Finance and Financial Management Commons^™

Ex Post Valuation Correction And Motives Of Merger And Acquisition Decisions, Hien T. Nguyen

Theses and Dissertations in Business Administration

This study seeks to decipher the motives of mergers and acquisitions and identify the source of value creation or destruction. The existing literature on corporate mergers and acquisitions generally agrees on four primary motives of merger and acquisition decisions: (1) market timing, (2) response to industry shocks, (3) agency cost and hubris, and (4) synergy. In studying the motives behind acquisition decisions, prior studies have used incomparable methodologies and measures, which often lead to inconclusive debates. In this study, we address the possibility that there could be multiple motives behind a merger. Instead of using a multitude of methodologies to …

Three Essays On International Transmission Mechanism, Volatility And Spillovers On American Depositary Receipt Returns, Priti Verma

Theses and Dissertations - UTB/UTPA

This dissertation is a collection of three inter-related essays that examine spillovers from interest rates, exchange rates, regional markets, and the U.S. market to the American Depositary Receipt (ADR) returns. The ADRs investigated in this study are from Brazil, Chile, Mexico (Latin America), U.K., Germany, France, Italy (Europe), and Japan, Hong Kong, and Taiwan (Asia).

Essay 1 investigates the price and volatility spillovers as well as the asymmetric impact of positive and negative innovations from interest and exchange rates to ADR returns. Unlike previous studies which use bivariate statistics, the multivariate extension of Nelson's (1991) Exponential Generalized Autoregressive Conditional Heteroscedasticity …

Corporate Diversification And Stock Returns, Tatiana Isakovski

Theses and Dissertations in Business Administration

There are considerable empirical evidences in favor of and against the corporate diversification. A number of previous studies have found that industrial and geographic diversification have a negative effect on the value of the firm and the stock returns. In contrast, a growing stream of literature provides evidence in support of the diversification premium. There is no consensus on whether the documented discount can be attributed to corporate diversification per se or to the firms' characteristics other than diversification. In this study, we re-examine the impact of industrial and/or geographic diversification on the stock returns.

The investigation of the comprehensive …

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 …