In Chapter 1, I estimate a heterogeneous firm model on dynamic adverse selection with screening and signaling in public debt markets for privately informed persistent productivity, and quantify the effect of asymmetric information on misallocation of capital and financial liabil…
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Corporate Growth is a concept that has been widely treated in a specific way or as part of strategy theories, in definition and in econometric models and has also been studied in many different aspects and approaches. The author describes in depth the main variables affecting co…
In this dissertation, I try to advance our understanding of how managerial discretion and corporate financial flexibility affect various corporate outcomes such as failure, excessive (sub-optimal) continuation, firm growth and investment, in three novel ways. First, I show that …
This dissertation consists of three essays. The first essay investigates financial characteristics of bank mergers and acquisitions (M&A) in the U.S. banking industry, employing the most recent data available for U.S. banks. It is interesting, but not surprising, to find several…
This dissertation consists of two studies dealing with corporate financial policy as practiced in a foreign market. The studies share an international dimension and the fact that little has been published on either market, but otherwise they are unrelated and deal with distinct …
The markedly different financial structures of firms in the developing and industrialized countries provide the motivation for this dissertation. What explains the financial structure choice of firms in developing countries? Many theories in Finance have been developed to explai…
Essay 1: Corporate Governance Mechanisms and Corporate Cash Holdings. The first essay of the dissertation examines the relationship between firm-level corporate governance mechanisms and cash holdings, and their combined effect on firm value for a sample of firms listed in Singa…