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Essays On Institutional Trading Around The World, Hui Xiao
Essays On Institutional Trading Around The World, Hui Xiao
Theses and Dissertations
This dissertation consists of two essays on institutional trading around the world. The first essay (Chapter 1) investigates the trading behavior of institutional investors from 28 countries around the world. During the period from 1999 to 2008, we find strong empirical evidence that institutional investors tend to move their funds out of volatile foreign equity markets and back to their home markets, particularly following the recent 2007-2008 global financial crisis. Our results also show that institutional investors prefer to hold more liquid stocks in highly volatile markets, suggesting evidence of flight to liquidity. Institutional investors are also inclined to increase …
Essays On The Role Of Investment Banks As Ipo Underwriters, Mutual Fund Managers, And Merger Advisors, Tim Mooney
Essays On The Role Of Investment Banks As Ipo Underwriters, Mutual Fund Managers, And Merger Advisors, Tim Mooney
Theses and Dissertations
In my first essay, I examine whether the focus on advisors' merger completion abilities is driven by acquirers seeking to complete mergers unconditionally, regardless of value implications, or if it is driven by value-maximization considerations. Advisors that complete a higher percentage of announced mergers are associated with more certain future merger completion. Results reveal that completion expertise has positive value implications, but only for acquirers with strong corporate governance. Results also suggest that the level of corporate governance of the acquirer determines the value consequences of an advisor's merger completion expertise. In my second essay, I examine the way investment …
Three Essays On Financial Intermediation And Asset Pricing, Ujjal Chatterjee
Three Essays On Financial Intermediation And Asset Pricing, Ujjal Chatterjee
Theses and Dissertations
This dissertation consists of three essays on financial intermediation and asset pricing. In the first essay (Chapter 1), I investigate individuals' consumption-portfolio choices in the presence of financial intermediation. Unlike the existing literature where individuals seamlessly transform their savings to productive assets, I show that individuals employ intermediaries and that individuals' consumption growth is a scaled version of intermediaries' liabilities growth. As a consequence, the growth of intermediaries' balance sheet variables, such as liabilities and assets, determines the stochastic discount factor. That is, it is shown that the stochastic discount factor for asset returns is affine in intermediaries' balance sheet …