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Essays On Capital Structure And Public Debt Markets, Viktoriya Staneva
Essays On Capital Structure And Public Debt Markets, Viktoriya Staneva
Dissertations, Theses, and Capstone Projects
This dissertation consists of three chapters that examine capital structure determinants as well as the evolution of credit rating standards in the market for public debt.
Chapter 1 This chapter shows that firm fixed effects in panel leverage regressions act as a noisy proxy for managerial effects that drive persistence in leverage. Firms that do not change their CEO for prolonged periods of time are more likely to keep debt ratios within a narrow bandwidth and to display persistent differences in their time-series averages for up to 20 years. A CEO turnover is associated with considerable modifications to the financing …
Essays In Corporate Responsibility And Finance, Mert Demir
Essays In Corporate Responsibility And Finance, Mert Demir
Dissertations, Theses, and Capstone Projects
This dissertation consists of three chapters:
Chapter 1: The Effects of Corporate Social Performance and Social Norms on Market Valuation of Nonfinancial Disclosures Using a novel measure of the quality of corporate social responsibility (CSR) disclosures by global companies, this paper analyzes how CSR report quality affects firm value when mediating roles of social pressure and CSR performance are considered. I find that firms operating in socially controversial industries enjoy higher valuations when they issue high-quality CSR reports. I also find that for firms with poor CSR performance, higher-quality CSR disclosure is associated with a decline in firm value, while …