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- Genre: Academic theses
- Creators: Arizona State University
Description
This paper examines dealers' inventory holding periods and the associated price markups on corporate bonds from 2003 to 2010. Changes in these measures explain a large part of the time series variation in aggregate corporate bond prices. In the cross-section, holding periods and markups overshadow extant liquidity measures and have significant explanatory power for individual bond prices. Both measures shed light on the credit spread puzzle: changes in credit spread are positively correlated with changes in holding periods and markups, and a large portion of credit spread changes is explained by them. The economic effects of holding periods and markups are particularly sharp during crisis periods.
ContributorsQian, Zhiyi (Author) / Wahal, Sunil (Thesis advisor) / Bharath, Sreedhar (Committee member) / Coles, Jeffrey (Committee member) / Mehra, Rajnish (Committee member) / Arizona State University (Publisher)
Created2012
Description
Mutual monitoring in a well-structured authority system can mitigate the agency problem. I empirically examine whether the number 2 executive in a firm, if given authority, incentive, and channels for communication and influence, is able to monitor and constrain the potentially self-interested CEO. I find strong evidence that: (1) measures of the presence and extent of mutual monitoring from the No. 2 executive are positively related to future firm value (Tobin's Q); (2) the beneficial effect is more pronounced for firms with weaker corporate governance or CEO incentive alignment, with stronger incentives for the No. 2 executives to monitor, and with higher information asymmetry between the boards and the CEOs; (3) such mutual monitoring reduces the CEO's ability to pursue the "quiet life" but has no effect on "empire building;" and (4) mutual monitoring is a substitute for other governance mechanisms. The results suggest that mutual monitoring by a No. 2 executive provides checks and balances on CEO power.
ContributorsLi, Zhichuan (Author) / Coles, Jeffrey (Thesis advisor) / Hertzel, Michael (Committee member) / Bharath, Sreedhar (Committee member) / Babenko, Ilona (Committee member) / Arizona State University (Publisher)
Created2012
Description
I examine the degree to which stockholders' aggregate gain/loss frame of reference in the equity of a given firm affects their response to the firm's quarterly earnings announcements. Contrary to predictions from rational expectations models of trade (Shackelford and Verrecchia 2002), I find that abnormal trading volume around earnings announcements is larger (smaller) when stockholders are in an aggregate unrealized capital gain (loss) position. This relation is stronger among seller-initiated trades and weaker in December, consistent with the cognitive bias referred to as the disposition effect (Shefrin and Statman 1985). Sensitivity analysis reveals that the relation is stronger among less sophisticated investors and for firms with weaker information environments, consistent with the behavioral explanation. I also present evidence on the consequences of this disposition effect. First, stockholders' aggregate unrealized capital gain position moderates the degree to which information-related determinants of trade (e.g. unexpected earnings, firm size, and forecast dispersion) affect abnormal announcement-window trading volume. Second, stockholders' aggregate unrealized capital gains position is associated with announcement-window abnormal returns, consistent with the disposition effect reducing the market's ability to efficiently incorporate earnings news into price.
ContributorsWeisbrod, Eric (Author) / Hillegeist, Stephen (Thesis advisor) / Kaplan, Steven (Committee member) / Mikhail, Michael (Committee member) / Arizona State University (Publisher)
Created2012
Description
This paper examines how equity analysts' roles as information intermediaries and monitors affect corporate liquidity policy and its associated value of cash, providing new evidence that analysts have a direct impact on corporate liquidity policy. Greater analyst coverage (1) reduces information asymmetry between a firm and outside shareholders and (2) enhances the monitoring process. Consistent with these arguments, analyst coverage increases the value of cash, thereby allowing firms to hold more cash. The cash-to-assets ratio increases by 5.2 percentage points when moving from the bottom analyst-coverage decile to the top decile. The marginal value of $1 of corporate cash holdings is $0.93 for the bottom analyst-coverage decile and $1.83 for the top decile. The positive effects remain robust after a battery of endogeneity checks. I also perform tests employing a unique dataset that consists of public and private firms, as well as a dataset that consists of public firms that have gone private. A public firm with analyst coverage can hold approximately 8% more cash than its private counterpart. These findings constitute new evidence on the real effect of analyst coverage.
