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Boston College
1.
De Marco, Filippo.
Banks, Sovereign Debt and Capital Requirements.
Degree: PhD, Economics, 2015, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:104230 
► In the aftermath of the Great Recession of 2007-2009, Europe has been grappling with both a debt and a banking crisis, which caused a prolonged…
(more)
▼ In the aftermath of the Great Recession of 2007-2009,
Europe has been grappling with both a debt and a banking crisis,
which caused a prolonged recession and on-going stagnation in some
countries of the Eurozone. The distinctive feature of the European
crisis, compared to the global recession that originated in the
United States, is that it emerged as sovereign debt crisis and
later evolved into a banking crisis, finally affecting the real
economy. The banking and sovereign crises are heavily intertwined
because of the interplay between banks and sovereigns in Europe. In
fact, the so-called bank-sovereign nexus works both ways: not only
banks hold large amounts of sovereign debt, especially from the
domestic government, but also European governments retain a
significant presence in the domestic banks' ownership. The adverse
feedback loop is reinforced during a sovereign debt crisis, as
banks' losses from sovereign debt further exacerbate the strain on
the domestic sovereign in expectation of a future bail-out. The
overall goal of this dissertation is to have a better understanding
of the interplay between sovereign, banks and capital regulation.
In my first and second chapter, I analyze the two-way feedback loop
between banks and sovereigns in Europe. In particular, in the first
chapter, I show that banks' sovereign debt exposures had a negative
effect on credit supply during the crisis. In the second chapter I
explore the role that politics may play in determining banks'
exposure to sovereign debt. Finally, the third chapter investigates
the effect of changing bank capital requirements for the firms that
borrow from the affected banks.
Advisors/Committee Members: Fabio Schiantarelli (Thesis advisor).
Subjects/Keywords: banks; capital requirements; sovereign debt
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APA (6th Edition):
De Marco, F. (2015). Banks, Sovereign Debt and Capital Requirements. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:104230
Chicago Manual of Style (16th Edition):
De Marco, Filippo. “Banks, Sovereign Debt and Capital Requirements.” 2015. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:104230.
MLA Handbook (7th Edition):
De Marco, Filippo. “Banks, Sovereign Debt and Capital Requirements.” 2015. Web. 27 Feb 2021.
Vancouver:
De Marco F. Banks, Sovereign Debt and Capital Requirements. [Internet] [Doctoral dissertation]. Boston College; 2015. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:104230.
Council of Science Editors:
De Marco F. Banks, Sovereign Debt and Capital Requirements. [Doctoral Dissertation]. Boston College; 2015. Available from: http://dlib.bc.edu/islandora/object/bc-ir:104230
Boston College
2.
Petkov, Ivan.
Essays on Local Determinants of Economic Growth.
Degree: PhD, Economics, 2016, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:106789
► The fundamental concept unifying this thesis is that outcomes at small geographical units can shed light on key economic questions of interest for both macroeconomics…
(more)
▼ The fundamental concept unifying this thesis is that
outcomes at small geographical units can shed light on key economic
questions of interest for both macroeconomics and finance. Some of
the questions I explore in my work include whether bank networks
facilitate access to financial capital by small businesses in the
US, whether lending to small businesses is important for short-term
economic growth, and whether different cultural and institutional
endowments improve economic outcomes in the long run.\ Small
Business Lending and the Bank-Branch Network: In this chapter, I
examine the role of banks in propagating local economic shocks from
one area to another through their network of bank branches, by
exploiting a newly developed branch-level dataset. Specifically, I
examine the change in the geographical distribution of small
business loans within each bank network in response to: 1)
increases in deposit growth due to presence in areas with new
fracking wells; 2) changes in the profitability of real estate
loans due to presence in areas experiencing real estate booms. I
evaluate how the supply-driven changes in lending following these
shocks impact real economic activity. I find that banks export the
increase in liquidity from the fracking areas and fund more small
business loans at other, more distant branches. Borrowers from
banks with a higher exposure to fracking experience faster
establishment growth at areas beyond 100 miles from the fracking
activity. The results for the real estate booms show that increases
in the return of real estate loans contributed to a decrease in
small business lending at branches away these booms. Borrowers from
banks with high exposure to residential appreciation experienced
slower establishment growth even within areas at a significant
distance from the real estate booms.\ Does It Matter Where You
Came From? Ancestry Composition and Economic Performance of US
Counties, 1850 - 2010: The United States provides a unique
laboratory for understanding how the cultural, institutional, and
human capital endowments of immigrant groups shape economic
outcomes. In this paper, we use census micro-samples to reconstruct
the country-of-ancestry composition of the population of US
counties from 1850 to 2010. We also develop a county-level measure
of GDP per capita over the same period. Using this novel panel data
set, we show that the evolution of the country-of-origin
composition of a county is significantly associated with changes in
county-level GDP. The cultural, institutional, and human capital
endowments from the country of origin drive this association.
