Date of Award
Spring 5-15-2017
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,
Recommended Citation
Haslag, Peter, "Empirical Essays in Finance" (2017). Arts & Sciences Electronic Theses and Dissertations. 1161.
https://openscholarship.wustl.edu/art_sci_etds/1161
Comments
Permanent URL: https://doi.org/10.7936/K7X63KCS