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Date of Award

Spring 5-15-2017

Author's School

Graduate School of Arts and Sciences

Author's Department

Business Administration

Additional Affiliations

Olin Business School

Degree Name

Doctor of Philosophy (PhD)

Degree Type

Dissertation

Abstract

Empirical methods in the finance literature seek to identify the true effects of economic forces. In this dissertation I utilize a variety of econometric techniques to understand the role of liquidity for firms and capital markets. In the first essay, I use an instrumental variables approach to identify how financing flexibility in the equity channel impacts firms' acquisition behavior. In the second essay, I employ a difference-in-differences technique, among others, to address how the fragmentation of U.S. equity markets in the last twenty-five years has impacted the market quality and investor participation of the assets. Finally, in the third essay I use option prices to gauge beliefs and disaster-risk associated with bad news and its differential impact on foreign exchange rates. Overall, these essays highlight the economics around liquidity through a variety of empirical techniques.

Language

English (en)

Chair and Committee

Ohad Kadan

Committee Members

Mark Leary, Anjan Thakor, Bruce Petersen, Matthew Ringgenberg,

Comments

Permanent URL: https://doi.org/10.7936/K7X63KCS

Available for download on Saturday, May 15, 2117

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