Particularly important are attitudes towards cooperation with
others. Using an instrumental variable strategy, we identify a
significant effect of changes in the ancestry-weighted endowments
on economic development. Finally, our results suggest that while
the fractionalization of ancestry groups is positively related to
county GDP, fractionalization in attributes such as trust is
negatively related to local economic performance. \\…
Advisors/Committee Members: Fabio Schiantarelli (Thesis advisor).
Subjects/Keywords: Economic performance and ancestry; Bank networks; Small business loans
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APA (6th Edition):
Petkov, I. (2016). Essays on Local Determinants of Economic Growth. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:106789
Chicago Manual of Style (16th Edition):
Petkov, Ivan. “Essays on Local Determinants of Economic Growth.” 2016. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:106789.
MLA Handbook (7th Edition):
Petkov, Ivan. “Essays on Local Determinants of Economic Growth.” 2016. Web. 27 Feb 2021.
Vancouver:
Petkov I. Essays on Local Determinants of Economic Growth. [Internet] [Doctoral dissertation]. Boston College; 2016. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:106789.
Council of Science Editors:
Petkov I. Essays on Local Determinants of Economic Growth. [Doctoral Dissertation]. Boston College; 2016. Available from: http://dlib.bc.edu/islandora/object/bc-ir:106789
Boston College
3.
Hovhannisyan, Shoghik.
Emigration by Educational Attainment and Growth:
Cross-Country Evidence and Growth Implications of Immigration:
Evidence from U.S. Industries.
Degree: PhD, Economics, 2014, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:103742
► This thesis includes two essays that analyze growth implications of emigration and immigration. The first chapter studies the impact of emigrants with different education levels…
(more)
▼ This thesis includes two essays that analyze growth
implications of emigration and immigration. The first chapter
studies the impact of emigrants with different education levels on
their home countries' GDP per worker and its factors obtained by a
production function decomposition. It uses migration data from 195
countries of origin to 30 major destination OECD countries in 1990
and 2000 and applies an instrumental variable approach to correct
for endogeneity bias in estimating this impact. Pull factors of
migration such as demand for emigrants' labor in destination
countries and migrants' networks serve as a basis for instrument
construction. Estimation results indicate that growth in emigration
rates increases growth in GDP per worker in low and lower-middle
income countries for all education groups of emigrants, primarily
driven by improvements in total factor productivity (TFP). In
contrast, there is no robust significant impact of emigration on
other components of GDP. The second chapter studies the impact of
immigrant labor on GDP per worker in the U.S. and its components
obtained by a production function decomposition, including total
factor productivity (TFP), the capital-output ratio, average hours
worked, and skill intensity, defined as a productivity-weighted
Constant Elasticity of Substitution (CES) function of high-skill
and low-skill workers. It uses industry-level data over the period
of 1960-2005 and applies two-step Difference Generalized Method of
Moments (GMM) with instruments constructed using past distributions
of immigrants across industries. The estimation results show that
GDP per worker in an industry increases by about 2.24-2.63 percent
in response to a one percent increase in the share of immigrants in
total employment of the industry. These results are primarily
driven by TFP growth with a magnitude of 2.08-2.21 and average
hours worked: 0.23-0.29. However, these results are not robust to
inclusion of the lagged dependent variables.
Advisors/Committee Members: Fabio Schiantarelli (Thesis advisor).
Subjects/Keywords: Education; Emigration; Growth; Immigration; Industry; TFP
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APA (6th Edition):
Hovhannisyan, S. (2014). Emigration by Educational Attainment and Growth:
Cross-Country Evidence and Growth Implications of Immigration:
Evidence from U.S. Industries. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:103742
Chicago Manual of Style (16th Edition):
Hovhannisyan, Shoghik. “Emigration by Educational Attainment and Growth:
Cross-Country Evidence and Growth Implications of Immigration:
Evidence from U.S. Industries.” 2014. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:103742.
MLA Handbook (7th Edition):
Hovhannisyan, Shoghik. “Emigration by Educational Attainment and Growth:
Cross-Country Evidence and Growth Implications of Immigration:
Evidence from U.S. Industries.” 2014. Web. 27 Feb 2021.
