[PDF] Top 20 Essays in corporate finance

... Managerial resistance is acknowledged to play an important role in the mar- ket for corporate control. While takeover resistance might be motivated by man- agerial entrenchment, the fiduciary duty to act on behalf ... See full document

... This dissertation is comprised of three stand-alone essays in the field of corporate finance. Chapter 1 provides an introduction and overview of the three essays (Chapter 2-4). Chapter 2 ... See full document

... The London School of Economics and Political Science Essays in Empirical Corporate Finance Malgorzata Teresa Ryduchowska Thesis submitted to the Department of Finance of the London School of Economics[.] ... See full document

... Essays in Empirical Corporate Finance Jesús Gorrín 14 November 2018 1 Contents 1 E�ects of Immigration on Investment and Firm Creation 10 1 1 Introduction 10 1 2 The immigration policy change 14 1 3 D[.] ... See full document

... two essays on corporate ...increase corporate risk-taking, we examine one of the most important corporate investment decisions: mergers ... See full document

... to corporate social performance than future financial ...of corporate social responsibility in that wealthier firms tend to spend more on corporate social responsibility because they can afford to do ... See full document

... raising finance and lack the collateral that lenders require as secu- rity for ...sought finance said they obtained all they needed, and 20% cited insufficient security as the reason why their financial ... See full document

... leveraging corporate governance while building their portfolios so as to enhance long-term investm ent returns, m itigate risks and more generally build a b etter picture of their portfolio ...of corporate ... See full document

... This table shows the result of panel regression with fixed effect of cash holdings on control variables and a measure of macroeconomic uncertainty computed with GDP growth rate, the vo[r] ... See full document

... firm raises funds in private markets and includes information on the firm (such as location, age, industry) and on the offering (such as amount and type of security sold). Machine readible data are available starting ... See full document

... In the first chapter, I investigate the impact of knowledge sharing on innovation using the staggered adoption of the Uniform Trade Secrets Act as a plausibly exogenous source of variati[r] ... See full document

... innovative firms have few other assets to pledge. Figure 4 displays the top ten industries by 3-digit SIC code among Compustat-matched borrowers. These are all low-tangibility, research-intensive industries in which ... See full document

... Finally, I show that a positive shareholder recovery rate has a quantitatively large effect on leverage, default probabilities, firm value, and government tax revenue.. In the second cha[r] ... See full document

... Assuming that bidders can never bypass the target board and go straight to shareholders by making a tender offer is not necessary for our main results. Our arguments only require that corporate boards can ... See full document

... The empirical contradiction of the positive relationship between the risk and expected return is known in the financial literature as a distress puzzle. The distress puzzle has been widely investigated in the context of ... See full document

... an exception however. Krishnamurthy (2003) studies how introducing state-contingent claims eliminates the Kiyotaki and Moore (1997) mechanism, and shows that an ag­ gregate constraint on the capacity of the economy to ... See full document

... This table shows the placebo test of abnormal returns. The dependent variable is the three day CAR from −1 to +1 where day 0 is two weeks before/after the date when the Supreme Court announced the Citizens United ... See full document

... the corporate control literature also study the multiple creditors’ role in the balance between the ex-ante and ex-post efficiency, the specific mechanism in this paper to realize the ex-ante commitment - due to ... See full document

... In addition to excessive leverage and financial constraints, executive compensation has also drawn the attention of academics, regulators and the media since the outbreak of the recent financial crisis. An important ... See full document

... This section presents an industry equilibrium of firms that make production and financing decisions. This model can be thought of as an extension of the stylized model presented in a previous section. The model is fully ... See full document