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Three Essays in Financial Economics.

University of Toronto (Canada).

Three Essays in Financial Economics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Three Essays in Financial Economics.
Author:	Zhang, Shiny.
Published:	Ann Arbor : ProQuest Dissertations & Theses, 2016
Description:	131 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
Notes:	Advisers: Varouj Aivazian; Peter Cziraki.
Contained By:	Dissertation Abstracts International78-10A(E).
Subject:	Economic theory.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10193953
ISBN:	9781369854275

Three Essays in Financial Economics.
Zhang, Shiny.

Three Essays in Financial Economics. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 131 p.

Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.

Thesis (Ph.D.)--University of Toronto (Canada), 2016.

This thesis discusses how innovations, managerial skills, and labour policies affect firms. In Chapter 1, I study how broadening innovation capacity through Mergers and Acquisitions (M&As) is costly for firms but beneficial for firm managers. I show that expanding a firm's innovation breadth through M&As leads to lower abnormal returns. I also show that despite this lower M&As performance, executives fare better in acquisitions that expand innovation breadth; specifically, increases in innovation breadth through acquisitions are associated with higher executive compensation and lower executive turnover. Overall, these findings suggest that expanding innovation breadth through M&As reduces firm value but benefits managers.

ISBN: 9781369854275Subjects--Topical Terms:

533491
Economic theory.

Three Essays in Financial Economics.
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500 $a Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
500 $a Advisers: Varouj Aivazian; Peter Cziraki.
502 $a Thesis (Ph.D.)--University of Toronto (Canada), 2016.
520 $a This thesis discusses how innovations, managerial skills, and labour policies affect firms. In Chapter 1, I study how broadening innovation capacity through Mergers and Acquisitions (M&As) is costly for firms but beneficial for firm managers. I show that expanding a firm's innovation breadth through M&As leads to lower abnormal returns. I also show that despite this lower M&As performance, executives fare better in acquisitions that expand innovation breadth; specifically, increases in innovation breadth through acquisitions are associated with higher executive compensation and lower executive turnover. Overall, these findings suggest that expanding innovation breadth through M&As reduces firm value but benefits managers.
520 $a In Chapter 2, I explore how well general versus specific managerial skills are allocated across firms and industries. In general, a manager with specific skills creates greater job value to the firm that requires these specific skills than does a manager with only general (i.e., transferable) skills. I provide empirical evidence that the differentiation between general and specific skills matters. I find that the match between a firm and its internally promoted executive, who brings firm-specific skills to a firm requiring more specific skills, increases firm value more than the mismatch does. My research suggests that a firm should choose to promote internally or hire externally based on its reliance on specific versus general skills.
520 $a In Chapter 3, written jointly with Miquel Faig and Min Zhang, we calculate that the extension of unemployment insurance benefits during downturns has significantly increased the variability of unemployment and vacancies in the U.S. Taking this into account reduces the value of leisure necessary to match the wide labor market business cycles experienced in the U.S. using the Mortensen Pissarides model. We analyze a version of the model where unemployment insurance benefits not only expire but they must be earned with prior employment. Our preferred calibration predicts that the standard deviation of unemployment since 1945 would have fallen by around 37 percent if there had not been programs extending unemployment benefits during recessions. We also find that the enactment of the Emergency Unemployment Compensation program in 2008 increased the unemployment rate by 0.5 percent.
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