Vancouver:
Hovhannisyan S. Emigration by Educational Attainment and Growth:
Cross-Country Evidence and Growth Implications of Immigration:
Evidence from U.S. Industries. [Internet] [Doctoral dissertation]. Boston College; 2014. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:103742.
Council of Science Editors:
Hovhannisyan S. Emigration by Educational Attainment and Growth:
Cross-Country Evidence and Growth Implications of Immigration:
Evidence from U.S. Industries. [Doctoral Dissertation]. Boston College; 2014. Available from: http://dlib.bc.edu/islandora/object/bc-ir:103742
Boston College
4.
Connolly, Michael Fethes.
Essays in Empirical Finance and Macroeconomics.
Degree: PhD, Economics, 2019, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:108476
► In the wake of the financial crisis of 2007-2009, academics and policymakers have worked to empirically quantify macro-financial linkages. This dissertation contributes to this debate…
(more)
▼ In the wake of the financial crisis of 2007-2009,
academics and policymakers have worked to empirically quantify
macro-financial linkages. This dissertation contributes to this
debate by covering two broad themes. First, substantial changes in
bank regulation and supervision typically follow financial crises.
Quantifying the impact of these new policies is of paramount
importance to academics and policymakers. To this end, my research
in this area sheds light on the ways in which changes in financial
stability policy ultimately affect the economy. Bank stress testing
has become a major tool of supervisory policy in the past decade.
The first chapter, The Real Effects of Stress Testing, uses the
introduction of annual stress testing of large U.S. banks in 2009
as a quasi-experiment to examine whether bank supervisory policies
affect real economic activity. While stress-tested banks reduced
their risk exposure to large corporate loans, foreign banks mostly
offset this shock and enabled firms to continue borrowing after the
test. However, speculative grade firms that were highly exposed to
stress-tested banks borrowed on worse terms after the test, and
subsequently reduced fixed investment and employment. In contrast,
highly exposed investment grade firms received new loans and
expanded intangible investment. This paper provides insights into
the effects of stress testing on the reallocation of risks in the
financial system and the consequences for real economic activity.
The structure of the U.S. mortgage market has experienced dramatic
changes in recent years, as Fannie Mae and Freddie Mac (the major
government-sponsored enterprises or GSEs) faced substantial reforms
to their business practices. An important feature of regulatory
reform included changing the pricing of loan guarantees on
mortgage-backed securities insured by the GSEs, in particular
removing the subsidy paid by small lenders to large lenders in
2012. The second chapter of this dissertation, Lender
Cross-Subsidization and Credit Supply in the Fannie Mae MBS Market
(co-authored with Igor Karagodsky), shows that the removal of this
subsidy resulted in a relative increase in mortgage lending by
small lenders. However, states with relatively higher
concentrations of large lenders experienced relative reductions in
credit following the removal of these subsidies. This research
underscores an important link between lender market power and
credit supply. Understanding the drivers of the fluctuations in
bond returns is a central question in finance. Theoretically,
unexpected bond returns should reflect either changes in
expectations of future short-term rates or future compensation for
risk. The third chapter of this dissertation, Survey Forecasts and
Bond Return Decompositions, revisits this question using survey
forecasts of professional economists to measure expectations of
interest rates and returns, rather than with a statistical model.
Two main results emerged from this analysis: (1) News about future
short-term interest rates explains relatively more of…
Advisors/Committee Members: Fabio Schiantarelli (Thesis advisor).
Subjects/Keywords: Asset Pricing; Banking; Monetary Economics; Regulation and Supervision
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APA (6th Edition):
Connolly, M. F. (2019). Essays in Empirical Finance and Macroeconomics. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:108476
Chicago Manual of Style (16th Edition):
Connolly, Michael Fethes. “Essays in Empirical Finance and Macroeconomics.” 2019. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:108476.
MLA Handbook (7th Edition):
Connolly, Michael Fethes. “Essays in Empirical Finance and Macroeconomics.” 2019. Web. 27 Feb 2021.
Vancouver:
Connolly MF. Essays in Empirical Finance and Macroeconomics. [Internet] [Doctoral dissertation]. Boston College; 2019. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:108476.
Council of Science Editors:
Connolly MF. Essays in Empirical Finance and Macroeconomics. [Doctoral Dissertation]. Boston College; 2019. Available from: http://dlib.bc.edu/islandora/object/bc-ir:108476
Boston College
5.
Kale, Deeksha.
Essays on the Impact of Credit Policies in Developing
Countries.
