國立虎尾科技大學 |

Essays in Corporate Finance and Mobile Application Market.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Essays in Corporate Finance and Mobile Application Market./
作者:	Yoon, Joon Young.
面頁冊數:	1 online resource (109 pages)
附註:	Source: Dissertations Abstracts International, Volume: 83-03, Section: A.
Contained By:	Dissertations Abstracts International83-03A.
標題:	Education finance. -
電子資源:	click for full text (PQDT)
ISBN:	9798505572221

Essays in Corporate Finance and Mobile Application Market.
Yoon, Joon Young.

Essays in Corporate Finance and Mobile Application Market. - 1 online resource (109 pages)

Source: Dissertations Abstracts International, Volume: 83-03, Section: A.

Thesis (Ph.D.)--Stanford University, 2021.

Includes bibliographical references

This dissertation explores empirical questions in corporate finance and industrial economics, particularly the mobile application (app) market. The first chapter is titled "Venture Capital Investment and the Role of Traction: Evidence from Mobile Entrepreneurship." An ongoing debate is how Venture Capital (VC) investors choose startups based on different kinds of information available, with recent studies finding traction (i.e. early-stage performance metrics, such as sales or a user base) to be less important than other drivers of VC financing. This chapter examines the causal impacts of startups' traction on their selection for VC funding, as well as the use of capital raised through VC funding and the effects of VC funding in startups. Focusing on mobile app startups alleviates a survivorship bias and enables the use of actual traction data, such as downloads and revenues, for many comparable startups. To account for the endogeneity of traction, I exploit arguably exogenous congestion generated by non-monetizing mobile apps across app categories over time. The instrument quantifies how congested the mobile app ranking chart is, which in turn would negatively affect the visibility of startup's mobile apps. The results show the importance of traction in not all but only some funding rounds, more particularly the causal effects of both downloads and revenues on series A funding but not on seed/angel funding. However, the funding rate responds more strongly to revenues than to downloads, suggesting that revenues may be more informative to VC investors. Exploiting cohort heterogeneity in the VC funding rates, I find the greater importance of management credentials relative to business models and traction in explaining the differences. Lastly, I find that the VC funding may lead to improved quality and a greater variety of mobile apps, suggesting its impacts on innovations, while I also find suggestive evidence of some risk-taking by poorly performing startups. The second chapter, titled "Relative Performance Evaluation in CEO Turnovers: Evidence from South Korea during the Financial Crisis of 2007-2008," empirically examines whether corporate boards benchmark performance against peer firms to evaluate and fire CEOs. By evaluating against the peer CEOs, a rational board would be able to learn about relative difference between the current CEO and potential replacement CEOs given that the peer CEOs are ones the board could hire as a replacement CEO. For identification, this chapter exploits the flight of capital from South Korea during the 2007-2008 global financial crisis. Instrumenting for peer performance is based iv on different degrees of exposure across firms to the market-wide capital flight which then induce different degrees of stock supply shocks. Capital structure left them vulnerable to the capital flight by different degrees depending on how much ownership had been held by foreign investors before the crisis. I find empirical evidence of relative performance evaluation that the boards condition on peer performance to some extent. The likelihood of CEO turnovers increased by 1.2% for every 1% increase in peer performance. The third chapter, titled "Monetization Strategy Innovation in Mobile App Market," explores a type of non-technological innovation, monetization strategy innovations in the mobile app market, and examines their adoption and impacts to better understand what types of apps choose which monetization strategies.

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

Mode of access: World Wide Web

ISBN: 9798505572221Subjects--Topical Terms:

1179336
Education finance.
Index Terms--Genre/Form:

554714
Electronic books.

Essays in Corporate Finance and Mobile Application Market.
LDR:04827ntm a22003857 4500 001 1148844
005 20240930105238.5
006 m o d
007 cr bn ---uuuuu
008 250605s2021 xx obm 000 0 eng d
020 $a 9798505572221
035 $a (MiAaPQ)AAI28483324
035 $a (MiAaPQ)STANFORDhp062mr4328
035 $a AAI28483324
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Yoon, Joon Young. $3 1474919
245 1 0 $a Essays in Corporate Finance and Mobile Application Market.
264 0 $c 2021
300 $a 1 online resource (109 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: 83-03, Section: A.
500 $a Advisor: Taylor, John B; Admati, Anat R; Larsen, Bradley J.
502 $a Thesis (Ph.D.)--Stanford University, 2021.
504 $a Includes bibliographical references
520 $a This dissertation explores empirical questions in corporate finance and industrial economics, particularly the mobile application (app) market. The first chapter is titled "Venture Capital Investment and the Role of Traction: Evidence from Mobile Entrepreneurship." An ongoing debate is how Venture Capital (VC) investors choose startups based on different kinds of information available, with recent studies finding traction (i.e. early-stage performance metrics, such as sales or a user base) to be less important than other drivers of VC financing. This chapter examines the causal impacts of startups' traction on their selection for VC funding, as well as the use of capital raised through VC funding and the effects of VC funding in startups. Focusing on mobile app startups alleviates a survivorship bias and enables the use of actual traction data, such as downloads and revenues, for many comparable startups. To account for the endogeneity of traction, I exploit arguably exogenous congestion generated by non-monetizing mobile apps across app categories over time. The instrument quantifies how congested the mobile app ranking chart is, which in turn would negatively affect the visibility of startup's mobile apps. The results show the importance of traction in not all but only some funding rounds, more particularly the causal effects of both downloads and revenues on series A funding but not on seed/angel funding. However, the funding rate responds more strongly to revenues than to downloads, suggesting that revenues may be more informative to VC investors. Exploiting cohort heterogeneity in the VC funding rates, I find the greater importance of management credentials relative to business models and traction in explaining the differences. Lastly, I find that the VC funding may lead to improved quality and a greater variety of mobile apps, suggesting its impacts on innovations, while I also find suggestive evidence of some risk-taking by poorly performing startups. The second chapter, titled "Relative Performance Evaluation in CEO Turnovers: Evidence from South Korea during the Financial Crisis of 2007-2008," empirically examines whether corporate boards benchmark performance against peer firms to evaluate and fire CEOs. By evaluating against the peer CEOs, a rational board would be able to learn about relative difference between the current CEO and potential replacement CEOs given that the peer CEOs are ones the board could hire as a replacement CEO. For identification, this chapter exploits the flight of capital from South Korea during the 2007-2008 global financial crisis. Instrumenting for peer performance is based iv on different degrees of exposure across firms to the market-wide capital flight which then induce different degrees of stock supply shocks. Capital structure left them vulnerable to the capital flight by different degrees depending on how much ownership had been held by foreign investors before the crisis. I find empirical evidence of relative performance evaluation that the boards condition on peer performance to some extent. The likelihood of CEO turnovers increased by 1.2% for every 1% increase in peer performance. The third chapter, titled "Monetization Strategy Innovation in Mobile App Market," explores a type of non-technological innovation, monetization strategy innovations in the mobile app market, and examines their adoption and impacts to better understand what types of apps choose which monetization strategies.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Education finance. $3 1179336
650 4 $a Public policy. $3 1002398
650 4 $a Education. $3 555912
650 4 $a Finance. $3 559073
650 4 $a Bias. $2 gtt $3 810927
650 4 $a Ratings & rankings. $3 1372551
650 4 $a Funding. $3 1465413
650 4 $a Teams. $3 1372465
650 4 $a Success. $3 571577
650 4 $a Innovations. $3 578404
650 4 $a Teaching. $3 555255
655 7 $a Electronic books. $2 local $3 554714
690 $a 0501
690 $a 0515
690 $a 0429
690 $a 0508
690 $a 0630
690 $a 0277
710 2 $a Stanford University. $3 1184533
710 2 $a ProQuest Information and Learning Co. $3 1178819
773 0 $t Dissertations Abstracts International $g 83-03A.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28483324 $z click for full text (PQDT)