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Essays in financial economics.

Baron, Matthew D.

Essays in financial economics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in financial economics.
Author:	Baron, Matthew D.
Description:	200 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
Notes:	Adviser: Wei Xiong.
Contained By:	Dissertation Abstracts International76-11A(E).
Subject:	Economic theory.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3712077
ISBN:	9781321886566

Essays in financial economics.
Baron, Matthew D.

Essays in financial economics. - 200 p.

Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.

Thesis (Ph.D.)--Princeton University, 2015.

This dissertation studies the linkages between financial intermediaries and capital markets. In particular, it analyzes potential sources of instability originating from the intermediary sector.

ISBN: 9781321886566Subjects--Topical Terms:

533491
Economic theory.

Essays in financial economics.
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100 1 $a Baron, Matthew D. $3 730355
245 1 0 $a Essays in financial economics.
300 $a 200 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-11(E), Section: A.
500 $a Adviser: Wei Xiong.
502 $a Thesis (Ph.D.)--Princeton University, 2015.
520 $a This dissertation studies the linkages between financial intermediaries and capital markets. In particular, it analyzes potential sources of instability originating from the intermediary sector.
520 $a Chapter 1, "Countercyclical Bank Equity Issuance," studies capital structure dynamics of intermediaries over the credit cycle. I show that during credit booms, banks raise less equity (i.e. countercyclical equity issuance), even though more equity might help banks better absorb shocks. I argue that government guarantees distort the incentives of banks to raise equity and thus play a crucial role in driving banks' countercyclical equity issuance. My findings help explain why banks may resist raising equity during credit expansions, making financial distress more likely.
520 $a Chapter 2, "Credit Expansion and Neglected Crash Risk," co-authored with Wei Xiong, studies the role of bank shareholders in credit booms and financial crises. This chapter tests different theories of the causes and consequences of credit expansions through the lens of asset prices and highlights the role of over-optimism and neglect of crash risk by bank shareholders.
520 $a Chapter 3, "Risk and Return in High Frequency Trading," co-authored with Jonathan Brogaard and Andrei Kirilenko, studies a very different type of financial intermediary, high-frequency traders. Using a new proprietary, firm-level dataset, we show that high-frequency traders have strong incentives to take liquidity in financial markets and compete over small improvements in speed.
590 $a School code: 0181.
650 4 $a Economic theory. $3 533491
650 4 $a Banking. $2 bicssc $3 534193
650 4 $a Finance. $3 183252
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710 2 $a Princeton University. $b Economics. $3 730356
773 0 $t Dissertation Abstracts International $g 76-11A(E).
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791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3712077