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Three Essays On Corporate Acquisitions, Bidders' Liquidity, And Monitoring, Huihua Li
Three Essays On Corporate Acquisitions, Bidders' Liquidity, And Monitoring, Huihua Li
LSU Doctoral Dissertations
This dissertation consists of three essays on corporate acquisitions, bidders’ liquidity and monitoring. In the first essay, “Acquisitions and Bidders’ Liquidity: Evidence from Successful and Unsuccessful Takeovers”, I examine the impact of corporate acquisitions on bidders’ liquidity. I find that liquidity improves for bidders that complete the takeovers but remains unchanged or decreases for unsuccessful bidders. Takeovers of public firms result in similar liquidity improvements as do takeovers of private firms. Takeovers that use stock as the method of payment have significantly more improvement in liquidity than takeovers that use cash as the payment method. These results suggest that changes …
Spatial Diversification, Dividend Policy, And Credit Scoring In Real Estate, Darren Keith Hayunga
Spatial Diversification, Dividend Policy, And Credit Scoring In Real Estate, Darren Keith Hayunga
LSU Doctoral Dissertations
Built on the foundation of economic principles, real estate offers many pursuits of academic discovery within the realm of finance. This dissertation examines three areas of real estate finance. In the first chapter, I use the unique real estate characteristics of heterogeneity, immobility, and localized markets to examine the spatial aspects of large-scale commercial real estate portfolios. The results demonstrate a clear need for portfolio managers to diversify properties based upon distances between properties. The second chapter examines another large-scale real estate portfolio, the real estate investment trust, which is held by investors seeking dividend income. Despite the importance of …