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You searched for +publisher:"Georgia Tech" +contributor:("Dass, Nishant"). Showing records 1 – 2 of 2 total matches.

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1. Xiao, Chong. Essays on finance and innovation.

Degree: PhD, Business, 2014, Georgia Tech

This thesis investigates the impact of finance on technological innovation. In the first essay we study the causal relation between informativeness of stock prices and innovative efficiency. Using mutual fund flow-driven price pressure as an exogenous shock, we show that impairment of stock price efficiency diminishes innovative efficiency. In the year following the price-pressure shock, patents per R&D dollar drop by 4.7%, while citations are 26.2% lower. Consistent with market feedback, stock mispricing has a greater effect on innovative efficiency when there is less information available from other sources, such as insider information or peers' stock prices. We do not find evidence supporting alternative explanations such as the endogeneity of mutual fund trading, financing effect, managerial incentive, or shareholder short-termism. Overall, our findings show that stock markets improve real efficiency by providing useful market feedback. The second essay examines the implication of intellectual property protection (IP) to equity financing. Firms can protect IP by either keeping their inventions secret or seeking patent protection and disclosing the inventions. We expect the relative protection conferred by the methods to affect the choice between secrecy and patenting. Further, we expect the manner of IP protection to affect the information released by firms and, hence, their stock liquidity and cost of equity capital. For our empirical analysis, we rely on the exogenous passage of state-level statutes that strengthened trade secret protection. We show that stronger trade-secret protection increased opaqueness and reduced stock liquidity. Firms that raised equity capital after the enactment of trade secret statutes experienced more negative stock market reactions. By contrast, the implementation of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), that strengthened patent protection, improved the transparency and stock liquidity of patenting firms. After TRIPS the stock market reaction to equity offering by these firms was also less negative. Our findings suggest that stronger patent protection encourages more information disclosure and reduces financing frictions, while stronger secrecy protection induces opaqueness and makes equity financing more difficult. In the third essay, we show that corporate investment in R&D declines sharply following a financial-covenant violation, wherein creditors can use the threat of accelerating the loan to press for changes in firm policies. The reduction in R&D is more severe in firms with low R&D efficiency i.e., when firm R&D is less productive in terms of ROA and delivers fewer patents and citations. It is striking that, despite decrease in R&D, covenant-violating firms do not suffer a drop in innovative output (patents and citations-to-patents). These results highlight that lenders are judicious in exercising their control rights after covenant violations and suggest that bank financing can be a viable source of financing for innovative… Advisors/Committee Members: Chava, Sudheer (advisor), Nanda, Vikram (advisor), Eun, Cheol S. (committee member), Jayaraman, Narayanan (committee member), Dass, Nishant (committee member).

Subjects/Keywords: Real effects; R&D; Intellectual property; Covenant violations

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APA (6th Edition):

Xiao, C. (2014). Essays on finance and innovation. (Doctoral Dissertation). Georgia Tech. Retrieved from http://hdl.handle.net/1853/53051

Chicago Manual of Style (16th Edition):

Xiao, Chong. “Essays on finance and innovation.” 2014. Doctoral Dissertation, Georgia Tech. Accessed January 20, 2020. http://hdl.handle.net/1853/53051.

MLA Handbook (7th Edition):

Xiao, Chong. “Essays on finance and innovation.” 2014. Web. 20 Jan 2020.

Vancouver:

Xiao C. Essays on finance and innovation. [Internet] [Doctoral dissertation]. Georgia Tech; 2014. [cited 2020 Jan 20]. Available from: http://hdl.handle.net/1853/53051.

