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You searched for subject:(Leveraged Loans). Showing records 1 – 3 of 3 total matches.

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The Ohio State University

1. Lim, Jongha. Three essays on the effect of alternative investors on corporate finance.

Degree: PhD, Business Administration, 2011, The Ohio State University

In the past decade, alternative investors such as hedge funds, private equity firms, and other assets management firms have emerged as new leading figures in providing active ownership. These new breed of investors have a great degree of flexibility to execute multiple innovative investment strategies and trading techniques from which other traditional investors are prohibited. Such flexibility, together with strong monetary incentives, makes them well suited to playing an active role in the corporation. Accordingly, we have observed alternative investors have made significant inroads and played a central role in various aspects of corporate finance, including corporate restructuring, capital raising, and corporate governance.The emergence of new investors in the corporate scene can bring positive efficiency results in a sense that their organizational nature are fundamentally different from that of other traditional investors and therefore have a potential to provide a new way of resolving various kinds of friction in corporations. On the negative side, however, their power play might be disruptive and produce significant profits for themselves at the expense of the other stakeholders.The first evidence in this study indicates that the presence of activist hedge funds in the restructuring of distressed firms creates efficiency rents by reducing obstacles to efficient bargaining in the resolution financial distress. Distressed firms with activist hedge funds¿ involvement spend less time in distress and are more likely to survive as aniiiindependent reorganized company versus being sold to a strategic buyer or liquidated. The ability to restructure more efficiently seems to arise from the ability of hedge funds to provide more flexible options of restructuring and much-needed capital.The second piece of evidence, however, suggests possibilities of negative impact on borrowing firms in the context of loan contract with alternative investors who acquire significant equity stake before loan originations. Empirical evidence is consistent with the view that institutional dual holders extract rents from the „informationally captured¿ borrowers in the form of higher pricing.Overall, evidence in this study indicates the large and growing role of alternative investors in many corporate affairs, and therefore calls for further future research on this topic. Advisors/Committee Members: Weisbach, Michael (Committee Chair).

Subjects/Keywords: Finance; Alternative Investment; Corporate Finance; Hedge Funds; Distressed Firms; Leveraged Loans; Dual Holdings

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APA (6th Edition):

Lim, J. (2011). Three essays on the effect of alternative investors on corporate finance. (Doctoral Dissertation). The Ohio State University. Retrieved from http://rave.ohiolink.edu/etdc/view?acc_num=osu1311002674

Chicago Manual of Style (16th Edition):

Lim, Jongha. “Three essays on the effect of alternative investors on corporate finance.” 2011. Doctoral Dissertation, The Ohio State University. Accessed September 19, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=osu1311002674.

MLA Handbook (7th Edition):

Lim, Jongha. “Three essays on the effect of alternative investors on corporate finance.” 2011. Web. 19 Sep 2019.

Vancouver:

Lim J. Three essays on the effect of alternative investors on corporate finance. [Internet] [Doctoral dissertation]. The Ohio State University; 2011. [cited 2019 Sep 19]. Available from: http://rave.ohiolink.edu/etdc/view?acc_num=osu1311002674.

Council of Science Editors:

Lim J. Three essays on the effect of alternative investors on corporate finance. [Doctoral Dissertation]. The Ohio State University; 2011. Available from: http://rave.ohiolink.edu/etdc/view?acc_num=osu1311002674


University of Arkansas

2. Ford, Kenneth D. Essays in Leveraged Capital Markets.

Degree: PhD, 2018, University of Arkansas

The debt capital markets for leveraged borrowers are ripe with information asymmetry, lender specialization, and borrower segmentation. In this dissertation, I explore how these factors manifest themselves and the economic consequences thereof. Essay 1 shows that adverse selection and moral hazard concerns are inherent in underwriting syndicates that differ in size and number of lead underwriters. Using a nested double selection probit model of syndicate choice, I examine the matching of issuers and underwriters and find that matches of issuer quality and underwriter reputation are positive assortative. Further, switching regressions show that yield spreads reflect uncertainty about the intrinsic values of debt issued. Yield spreads are 150 basis points higher when poor issuer and issue quality require multiple lead underwriters, but weak lead underwriter reputation constrains the size of the syndicate needed for information production and distribution. Essay 2 shows that borrowers care who are their lenders. The matches between borrowers and lenders are endogenously determined and negative assortative. Creditworthy but opaque firms will choose to borrow from specialized lenders (QIBs), who are more adept at assessing issuer quality, maintaining confidentiality of private disclosures, and monitoring. In Essay 3, I investigate the default and bankruptcy hazards of covenant-lite and fully covenanted leveraged loans over the period 1999 to Q3:2016. I show how lender specialization and borrower segmentation in the leveraged loan market is impounded in the pricing of loans characterized by low probability but high loss events. Non-bank lenders rely on screening of speculative grade rated borrowers and secondary market trading of loans to control potential agency conflicts with borrowers. Traditional monitoring is more important for bank lenders. The default rates of covenant-lite loans are lower than on fully covenanted loans, but recovery rates implied by higher yield spreads are substantially lower. In loan pricing, lenders give considerably more weight to losses when default occurs. Advisors/Committee Members: Wayne Lee, Craig Rennie, Timothy Yeager.

