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Corporate Performance And Cost Of Capital Differentials Of Firms With Different Organizational Forms, Ibrahim Siraj
Corporate Performance And Cost Of Capital Differentials Of Firms With Different Organizational Forms, Ibrahim Siraj
University of New Orleans Theses and Dissertations
In chapter 1, I provide evidence against the claim in the conventional literature on corporate diversification discount that the diversification effect is homogeneous across the industries. I argue that the responsiveness of consumer demand to the changing economic conditions or the product demand sensitivity is an important characteristic of the industries that should be considered to have a more complete understanding of the issue of underperformance of diversified firms compared to single-segment firms. Differentiating industries based on the measure of product demand sensitivity, I show that the diversification effects are not to be homogeneous across the industries. Much of the …
Two Essays In Finance: Analyzing The Value Of Cash To U.S. And Non-U.S. Firms And Institutional Trading In Stock Index Futures, Li Xu
University of New Orleans Theses and Dissertations
In the first chapter, we analyze the role of market development, risk premium, and transparency as factors influencing the value of cash in firms listed as American Depository Receipts. Based on the method by Pinkowitz and Williamson (2002), our primary results are as follows. The market value of cash is greater on average for ADR firms than for U.S. firms, and within the ADR sample the value of cash is greater for firms based in less developed countries after 2007 financial crisis but not before. Together, the results suggest that the market development is especially important during more volatile periods. …