Council of Science Editors:

Xiao C. Essays on finance and innovation. [Doctoral Dissertation]. Georgia Tech; 2014. Available from: http://hdl.handle.net/1853/53051

2. Ganduri, Rohan Rao Srinivas. Essays in financial intermediation.

Degree: PhD, Business, 2016, Georgia Tech

This thesis uncovers the behavior of market participants in reponse to regulatory changes in the financial intermediation sector. The first essay, "Repo Regret?", I find that Independent Mortgage Companies (IMCs), which accounted for a third of all mortgage originations in the U.S., experienced an exogenous increase in their funding after the passage of the 2005 bankruptcy reform act. The act increased creditor protection by including mortgage related collateral to bankruptcy safe harbored repos, thereby expanding IMCs’ funding opportunities. Using multiple identification strategies based on funding constraints, discontinuity in securitization propensity, and geographic discontinuity in anti-predatory lending laws, I find that IMCs responded to this funding shock by increasing the issuance of risky home loans which culminated in higher ex-post defaults. Areas exposed to significant IMC lending also experienced a greater house price growth. My results highlight the unintended role of regulation in aiding the U.S. housing market boom and bust by safe harboring mortgage related repo collateral. In the second essay, "Are credit ratings still relevant?", we show that firms' stock prices react significantly less to credit rating downgrade announcements when they have Credit Default Swap (CDS) contracts trading on their debts. We find that CDS spreads predict firms' future rating downgrades and defaults, and document a significant information flow from the CDS to equity and bond markets before firms are downgraded. Further, the CDS term structure can be used to construct a more reliable measure of default risk premium for firms undergoing rating revisions. While the CDS market is not a perfect substitute for credit ratings, our results suggest that credit rating revisions have become less informative to equity investors in the presence of the CDS market. In the third essay, "Credit Default Swaps and Moral Hazard in Bank Lending", we analyze whether introducing Credit Default Swaps (CDSs) on a borrower's debt leads to lender moral hazard around covenant violations, wherein lending banks can terminate or accelerate the loan. Using a regression discontinuity design, we show that CDS firms, including those with agency problems, do not decrease their investment after covenant violations, pay a higher loan spread, and perform poorly, but do not go bankrupt at a higher rate when compared with non-CDS firms that violate covenants. These results are magnified when lenders have weaker incentives to monitor and suggest that introducing CDSs misaligns incentives between lenders and borrowers. In the fourth essay, "Do Bond Investors Price Tail Risk Exposures of Financial Institutions?", we analyze whether bond investors price tail risk exposures of financial institutions using a comprehensive sample of bond issuances by U.S. financial institutions. Although primary bond yield spreads increase with an institutions' own tail risk (expected shortfall), systematic tail risk (marginal expected shortfall) of the institution doesn't… Advisors/Committee Members: Chava, Sudheer (advisor), Ornthanalai, Chayawat (committee member), Danis, Andras (committee member), Oettl, Alexander (committee member), Eun, Cheol (committee member), Dass, Nishant (committee member).

Subjects/Keywords: Banking; Financial intermediation; Regulation; Mortgages; Housing; Financial crisis; Tail risk; Repurchase agreements; Credit default swaps; Credit rating agencies

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Ganduri, R. R. S. (2016). Essays in financial intermediation. (Doctoral Dissertation). Georgia Tech. Retrieved from http://hdl.handle.net/1853/55588

Chicago Manual of Style (16th Edition):

Ganduri, Rohan Rao Srinivas. “Essays in financial intermediation.” 2016. Doctoral Dissertation, Georgia Tech. Accessed January 20, 2020. http://hdl.handle.net/1853/55588.

MLA Handbook (7th Edition):

Ganduri, Rohan Rao Srinivas. “Essays in financial intermediation.” 2016. Web. 20 Jan 2020.

Vancouver:

Ganduri RRS. Essays in financial intermediation. [Internet] [Doctoral dissertation]. Georgia Tech; 2016. [cited 2020 Jan 20]. Available from: http://hdl.handle.net/1853/55588.

Council of Science Editors:

Ganduri RRS. Essays in financial intermediation. [Doctoral Dissertation]. Georgia Tech; 2016. Available from: http://hdl.handle.net/1853/55588

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