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Articles 1 - 6 of 6
Full-Text Articles in Finance and Financial Management
On The Efficiency Of Us Equity Markets, Mikael Carl Erik Bergbrant
On The Efficiency Of Us Equity Markets, Mikael Carl Erik Bergbrant
USF Tampa Graduate Theses and Dissertations
Most papers in empirical finance implicitly or explicitly assume the same price of risk, for each priced systematic risk factor, across all risky assets within a given domestic market. In doing so, they rely on the assumption that markets are domestically integrated and, as such, that the price of risk is determined independently of individual investors attitude towards risk. This is true in frictionless markets where investors have complete information, homogenous beliefs, and hold the mean-variance efficient combination of the market portfolio and a risk-free asset. However, investors might not hold the market portfolio because of exogenous reasons. In fact, …
Two Essays On The Sell-Side Financial Analysts, Xi Liu
Two Essays On The Sell-Side Financial Analysts, Xi Liu
USF Tampa Graduate Theses and Dissertations
In the first essay titled "The Information Role of Analysts' Contrarian Revisions," I study a special group of revisions: contrarian revisions, defined as recommendation changes that are inconsistent with sizable stock price movements during the past week. I find that contrarian revisions are relatively more informative than trending revisions. In particular, contrarian revisions are associated with a both statistically and economically larger post-announcement drift. I also find contrarian downgrades are less likely to be issued by all-star analysts and analysts with more experience. After implementation of Regulation RD, the market reaction to contrarian revisions issued by all-stars significantly decreases, indicating …
A Multilevel Analysis Of Institutional Fiscal Autonomy And Its Effect On Affordability, Operating Efficiency, And Minority Access At Public Colleges And Universities, Christine J. Glass
A Multilevel Analysis Of Institutional Fiscal Autonomy And Its Effect On Affordability, Operating Efficiency, And Minority Access At Public Colleges And Universities, Christine J. Glass
USF Tampa Graduate Theses and Dissertations
In recent years, an unstable funding environment for state higher education systems has led to a trend of increasing institutional fiscal autonomy in exchange for reductions in appropriations. With the growing concern that reducing state oversight will result in increased tuition and spending levels, this study was designed to provide a clearer understanding of how fiscal autonomy at public institutions impacts measures important to the state public policy goals of affordability, operating efficiency, and access. To accommodate the diversity and hierarchical structure of public institutions, this study used multilevel modeling techniques to integrate complex, interrelated institution- and state-level data. Institution-level …
The Effect Of Mortgage Liberalization On Housing Patterns In Tampa Bay, Jason Richardson
The Effect Of Mortgage Liberalization On Housing Patterns In Tampa Bay, Jason Richardson
USF Tampa Graduate Theses and Dissertations
This study seeks to determine whether the process of mortgage finance liberalization, manifested in concurrent activities of securitization, deregulation, and neo-liberal policy, have resulted in changes to the tenure of residents in neighborhoods in Tampa Bay. It makes use of existing literature on gentrification and mortgage finance and compares those findings with three sample neighborhoods in and around the city of Tampa. To do so the thesis employs data collected from lenders pursuant to the Home Mortgage Disclosure Act, court records of sales and mortgages filed with the Clerk of the Circuit Court of Hillsborough County, and interviews with stakeholders …
Two Essays On Corporate Restructuring, Dung Anh Pham
Two Essays On Corporate Restructuring, Dung Anh Pham
USF Tampa Graduate Theses and Dissertations
In the first essay titled "Divestitures and Acquisition Probability", I examine the relationship between a firm's divestiture activities and the likelihood that the firm will become an acquisition target. Using a logit model comparing a sample of target firms matched with a sample of non-target firms from 1986 to 2010, we find that a firm is 27 percent more likely to be acquired within three years of a divestiture activity than if there was no previous divestiture, and the effect is stronger for firms with fewer numbers of segments. Our finding is robust to modifications of control variables, to managerial …
Two Essays On Corporate Governance, Yuwei Wang
Two Essays On Corporate Governance, Yuwei Wang
USF Tampa Graduate Theses and Dissertations
This dissertation includes two related chapters that investigate corporate governance. In the first chapter, we examine the effectiveness of board monitoring on CEOs. It is widely believed that outsider boards are better monitors. In fact, regulations now require that the board of directors of publicly traded firms be composed of a majority of independent directors (or outsiders). However, this paper documents that an insider-dominated board can monitor the CEO just as well as an outsider board can when the firm's CEO is hired from outside. The results suggest that what matters is not so much as the structure of the …