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Empirical Essays On Retail Investors, Institutional Investors, And Anomalies, Yuqing Yang
Empirical Essays On Retail Investors, Institutional Investors, And Anomalies, Yuqing Yang
Dissertations, Theses, and Capstone Projects
This dissertation consists of five chapters on market efficiencies through retail and international mutual fund investors.
Chapter 1 This chapter briefly introduces this dissertation.
Chapter 2 This chapter Anomalies Never Disappeared: The Case of Stubborn Retail Investors delves into the “stubborn” retail investors and finds that anomalies traded against by retail investors never disappear in the long run, defying the conventional wisdom that anomalies are disappearing in recent years as market efficiency improves. Incorporating retail trading, I develop asset pricing models that surpass existing prominent models in explaining these long-run alphas. I hypothesize that retail investors exacerbate anomalies: the more …
Empirical Essays On Corporate Financing Behaviors, Joonsung Won
Empirical Essays On Corporate Financing Behaviors, Joonsung Won
Dissertations, Theses, and Capstone Projects
This dissertation provides an investigation into how external factors influence corporate financing decisions and examines the nature and extent of their impact. To address this, I explore three key external factors: the financial market, financial institutions, and regulatory environment. The chapters explore how the financial market risk perception, financial institutions, and regulatory environment affect corporate financing decisions such as capital structure, bank borrowing, and regulatory capital issuance.
Chapter 1. This chapter presents the motivation and structure of the dissertation.
Chapter 2. Using a recently developed measure of financial market risk perceptions, I show that risk perceptions affect firm-level corporate financing …