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.
Committee Chair
Ohad Kadan
Committee Members
Mark Leary, Anjan Thakor, Bruce Petersen, Matthew Ringgenberg,
Degree
Doctor of Philosophy (PhD)
Author's Department
Business Administration
Document Type
Dissertation
Date of Award
Spring 5-15-2017
Language
English (en)
DOI
https://doi.org/10.7936/K7X63KCS
Recommended Citation
Haslag, Peter, "Empirical Essays in Finance" (2017). Arts & Sciences Theses and Dissertations. 1161.
The definitive version is available at https://doi.org/10.7936/K7X63KCS
Comments
Permanent URL: https://doi.org/10.7936/K7X63KCS