ORCID
http://orcid.org/0000-0002-5786-2600
Date of Award
Winter 12-15-2022
Degree Name
Doctor of Philosophy (PhD)
Degree Type
Dissertation
Abstract
This dissertation investigates the relationship between risk and finance at the level of firms. In the first chapter, a model is developed in which optimal debt maturity is determined by a balance between the higher rollover risk of short-term debt and the higher risk-taking incentives of long-term debt. Evidence is provided using firm-level data on sales growth volatility and resource allocation to business lines. The second chapter explores the role of financial innovation in securities issuance, finding that the introduction of new financial products improves a firm's ability to raise funds. A model of the allocation of financial products among firms in specific sectors is developed, showing that the differential adoption of new and specialized financial products explains much of the observed variation in proceeds growth across sectors.
Language
English (en)
Chair and Committee
Rodolfo Manuelli
Committee Members
Ana Babus, Francisco Buera, Sara Moreira, Yongseok Shin,
Recommended Citation
Marzani, Matias Nicolas, "Essays on Macroeconomics and Finance" (2022). Arts & Sciences Electronic Theses and Dissertations. 2802.
https://openscholarship.wustl.edu/art_sci_etds/2802