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Two Essays On Ceo Inside Debt Holding In Relation To Firm Payout Policy And Financial Reporting, Asligul Erkan
Two Essays On Ceo Inside Debt Holding In Relation To Firm Payout Policy And Financial Reporting, Asligul Erkan
Finance Theses & Dissertations
This dissertation is a thorough examination of CEO inside debt holding, and consists of two essays. The first essay focuses on the relationship between CEO inside debt and firm payout policy. Previous studies document that higher CEO inside debt is associated with lower firm payout which is explained by CEO’s motivation to preserve cash either in order not to default on debt obligations or in order to keep cash available for his future pension benefits. This study investigates how do excess cash, overinvestment risk, and firm-specific information asymmetry affect this negative relationship, and examines net payout to shareholders as well …
Two Essays On Shareholder Base, Firm Behavior, And Firm Value, Yi Jian
Two Essays On Shareholder Base, Firm Behavior, And Firm Value, Yi Jian
Finance Theses & Dissertations
Most companies spend significant time and attention to managing their shareholder base out of the belief that significant stock market benefits can be reaped if they can identify and attract the right shareholders. Consistent with the opinion of practitioners, many financial economists suggest that the shareholder base is an important determinant of firm value and corporate policies (Lins and Warnock 2004; Brav, Graham, Harvey, and Michaley 2005; Bodnaruk and Ostberg 2013). Despite the importance of the shareholder base, research on the topic has been scant. What’s more, previous studies have reported conflicting results regarding the effect of the shareholder base …
Essays On The Equity Risk Premium, Mohamed Mehdi Rahoui
Essays On The Equity Risk Premium, Mohamed Mehdi Rahoui
Finance Theses & Dissertations
The equity risk premium (ERP) is an essential component of any asset pricing model both for academics and practitioners alike. Nevertheless, the financial literature does not accord much attention to the ERP estimation issues (Damodaran, 2015). The first chapter of this dissertation gives a summary of the recent literature review on the subject of the ERP. The second chapter explores four of the most commonly cited models in literature for estimating the ERP: the Historical Mean of Realized Returns Model (HMRRM), the Dividend Discount Model (DDM), the Free Cash Flow Model (FCFM), and the Sharpe Ratio Model (SRM). The results …