Subjects/Keywords: High Yield Bonds; Leveraged Loans; Peso Pricing; Corporate Finance; Finance; Finance and Financial Management

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APA (6th Edition):

Ford, K. D. (2018). Essays in Leveraged Capital Markets. (Doctoral Dissertation). University of Arkansas. Retrieved from https://scholarworks.uark.edu/etd/2896

Chicago Manual of Style (16th Edition):

Ford, Kenneth D. “Essays in Leveraged Capital Markets.” 2018. Doctoral Dissertation, University of Arkansas. Accessed September 19, 2019. https://scholarworks.uark.edu/etd/2896.

MLA Handbook (7th Edition):

Ford, Kenneth D. “Essays in Leveraged Capital Markets.” 2018. Web. 19 Sep 2019.

Vancouver:

Ford KD. Essays in Leveraged Capital Markets. [Internet] [Doctoral dissertation]. University of Arkansas; 2018. [cited 2019 Sep 19]. Available from: https://scholarworks.uark.edu/etd/2896.

Council of Science Editors:

Ford KD. Essays in Leveraged Capital Markets. [Doctoral Dissertation]. University of Arkansas; 2018. Available from: https://scholarworks.uark.edu/etd/2896


Queens University

3. Liu, Chen. THREE ESSAYS IN CORPORATE FINANCE AND FINANCIAL INSTITUTIONS .

Degree: Management, 2014, Queens University

This thesis conducts empirical studies related to financial institutions and corporate finance. Specifically, I look at banks’ lending behavior, performance of leveraged buyouts (LBOs), and the cultural impact on cross-border LBOs. Following an introduction in Chapter 1, in Chapter 2, I study U.S. commercial banks’ herding behavior in their domestic loan decisions, where herding is defined as the extent to which banks deviate from the industry average lending decisions and collectively increase or decrease loans to certain categories. I find significant evidence that herding exists and that banks tend to herd more when the economic condition is less favorable, regulation is tight, and when banks are struggling . Overall, these findings support the hypotheses of information asymmetry and regulatory arbitrage as motivations for herding. Chapter 3 provides a comprehensive study of LBO deal characteristics, participants’ involvement, and their impact on target firms’ performance. I find that better post-buyout operating performance is associated with larger amounts of leverage added during the LBO process, tighter LBO loan covenants, and equity contribution by target firms’ incumbent management. LBOs are more likely to exit through an IPO or a sale if they use more bank debt with tighter covenants and are sponsored by private equity (PE) firms of high reputation. These results suggest that the main source of value creation in LBOs is the reduced agency costs through the disciplining effect of debt, closer monitoring by lenders, and the better aligned management incentives. PE reputation is also important in ensuring successful deal outcomes. Chapter 4 (co-authored) examines the impact of cultural differences between PE firms and target firms on the completion of cross-border LBOs. We find that cultural distance between PE and target firms reduces the likelihood of buyout completion and increases the time between buyout announcement and completion. We also find that club deals moderate the negative (positive) impact of cultural distance on the likelihood (the duration) of LBO completion. This mitigation effect is through the increased familiarity channel of club formation. Our findings contribute to the literature that underscores the importance of culture in economic outcomes.

Subjects/Keywords: Debt Structure; Debt Contracting; Bank Lending; Herding; National Culture; International Finance; Law and Finance; Syndicated Loans; Leveraged Buyout; Cross-border; Private Equity

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

APA (6th Edition):

Liu, C. (2014). THREE ESSAYS IN CORPORATE FINANCE AND FINANCIAL INSTITUTIONS . (Thesis). Queens University. Retrieved from http://hdl.handle.net/1974/12239

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Liu, Chen. “THREE ESSAYS IN CORPORATE FINANCE AND FINANCIAL INSTITUTIONS .” 2014. Thesis, Queens University. Accessed September 19, 2019. http://hdl.handle.net/1974/12239.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Liu, Chen. “THREE ESSAYS IN CORPORATE FINANCE AND FINANCIAL INSTITUTIONS .” 2014. Web. 19 Sep 2019.

Vancouver:

Liu C. THREE ESSAYS IN CORPORATE FINANCE AND FINANCIAL INSTITUTIONS . [Internet] [Thesis]. Queens University; 2014. [cited 2019 Sep 19]. Available from: http://hdl.handle.net/1974/12239.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Liu C. THREE ESSAYS IN CORPORATE FINANCE AND FINANCIAL INSTITUTIONS . [Thesis]. Queens University; 2014. Available from: http://hdl.handle.net/1974/12239

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

.