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Essays in Corporate Finance
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| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | Essays in Corporate Finance. |
| 개인저자 | Cheong, Chiyoung. |
| 단체저자명 | Indiana University. Business. |
| 발행사항 | [S.l.]: Indiana University., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 167 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-04A. Dissertation Abstract International |
| ISBN | 9781085771870 |
| 학위논문주기 | Thesis (Ph.D.)--Indiana University, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-04, Section: A.
Advisor: Billett, Matthew T. |
| 이용제한사항 | This item must not be sold to any third party vendors.This item must not be added to any third party search indexes. |
| 요약 | The three essays in this dissertation examine issues related to corporate finance. The first, second, and third essays look at firm value, loan contracting, and investment, respectively.The first essay examines employee satisfaction and firm value. It looks at how employee satisfaction, proxied by employee benefit, causally improves firm value through increases in productivity. This study uses paid parental leave as a measure of employee benefit, and uses state level legislation as an exogenous shock. This paper shows that by enforcing paid parental leave, firms improve in firm value by increase in 4% of a standard deviation in productivity. This effect only exists in firms that did not choose to provide paid parental leave before state level mandate. Results from instrumental variables approach shows results that agrees with the difference-in-difference studies. The second essay looks at the effect of enhancing access to equity market on debt market. The JOBS Act directly affects access to public equity for emerging growth companies (EGCs) by lowering regulatory requirements to conduct initial public offerings (IPOs). Indirectly, improved access to equity markets may alter how other capital providers engage with EGC firms, which may further accelerate EGC firm growth, regardless of and prior to IPO. Using regression discontinuity, we find syndicated loans to EGCs have lower credit spreads, less collateral, larger revolvers, and greater bank participation. These results suggest the JOBS Act not only has a direct effect via IPO access, but also indirectly enhances EGCs' access to the syndicated loan market.The third essay studies brand equity and investment-Q relations. It looks at the relationship between firms' investment choices in brand capital and physical capital, which is one of the most fundamental form of intangible asset. Using a new consumer-generated data on brand equity, it examines how product market-generated brand equity influences firms' investment behavior in other assets. It uses two natural experiments, first a court case that exogenously and significantly reduced brand protection, and second a law passage that increased it, to establish causality between brand equity and investment decisions. |
| 일반주제명 | Finance. Economic theory. Labor economics. |
| 언어 | 영어 |
| 바로가기 | 
: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |
