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1	Uncertainty and firm investment Cubukgil, Evren January 2011 (has links) This thesis explores effects of uncertainty on firm investment that are described in estimates of firm level investment specifications which include proxies for uncertainty over expected future firm profitability. A panel data set of UK firms covering the period 1987-2000 is used to estimate firm level investment specifications. Within year volatility in stock returns - a common proxy for firm specific uncertainty in previous literature - is compared with covariance measures between stock returns and market returns representing un-diversifiable risk from the CAPM; and with alternative uncertainty proxies based on volatility in I/B/E/S securities analysts' forecasts of earnings per share. Within estimates of firm level investment specifications, the thesis investigates the sensitivity of coefficients on uncertainty terms to the choice of underlying investment specification: error correction model between the natural logarithms of capital and sales; or the Hayashi (1982) Q model of investment. Coefficients on stock return volatility measures of uncertainty terms are found to vary significantly between estimates of error correction and average q specifications. Differences between coefficients estimated on uncertainty terms across estimates of these two investment specifications are supported with simulated data. Uncertainty measures based on volatility in I/B/E/S securities analysts' forecasts of earnings per share are found to be much more informative of investment behaviour than within year stock return volatility in estimates of both error correction and average q specifications. Coefficients on I/B/E/S uncertainty proxies imply more consistent investment-uncertainty relationships across estimates of error correction and average q specifications for the UK panel data set. 332.67222
2	Essays on Corporate Disclosure / Essais en communication d'information des entreprises Wang, Yin 14 June 2018 (has links) Cette thèse est articulée en trois chapitres et s’inscrit dans le domaine de la recherche empirique en comptabilité financière. Elle examine les déterminants et les conséquences de la communication des entreprises. Le premier chapitre étudie les effets réels de la communication financière sur les dépenses de publicité des entreprises. Le deuxième chapitre, co-écrit avec Thomas Bourveau et Vedran Capkun, étudie les conséquences réelles de la communication des résultats de recherche médicale sur les marchés financiers et sur la société. Le troisième chapitre, co-écrit avec Vedran Capkun et Yun Lou, analyse l’influence de l’information propriétaire communiquée par des concurrents d’une entreprise sur leurs produits sur la décision de cette entreprise de communication de ses propres informations propriétaires. / This dissertation is composed of three chapters investigating the antecedents and consequences of corporate disclosure in the domain of empirical-archival financial accounting. The first chapter examines the real effects of firm disclosure and its timing on firm advertising investment. The second chapter, joint work with Thomas Bourveau and Vedran Capkun, documents the real consequences of pharmaceutical firms’ clinical trial disclosure in financial markets and on broader society. The third chapter presents a joint project with Vedran Capkun and Yun Lou, exploring intra-industry peer disclosure of proprietary information as antecedents of corporate disclosure decision at product level. Comptabilité Financière Déterminants et Conséquences Effets Réels Investissement Financial Accounting Corporate Disclosure Determinants and Consequences Real Effects Firm Investment
3	Does the Method of Financing Stock Repurchases Matter? Examining the Financing of Share Buybacks and Its Effect on Future Firm Investments and Value Peabody, Stephen Drew 12 1900 (has links) Recent increases in stock repurchases among U.S. corporations coupled with a historically low cost of debt since the Global Financial Crisis has created media speculation that firms in recent years are paying for their expanding share buyback programs with debt. Repurchasing stock by increasing leverage, instead of using internal funds, implies that managers may speculate on current low interest rate environments at the expense of shareholders. Recent studies find that stock repurchases are associated with reductions in future firm employment and investments such as capital expenditures and research and development expenses. This study expands on prior studies by evaluating how debt-financed stock repurchases affect firm investment, investigating the likelihood of these repurchases in low interest rate environments and assessing the effects on firm value. Results confirm that, in recent years, debt-financed repurchases have increased substantially and the probability of debt-financed repurchases increases in the presence of low interest rates. This relationship is especially pronounced in the years following the Global Financial Crisis. Debt-financed repurchases are associated with small reductions in firm investment; however, these reductions are significantly less after adjusting for industry conditions. Finally, there is little evidence that the method of financing repurchases affects firm value nor does it increase a firm's operating performance. Debt-Financed Stock Repurchases Corporate Finance Global Financial Crisis Firm Investment Stock repurchasing. Corporations -- Finance. Global Financial Crisis, 2008-2009.