ContributorsChang, Ching-Hung (Author) / Bates, Thomas (Thesis advisor) / Bharath, Sreedhar (Committee member) / Lindsey, Laura (Committee member) / Arizona State University (Publisher)
Created2012
Description
This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and personal experience, and reduce the cost of information gathering for both firms. I find supporting evidence for these two non-mutually exclusive hypotheses. Consistent with the agency hypothesis, interlocked acquirers underperform non-interlocked acquirers by 2% during the announcement period. However, well-governed acquirers receive higher announcement returns and have better post-acquisition performance in interlocked deals. The proportional surplus accrued to an acquirer is positively correlated with the interlocking agent's ownership in the acquirer relative to her ownership in the target. Consistent with the information hypothesis, when the target's firm value is opaque, interlocks improve acquirer announcement returns and long-term performance. Interlocked acquirers are also more likely to use equity as payment, especially when the acquirer's stock value is opaque. Target announcement returns are not influenced by the existence of interlock. Finally, I find acquisitions are more likely to occur between two interlocked firms and such deals have a higher completion rate.
ContributorsWu, Qingqing (Author) / Bates, Thomas W. (Thesis advisor) / Hertzel, Michael (Committee member) / Lindsey, Laura (Committee member) / Arizona State University (Publisher)
Created2012
Description
How to play the advantages of network loan platform to reduce the financing costs of net loan platform both in theory and practice has important significance. In this paper, we use the method of qualitative and quantitative combination. First of all, through the interview of the net loan platform practitioners, the financing cost of the net loan platform comes from the internal and external parts. Part of the network loan platform should be righteous, but counterproductive human and material costs, credit costs, information efficiency, transaction costs and matching costs; part of the emerging industry as a challenge, compliance costs, technical costs and safety costs and other cost. And put forward the top design credit system, promote the credit system; build a unified development of regulatory policies to reduce compliance risks; increase investment in technology, share the improvement of technological progress bonuses. Through the establishment of the regression model, the paper analyzes the influence of various indexes of network loan platform on the cost of network reception. It is found that the background of net loan platform with shareholder and executive team as the proxy variable has significant influence on the cost of network loan platform. The effect is not significant. Risk control indicators on the net loan platform cost has a significant negative effect. The impact of operating capacity on the cost of net loan platform differentiation, the acquisition of the cost of positive relations, the other is negative relations. Policy compliance indicators of financial security on the net loan platform cost significantly, the other did not significantly affect the role of liquidity indicators of differentiation, the average borrowing period will significantly affect the net loan platform costs, liquidity is a negative impact. And finally put forward the policy and recommendations and research limitations and future direction.
ContributorsRen, Junxia (Author) / Gu, Bin (Thesis advisor) / Chang, Chun (Thesis advisor) / Qian, Jun (Committee member) / Arizona State University (Publisher)
Created2017
Description
This dissertation focuses on risk prevention and regulatory issues of financial asset trading platforms, exploring the composition of a financial asset trading platform and its risks, formulating the general framework of platform risk prevention and regulation, and discussing the methodologies for monitoring and managing the risk of financial assets trading platform. The dissertation is divided into eight chapters. The first chapter is the introduction, which discusses the current status in this research field, the motivation and significance of the research topic. The second chapter discusses the transaction cost theory, information asymmetry theory, financial risk management theory, financial supervision theory and other related basic theories related to financial asset trading platform risk prevention and supervision. The third chapter presents the definition, the main types, the generating mechanism and the transmission mechanism of the financial asset trading platform. The fourth chapter elaborates theoretically on the general framework of financial asset trading platform risk prevention and supervision based on the aspects of basic principles, key tasks, applicable methods and constituent elements. The fifth chapter discusses the performance of financial asset trading business, asset return trading business, financing business and information coupling business on financial asset trading platforms, and analyzes the risk prevention of financial asset trading platforms from a business perspective. The sixth chapter discusses the development of financial asset trading platforms in developed countries, and summarizes the experience and practice of their risk prevention and supervision based on four categories of business lines. On this basis, the dissertation draws the inspiration and implications for the future development of the trading platforms in our country. The seventh chapter puts forward policy recommendations regarding risk prevention and supervision of financial asset trading platforms in five aspects: legal positioning, credit information system, protection of consumer rights, self-discipline management and business supervision.
