Please use this identifier to cite or link to this item:
Title: Three essays on corporate finance
Authors: Si, Fangbo
Keywords: Business::Finance::Corporate finance
Business::Finance::Corporate governance
Issue Date: 2021
Publisher: Nanyang Technological University
Source: Si, F. (2021). Three essays on corporate finance. Doctoral thesis, Nanyang Technological University, Singapore.
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.
DOI: 10.32657/10356/147909
Rights: This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License (CC BY-NC 4.0).
Fulltext Permission: open
Fulltext Availability: With Fulltext
Appears in Collections:NBS Theses

Files in This Item:
File Description SizeFormat 
SI Fangbo_Revised Dissertation_final_for submission.pdf1.32 MBAdobe PDFView/Open

Page view(s)

Updated on Jan 23, 2022

Download(s) 50

Updated on Jan 23, 2022

Google ScholarTM




Items in DR-NTU are protected by copyright, with all rights reserved, unless otherwise indicated.