Corporate Finance Commons^™

Essays On Banking And Corporate Finance, Alev Isil Yildirim

Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters.

Chapter 1: The Effect of Relationship Banking on Firm Efficiency

This paper analyzes the impact of relationship bank oversight on firm operational efficiency and default risk. I find that a new loan from a relationship bank improves the technical efficiency of inefficient firms that have an elevated probability of default. Moreover, borrowing firms with elevated default risk exposure experience reductions in their probabilities of default in the years following new relationship bank loans, benefiting both banks and borrowers. Thus, the benefits of relationship bank monitoring are most apparent the higher the ex ante default …

Essays On Capital Structure And Institutional Ownership, Yuan Feng

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters about how institutional ownership and trading affect capital structure.

Chapter 1

The literature documents that firms issue equity following periods of high stock return and such behavior only occurs in concert with high returns that coincide with large amounts of buying by new institutions. My findings suggest this is also associated with strong institutional selling, the opposite of what one would expect. This positive relationship is not driven by outflow-motivated selling, but rather by informed selling by short-term institutions.

Chapter 2

I document a strong negative relationship between institutional ownership and leverage. I find …

Funding Science With Science (And, Admittedly, A Lot Of Math), John R. Ziegler, Dylan Hunzeker, Edward Lehner

Publications and Research

Scientific funding within the academy is an often complicated affair involving disparate and competing interests. Private universities, for instance, are vastly outpacing public institutions in garnering large, prestigious grants. Inequities also extend to the kinds of research funded, with government, corporate, and even military interests privileging certain types of inquiry.This work proposes an innovative type of research fund using cryptocurrencies, a fast growing asset class. Although not a total funding solution, staking coins, specifically, can be strategically invested in to yield compound interest. These coins use central hub technology to collateralise the network and speed transaction pace. Additionally. These staking …

Credit Risk And Corporate Governance, Olivier Mugisho Mudekereza

Theses and Dissertations

Is the executive’s compensation structure influenced by the credit rating assigned to his company? I analyze a panel of U.S. public firms using the random-effects and fixed-effects estimations. Compared to firms with lower credit risk, I find that firms facing higher probability of default provide more incentives for their CEOs.

Essays On Capital Structure And Public Debt Markets, Viktoriya Staneva

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that examine capital structure determinants as well as the evolution of credit rating standards in the market for public debt.

Chapter 1 This chapter shows that firm fixed effects in panel leverage regressions act as a noisy proxy for managerial effects that drive persistence in leverage. Firms that do not change their CEO for prolonged periods of time are more likely to keep debt ratios within a narrow bandwidth and to display persistent differences in their time-series averages for up to 20 years. A CEO turnover is associated with considerable modifications to the financing …

Essays In Corporate Responsibility And Finance, Mert Demir

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters:

Chapter 1: The Effects of Corporate Social Performance and Social Norms on Market Valuation of Nonfinancial Disclosures Using a novel measure of the quality of corporate social responsibility (CSR) disclosures by global companies, this paper analyzes how CSR report quality affects firm value when mediating roles of social pressure and CSR performance are considered. I find that firms operating in socially controversial industries enjoy higher valuations when they issue high-quality CSR reports. I also find that for firms with poor CSR performance, higher-quality CSR disclosure is associated with a decline in firm value, while …

The Fate Of $15, John S. Spina

Capstones

The Fight for $15 is reinvigorating the labor moment in ways people never thought possible. In just over three years it spanned the nation and won increased minimum wages in major cites across the country. Governor Cuomo now prepares to pass the nation's first state wide $15 minimum wage in New York, but not without strong opposition.

Financial Information Resources For Special Librarians, Di Su

Publications and Research

Speed has always been a competitive factor and corporate asset in business world. The growth of the Internet has created an equal opportunity for information service professionals in both big and small companies to improve their efficiency. The prominent advantages of Web source are currency, accessibility, and thus, the speed. You are provided with instant updates on issues like rules, official statements, interpretations, statistics, etc., and these documents can be accessed twenty-four hours a day, seven days a week. There are so many valuable Web sites on the Internet that it is impossible to include them all in this article, …

Ambiguities In The Cross-Section Analysis Of Per Share Financial Data, E G. Davis, D M. Dunn, William (Bill) H. Williams

Publications and Research

In analyzing corporate financial data it is standard procedure to adjust the data to reflect the current number of shares outstanding. In this study, we show that this simple ,standard procedure can cause serious difficulties in a financial analysis.

A Statistical Grouping Of Corporations By Their Financial Characteristics., William (Bill) H. Williams, Michael L. Goodman

Publications and Research

It appears to a widely held view that corporations with similar operational characteristics ought to have similar financial characteristics. For example, one might expect that the financial characteristics of two drug companies would be similar. This seems entirely reasonable. Unfortunately however, there does not appear to be any quantitative analysis of this point in the literature. Furthermore, discussions with our financial colleagues lead to the conclusion that, if such financial differentiation of corporations were possible, it is by no means obvious what the variables of differentiation would be. Consequently, such an analysis was undertaken and is described in this paper. …