three essays in corporate finance

... constrained in their …nancing during the period of analysis For instance, Crane, RPM International, Dow Chemical or Honeywell increase dividends... following queries (*: denotes stemming): 1 ... obtain an easier access to new capital by giving new creditors seniority over the existing ones Strikingly, all Chapter 11 …lings of... abatement of asbestos in their buildings, including real ... Three Essays in Corporate Finance Dissertation Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of

Ngày tải lên: 02/11/2014, 00:49

... examining insider trading around important corporate announcements report similar findings.10 However, the decrease in managerial holdings is not as dramatic as the increase in selling; ... holdings (CHNG): CHNG= ∆ (Share holdings) t + ∆ (Option holdings) t ( Beginning share holdings + Beginning option holdings) t All purchases, sales, share and option holdings are measured in terms ... Market Sales)t ( Beginning share holdings + Beginning option holdings)t I thank Kevin Murphy for suggesting these measures 5 The second measure is annual percentage change in total... acquisitions

Ngày tải lên: 03/06/2014, 02:22

... Solnik (2001) applying EVT in finance by examining the linkage between financial assets available to U.S investors looking for international exposure before and after main events such as the ... Sovereign rating changes by Moody's 119 Table 16 Stock index results using Moody's ratings 121 Table 17 Stock index results using initial ratings 122 Table 18 First ratings for Argentina 123 Table ... Professor Bernadette A. Minton Graduate Program in Business Administration ii ABSTRACT Recent research in international finance focuses on the extent to which markets are integrated across

Ngày tải lên: 02/11/2014, 00:49

... series includes:  Spreadsheet Modeling in Corporate Finance ,  Spreadsheet Modeling in the Fundamentals of Corporate Finance ,  Spreadsheet Modeling in Investments , and  Spreadsheet Modeling in ... complete financial system (including linked financial ratios), and projects these financial statements three years into the future. The spreadsheet model in Life-Cycle Financial Planning includes ... full-scale, real data spreadsheet model in Corporate Financial Planning uses three years of historical 10K data on Nike, Inc. (including every line of their income statement, balance sheet, and

Ngày tải lên: 12/08/2013, 11:11

... parameters described in Section 1.1 are estimated using SMM according to the strategy outlined in Lee and Ingram (1991) The discount factor is set to 0.9, consistent with the findings of Adelman ... bits and petroleum engineers, are likely to be capacity constrained in a given period Second, it allows for the cost of exploration to be either increasing or decreasing in cumulative... discount ... Decreasing OPEC Market Share 35 Figure 1.7: Real Oil Prices Decreasing OPEC Market Share 36 Figure 1.8: World Oil Production Increasing OPEC Market Share 38 Figure 1.9: Real Oil Prices Increasing

Ngày tải lên: 03/06/2014, 02:07

... This dissertation includes three essays in Applied Econometrics. Each essay explores an interesting and important question in the real economic world. In the course of investigating the nature ... in. .. mainly in their method of averaging We restrict our attention to linear smoothers; that is smoothers that are linear in y Examples of the linear smoothers include the Kernel, spline, ... Korea, Malaysia, Philippines, Singapore, Taiwan Province of China, Thailand, and China Our findings, based on the new estimation procedure, include that Hong Kong, Korea, Singapore, and Taiwan all

Ngày tải lên: 03/06/2014, 02:17

... electric power industry and in manufacturing plants in New York state, respectively Finally, Bushnell and Wolfram (2006) find that grandfathering in the Clean Air Act (CAA) increases the ... than in the baseline If grandfathering is eliminated and the tax rate is increased,... Maloney and Brady (1988) and List et al (2004) also find perverse effects of grandfathering in the ... on how government spending crowds out individual giving, the purpose of my third essay is to examine crowding out in the opposite direction? I test for crowding out using data on private and

Ngày tải lên: 03/06/2014, 02:18

... Christine (2012). “Paying for urbanization in China: Challenges of Municipal Finance in the 21st century,” prepared for R Rahl, J Linn, and D Wetzel, editors, Metropolitan Government Finance in ... (panel B) Finally, the timing of installing landline phones varies across our sample villages and time (panel C) For example, most landline phones in Hubei province were installed in the early ... landline phones in our data increased from 35 in 1993 to 58 in 2000 (panel A) Except for Gansu province, all villages in the other provinces in our data had access to landline phones by

Ngày tải lên: 09/09/2015, 11:26

... 3 Measuring Health Benefits from Interventions to Reduce Indoor Air Pollution in Rural China 3.1 Introduction Indoor air pollution (IAP) in poor rural households in developing countries is a leading ... shares outstanding during the event window. During the 15 day window, firms with facilities joining for the first time experienced an average gain o f $418 million. On average, having facilities join the ... metal mining industry become positive and significant, indicating a higher cumulative abnormal return o f US $678 million on average for firms in the metal mining industry compared to those in non-pollution-intensive

Ngày tải lên: 30/09/2015, 17:06

... Modeling in Corporate Finance FiFth Edition Craig W holden EXCEL® MODELING IN CORPORATE FINANCE Fifth Edition Global Edition CRAIG W HOLDEN Professor of Finance Kelley School of Business Indiana ... learning) It progresses from simple examples to practical, real-world applications It spans nearly all quantitative models in corporate finance, including nearly all niche areas of corporate finance ... spreadsheet models have been the dominant vehicles for finance professionals in the business world to implement their financial knowledge Yet even today, most Corporate Finance textbooks have very limited

