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dc.contributor.authorSi, Fangboen_US
dc.identifier.citationSi, F. (2021). Three essays on corporate finance. Doctoral thesis, Nanyang Technological University, Singapore.
dc.description.abstract(First Chapter) We examine how shareholder financial difficulties affect firms’ risk-shifting behavior. Using the 2003 mutual fund scandal as a shock to institutions’ risk-shifting incentives, we find that lenders charge higher loan spreads and impose more covenants after the scandal. The results are more evident when the scandal is severer, when tainted institutions have a longer holding horizon before the shock, and when firms have greater shareholder-debtholder conflicts, poorer governance, and higher information asymmetry. Moreover, bond returns around the scandal announcement date are negatively correlated with stock returns. We also find increases in firm leverage, investments, and payouts after the scandal for firms whose tainted institutions suffer more in the scandal.en_US
dc.publisherNanyang Technological Universityen_US
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License (CC BY-NC 4.0).en_US
dc.subjectBusiness::Finance::Corporate financeen_US
dc.subjectBusiness::Finance::Corporate governanceen_US
dc.titleThree essays on corporate financeen_US
dc.typeThesis-Doctor of Philosophyen_US
dc.contributor.supervisorJun-koo KANGen_US
dc.contributor.schoolCollege of Business (Nanyang Business School)en_US
dc.description.degreeDoctor of Philosophyen_US
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