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Essays in Financial Economics.

University of Toronto (Canada).

Essays in Financial Economics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in Financial Economics.
Author:	Xiong, Yan.
Published:	Ann Arbor : ProQuest Dissertations & Theses, 2019
Description:	157 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-05, Section: A.
Notes:	Advisor: Yang, Liyan.
Contained By:	Dissertations Abstracts International81-05A.
Subject:	Finance.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13886288
ISBN:	9781392575031

Essays in Financial Economics.
Xiong, Yan.

Essays in Financial Economics. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 157 p.

Source: Dissertations Abstracts International, Volume: 81-05, Section: A.

Thesis (Ph.D.)--University of Toronto (Canada), 2019.

This item must not be sold to any third party vendors.

This thesis consists of three essays on financial markets, product markets, information markets, and their interaction. Chapter 1 offers an introduction of the essays and summarizes the main findings. Chapter 2 studies how product markets shape managerial short-termism (myopia). It shows that under market competition, managerial short-termism may arise endogenously as a means for firms to commit to competing aggressively. Such managerial short-termism is facilitated by financial markets as firms tie their managers' pay to the short-term stock prices. The following two chapters focus on the interaction between financial markets and information markets; both chapters demonstrate that information markets are crucial in determining asset prices and market quality in financial markets. Chapter 3 develops an information-sales model in which investors acquire uncertain skills to interpret purchased data, thereby changing the behavior of data sellers. It leads to several novel results (e.g., price informativeness increases with skill-acquisition costs), which help clarify certain empirical regularities. Chapter 4 examines sales of financial market information in an economy with two information sellers. In equilibrium, the two sellers form either orthogonal or overlapping clientele, depending on the similarity of the information to be sold. When the two sellers' information is very distinct and the sellers have relatively large bargaining power in sharing trading profits, investors' information purchase behavior exhibits complementarity, leading to the possibility of multiple equilibria.

ISBN: 9781392575031Subjects--Topical Terms:

183252
Finance.

Essays in Financial Economics.
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502 $a Thesis (Ph.D.)--University of Toronto (Canada), 2019.
506 $a This item must not be sold to any third party vendors.
520 $a This thesis consists of three essays on financial markets, product markets, information markets, and their interaction. Chapter 1 offers an introduction of the essays and summarizes the main findings. Chapter 2 studies how product markets shape managerial short-termism (myopia). It shows that under market competition, managerial short-termism may arise endogenously as a means for firms to commit to competing aggressively. Such managerial short-termism is facilitated by financial markets as firms tie their managers' pay to the short-term stock prices. The following two chapters focus on the interaction between financial markets and information markets; both chapters demonstrate that information markets are crucial in determining asset prices and market quality in financial markets. Chapter 3 develops an information-sales model in which investors acquire uncertain skills to interpret purchased data, thereby changing the behavior of data sellers. It leads to several novel results (e.g., price informativeness increases with skill-acquisition costs), which help clarify certain empirical regularities. Chapter 4 examines sales of financial market information in an economy with two information sellers. In equilibrium, the two sellers form either orthogonal or overlapping clientele, depending on the similarity of the information to be sold. When the two sellers' information is very distinct and the sellers have relatively large bargaining power in sharing trading profits, investors' information purchase behavior exhibits complementarity, leading to the possibility of multiple equilibria.
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