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Two Essays On Institutional Investors, Hoang Nguyen
Two Essays On Institutional Investors, Hoang Nguyen
Electronic Theses and Dissertations
This dissertation consists of two essays investigating the trading by institutions and its impact on the stock market. In the first essay, I investigate why changes in institutional breadth predict return. I first show that changes in breadth are positively associated with abnormal returns over the following four quarters. I then demonstrate that this return predictability can be attributed to the information about the firms' future operating performance. When I examine different types of institutions independently, I find that the predictive power varies across the population of institutions. More specifically, institutions that follow active management style are better able to …
Investigate The Wealth Effect Of Investment Banks And Fairness Opinions They Provide In Corporate Mergers And Acquisitions, Weishen Wang
Investigate The Wealth Effect Of Investment Banks And Fairness Opinions They Provide In Corporate Mergers And Acquisitions, Weishen Wang
Electronic Theses and Dissertations
The dissertation studies the value of both investment banks' services on the whole and fairness opinions specifically, which the banks provide to the acquiring firms. In the first chapter, I examine how investment banks and acquiring firms' governance quality interact to affect shareholders' wealth in corporate mergers and acquisitions. Although the wealth impact of investment banks in mergers and acquisitions is widely studied in the literature, existing studies do not consider the interaction between governance quality and investment banks. I examine how investment banks and governance quality of acquiring firms interact to affect the wealth of acquiring firms' shareholders. I …