4	Global Market Liquidity and Corporate Investments Alhassan, Abdulrahman 09 August 2017 (has links) The dissertation consists of two essays. The first essay investigates how oil market factors impact on liquidity commonality in global equity markets. I identify two transmitting channels of the effect on liquidity commonality, namely oil price return and volatility. Using a sample of firms drawn from 50 countries spanning from Jan 1995 to Dec 2015, I find that both effects in oil explain the liquidity commonality in countries with higher integration to oil market. In addition, I show that oil volatility effect is more pronounced in net oil exporters compared to net oil importers after controlling for oil sensitivity. My findings suggest that oil volatility effect on liquidity commonality is more substantial for high oil sensitive countries than oil price return effect except five OPEC members, where liquidity commonality is highly influenced by oil the return along with volatility. These results are robust to controlling for possible sources of liquidity commonality as found in the literature. In the second essay, I study the impact of stock liquidity on firms’ future investments. Since stock liquidity decreases the cost of equity, I expect firms’ future investments to increase with stock liquidity. Secondly, I argue that this relation is more pronounced in more financially constrained firms because of their limited access to external capital. Using a sample of more than 9800 firms, from 21 emerging markets and spanning from 2000 to 2015, I find supportive and robust evidence of a positive association between stock liquidity and firms’ future investments. Furthermore, my findings strongly suggest that the liquidity impact on corporate investments is highly influenced by the firms’ financial constraint levels, using four different definitions of financial constraints. My findings are robust due to controlling for other determinants of future investment suggested in the previous literature, and due to controlling for the country and time effects. In addition, the results seem to be consistent with the use of alternative measures of corporate investments and stock liquidity and with alternative model specifications and estimation methodologies. Commonality Stock market liquidity International equity markets Oil price risk Firm investment Emerging markets Financial constraints. Corporate Finance Finance and Financial Management
5	Essays on regulatory impact in electricity and internet markets Roderick, Thomas Edward 26 June 2014 (has links) This dissertation details regulation's impact in networked markets, notably in deregulated electricity and internet service markets. These markets represent basic infrastructure in the modern economy; their innate networked structures make for rich fields of economic research on regulatory impact. The first chapter models deregulated electricity industries with a focus on the Texas market. Optimal economic benchmarks are considered for markets with regulated delivery and interrelated network costs. Using a model of regulator, consumer, and firm interaction, I determine the efficiency of the current rate formalization compared to Ramsey-Boiteux prices and two-part tariffs. I find within Texas's market increases to generator surplus up to 55% of subsidies could be achieved under Ramsey-Boiteux pricing or two-part tariffs, respectively. The second chapter presents a framework to analyze dynamic processes and long-run outcomes in two-sided markets, specifically dynamic platform and firm investment incentives within the internet-service platform/content provision market. I use the Ericson-Pakes framework applied within a platform that chooses fees on either side of its two-sided market. This chapter determines the impact of network neutrality on platform investment incentives, specifically whether to improve the platform. I use a parameterized calibration from engineering reports and current ISP literature to determine welfare outcomes and industry behavior under network neutral and non-neutral regimes. My final chapter explores retail firm failure within the deregulated Texas retail electricity market. This chapter investigates determinants of retail electric firm failures using duration analysis frameworks. In particular, this chapter investigates the impact of these determinants on firms with extant experience versus unsophisticated entrants. Understanding these determinants is an important component in evaluating whether deregulation achieves the impetus of competitive electricity market restructuring. Knowing which economic events decrease a market's competitiveness helps regulators to effectively evaluate policy implementations. I find that experience does benefit a firm's duration, but generally that benefit assists firm duration in an adverse macroeconomic environment rather than in response to adverse market conditions such as higher wholesale prices or increased transmission congestion. Additionally, I find evidence that within the Texas market entering earlier results in a longer likelihood of duration. / text Industrial organization Regulation Regulatory economics Deregulation Electricity Network neutrality Net neutrality ISP Internet service provider Retail electricity markets Wholesale electricity markets Regulated delivery Regulated transmission ERCOT PUCT Zonal energy market Economics Energy markets Two-sided markets Platforms Platform markets Ericson-Pakes algorithms Pakes-McGuire algorithm Second-best regulation Ramsey-Boiteux pricing Ramsey pricing Boiteux pricing Electricity generation Electricity production Electricity consumption Dynamic investment Market entry Market exit Firm investment

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