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Three Essays in Financial Economics.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Three Essays in Financial Economics./
Author:	Zhang, Shiny.
Description:	1 online resource (131 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
Contained By:	Dissertation Abstracts International78-10A(E).
Subject:	Economic theory. -
Online resource:	click for full text (PQDT)
ISBN:	9781369854275

Three Essays in Financial Economics.
Zhang, Shiny.

Three Essays in Financial Economics. - 1 online resource (131 pages)

Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

This thesis discusses how innovations, managerial skills, and labour policies affect firms. In Chapter 1, I study how broadening innovation capacity through Mergers and Acquisitions (M&As) is costly for firms but beneficial for firm managers. I show that expanding a firm's innovation breadth through M&As leads to lower abnormal returns. I also show that despite this lower M&As performance, executives fare better in acquisitions that expand innovation breadth; specifically, increases in innovation breadth through acquisitions are associated with higher executive compensation and lower executive turnover. Overall, these findings suggest that expanding innovation breadth through M&As reduces firm value but benefits managers.

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

Mode of access: World Wide Web

ISBN: 9781369854275Subjects--Topical Terms:

809881
Economic theory.
Index Terms--Genre/Form:

554714
Electronic books.

Three Essays in Financial Economics.
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099 $a TUL $f hyy $c available through World Wide Web
100 1 $a Zhang, Shiny. $3 1182373
245 1 0 $a Three Essays in Financial Economics.
264 0 $c 2016
300 $a 1 online resource (131 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: 78-10(E), Section: A.
500 $a Advisers: Varouj Aivazian; Peter Cziraki.
502 $a Thesis (Ph.D.) $c University of Toronto (Canada) $d 2016.
504 $a Includes bibliographical references
520 $a This thesis discusses how innovations, managerial skills, and labour policies affect firms. In Chapter 1, I study how broadening innovation capacity through Mergers and Acquisitions (M&As) is costly for firms but beneficial for firm managers. I show that expanding a firm's innovation breadth through M&As leads to lower abnormal returns. I also show that despite this lower M&As performance, executives fare better in acquisitions that expand innovation breadth; specifically, increases in innovation breadth through acquisitions are associated with higher executive compensation and lower executive turnover. Overall, these findings suggest that expanding innovation breadth through M&As reduces firm value but benefits managers.
520 $a In Chapter 2, I explore how well general versus specific managerial skills are allocated across firms and industries. In general, a manager with specific skills creates greater job value to the firm that requires these specific skills than does a manager with only general (i.e., transferable) skills. I provide empirical evidence that the differentiation between general and specific skills matters. I find that the match between a firm and its internally promoted executive, who brings firm-specific skills to a firm requiring more specific skills, increases firm value more than the mismatch does. My research suggests that a firm should choose to promote internally or hire externally based on its reliance on specific versus general skills.
520 $a In Chapter 3, written jointly with Miquel Faig and Min Zhang, we calculate that the extension of unemployment insurance benefits during downturns has significantly increased the variability of unemployment and vacancies in the U.S. Taking this into account reduces the value of leisure necessary to match the wide labor market business cycles experienced in the U.S. using the Mortensen Pissarides model. We analyze a version of the model where unemployment insurance benefits not only expire but they must be earned with prior employment. Our preferred calibration predicts that the standard deviation of unemployment since 1945 would have fallen by around 37 percent if there had not been programs extending unemployment benefits during recessions. We also find that the enactment of the Emergency Unemployment Compensation program in 2008 increased the unemployment rate by 0.5 percent.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Economic theory. $3 809881
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0511
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Toronto (Canada). $b Economics. $3 1179122
773 0 $t Dissertation Abstracts International $g 78-10A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10193953 $z click for full text (PQDT)