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Three essays on corporate investments and debt financing.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Three essays on corporate investments and debt financing./
Author:	Nguyen, Nam Hoang.
Description:	1 online resource (186 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.
Contained By:	Dissertation Abstracts International78-11A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355165258

Three essays on corporate investments and debt financing.
Nguyen, Nam Hoang.

Three essays on corporate investments and debt financing. - 1 online resource (186 pages)

Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

This dissertation consists of three essays examining the relations between policy uncertainty, corporate debt maturity and mergers and acquisitions (M&A), and the effects of managerial traits on corporate debt contracting. In the first essay, I study the relation between policy uncertainty and mergers and acquisitions (M&A). I find that firms are more prudent with M&A activities during periods of high policy uncertainty. In particular, firms are less likely to pursue M&A deals, and, even if they do, it takes more time to consummate the deals. Acquirers are more likely to use stock as payment consideration and pay lower bid premiums. Interestingly, I find that acquirers tend to create larger shareholder value from M&A deals undertaken during the high policy uncertainty periods, which are partially explained by the acquirer prudence as well as the wealth transfer from the financially constrained targets to acquirers.

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

Mode of access: World Wide Web

ISBN: 9780355165258Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Three essays on corporate investments and debt financing.
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245 1 0 $a Three essays on corporate investments and debt financing.
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300 $a 1 online resource (186 pages)
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500 $a Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.
500 $a Adviser: Hieu V. Phan.
502 $a Thesis (Ph.D.) $c University of Massachusetts Lowell $d 2017.
504 $a Includes bibliographical references
520 $a This dissertation consists of three essays examining the relations between policy uncertainty, corporate debt maturity and mergers and acquisitions (M&A), and the effects of managerial traits on corporate debt contracting. In the first essay, I study the relation between policy uncertainty and mergers and acquisitions (M&A). I find that firms are more prudent with M&A activities during periods of high policy uncertainty. In particular, firms are less likely to pursue M&A deals, and, even if they do, it takes more time to consummate the deals. Acquirers are more likely to use stock as payment consideration and pay lower bid premiums. Interestingly, I find that acquirers tend to create larger shareholder value from M&A deals undertaken during the high policy uncertainty periods, which are partially explained by the acquirer prudence as well as the wealth transfer from the financially constrained targets to acquirers.
520 $a In the second essay, I investigate the drivers of the positive relationship between short-term debt financing and acquirer returns documented in the literature. I find that the positive effect of short-term debt on acquirer shareholder value is concentrated in acquiring firms constrained by short-term debt financing. Further analysis reveals that financially constrained acquirers with higher short-term debt ratios are more likely to select acquisition targets with relatively lower short-term debt ratios and use stock as payment consideration. The target selection and payment term ease the financial bind of short-term debt and reduce the acquiring firms' post-acquisition investment sensitivity of cash flows, mitigating their underinvestment and increasing shareholder value.
520 $a In the third essay, I empirically examine the relation between chief executive officers' (CEOs) flying hobby as a proxy for sensation-seeking personality trait and corporate debt contracting. Using debt data from the balance sheets for analysis, I find that firms with pilot CEOs have lower short-term debt ratio than those with nonpilot CEOs, and this finding is robust to controlling for the endogenous matching of CEOs and firms. Further analysis of a new debt issues sample indicates that firms with pilot CEOs issue longer term debt although it is generally more costly than shorter term debt. My evidence indicates that self-interested pilot CEOs prefer long-term debt financing to avoid the liquidity risk associated with short-term debt financing that may hamper their sensation seeking behavior.
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
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Massachusetts Lowell. $3 1179049
773 0 $t Dissertation Abstracts International $g 78-11A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10643713 $z click for full text (PQDT)