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Essays in corporate finance.

Nain, Amrita S.

Essays in corporate finance.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in corporate finance.
作者:	Nain, Amrita S.
面頁冊數:	174 p.
附註:	Chair: Sugato Bhattacharyya.
附註:	Source: Dissertation Abstracts International, Volume: 66-10, Section: A, page: 3751.
Contained By:	Dissertation Abstracts International66-10A.
標題:	Economics, Finance.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3192735
ISBN:	9780542365515

Essays in corporate finance.
Nain, Amrita S.

Essays in corporate finance. - 174 p.

Chair: Sugato Bhattacharyya.

Thesis (Ph.D.)--University of Michigan, 2005.

The second essay examines how managers and controlling shareholders respond to insider trading restrictions that the government imposes on them in an effort to protect the interests of minority shareholders. Using a sample of 2,827 firms from 21 countries we examine whether insider trading laws achieve the primary objective for which they are introduced---protecting uninformed investors from private information-based trading. We find that, on average, insider trading restrictions reduce private information trading. However, when control is concentrated in the hands of a large shareholder, insider trading regulation is less effective in reducing private information trading. We suggest that controlling shareholders who are banned from trading may resort to covert expropriation of firm resources, creating more information asymmetry and thereby encouraging private information trading by informed outsiders.

ISBN: 9780542365515Subjects--Topical Terms:

212585
Economics, Finance.

Essays in corporate finance.
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520 # $a The second essay examines how managers and controlling shareholders respond to insider trading restrictions that the government imposes on them in an effort to protect the interests of minority shareholders. Using a sample of 2,827 firms from 21 countries we examine whether insider trading laws achieve the primary objective for which they are introduced---protecting uninformed investors from private information-based trading. We find that, on average, insider trading restrictions reduce private information trading. However, when control is concentrated in the hands of a large shareholder, insider trading regulation is less effective in reducing private information trading. We suggest that controlling shareholders who are banned from trading may resort to covert expropriation of firm resources, creating more information asymmetry and thereby encouraging private information trading by informed outsiders.
520 # $a The third essay steps away from the individual or firm-level analysis towards a sector-wide analysis of response to business risk. The third essay examines how an industry responds to the risk imposed on it by the actions of another industry with which it bears a product market relationship. Specifically, we examine whether horizontal acquisitions create buying power by examining the effect of a broad, inter-industry sample of horizontal acquisitions on the selling price of supplier industries. We find that horizontal acquisitions result in lower selling prices for dependent supplier industries. Moreover, supplier industries respond to this adverse affect by undertaking countervailing acquisitions of their own.
520 # $a This dissertation consists of three distinct empirical essays in corporate finance. The essays examine how individuals, firms and industries respond to risks that arise in their normal course of business. In the first essay, we show that the extent of foreign currency hedging in an industry affects the pass-through of exchange-rate shocks to product prices. For this reason, an individual firm's foreign exchange exposure depends on the hedging decisions of its competitors.
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