Date of Award
Doctor of Philosophy (PhD)
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.
Chair and Committee
Ana Babus, Francisco Buera, Sara Moreira, Yongseok Shin,
Marzani, Matias Nicolas, "Essays on Macroeconomics and Finance" (2022). Arts & Sciences Electronic Theses and Dissertations. 2802.
Available for download on Sunday, December 22, 2024