar
Homeownership And Unemployment: Outcomes And Implications, George Mawuli Akpandjar
Electronic Theses and Dissertations
This dissertation consists of three papers on the effect of homeownership on labor market outcomes. In the first paper, I developed a one-sector two-region endogenous job search model and show that when jobs arrive from both local labor market and non-local labor market, homeowners: are less likely to be unemployed than renters; and have higher overall search intensity and exit rate than renters. I then estimate the effect of homeownership on unemployment using a panel data set aggregated from the American Community Survey data from 2003 to 2011 and use relative cost of owning a home as instrument for homeownership. …
The Economics Of Individual Philanthropy: Essays On Religiosity, And Charitable Giving By Married Couples, Yan Li
Electronic Theses and Dissertations
This dissertation investigates the market of individual philanthropy through two essays on religiosity and charitable giving by married couples. The second chapter examines whether people who engage in religious activities are more generous in terms of both religious and secular giving and whether gender differences exist in charitable giving within different levels of religiosity. The results of bivariate probit and tobit analyses show that religious people have a greater propensity to give and higher levels of giving to both religious and secular charitable organizations. A zero-inflated ordered probit model is used to analyze an individual donor’s decision-making process, and the …
Essays In Asset Bubbles And Financial Crises, Harlan Michael Holt
Essays In Asset Bubbles And Financial Crises, Harlan Michael Holt
Electronic Theses and Dissertations
No abstract provided.
Predicting The U.S. Recessions With Housing Starts In Dynamic Probit Models, Yan Cui
Predicting The U.S. Recessions With Housing Starts In Dynamic Probit Models, Yan Cui
Electronic Theses and Dissertations
The crash of the U.S. housing market and the 2007-2009 recession that follohave reignited discussion about forecasting recessions. Most recessions have in fact been preceded by plummets in the housing industry in the U.S. history. The present study examines the predictive power of housing starts using dynamic probit models. The yield spread between the ten-year Treasury bond and three-month Treasury bill rates, is also adopted to further demonstrate the predictive properties of the housing variable. Different model functional forms are explored in which the lag structure, especially the growth rate term for housing starts, is constructed in an innovative way …
Three Essays On Firm Liquidity Management, Chris M. Lawrey
Three Essays On Firm Liquidity Management, Chris M. Lawrey
Electronic Theses and Dissertations
In Part 1, we study the costs associated with firm illiquidity. We specifically examine the impact of illiquidity on the costs of financing, financial distress, underinvestment, and competitiveness in product markets. We focus on a comprehensive definition of liquidity that expands upon the typical measure of liquidity, cash and marketable securities, commonly used in the management literature. Our liquidity index, derived from existing cash and marketable securities, available credit lines and cash volatility, measures the likelihood that a firm will become illiquid. Lastly, we address the endogeneity issue that plagues corporate literature linking firm performance to other firm attributes using …
Three Essays On Merger Outcomes: Corporate Strategy, Bargaining Power, And Valuation Waves, Stephen N. Jurich
Three Essays On Merger Outcomes: Corporate Strategy, Bargaining Power, And Valuation Waves, Stephen N. Jurich
Electronic Theses and Dissertations
This dissertation consists of three essays on merger outcomes. In the first essay I classify mergers as value-increasing, neutral, or value-decreasing by measuring the change in the combined wealth of acquiring- and target-firm shareholders at the merger announcement date. I then test the role that strategic objectives and negotiation procedures play in driving value-increasing mergers. The results indicate that geographic expansion creates the largest combined increase in wealth. One-on-one negotiations correspond to greater increases in combined wealth, when compared to mergers that begin with auctions, third-party bids, or mutual discussions. The results of my study support both the strategic-alignment and …