Finance and Financial Management Commons^™

Three Essays On Hedge Funds, Liping Qiu

Doctoral Dissertations

In Essay 1, we find that, on average, hedge funds decrease leverage prior to the beginning of the financial crisis, with leverage remaining below the pre-crisis levels. We also find that younger funds with lower current leverage and stricter fund governance are more likely to increase leverage following favorable performance; funds exposed to higher risk, higher management fee and higher current leverage tend to delever. Managers increase leverage in order to enhance future performance following superior returns only to be disappointed. We find mixed evidence on the performance difference between levered and unlevered funds, but levered funds do survive longer. …

Survival Analysis Of Internet Companies: An Application Of The Hazard Model, Khaled Elkhal

Doctoral Dissertations

The purpose of this study is to develop a model that predicts failure and estimates the time of survival of dotcoms using a number of financial and non-financial factors. This model can be used as a warning tool for stockholders, creditors, and consumers to protect themselves from such failures.

I employ the Cox (1972) Proportional Hazards Model in a cross-sectional and time-varying context using financial data over the 1998–2001 period. Results from a cross-sectional analysis reveal that the coefficient estimates for variables CFTL and NSTA are consistently negative and highly significant. This suggests that higher sales and cash flows lower …