國立虎尾科技大學 |

Essays on Firms, Investors, and Stock Markets.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on Firms, Investors, and Stock Markets./
Author:	Sun, Yuzheng.
Description:	1 online resource (142 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.
Contained By:	Dissertation Abstracts International79-02A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355279979

Essays on Firms, Investors, and Stock Markets.
Sun, Yuzheng.

Essays on Firms, Investors, and Stock Markets. - 1 online resource (142 pages)

Source: Dissertation Abstracts International, Volume: 79-02(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

My dissertation uses international evidence to provide fresh perspectives on the interaction of firms and the secondary market. Chapter 1 is an empirical study of the causal effect of an initial public offering (IPO) on a firm's investments. The study focuses on a historical event: the 2012 Chinese IPO moratorium. This event addresses the endogeneity problem associated with IPOs. It independently sorted into two groups the Chinese applicant firms of 2012---those that went public as scheduled and those that were delayed for at least a year. I find that firms that went public on schedule made significantly more investment in fixed assets after their IPO compared to similar firms that faced a one-year delay. The increase in investment is on average 36.4% of the firms' pre-IPO level---a pronounced amount that generates policy implications. Chapter 2 uses a unique dataset from 1999--2015 to show that the number of trading halts is a significant source of illiquidity in the market for Chinese A shares. The risk of trading halts is not predicted by the bid-ask spread but is predicted by end-of-day transactions cost measures, suggesting that the measures of transactions costs have more information than the bid-ask spread. The discretionary trading halts are associated with a robust "run up and reverse" pattern of cumulative abnormal return. On average they earn negative returns for investors who purchase the stocks right before the trading halts, but earn positive returns for existing investors who already hold the stocks for a longer period. Financially constrained firms and firms engaging in earnings manipulation create more trading halts and their trading halts have a larger impact on the price. Trading halts generally decrease for firms that split stock supporting the "catering" motive for halts. Chapter 3 examines whether sensation-seeking is an important determinant of trading volume by looking at cross-country evidence. This paper validates that sensation-seeking plays a significant role in explaining cross-country variation in excess trading volume. Internationally, market efficiency is not strong enough to drive sensation-seekers out of the market. Overconfidence and risk appetite do not take away the explanatory power of sensation-seeking.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355279979Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Essays on Firms, Investors, and Stock Markets.
LDR:03536ntm a2200349Ki 4500 001 909860
005 20180426091048.5
006 m o u
007 cr mn||||a|a||
008 190606s2017 xx obm 000 0 eng d
020 $a 9780355279979
035 $a (MiAaPQ)AAI10601401
035 $a (MiAaPQ)cornellgrad:10346
035 $a AAI10601401
040 $a MiAaPQ $b eng $c MiAaPQ
099 $a TUL $f hyy $c available through World Wide Web
100 1 $a Sun, Yuzheng. $3 1180839
245 1 0 $a Essays on Firms, Investors, and Stock Markets.
264 0 $c 2017
300 $a 1 online resource (142 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: Dissertation Abstracts International, Volume: 79-02(E), Section: A.
500 $a Adviser: Crocker H. Liu.
502 $a Thesis (Ph.D.) $c Cornell University $d 2017.
504 $a Includes bibliographical references
520 $a My dissertation uses international evidence to provide fresh perspectives on the interaction of firms and the secondary market. Chapter 1 is an empirical study of the causal effect of an initial public offering (IPO) on a firm's investments. The study focuses on a historical event: the 2012 Chinese IPO moratorium. This event addresses the endogeneity problem associated with IPOs. It independently sorted into two groups the Chinese applicant firms of 2012---those that went public as scheduled and those that were delayed for at least a year. I find that firms that went public on schedule made significantly more investment in fixed assets after their IPO compared to similar firms that faced a one-year delay. The increase in investment is on average 36.4% of the firms' pre-IPO level---a pronounced amount that generates policy implications. Chapter 2 uses a unique dataset from 1999--2015 to show that the number of trading halts is a significant source of illiquidity in the market for Chinese A shares. The risk of trading halts is not predicted by the bid-ask spread but is predicted by end-of-day transactions cost measures, suggesting that the measures of transactions costs have more information than the bid-ask spread. The discretionary trading halts are associated with a robust "run up and reverse" pattern of cumulative abnormal return. On average they earn negative returns for investors who purchase the stocks right before the trading halts, but earn positive returns for existing investors who already hold the stocks for a longer period. Financially constrained firms and firms engaging in earnings manipulation create more trading halts and their trading halts have a larger impact on the price. Trading halts generally decrease for firms that split stock supporting the "catering" motive for halts. Chapter 3 examines whether sensation-seeking is an important determinant of trading volume by looking at cross-country evidence. This paper validates that sensation-seeking plays a significant role in explaining cross-country variation in excess trading volume. Internationally, market efficiency is not strong enough to drive sensation-seekers out of the market. Overconfidence and risk appetite do not take away the explanatory power of sensation-seeking.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Economic theory. $3 809881
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
690 $a 0511
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Cornell University. $b Economics. $3 1180840
773 0 $t Dissertation Abstracts International $g 79-02A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10601401 $z click for full text (PQDT)