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Internal Capital Market and Capital Misallocation: Evidence from Corporate Spinoffs

Description: This study investigates the importance of reduced capital misallocation in explaining the gains in corporate spinoffs. The capital misallocation hypothesis asserts that the internal capital market of a diversified firm fails to meet the needs of the relatively low growth divisions for less investment and the needs of the relatively high growth divisions for more investment. Higher differences in growth opportunities imply that more capital is misallocated. This study finds that the higher the … more
Date: August 2001
Creator: Warganegara, Dezie L
Item Type: Refine your search to only Thesis or Dissertation
Partner: UNT Libraries
open access

An Empirical Investigation of Portfolios with Little Idiosyncratic Risk

Description: The objective of this study is to answer the following research question: How large is a diversified portfolio? Although previous work is abundant, very little progress has been made in answering this question since the seminal work of Evans and Archer (1968). This study proposes two approaches to address the research question. The first approach is to measure the rate of risk reduction as diversification increases. For the first approach, I identify two kinds of risks: (1) risk that portfolio … more
Date: May 2004
Creator: Benjelloun, Hicham
Item Type: Refine your search to only Thesis or Dissertation
Partner: UNT Libraries

Bank Loans as a Financial Discipline: A Direct Agency Cost of Equity Perspective

Description: In a 2004 study, Harvey, Lin and Roper argue that debt makers with a commitment to monitoring can create value for outside shareholders whenever information asymmetry and agency costs are pronounced. I investigate Harvey, Lin and Roper's claim for bank loans by empirically testing the effect of information asymmetry and direct agency costs on the abnormal returns of the borrowers' stock around the announcement of bank loans. I divide my study into two main sections. The first section tests whet… more
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Date: December 2006
Creator: Hijazi, Bassem
Item Type: Refine your search to only Thesis or Dissertation
Partner: UNT Libraries

Reconciling capital structure theories in predicting the firm's decisions.

Description: Past literature attempts to resolve the issue of the motivation behind managers' choice of a given capital structure. Despite several decades of intensive research, there is still no consensus about which theory dominates capital structure decisions. The present study empirically investigates the relative importance of two prominent theories of capital structure- the trade-off and the pecking order theories by exploring the conditions under which each theory can explain the financing choices o… more
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Date: December 2006
Creator: Palkar, Darshana
Item Type: Refine your search to only Thesis or Dissertation
Partner: UNT Libraries
open access

Institutional ownership and dividend policy: A framework based on tax clientele, information signaling and agency costs.

Description: This study is an empirical examination of a new theory that links dividends to institutional ownership in a framework of both information signaling and agency costs. Under this theory put forth by Allen, Bernardo and Welch in 2000, dividends are paid out to attract tax-favored institutional investors, thereby signaling good firm quality and/or more efficient monitoring. This is based on the premise that institutions are considered sophisticated investors with superior ability and stronger incen… more
Date: August 2008
Creator: Zaghloul Bichara, Lina
Item Type: Refine your search to only Thesis or Dissertation
Partner: UNT Libraries

Empirical Tests of the Signaling and Monitoring Hypotheses for Initial Public Offerings

Description: The research questions investigated are: 1. Are the expected post-issue fractional holdings of the directors and officers, venture capitalists and institutions signals of firm value? 2. Are the expected post-issue fractional holdings of the directors and officers, venture capitalists and institutions signals of underpricing? and 3. Are the directors and officers, venture capitalists and institutions monitors of IPO investments? The signaling theory developed by Grinblatt and Hwang (1989) (GH) a… more
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Date: May 2006
Creator: Gordon, Sean Anthony Garnet
Item Type: Refine your search to only Thesis or Dissertation
Partner: UNT Libraries
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