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Essays on Financial Markets.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Essays on Financial Markets./
作者:	Park, Jeayoung.
面頁冊數:	1 online resource (112 pages)
附註:	Source: Dissertations Abstracts International, Volume: 85-12, Section: A.
Contained By:	Dissertations Abstracts International85-12A.
標題:	Political science. -
電子資源:	click for full text (PQDT)
ISBN:	9798382831220

Essays on Financial Markets.
Park, Jeayoung.

Essays on Financial Markets. - 1 online resource (112 pages)

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

Thesis (Ph.D.)--State University of New York at Buffalo, 2024.

Includes bibliographical references

This thesis comprises two essays that explore the relationship between information and the cost of capital in financial markets, offering insights for corporate managers, investors, and policymakers. The first essay examines the relationship between the ESG risk and borrowing costs, utilizing a comprehensive dataset from RepRisk. We provide compelling evidence that corporate bonds issued by firms with higher ESG risk have significantly unfavorable yield spreads. The results are robust across tests incorporating political affiliations, financial constraints, and industrial differences. U.S. green bonds generally offer lower yield spreads ("greenium") than brown ones, but are substantially penalized when their ESG reputation is damaged. We confirm that the ESG risk is closely linked to the likelihood of default. Our findings have important implications for corporate managers and investors, suggesting that they should consider the ESG risk with a pecuniary perspective, beyond ethical or societal concerns.The second essay investigates the relationship between insider trading and liquidity risk in the stock market, motivated by the debate on the benefits and costs of insider trading and the need for regulation. We hypothesize that insider trading lowers liquidity risk, which in turn reduces the cost of capital. We present evidence that insider trading has a negative association with liquidity risk, specifically reducing the sensitivity of the liquidity factor on expected returns. This relationship is not affected by the time intervals used to construct the insider trading variable or the choice of liquidity measures. We also find that transactions after the SOX show more salient effects. Furthermore, this effect is more pronounced with the transactions under the Rule 10b5-1, non-routine traders, or directors and officers. Our study contributes to the literature on the impact of insider trading on liquidity, changes in liquidity risk, and the ongoing debate around regulating insider trading.

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

Mode of access: World Wide Web

ISBN: 9798382831220Subjects--Topical Terms:

558774
Political science.
Subjects--Index Terms:

Financial marketsIndex Terms--Genre/Form:

554714
Electronic books.

Essays on Financial Markets.
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502 $a Thesis (Ph.D.)--State University of New York at Buffalo, 2024.
504 $a Includes bibliographical references
520 $a This thesis comprises two essays that explore the relationship between information and the cost of capital in financial markets, offering insights for corporate managers, investors, and policymakers. The first essay examines the relationship between the ESG risk and borrowing costs, utilizing a comprehensive dataset from RepRisk. We provide compelling evidence that corporate bonds issued by firms with higher ESG risk have significantly unfavorable yield spreads. The results are robust across tests incorporating political affiliations, financial constraints, and industrial differences. U.S. green bonds generally offer lower yield spreads ("greenium") than brown ones, but are substantially penalized when their ESG reputation is damaged. We confirm that the ESG risk is closely linked to the likelihood of default. Our findings have important implications for corporate managers and investors, suggesting that they should consider the ESG risk with a pecuniary perspective, beyond ethical or societal concerns.The second essay investigates the relationship between insider trading and liquidity risk in the stock market, motivated by the debate on the benefits and costs of insider trading and the need for regulation. We hypothesize that insider trading lowers liquidity risk, which in turn reduces the cost of capital. We present evidence that insider trading has a negative association with liquidity risk, specifically reducing the sensitivity of the liquidity factor on expected returns. This relationship is not affected by the time intervals used to construct the insider trading variable or the choice of liquidity measures. We also find that transactions after the SOX show more salient effects. Furthermore, this effect is more pronounced with the transactions under the Rule 10b5-1, non-routine traders, or directors and officers. Our study contributes to the literature on the impact of insider trading on liquidity, changes in liquidity risk, and the ongoing debate around regulating insider trading.
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