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Two Essays In Finance: Analyzing The Value Of Cash To U.S. And Non-U.S. Firms And Institutional Trading In Stock Index Futures, Li Xu
University of New Orleans Theses and Dissertations
In the first chapter, we analyze the role of market development, risk premium, and transparency as factors influencing the value of cash in firms listed as American Depository Receipts. Based on the method by Pinkowitz and Williamson (2002), our primary results are as follows. The market value of cash is greater on average for ADR firms than for U.S. firms, and within the ADR sample the value of cash is greater for firms based in less developed countries after 2007 financial crisis but not before. Together, the results suggest that the market development is especially important during more volatile periods. …