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Full-Text Articles in Business
Local Ipos And Retail Investor Trading, Guanhuan Wang
Local Ipos And Retail Investor Trading, Guanhuan Wang
Doctoral Dissertations
This paper examines how salient events affect retail investors’ trading behavior. Using data on households’ trading records from a large discount broker between 1991 and 1996, I find that Initial Public Offerings (IPOs) significantly increase the trading activities of local retail investors of stocks in the same industry over the subsequent year. The effect is stronger for less sophisticated investors and investors who live closer to the IPO firm’s headquarters, consistent with salience as the channel. I also find that retail investors are net buyers of stocks right after the local IPOs and become net sellers after a year and …
The Hidden Costs Of Financing A National Football League Stadium With Municipal Bonds: The Case Of Allegiant Stadium In Las Vegas, Leobardo Diosdado, Marco Lam, Charlie Parrish
The Hidden Costs Of Financing A National Football League Stadium With Municipal Bonds: The Case Of Allegiant Stadium In Las Vegas, Leobardo Diosdado, Marco Lam, Charlie Parrish
Journal of Applied Sport Management
The development of professional sports stadiums in the United States typically relies on public funding in the form of municipal bonds. Prior research has identified several economic and noneconomic reasons local governments choose to direct public funds towards the construction of stadiums. The overall conclusion of this research suggests sport stadiums do not result in significant increases in economic activity and therefore subsidized stadium development projects lack economic justification. In this study, the process of issuing bonds is examined. The authors describe the bond issuance process and utilize data associated with the bonds for the development of Allegiant Stadium in …
Fintech Lending In Consumer Credit Market During Risky Times: Evidence From The Marketplace Lending Platforms, Miaoyin Zhang
Fintech Lending In Consumer Credit Market During Risky Times: Evidence From The Marketplace Lending Platforms, Miaoyin Zhang
Doctoral Dissertations
This dissertation uses evidence from Marketplace Lending (MPL) platforms to examine how newly emerged Fintech lending performs during risky times. In the first chapter, I use the COVID-19 pandemic as a setting to examine the role of marketplace lending (MPL) as an alternative credit provider during a long-term and market-wide economic crisis. Using data from LendingClub, I find that marketplace lenders extend more credit to counties with larger COVID-19 exposure, as measured by its local economic impact and an area’s infection rate. This relation is more prominent in areas with fewer banks, suggesting that marketplace lenders fill borrowing needs in …