Finance and Financial Management Commons^™

Three Essays On Splits, Insiders, And Retail Traders, Paul Van Nes

Theses and Dissertations (Comprehensive)

The first essay tests the split signaling hypothesis by examining the reaction of sophisticated investors to stock split announcements. Return-based tests of signaling used in earlier studies produce conflicting results and have been criticized as unreliable. I bypass this criticism by focusing on long-term post-split behavior of short sellers who are generally recognized as sophisticated investors. Upon controlling for alternative hypotheses and conventional short selling determinants, I show that short interest permanently declines in reaction to split announcements. Furthermore, consistent with signaling, the degree of the decline is positively related to signal strength and to the splitter’s level of information …

Three Essays On Corporate Finance And Applied Econometrics, Pan Jiang

Theses and Dissertations (Comprehensive)

This dissertation comprises three essays that investigate topics in corporate finance and applied Econometrics.

The first essay examines how digital credit, a Fintech technology, improves micro-business owners' performance by comparing an economically important but often financially disadvantaged group, migrants, with their comparable natives. Using the data on micro-business owners registered with the largest Fintech firm in China, we find that with the access to microloans, migrants achieve greater business revenues compared to their native counterparts. The differential impact of Fintech on migrants versus natives is more pronounced in the businesses with more financial constraints, in more economically developed areas, for …