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Essays on Finance /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on Finance /Nicholas Armando Zarra.
Author:	Zarra, Nicholas Armando,
Description:	1 electronic resource (260 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 86-10, Section: A.
Notes:	Advisors: Philippon, Thomas; Ludvigson, Sydney C. Committee members: Laarits, Toomas; Richmond, Rob; Saunders, Anthony; Savov, Alexi.
Contained By:	Dissertations Abstracts International86-10A.
Subject:	Finance.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31841810
ISBN:	9798310157125

Essays on Finance /
Zarra, Nicholas Armando,

Essays on Finance /Nicholas Armando Zarra. - 1 electronic resource (260 pages)

Source: Dissertations Abstracts International, Volume: 86-10, Section: A.

This dissertation has two chapters contributing to two literatures in the finance: intermediary asset pricing and public finance.Chapter 1, "Does Broker-Dealer Health Affect Stock Prices'' (joint with Danny Barth). contributes to the intermediary asset pricing literature. Broker-dealers do not participate directly in equity markets in large quantities; instead, they participate indirectly by lending to hedge funds via their prime brokerage divisions. We show that shocks to broker-dealer financial health affect their credit supply; however, hedge funds are typically able to diversify away these shocks. This is consistent with a high ability to substitute borrowing to non-distressed broker-dealers. This ability is not unlimited: when the shock to broker-dealer health is sufficiently broad and spills over to non-affected broker-dealers, it triggers hedge fund equity sell-offs. This results in lower abnormal returns for stocks held more by exposed funds. We show that such a broad broker-dealer shock occurred in the first quarter of 2016 when several European broker-dealers became distressed. Overall, our results indicate that broker-dealer health matters for equity prices under conditions of broad distress.Chapter 2, "Partisanship and Fiscal Policy in Economic Unions: Evidence from U.S. States'' (joint with Gerald Carlino, Thorsten Drautzbuerg and Bob Inman). contributes to the public finance literature and was published in the March 2023 issue of the American Economic Review. Partisanship of state governors affects the efficacy of US federal fiscal policy. Using close election data, we find partisan differences in the marginal propensity to spend federal intergovernmental transfers: Republican governors spend less than Democratic governors. Correspondingly, Republican-led states have lower debt, (delayed) lower taxes, and initially lower economic activity. A New Keynesian model of partisan states in a monetary union implies sizable aggregate effects: The intergovernmental transfer impact multiplier rises by 0.58 if Republican governors spend like Democratic governors, but due to delayed tax cuts, the long-run multiplier is higher with more Republican governors, generating an intertemporal policy trade-off.

English

ISBN: 9798310157125Subjects--Topical Terms:

183252
Finance.
Subjects--Index Terms:

Asset pricing

Essays on Finance /
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520 $a This dissertation has two chapters contributing to two literatures in the finance: intermediary asset pricing and public finance.Chapter 1, "Does Broker-Dealer Health Affect Stock Prices'' (joint with Danny Barth). contributes to the intermediary asset pricing literature. Broker-dealers do not participate directly in equity markets in large quantities; instead, they participate indirectly by lending to hedge funds via their prime brokerage divisions. We show that shocks to broker-dealer financial health affect their credit supply; however, hedge funds are typically able to diversify away these shocks. This is consistent with a high ability to substitute borrowing to non-distressed broker-dealers. This ability is not unlimited: when the shock to broker-dealer health is sufficiently broad and spills over to non-affected broker-dealers, it triggers hedge fund equity sell-offs. This results in lower abnormal returns for stocks held more by exposed funds. We show that such a broad broker-dealer shock occurred in the first quarter of 2016 when several European broker-dealers became distressed. Overall, our results indicate that broker-dealer health matters for equity prices under conditions of broad distress.Chapter 2, "Partisanship and Fiscal Policy in Economic Unions: Evidence from U.S. States'' (joint with Gerald Carlino, Thorsten Drautzbuerg and Bob Inman). contributes to the public finance literature and was published in the March 2023 issue of the American Economic Review. Partisanship of state governors affects the efficacy of US federal fiscal policy. Using close election data, we find partisan differences in the marginal propensity to spend federal intergovernmental transfers: Republican governors spend less than Democratic governors. Correspondingly, Republican-led states have lower debt, (delayed) lower taxes, and initially lower economic activity. A New Keynesian model of partisan states in a monetary union implies sizable aggregate effects: The intergovernmental transfer impact multiplier rises by 0.58 if Republican governors spend like Democratic governors, but due to delayed tax cuts, the long-run multiplier is higher with more Republican governors, generating an intertemporal policy trade-off.
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