Degree: PhD, Economics, 2018, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:108146
► My doctoral research focuses on analyzing how credit policies and regulations affect the credit access of constrained firms. The first chapter focuses on the effectiveness…
(more)
▼ My doctoral research focuses on analyzing how credit
policies and regulations affect the credit access of constrained
firms. The first chapter focuses on the effectiveness of a
national-level directed credit program in India. I exploit a
policy-induced variation in program eligibility to study the
differential impact of the program across the firm-size
distribution. In the second chapter, I evaluate the impact of an
export program that subsidized short-term export loans for
manufacturing firms in India. I estimate the effect of the credit
subsidy scheme on subsidized firms by mapping the eligible product
lines to firms while controlling for firm- and sector-level
differences across firms and accounting for shocks to export
demand. Chapter 1. Governments around the world implement programs
to improve the credit access of small businesses. Evaluating the
impact of policies undertaken is important to ensure that the
policies achieve the desired outcomes. However, in the absence of
randomized policy assignment and the availability of controls for
the credit demand of firms, establishing a causal link between the
program eligibility and the improvement in credit access is an
econometric challenge. In the first chapter “Could Directed Lending
Programs Hurt Small Businesses? Evidence from India,” I study the
impact of an expansion in a size-based directed or preferential
credit policy that targets small businesses in India. In 2006, the
Indian Government expanded the official definition of small
businesses, thereby including relatively bigger firms in the pool
of firms eligible for its large-scale directed credit program
called the priority sector lending program. The discontinuity in
eligibility to the nation-wide credit program helps identify the
impact of the program across the firm-size distribution. Larger
eligible firms are likely to be favored by banks because making
bigger loans to larger firms helps banks economize on transaction
costs while still meeting their directed lending quotas. Exploiting
the eligibility discontinuity and using a modified
difference-in-differences strategy, I find that the benefits of the
policy intervention flow disproportionately to the larger firms.
Newly-eligible firms experience an increase in the rate of growth
of institutional credit, as well as higher investment and sales
growth. The smaller, previously-eligible firms, on the other hand,
are crowded out in the bank credit market, when compared to a
reference group of ineligible firms. The positive impact on
newly-eligible firms is highly correlated with firm size, even
within the group. The financial constraints literature documents
the role of banking relationships in overcoming credit constraints
for small firms, specifically, the duration of the relationship and
the multiplicity of bankers. Using the information on bankers of
the firms and the duration of each firm-bank pair, I find that the
firms with longer and multiple banking relationships experience
less crowding out. While my analysis confirms the results from the
empirical…
Advisors/Committee Members: Fabio Schiantarelli (Thesis advisor).
Subjects/Keywords: banking; credit constraints; development; export behavior; government policy and regulation; small firms
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APA ·
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MLA ·
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Export
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Manager
APA (6th Edition):
Kale, D. (2018). Essays on the Impact of Credit Policies in Developing
Countries. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:108146
Chicago Manual of Style (16th Edition):
Kale, Deeksha. “Essays on the Impact of Credit Policies in Developing
Countries.” 2018. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:108146.
MLA Handbook (7th Edition):
Kale, Deeksha. “Essays on the Impact of Credit Policies in Developing
Countries.” 2018. Web. 27 Feb 2021.
Vancouver:
Kale D. Essays on the Impact of Credit Policies in Developing
Countries. [Internet] [Doctoral dissertation]. Boston College; 2018. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:108146.
Council of Science Editors:
Kale D. Essays on the Impact of Credit Policies in Developing
Countries. [Doctoral Dissertation]. Boston College; 2018. Available from: http://dlib.bc.edu/islandora/object/bc-ir:108146
Boston College
6.
Pascali, Luigi.
Essays in Growth, Development and International
Trade.
