자료유형 | 학위논문 |
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서명/저자사항 | Essays in Finance and Macroeconomics. |
개인저자 | Xiang, Haotian. |
단체저자명 | University of Pennsylvania. Finance. |
발행사항 | [S.l.]: University of Pennsylvania., 2019. |
발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
형태사항 | 112 p. |
기본자료 저록 | Dissertations Abstracts International 81-03A. Dissertation Abstract International |
ISBN | 9781085614306 |
학위논문주기 | Thesis (Ph.D.)--University of Pennsylvania, 2019. |
일반주기 |
Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
Advisor: Jermann, Urban J. |
이용제한사항 | This item must not be sold to any third party vendors. |
요약 | This dissertation consists of two chapters that address questions in finance and macroeconomics with quantitative theories.In the first chapter, I study how financial covenants influence firm behavior by state-contingently allocating decision rights to creditors. I develop a model with long-term debt where shareholders cannot commit to not dilute creditors in the future with new debt issuances and risky investments. Creditors intervene upon violations of covenant restrictions and restructure the debt without ex ante commitment. My quantitative analysis suggests that financial covenants significantly increase debt capacity, investment and ex ante firm value by disciplining shareholders. Nonetheless, I show that lenders' inability to commit to a restructuring plan severely impairs contractual efficiency. A further tightening of covenants, relative to the calibrated benchmark, improves their value.In the second chapter, I investigate the impact of bank capital requirements in a business cycle model with corporate debt choice. Compared to non-bank investors, banks provide restructurable loans that reduce firm bankruptcy losses and enhance production efficiency. Raising capital requirements reduces deposit insurance distortions but also deposit tax shields. As a result, firms cut back on both bank and non-bank borrowing while going bankrupt more frequently. Implementing an optimal capital ratio of 11 percent in the US produces limited marginal impacts on aggregate quantities and welfare. |
일반주제명 | Finance. Economic theory. |
언어 | 영어 |
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: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |