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Three essays on the interaction between product markets and financial markets.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Three essays on the interaction between product markets and financial markets./
Author:	Moon, John Joohahn.
Description:	1 online resource (154 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 56-06, Section: A.
Contained By:	Dissertations Abstracts International56-06A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798643114666

Three essays on the interaction between product markets and financial markets.
Moon, John Joohahn.

Three essays on the interaction between product markets and financial markets. - 1 online resource (154 pages)

Source: Dissertations Abstracts International, Volume: 56-06, Section: A.

Thesis (Ph.D.)--Harvard University, 1994.

Includes bibliographical references

In this work, I study agency and transaction cost theories in several separate contexts. An overview is provided in Chapter 1. In Chapter 2, I examine optimal ownership under asymmetric information. Asset complementarities create opportunities for firms to integrate profitably, but when one party is better informed about the benefits of integration, takeovers may not accomplish all efficient integration. However, combining or sharing assets can be achieved through other types of arrangements between firms. I develop a simple signaling model of equity sales which overcomes the asymmetric information problem and supports exchange. I conclude by providing some empirical evidence which is consistent with this model. In Chapter 3, I examine private equity sales by public companies. I find that private equity investments made by nonfinancial investors are different from transactions involving financial investors. Consistent with the previous literature, I find that private equity sales are associated with positive firm value changes. I find that coincident product market interactions play an important role in creating value in transactions which involve nonfinancial investors. This evidence is consistent with transaction cost theories which have not been previously considered in the finance literature. Evidence from transactions involving financial investors is more consistent with a pure agency explanation for private equity sales. In Chapter 4, I examine voluntary liquidations. Voluntary liquidations, while not common transactions, are an interesting example of a reallocation of firm assets. Consistent with previous literature, I find stock prices respond favorably to voluntary liquidation announcements, suggesting that assets are reallocated to higher value users. Evidence from the study suggests that product markets, the market for corporate control, and ownership structure all play an important role in inducing firms to exit when such action is efficient.

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

Mode of access: World Wide Web

ISBN: 9798643114666Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

marketsIndex Terms--Genre/Form:

554714
Electronic books.

Three essays on the interaction between product markets and financial markets.
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504 $a Includes bibliographical references
520 $a In this work, I study agency and transaction cost theories in several separate contexts. An overview is provided in Chapter 1. In Chapter 2, I examine optimal ownership under asymmetric information. Asset complementarities create opportunities for firms to integrate profitably, but when one party is better informed about the benefits of integration, takeovers may not accomplish all efficient integration. However, combining or sharing assets can be achieved through other types of arrangements between firms. I develop a simple signaling model of equity sales which overcomes the asymmetric information problem and supports exchange. I conclude by providing some empirical evidence which is consistent with this model. In Chapter 3, I examine private equity sales by public companies. I find that private equity investments made by nonfinancial investors are different from transactions involving financial investors. Consistent with the previous literature, I find that private equity sales are associated with positive firm value changes. I find that coincident product market interactions play an important role in creating value in transactions which involve nonfinancial investors. This evidence is consistent with transaction cost theories which have not been previously considered in the finance literature. Evidence from transactions involving financial investors is more consistent with a pure agency explanation for private equity sales. In Chapter 4, I examine voluntary liquidations. Voluntary liquidations, while not common transactions, are an interesting example of a reallocation of firm assets. Consistent with previous literature, I find stock prices respond favorably to voluntary liquidation announcements, suggesting that assets are reallocated to higher value users. Evidence from the study suggests that product markets, the market for corporate control, and ownership structure all play an important role in inducing firms to exit when such action is efficient.
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