Degree: PhD, Economics, 2010, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:101375
► The thesis is composed of the following three distinct papers. 1.Banks and Development: Jewish Communities in the Italian Renaissance and Current Economic Performance Do banks…
(more)
▼ The thesis is composed of the following three distinct
papers. 1.Banks and Development: Jewish Communities in the Italian
Renaissance and Current Economic Performance Do banks affect
long-term economic performance? I answer this question by relying
on an historical development that occurred in Italian cities during
the 15th century. A sudden change in the Catholic doctrine had
driven the Jews toward money lending. Cities that were hosting
Jewish communities developed complex banking institutions for two
reasons: first, the Jews were the only people in Italy allowed to
lend for a profit; second the Franciscan reaction to Jewish usury
led to the creation of charity lending institutions that evolved
into many of the current Italian banks. Using Jewish demography in
1450 as an instrument, I estimate large effects of current banking
development on the income-per-capita of Italian cities. Additional
firm-level analyses suggest that well-functioning local banks exert
large effects on aggregate productivity by reallocating resources
toward more efficient firms. Controlling for province effects,
using additional historical data on Jewish demography and
exploiting the expulsion of the Jews from the Spanish territories
in Italy in 1541, I argue that my results are not driven by omitted
institutional, cultural and geographical characteristics. In
particular, I show that the difference in current income between
cities that hosted Jewish communities and cities that did not
exists only in those regions that were not Spanish territories in
the 16th century. These difference-in-difference estimates suggest
that the Jewish Diaspora can explain at least 10% of the current
income gap between Northern and Southern Italy. 2. Contract
Incompleteness, Globalization and Vertical Structure: an Empirical
Analysis This paper studies the effects of international openness
and contracting institutions on vertical integration. It first
derives a number of predictions regarding the interactions between
trade barriers, contracting costs, technology intensity, and the
extent of vertical integration from a simple model with incomplete
contracts. Then it investigates these predictions using a new
dataset of over 14000 firms from 45 developing countries.
Consistent with theory, the effect of technology intensity of
domestic producers on their likelihood to vertically integrate is
decreasing in the quality of domestic contracting institutions and
in international openness. Contract enforcing costs are
particularly high in developing countries and their effects on the
vertical structure of technological intensive firms may have
significant welfare costs. If improving domestic contracting
institutions is not feasible an equivalent solution is to increase
openness to international trade. This would discipline domestic
suppliers reducing the need for vertical integration. 3.
Productivity, Welfare and Reallocation: Theory and Firm-Level
Evidence (joint with Susanto Basu,
Fabio Schiantarelli and Luis
Serven) We prove that in a closed economy without…
Advisors/Committee Members: Fabio Schiantarelli (Thesis advisor), James Anderson (Thesis advisor).
Subjects/Keywords: Banks; Economic Development; Productivity; Technology; Vertical Integration
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Manager
APA (6th Edition):
Pascali, L. (2010). Essays in Growth, Development and International
Trade. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:101375
Chicago Manual of Style (16th Edition):
Pascali, Luigi. “Essays in Growth, Development and International
Trade.” 2010. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:101375.
MLA Handbook (7th Edition):
Pascali, Luigi. “Essays in Growth, Development and International
Trade.” 2010. Web. 27 Feb 2021.
Vancouver:
Pascali L. Essays in Growth, Development and International
Trade. [Internet] [Doctoral dissertation]. Boston College; 2010. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:101375.
Council of Science Editors:
Pascali L. Essays in Growth, Development and International
Trade. [Doctoral Dissertation]. Boston College; 2010. Available from: http://dlib.bc.edu/islandora/object/bc-ir:101375
Boston College
7.
Toscano, Francesca.
Essays in Empirical Corporate Finance.
Degree: PhD, Economics, 2017, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:107368
► After the 2007 financial crisis, a big attention has been dedicated to credit ratings. Whether ratings are capable to provide the most precise and timely…
(more)
▼ After the 2007 financial crisis, a big attention has
been dedicated to credit ratings. Whether ratings are capable to
provide the most precise and timely information is a question that
has been tackled from different angles. The possibility to
discipline credit ratings via a regulatory mechanism, the influence
that ratings may play on corporate governance decisions and the
information they deliver in comparison to other financial
intermediaries are the main points that this dissertation aims to
address. The first paper compares the behavior of standard or
issuer-paid rating agencies, represented by Standard & Poors
(S&P) to alternative or investor-paid rating agencies,
represented by the Egan-Jones Ratings Company (EJR) after the Dodd-
Frank Act regulation is approved. Results show that both S&P
and EJR ratings are more conservative, stable and, on average,
lower after the Dodd-Frank implementation. However, EJR ratings are
higher for firms that may generate high revenue for the rater.
Additionally, I find that, after the regulation, S&P cares more
about its reputation. Exploiting a measure that captures the bond
marketís ability to anticipate rating downgrades, I show that,
after Dodd-Frank, bond market anticipation decreases for S&P
but increases for EJR, suggesting that S&P ratings are
timelier. Finally, I study how the bond market responds to rating
changes and how firms perceive ratings in their decision to issue
debt in the post-Dodd-Frank period. Results suggest that both
S&P downgrades and upgrades generate a greater bond market re-
sponse. On the contrary, only EJR upgrades have a magnified effect
on bond market returns. The greater informativeness of S&P
ratings after Dodd-Frank is confirmed by the meaningful impact of
these ratings on firm debt issuance. The second paper (coauthored
with Annamaria C. Menichini) studies the relationship between
credit rating changes and CEO turnover beyond firm performance.
