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Three Essays On Hedge Fund Investments And Investment Banks, Xiaohui Yang
Three Essays On Hedge Fund Investments And Investment Banks, Xiaohui Yang
Doctoral Dissertations
This dissertation focuses on studying how investment banks affect hedge fund equity investments through acting as prime brokers for hedge funds. The first chapter studies how the relationships between hedge funds and investment banks are maintained through equity issuance and prime brokerage business. Using a comprehensive dataset of hedge funds and IPO allocations, I examine IPO allocation decisions by investment banks to hedge funds. I find that investment banks whose prime brokers have strong relationships with hedge funds and are lead underwriters of IPOs tend to allocate more IPOs to these hedge funds. Moreover, the allocation to hedge funds is …
The Effect Of Board Independence On Information Asymmetry, Beng Wee Goh, Jimmy Lee, Jeffrey Ng, Kevin Ow Yong
The Effect Of Board Independence On Information Asymmetry, Beng Wee Goh, Jimmy Lee, Jeffrey Ng, Kevin Ow Yong
Research Collection School Of Accountancy
Boards have an important role in ensuring that investors’ interests are protected. Our paper first examines whether the independence of a firm's board affects information asymmetry among investors. We provide evidence that greater board independence leads to lower information asymmetry. Next, we provide evidence that more voluntary disclosure and greater analyst coverage are two underlying mechanisms via which greater board independence reduces information asymmetry. Of the two mechanisms, we find that analyst coverage is more significant in influencing how board independence affects information asymmetry. Overall, our paper contributes to a better understanding of the effect of board independence on information …
Analyzing The Analysts: The Effect Of Technical And Social Skills On Analyst Career, Congcong Li, An-Ping Lin, Hai Lu
Analyzing The Analysts: The Effect Of Technical And Social Skills On Analyst Career, Congcong Li, An-Ping Lin, Hai Lu
Research Collection School Of Accountancy
This paper investigates how technical and social skills of financial analysts affect theirperformance and career advancement. Using a sample of LinkedIn profiles of financial analysts,we document that analysts with good social skill, proxied by the number of social connections,generate more accurate earnings forecasts and produce more informative stock recommendations.These analysts are also more likely to be voted as All-Star analysts and to move to high-statusbrokers when changing jobs. However, the effect of technical skills, proxied by the quantitativeskills disclosed on LinkedIn, only affect earnings forecast accuracy. The analysts with technicalskills are indifferent in the likelihood of being voted as star …