Ngày tải lên: 16/08/2018, 16:29

... Modeling in Corporate Finance FiFth Edition Craig W holden EXCEL® MODELING IN CORPORATE FINANCE Fifth Edition Global Edition CRAIG W HOLDEN Professor of Finance Kelley School of Business Indiana ... learning) It progresses from simple examples to practical, real-world applications It spans nearly all quantitative models in corporate finance, including nearly all niche areas of corporate finance ... spreadsheet models have been the dominant vehicles for finance professionals in the business world to implement their financial knowledge Yet even today, most Corporate Finance textbooks have very limited

Ngày tải lên: 24/10/2018, 08:14

... Excel Modeling in Corporate Finance FiFth Edition Craig W holden www.downloadslide.net EXCEL® MODELING IN CORPORATE FINANCE Fifth Edition Global Edition CRAIG W HOLDEN Professor of Finance Kelley ... ExcelTM in the 1980s, spreadsheet models have been the dominant vehicles for finance professionals in the business world to implement their financial knowledge Yet even today, most Corporate Finance ... learning) It progresses from simple examples to practical, real-world applications It spans nearly all quantitative models in corporate finance, including nearly all niche areas of corporate finance

Ngày tải lên: 30/01/2020, 18:38

... OF BUSINESS MARKET EFFICIENCY AND MARKET ANOMALIES: THREE ESSAYS INVESTIGATING THE OPINIONS AND BEHAVIOR OF FINANCE PROFESSORS BOTH AS RESEARCHERS AND AS INVESTORS By COLBRIN (COLBY) ... efficiency by focusing on finance professors in their joint roles as both researchers and market participants. I ask three main research questions: (1) how efficient do finance professors believe ... Their investing behavior, though, suggests that finance professors accept markets as semi-strong form efficient; twice as many finance professors passively invest than actively invest. Surprisingly,

Ngày tải lên: 03/06/2014, 02:06

... motion for interest rates: rt+1 = din (cin + in r a) in k + din + in r b kt The mapping from agents’PLM (2.4) to the ALM (2.6) is given by the T-map: 0 T@ a b 1 0 A=@ in in din ( in k d ... two-period, overlapping generations environment in discrete time Following the learning literature’ examination of such an environment,... + in r a + in k in r b + (2.5) kt : Combining (2.5) ... equation da = din cin + din d in r 1 a db = din d in r 1 b in k + din The rational expectations equilibrium is E-stable if and only if din Proposition 1 Suppose that 2 (0; 1), = 1 and in r

Ngày tải lên: 03/06/2014, 02:19

... Boeing raise interesting questions For instance, Ghemawat... “Specifically, one particular line of game-theoretic modeling offers the non-obvious insight that although the incumbent, Boeing, ... is explored in depth in the context of market entry decisions Studies of competitive entry into new businesses, technological arenas, or international domains are common in strategic ... instrumental in developing my interests in connecting theory and empirical work and has been a source of inspiration. His PhD seminar on methodology remains one of my favorite classes in the doctoral program.

Ngày tải lên: 02/11/2014, 00:33

... contribute more information (more than 50% of all information) than all other Nasdaq quotations combined; none of these stocks has an ECN trading share exceeding 33% Using the information density ... sample is the Nasdaq 100 during... positions accumulated during the trading day (Simaan et al., 1998) The decrease in spreads and changes in intraday spread patterns in the wake of the 1997 ... changes in SEC mandated Order Handling... spreads than absolute trading volume This suggests an important role for ECNs in determining market quality by attracting informed traders away from the

Ngày tải lên: 02/11/2014, 00:34

... than under income tax financing, i.e., the inflation tax will be more favorable in terms of promoting growth. However, in their paper, this ranking remains the same for welfare, while in ours, ... tax (τc ), inflation tax, capital income tax (τk ) in terms of promoting growth and the ranking is: consumption tax (τc ), capital income tax (τk ), inflation tax in terms of improving welfare. ... welfare-maximizing capital income tax is positive and will increase with x. Table 3.3 reports the results in detail. In addition, since both the growth and welfare maximizing nominal interest rates

Ngày tải lên: 09/09/2015, 11:26

... volunteers in CHINAOPEN 2011, one of the top tennis tournaments, are distinguished into two types according to their original dominant motivation: the intrinsic type if the original intrinsic motivation ... who are intrinsically motivated respond to a more controlling incentive with a faster decrease of intrinsic motivation and a slower increase of extrinsic motivation, resulting in a crowding-out ... 1.1: For an individual motivated predominantly intrinsically, a more (less) controlling external incentive 1 sees a faster decrease (increase) of the intrinsic motivation than an increase (decrease)

Ngày tải lên: 10/09/2015, 09:27

... ‘The pricing of forward-starting asian options’, Journal of Banking and Finance 18, 823–839. Brennan, M. (1979), ‘The pricing of contingent claims in discrete time models’, Journal of Finance 34, ... think of asset pricing theory as measuring the sources of aggregate risks that drive the price dynamics of asset in question. This thesis is aimed at studying three facets of asset pricing in ... his sharp comments, and Jingying Huang for her inspirations. Thanks also go to the participants of Numerical Methods in Finance, an Amamef conference by INRIA-Rocquencourt in France, 2006, for their

Ngày tải lên: 12/09/2015, 08:16

... underpricing and its characteristics in Chinese initial public offering (IPO) markets. Research in International Business and Finance, 19, 71-93. Claessens, S., & Laeven, L. (2003). Financial ... (1999) Finance: trick or treat? Oct 21st 1999 Eng, L. L. and Aw, H. S. (2000). An analysis of factors affecting investor demand for initial public offerings in Singapore. Multinational Finance ... a finding raises questions that are important to investigate to have richer insights on the finance and growth relationship. The third essay is another step in the renewed interest in the institutional

Ngày tải lên: 15/09/2015, 17:11