Using an adverse selection model that explicitly incorporates
rating change related turnover, our model predicts that a downgrade
triggers turnover, more so the lower the managerial entrenchment,
but that this relation is weaker when the report provided by the
rating agency is more reliable. Our empirical results support these
predictions. We show that downgrades explain forced turnover risk,
with the new CEO chosen outside the firm that has received the
negative credit rating change. In addition, we find that the
relation between rating changes and management turnover is stronger
when the degree of managerial entrenchment is low, for firms
characterized by a high level of investment and for firms less
exposed to rating fees. Finally, we show that this relation has
weakened in the post-2007 crisis period, in coincidence with the
increased reputational concerns of the rating agencies. The results
are robust to endogeneity concerns. The third paper (coauthored
with Thomas J. Chemmanur and Igor Karagodsky) focuses on equity
analysts, issuer-paid and investor-paid ratings. Equity analysts'
forecasts and…
Advisors/Committee Members: Fabio Schiantarelli (Thesis advisor), Thomas J. Chemmanur (Thesis advisor).
Subjects/Keywords: CEO Turnover; Credit Ratings; Informativeness; Reputation
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Manager
APA (6th Edition):
Toscano, F. (2017). Essays in Empirical Corporate Finance. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:107368
Chicago Manual of Style (16th Edition):
Toscano, Francesca. “Essays in Empirical Corporate Finance.” 2017. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:107368.
MLA Handbook (7th Edition):
Toscano, Francesca. “Essays in Empirical Corporate Finance.” 2017. Web. 27 Feb 2021.
Vancouver:
Toscano F. Essays in Empirical Corporate Finance. [Internet] [Doctoral dissertation]. Boston College; 2017. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:107368.
Council of Science Editors:
Toscano F. Essays in Empirical Corporate Finance. [Doctoral Dissertation]. Boston College; 2017. Available from: http://dlib.bc.edu/islandora/object/bc-ir:107368
Boston College
8.
Hu, Yushan.
Essays in Macroeconomics and Finance.
Degree: PhD, Economics, 2020, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:108735
► This dissertation consists of three essays in macroeconomics and finance. The first and second chapters analyze the impact of the financial shocks and anti-corruption campaign…
(more)
▼ This dissertation consists of three essays in
macroeconomics and finance. The first and second chapters analyze
the impact of the financial shocks and anti-corruption campaign on
Chinese firms through the bank lending channel. The third chapter
provides a new method to predict the cash flow from operations
(CFO) via semi-parametric estimation and machine learning. The
first chapter explores the impact of the financial crisis and
sovereign debt crisis on Chinese firms through the bank lending
channel and firm borrowing channel. Using new data linking Chinese
firms to their bank(s) and four different measurements of exposure
to the international markets (international borrowing, importance
of lending to foreign listed companies, share of trade settlement,
and exchange/income), I find that banks with higher exposure to the
international markets cut lending more during the recent financial
crisis. In addition, state-owned bank loans are more pro-cyclical
compared with private bank loans. Moreover, banks with higher
exposure to the international markets cut lending more when there
is a negative shock in OECD GDP growth. With regard to firm
borrowing channel, I find that firms with higher weighted aggregate
exposure to the international markets through banks have lower net
debt, cash, employment, and capital investment during the financial
crisis. Firms with higher weighted aggregate exposure to the global
markets have higher net debt and lower cash, employment, and
capital investment when there is a negative shock in OECD GDP
growth. This paper also provides a theoretical model to explain the
mechanism in a partially opened economy like China. The second
chapter discusses the impact of the anti-corruption campaign on
Chinese firms through the bank lending channel. Using confidential
data linking Chinese firms to their bank(s) and prefecture-level
corruption index, I find that banks located in more corrupted
prefectures offer significantly less credits before the
anti-corruption investigation, and this effect changes the
direction after the investigation. Moreover, banks located in more
corrupted prefectures tend to use higher interest rates, longer
maturity, and more collateral before the campaign, all of these
effects change the direction after the campaign. This paper
suggests that the banks located in more corrupted prefectures have
stronger monopoly power (or higher markup, and lower efficiency).
