Finance and Financial Management Commons^™

Three Essays On Venture Capital Backed Firms And Peer To Peer Lending, Abdelhamid Riani

Theses and Dissertations

This dissertation includes three separate essays related to venture capital backed firms and peer to peer lending. The first essay, presented in Chapter II, studies underpricing and buy and hold abnormal returns in venture capital backed firms.

In this chapter, I conduct an analysis of underpricing and buy-and-hold abnormal returns in venture capitals' portfolio of firms using a sample of 991 venture backed IPOs between 1985 and 2018. I show that the more experienced the venture capital is, the larger the underpricing and the lower the buy-and-hold returns of the whole portfolio. Venture capital investors underprice significantly their portfolio of …

Essays In Corporate Finance, Bina Sharma

Theses and Dissertations

In this dissertation, I explore the effects of exogenous shocks on firms' and managers' behaviors. The first essay examines the effect of shareholder-initiated litigation risk on opportunistic insider trading by exploiting US states' staggered adoption of Universal Demand (UD) laws, which weakened shareholders' ability to file derivative lawsuits against corporate insiders. I find that UD laws lead to significantly more profitable insider trades, specifically insider sales. After the adoption of UD laws, insider sales on average avoid an additional loss of about 2 percent ($24,000) per month in buy-and-hold abnormal returns. The benefit of UD laws is greater for insiders …

Information Content Of Revised Earnings Forecasts, Market Learning, And Analyst Behavior, Lifei Xue

Open Access Theses & Dissertations

In my first essay, I examine how the quality of private information and the quality of public information contained in analyst revised one-year-ahead earnings forecasts issued right after a quarterly earnings announcement affect the post-earnings announcement drift (PEAD). I find that high precision of private information contained in revised forecasts reduces the level of PEAD and that the precision of public information contained in the revised one-year-ahead earnings forecasts partially offset the reduction in PEAD. Moreover, I find the effect of precision of private information on PEAD decreases after Reg FD, which required in the year 2000 that analysts could …