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Capital market imperfections and investment : evidence from firm-level panel dataBettoni, Andrea January 2000 (has links)
Recent work in macroeconomics argues that imperfections in capital markets may magnify business cycle fluctuations by propagating relatively modest shocks. This thesis investigates evidence for such a mechanism (also known as the "financial accelerator") by analysing two empirical models of investment in physical capital that test for the importance of capital market imperfections on firms' investment decisions. These models are, respectively, an error correction specification augmented with an additional cash flow term, and an Euler equation model explicitly derived from dynamic optimisation in the presence of symmetric, quadratic costs of adjustment. Chapters 4 and 5 use a large panel of individual Italian manufacturing firms to investigate the impact of capital market imperfections on investment expenditures. Regression results from a system Generalised Method of Moments (GMM) estimator appear to be consistent with the hypothesis that firms that are in a strong informational or liquidity position (large firms, group members, RandD performers) are less likely to face binding financing constraints than firms in a weak informational or liquidity position (small firms, independent firms, non-RandD performers). Investment regressions in Chapter 6, based on consolidated accounting data for three samples of UK, US and Italian companies, show that the sensitivity of investment spending to financial variables is greater in the UK and the US than in Italy. This finding is consistent with the suggestion that outsider control financial systems perform less well in channelling investment funds to firms with profitable investment opportunities than do insider control financial systems. Finally, the empirical analysis in Chapter 7, based on two samples of UK and US firms, provides some preliminary evidence that a less concentrated ownership structure and a high level of institutional ownership may increase the sensitivity of investment to the availability of low-cost internal funds.
Internal capital markets in business groups /Samphantharak, Krislert. January 2003 (has links)
Thesis (Ph. D.)--University of Chicago, Dept. of Economics, August 2003. / Includes bibliographical references. Also available of the Internet.
Market with transaction costs optimal shadow state-price densities and exponential utility maximization /Nakatsu, Hitoshi. January 1900 (has links)
Thesis (M.S.)--University of Alberta, 2009. / "Fall 2009." At head of title: University of Alberta. "A thesis submitted to the Faculty of Graduate Studies and Research in partial fulfillment of the requirements for the degree of Master of Science in mathematical finance-- thesis based, Dept. of Mathematical and Statistical Science." Title from pdf file main screen (viewed on July 15, 2009).
Banks, capital markets and uncertainty : consequences for economic growth /Sengupta, Arpan. January 2004 (has links)
Thesis (Ph. D.)--Lehigh University, 2005. / Includes vita. Includes bibliographical references (leaves 164-171).
Endogenous capital mobility and regime transitionsWong, Hok Wui, January 2008 (has links)
Thesis (Ph. D.)--UCLA, 2008. / Vita. Description based on print version record. Includes bibliographical references (leaves 208-215).
Country responses to volatile financial capital flowsGuerrero Mora, Rodolfo. January 1999 (has links)
Thesis (Ph. D.)--University of Minnesota, 1999. / Includes bibliographical references (leaves 77-78).
The issuance of overseas equity-related bonds by Korean firms their impact on stock prices in the domestic market /Park, Young K. January 1993 (has links)
Thesis (Ph. D.)--George Washington University, 1993. / Includes bibliographical references (leaves 131-137).
Deregulation and internationalization of Japanese financial markets impact of change /Halati, Touran. January 1989 (has links)
Thesis (Ph. D.)--University of Pittsburgh, 1989. / Includes bibliographical references (leaves -387).
An empirical investigation of the impact of capital market liberalization on the Philippine equity marketUnite, Angelo Africa. January 1997 (has links)
Thesis (Ph. D.)--University of Alberta, 1997. / Includes abstract. Includes bibliographical references (p. 161).
Internal capital markets in business groupsKrislert Samphantharak. January 2003 (has links)
Thesis (Ph. D.)--University of Chicago, 2003. / Includes bibliographical references (leaves 61-64).
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