This monopoly effect could be proved by that the bank concentration
ratio is higher, and the bad loans of the banks are higher in the
more corrupted areas, and all of these effects disappear after the
campaign. The third chapter considers the methods of prediction of
Cash flow from operations (CFO). Forecasting CFO is an essential
topic in financial econometrics and empirical accounting. It
impacts a variety of economic decisions, including valuation
methodologies employing discounted cash flows, distress prediction,
risk assessment, the accuracy of credit-rating predictions, and the
provision of value-relevant information to…
Advisors/Committee Members: Fabio Schiantarelli (Thesis advisor), Zhijie Xiao (Thesis advisor).
Subjects/Keywords: Bank lending; Corruption; Financial crisis; Firm borrowing; Machine learning; Semiparametric estimation
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APA (6th Edition):
Hu, Y. (2020). Essays in Macroeconomics and Finance. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:108735
Chicago Manual of Style (16th Edition):
Hu, Yushan. “Essays in Macroeconomics and Finance.” 2020. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:108735.
MLA Handbook (7th Edition):
Hu, Yushan. “Essays in Macroeconomics and Finance.” 2020. Web. 27 Feb 2021.
Vancouver:
Hu Y. Essays in Macroeconomics and Finance. [Internet] [Doctoral dissertation]. Boston College; 2020. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:108735.
Council of Science Editors:
Hu Y. Essays in Macroeconomics and Finance. [Doctoral Dissertation]. Boston College; 2020. Available from: http://dlib.bc.edu/islandora/object/bc-ir:108735
Boston College
9.
Subramaniam, Giridaran.
Essays in Macroeconomics and Development.
Degree: PhD, Economics, 2020, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:108829
► This dissertation consists of three chapters. The first chapter, "The Supply-Side Effects of India's Demonetization", investigates the supply-side effects of a unique monetary shock –…
(more)
▼ This dissertation consists of three chapters. The
first chapter, "The Supply-Side Effects of India's Demonetization",
investigates the supply-side effects of a unique monetary shock –
the 2016 Indian demonetization – that made 86% of currency in
circulation illegal overnight. Exploiting cross-sectional variation
in firm and industry characteristics that correlate with cash usage
and exposure to the informal sector, I find that firms that use
cash more and obtain larger shares of labor or material inputs from
the informal sector, experienced declines in their labor and
material shares after demonetization. I also show that casual
laborers were more likely to report being unemployed in the months
following demonetization. These findings document a supply channel
for demonetization and also show that cash plays an essential role
in India's informal sector. Crucially, given that India's formal
sector is highly dependent on the informal sector for labor and
materials, any shock to the supply of cash is likely to have
affected the economy as a whole. In the second chapter, "Directed
Lending and Misallocation: Evidence from India", joint with Deeksha
Kale, we leverage a natural experiment to study whether targeted
credit policy can help reduce misallocation. In 2006, the
Government of India modified the definition of small firms thereby
expanding eligibility to a directed credit program. We show that
the credit policy changed eligible firms' input wedges and thereby
reduced misallocation. For firms with initially higher MRPK, the
policy resulted in relatively larger increases in physical capital
and decreased the MRPK. This policy moderately reduced
within-industry dispersion of MRPK and increased aggregate
productivity. Finally, in the third chapter, "Victims of
Consequence: Evidence on Child Outcomes using Microdata from a
Civil War", joint with Sajala Pandey, we study the short-run
impacts of violent events on child time allocation, curative
health-care, and education. Exploiting spatial and temporal
variation in exposure to local-level armed conflict, we find that
an increase in violent events: (i) leads to an increase in
contemporaneous hours worked by children, with the effect being
substantial for agricultural work; (ii) decreases the likelihood of
parents taking their children to visit a health-care facility to
seek curative care; and (iii) results in a reduced likelihood of
attending school, along with a decline in years of education.
Overall, the results indicate that the war affected schooling and
time allocation of boys whereas girls were less likely to get
curative health-care.
Advisors/Committee Members: Ryan Chahrour (Thesis advisor), Fabio Schiantarelli (Thesis advisor).
Subjects/Keywords: Demonetization; Development; Firms; Macroeconomics; Misallocation
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APA ·
Chicago ·
MLA ·
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CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Subramaniam, G. (2020). Essays in Macroeconomics and Development. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:108829
Chicago Manual of Style (16th Edition):
Subramaniam, Giridaran. “Essays in Macroeconomics and Development.” 2020. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:108829.
MLA Handbook (7th Edition):
Subramaniam, Giridaran. “Essays in Macroeconomics and Development.” 2020. Web. 27 Feb 2021.
Vancouver:
Subramaniam G. Essays in Macroeconomics and Development. [Internet] [Doctoral dissertation]. Boston College; 2020. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:108829.
