Now showing items 1-3 of 3
Two Essays on Corporate Finance: Financing Frictions and Corporate Decisions
My dissertation focuses on the effect of financial market frictions on firm value in the context of corporate mergers, capital structure and growth. The first chapter explores how financing frictions faced by potential buyers of industry specific real assets affect the transaction value of merger targets that consist of such ...
Monitoring, Contractual Incentive Pay, and the Structure of CEO Equity-Based Compensation
I find that a CEO who is better monitored tends to have smaller total contractual incentive pay, measured by the delta of the CEO's total portfolio. The realized wealth-to-performance sensitivity (WPS) of such a CEO, however, is not significantly different from that of a CEO who is worse monitored. The findings suggest that ...
Institutional Investors: Arbitrageurs or Rational Trend Chasers
This paper studies the relationship between institutional investor holdings and misvalued stocks over the last three decades in the U.S. equity market. Using multiple proxies of stock mispricings, I find that institutional investors overweigh overvalued and underweigh undervalued stocks in their portfolio, taking the market ...