Now showing items 1-3 of 3
An Investment-based Explanation for the Post-merger Underperformance Puzzle
Extant evidence of acquirers' post-merger underperformance is often viewed as support for the behavioral theory of mergers that investors overvalue acquirers during the pre-acquisition period. Motivated by recent developments in asset pricing, which show that firms' expected returns and investment rates are negatively related, ...
Two Essays on Payout Policy: Strategic Interaction Effects and Union Effects
Previous literature on payout policy has focused on the effects of firm-level characteristics on firms' dividend payouts or stock repurchases. My dissertation investigates whether industry characteristics affect these payout decisions. The first chapter focuses on effects of strategic interaction between firms in product ...
Feedback and Firm Value
This essay analyzes the potential real economic effects of a feedback mechanism on firms' real investment and financing policies. Using a matched sample method with option-listed firms between 1973 and 2009, I document some evidence consistent with the presence of the feedback effect described in Goldstein and Geumbel (2008).