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Full-Text Articles in Business
Conflicting Voices And Strategic Choices: Capital Structure Heterogeneity And Strategic Actions, Chetan Chawla
Conflicting Voices And Strategic Choices: Capital Structure Heterogeneity And Strategic Actions, Chetan Chawla
Doctoral Dissertations
The mix of debt and equity in a firm’s capital structure has been associated with varied strategic actions, such as diversification and innovation. Different forms of debt and equity have been associated with particular types of strategic actions. Although there are clear differences between debt and equity, I argue there are also similarities across the two forms of capital. I develop a theoretical framework to categorize both debt and equity along the dimensions of time horizon and risk tolerance, so as to categorize the providers of capital as Transient Equity, Dedicated Equity, Transactional Debt, and Relational Debt. I then empirically …
Two Essays In Finance: “Selection Biases And Long-Run Abnormal Returns” And “The Impact Of Financialization On The Benefits Of Incorporating Commodity Futures In Actively Managed Portfolios”, Ramesh Adhikari
University of New Orleans Theses and Dissertations
This dissertation consists of two essays. First essay investigates the implications of researcher data requirement on the risk-adjusted returns of firms. Using the monthly CRSP data from 1925 to 2013, we present evidence that firms which survive longer have higher average returns and lower standard deviation of annualized returns than the firms which do not. I further demonstrate that there is a positive relation between firms’ survival and average performance. In order to account for the positive correlation between survival and average performance, I model the relation of survival and pricing errors using a Farlie-Gumbel-Morgenstern joint distribution function and fit …