國立虎尾科技大學 |

Three Essays on Empirical Corporate Finance.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Three Essays on Empirical Corporate Finance./
作者:	Kim, Yongseok.
面頁冊數:	1 online resource (207 pages)
附註:	Source: Dissertations Abstracts International, Volume: 85-12, Section: B.
Contained By:	Dissertations Abstracts International85-12B.
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9798383162873

Three Essays on Empirical Corporate Finance.
Kim, Yongseok.

Three Essays on Empirical Corporate Finance. - 1 online resource (207 pages)

Source: Dissertations Abstracts International, Volume: 85-12, Section: B.

Thesis (Ph.D.)--Indiana University, 2024.

Includes bibliographical references

In the first chapter, I study an important idea in finance: dispersed creditors and their coordination problems can help establish a commitment to avoid strategic defaults in debt markets. I analyze the implications of this idea for the design of reorganization law. I provide a theoretical framework that guides my empirical approach. Using a unique reform and hand-collected data on creditor dispersion and borrowing in Korea, I provide evidence that this commitment role of creditor dispersion is important in debt markets. Therefore, facilitating creditor coordination, a main goal of reorganization law in many countries, can limit firms' ability to commit and borrow in the first place.In the second chapter, I study how inherent uncertainty in tunneling regulations can distort transactions between firms with a common owner. I use Korean business groups as a laboratory and show that under tunneling regulations, Korean business groups preemptively avoid transactions where tunneling is easier, contrary to a common view that they pursue these transactions. My findings suggest that regulations designed to curb tunneling can also reduce legitimate transactions, particularly when regulators likely misperceive them as tunneling.In the third chapter, I study how the growing role of private equity (PE) investors in the US hospital industry affects survival, profitability, and employment outcomes in PE-acquired hospitals. We find no change in the closure rates but a significant improvement in profitability in PE-acquired hospitals. Next, we document a reduction in cost and employment in PE-acquired hospitals, but this cut is concentrated among administrative workers and not on core medical workers. These findings are consistent with the PE's operational expertise, as administrative costs have been identified as a key source of wasteful expenditures. Lastly, we find no significant changes in patient outcomes, such as mortality or readmission rates.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798383162873Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Corporate financeIndex Terms--Genre/Form:

554714
Electronic books.

Three Essays on Empirical Corporate Finance.
LDR:03340ntm a22004217 4500 001 1147598
005 20240909103821.5
006 m o d
007 cr bn ---uuuuu
008 250605s2024 xx obm 000 0 eng d
020 $a 9798383162873
035 $a (MiAaPQ)AAI31295772
035 $a AAI31295772
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Kim, Yongseok. $3 1473356
245 1 0 $a Three Essays on Empirical Corporate Finance.
264 0 $c 2024
300 $a 1 online resource (207 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertations Abstracts International, Volume: 85-12, Section: B.
500 $a Advisor: Carvalho, Daniel.
502 $a Thesis (Ph.D.)--Indiana University, 2024.
504 $a Includes bibliographical references
520 $a In the first chapter, I study an important idea in finance: dispersed creditors and their coordination problems can help establish a commitment to avoid strategic defaults in debt markets. I analyze the implications of this idea for the design of reorganization law. I provide a theoretical framework that guides my empirical approach. Using a unique reform and hand-collected data on creditor dispersion and borrowing in Korea, I provide evidence that this commitment role of creditor dispersion is important in debt markets. Therefore, facilitating creditor coordination, a main goal of reorganization law in many countries, can limit firms' ability to commit and borrow in the first place.In the second chapter, I study how inherent uncertainty in tunneling regulations can distort transactions between firms with a common owner. I use Korean business groups as a laboratory and show that under tunneling regulations, Korean business groups preemptively avoid transactions where tunneling is easier, contrary to a common view that they pursue these transactions. My findings suggest that regulations designed to curb tunneling can also reduce legitimate transactions, particularly when regulators likely misperceive them as tunneling.In the third chapter, I study how the growing role of private equity (PE) investors in the US hospital industry affects survival, profitability, and employment outcomes in PE-acquired hospitals. We find no change in the closure rates but a significant improvement in profitability in PE-acquired hospitals. Next, we document a reduction in cost and employment in PE-acquired hospitals, but this cut is concentrated among administrative workers and not on core medical workers. These findings are consistent with the PE's operational expertise, as administrative costs have been identified as a key source of wasteful expenditures. Lastly, we find no significant changes in patient outcomes, such as mortality or readmission rates.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Statistics. $3 556824
650 4 $a Law. $3 671705
653 $a Corporate finance
653 $a Debt markets
653 $a Debt financing
653 $a Creditor dispersion
653 $a Tunneling
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
690 $a 0398
690 $a 0501
690 $a 0770
690 $a 0463
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Indiana University. $b Business. $3 1179133
773 0 $t Dissertations Abstracts International $g 85-12B.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31295772 $z click for full text (PQDT)