Council of Science Editors:
Subramaniam G. Essays in Macroeconomics and Development. [Doctoral Dissertation]. Boston College; 2020. Available from: http://dlib.bc.edu/islandora/object/bc-ir:108829
Boston College
10.
Caglayan, Mustafa.
Essays in macroeconomics.
Degree: PhD, Economics, 1997, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:101436
► It is often argued that monetary instability reduces the informational content of market signals and thereby hinders the efficient allocation of investment. Essay I uses…
(more)
▼ It is often argued that monetary instability reduces
the informational content of market signals and thereby hinders the
efficient allocation of investment. Essay I uses a signal
extraction framework to give empirical content to this idea. In
particular, we show why this framework predicts that, as monetary
uncertainty decreases, the cross-sectional distribution of
investment widens. We then explore this hypothesis using panel data
information for UK companies over twenty years and receive support
from the data. Essay II investigates whether the Istanbul Bourse is
efficient or not. To carry out the investigation, the paper applies
Johansen's cointegration technique to twelve asset prices from the
Istanbul Bourse along with the exchange rate between the U.S.
Dollar and the Turkish Lira. The results of these tests suggest
that investors in the Istanbul Bourse do not seem to consistently
reap abnormal profits by being able to predict future prices.
Although asset prices seem to move together in the long run, the
use of ECM fails to improve forecasts over univariate martingale
predictions. Although the existence of international trade in
similar products has captured the attention of trade theorists over
the last two decades, it has not been incorporated into models of
investment. Essay III develops a Tobin's Q model of capital
investment with a purpose to explain the investment decision rule
of a firm operating in both domestic and foreign output markets in
competition with a foreign rival. Empirical results provide support
for the model's predictions.
Advisors/Committee Members: Fabio Schiantarelli (Thesis advisor).
Subjects/Keywords: economics
Record Details
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APA ·
Chicago ·
MLA ·
Vancouver ·
CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Caglayan, M. (1997). Essays in macroeconomics. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:101436
Chicago Manual of Style (16th Edition):
Caglayan, Mustafa. “Essays in macroeconomics.” 1997. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:101436.
MLA Handbook (7th Edition):
Caglayan, Mustafa. “Essays in macroeconomics.” 1997. Web. 27 Feb 2021.
Vancouver:
Caglayan M. Essays in macroeconomics. [Internet] [Doctoral dissertation]. Boston College; 1997. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:101436.
Council of Science Editors:
Caglayan M. Essays in macroeconomics. [Doctoral Dissertation]. Boston College; 1997. Available from: http://dlib.bc.edu/islandora/object/bc-ir:101436
Boston College
11.
Filiztekin, Alpay Orhan.
Essays on Macroeconomic Fluctuations and International
Capital Mobility.
Degree: PhD, Economics, 1994, Boston College
URL: http://dlib.bc.edu/islandora/object/bc-ir:101285
This dissertation consists of four essays. The first
two essays investigate macroeconomic fluctuations and their
sources. The third and fourth essays examine international capital
mobility.
Advisors/Committee Members: Robert G. Murphy (Thesis advisor), Fabio Schiantarelli (Thesis advisor), James Anderson (Thesis advisor).Subjects/Keywords: macroeconomic fluctuations; international capital mobility
Record Details
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❌
APA ·
Chicago ·
MLA ·
Vancouver ·
CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Filiztekin, A. O. (1994). Essays on Macroeconomic Fluctuations and International
Capital Mobility. (Doctoral Dissertation). Boston College. Retrieved from http://dlib.bc.edu/islandora/object/bc-ir:101285
Chicago Manual of Style (16th Edition):
Filiztekin, Alpay Orhan. “Essays on Macroeconomic Fluctuations and International
Capital Mobility.” 1994. Doctoral Dissertation, Boston College. Accessed February 27, 2021.
http://dlib.bc.edu/islandora/object/bc-ir:101285.
MLA Handbook (7th Edition):
Filiztekin, Alpay Orhan. “Essays on Macroeconomic Fluctuations and International
Capital Mobility.” 1994. Web. 27 Feb 2021.
Vancouver:
Filiztekin AO. Essays on Macroeconomic Fluctuations and International
Capital Mobility. [Internet] [Doctoral dissertation]. Boston College; 1994. [cited 2021 Feb 27].
Available from: http://dlib.bc.edu/islandora/object/bc-ir:101285.
Council of Science Editors:
Filiztekin AO. Essays on Macroeconomic Fluctuations and International
Capital Mobility. [Doctoral Dissertation]. Boston College; 1994. Available from: http://dlib.bc.edu/islandora/object/bc-ir:101285
. 
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