HG Finance

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This thesis aims to explore stock liquidity, a crucial attribute of financial assets, in US market. In particular, this research attempts to address a number of issues in the theoretical study of liquidity, some of which even still matters for debate. The empirical results in Ch…

This thesis identifies and quantifies the impact of cognitive errors in certain aspects of investor decision-making. One error is that investors are unaware that the Internal Rate of Return (IRR) is a biased indicator of expected terminal wealth for any dynamic strategy where th…

This thesis consists of three essays on international finance. In the first study, we examine the properties of carry trade and momentum returns in the interwar period currency markets. We find that these active currency trading strategies earn an annualized average excess retur…

This thesis examines the reaction of monetary policy to income inequality and the effect of asset price changes and financial sector development on income inequality. The actions of monetary authorities in the U.S and elsewhere during the financial crisis period have had a major…

The present dissertation includes three essays on initial public offerings (IPO). The first chapter investigates the impact of venture capital (VC) syndicate size and diversity on the IPO and post-IPO performances of investee companies. We provide evidence that firms backed by l…

Portfolio optimization in an uncertain environment has great practical value in investment decision process. But this area is highly fragmented due to fast evolution of market structure and changing investor behavior. In this dissertation, four methods are investigated/designed …