ContributorsXu, Chaojun (Author) / Hwang, Yuhchang (Thesis advisor) / Yan, Hong (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2017
Description冷链物流主要是指食品在生产到消费者食用前始终处于适宜的温度环境，以保障食品品质、降低流通过程中的损耗。冷链物流相比于传统物流而言是一项更复杂的系统性工程，受到政策和市场需求的影响呈现迅猛发展态势。但是，冷链物流企业长期以来因规模小、固定资产少、服务范围窄、服务规范性弱而发展困难重重，核心问题是资金的问题。政府引导和鼓励打造冷链物流产业园，推动产业园投资和建设主体打造平台，实现对园区内冷链企业的聚集效应并通过金融服务解决企业发展的资金问题。通过产融结合助力冷链物流企业发展，成为目前冷链物流行业发展的主要方式和未来趋势。
本研究聚焦冷链物流产业园金融服务助力冷链物流企业发展问题，主要研究内容包括：第一，基于产融结合理论，梳理冷链物流企业与产业园之间关系，从供需两侧探索冷链物流企业和产业园的金融服务的范围、类型和特点。第二，基于平台理论，构建冷链物流企业采纳产业园金融服务的研究模型，探索金融服务影响冷链物流企业的经营因素，分析冷链物流企业采纳产业园金融服务的因素和途径。第三，基于信息不对称理论，关切信息技术支持和知识分享在冷链物流企业采纳产业园提供金融服务过程中的调节作用。同时，梳理产业园提供金融服务可能面临哪些风险，制订冷链物流企业入驻园区的标准，防范风险。
本文运用实证研究方法，通过对国内18家冷链物流相关的产业园、物流园、冷链物流、商贸流通、金融等企业实地考察和专家访谈基础上，拟定问卷并对268家企业进行调查收集数据，使用结构方程模型进行假设检验。研究发现：金融服务的有形性、可靠性、移情性、经济性对冷链物流企业采纳产业园金融服务影响显著，而响应性的影响不显著。同时
信息技术支持和知识共享的调节作用不显著。最后，针对产业园吸引冷链物流企业提供金融服务、冷链物流企业采纳产业园金融服务的风险，提出防范策略措施。
本研究聚焦冷链物流产业园金融服务助力冷链物流企业发展问题，主要研究内容包括：第一，基于产融结合理论，梳理冷链物流企业与产业园之间关系，从供需两侧探索冷链物流企业和产业园的金融服务的范围、类型和特点。第二，基于平台理论，构建冷链物流企业采纳产业园金融服务的研究模型，探索金融服务影响冷链物流企业的经营因素，分析冷链物流企业采纳产业园金融服务的因素和途径。第三，基于信息不对称理论，关切信息技术支持和知识分享在冷链物流企业采纳产业园提供金融服务过程中的调节作用。同时，梳理产业园提供金融服务可能面临哪些风险，制订冷链物流企业入驻园区的标准，防范风险。
本文运用实证研究方法，通过对国内18家冷链物流相关的产业园、物流园、冷链物流、商贸流通、金融等企业实地考察和专家访谈基础上，拟定问卷并对268家企业进行调查收集数据，使用结构方程模型进行假设检验。研究发现：金融服务的有形性、可靠性、移情性、经济性对冷链物流企业采纳产业园金融服务影响显著，而响应性的影响不显著。同时
信息技术支持和知识共享的调节作用不显著。最后，针对产业园吸引冷链物流企业提供金融服务、冷链物流企业采纳产业园金融服务的风险，提出防范策略措施。
ContributorsYang, Su (Author) / Shen, Wei (Thesis advisor) / Chen, Xinlei (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2019
Description
By matching a CEO's place of residence in his or her formative years with U.S. Census survey data, I obtain an estimate of the CEO's family wealth and study the link between the CEO's endowed social status and firm performance. I find that, on average, CEOs born into poor families outperform those born into wealthy families, as measured by a variety of proxies for firm performance. There is no evidence of higher risk-taking by the CEOs from low social status backgrounds. Further, CEOs from less privileged families perform better in firms with high R&D spending but they underperform CEOs from wealthy families when firms operate in a more uncertain environment. Taken together, my results show that endowed family wealth of a CEO is useful in identifying his or her managerial ability.
ContributorsDu, Fangfang (Author) / Babenko, Ilona (Thesis advisor) / Bates, Thomas (Thesis advisor) / Tserlukevich, Yuri (Committee member) / Wang, Jessie (Committee member) / Arizona State University (Publisher)
Created2018
Description
This dissertation establishes a national exploration into the subnational fiscal policies of the United States at the county level of government. This dissertation begins a dialog about county fiscal practices and examines budget stabilization policies of county governments across the country and studies how county governments are codifying the action of setting funds aside for use during times of need. The study moves from the descriptive analysis of counties and explore quantitatively the effects of county government general fund balances and reserve practices over time and documents the reserves, revenue and expenditures of 43 counties across the United States over a five-year period, fiscal years 2012-2016 and utilizes a panel data, fixed-effects model taking into account the political, policy and service-bundles of the counties. Finally, the use of cash rather than debt for capital expenditures also known as pay-as-you-go (PAYGO) is explored through a case study of Maricopa County, Arizona. It examines the theoretical question of intergenerational equity in the funding of capital assets. The study examines Maricopa County's technical, administrative and political pillars of PAYGO, analyzing the financial and budget documents as well as presentation materials given in public meetings regarding the economic and financial condition of both the county government and the county.
ContributorsFlick, Angie (Author) / Reilly, Thomas (Thesis advisor) / Miller, Gerald J (Committee member) / Singla, Akheil (Committee member) / Arizona State University (Publisher)
Created2018