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    ESSAYS IN EMPIRICAL CORPORATE FINANCE AND INSTITUTIONAL OWNERSHIP

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    Genre
    Thesis/Dissertation
    Date
    2020
    Author
    Durrani, Farooq cc
    Advisor
    Naveen, Lalitha
    Committee member
    Anderson, Ronald
    Bakshi, Gurdip
    John, Kose
    Department
    Business Administration/Finance
    Subject
    Finance
    Bankruptcy
    Corporate Governance
    Institutional Ownership
    Social Connections
    Permanent link to this record
    http://hdl.handle.net/20.500.12613/307
    
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    DOI
    http://dx.doi.org/10.34944/dspace/291
    Abstract
    My dissertation consists of two chapters which explores various aspects of empirical corporate finance and institutional ownership. In the first chapter, I examine whether common owners – an institution with holdings in both the distressed and the lending firm – ameliorates this conflict given that common owners should seek to maximize the equity value of both firms. The results show that when a common owner holds a stake in both the borrowing and lending firm, distressed firms are over 3.3-times more likely to file for Chapter 11 freefall bankruptcy (rather than prepack) as compared to borrowing-lending firms without a common owner. Using ownership of passive funds as an instrument for the presence of a common owner, I provide evidence of a causal relation between common ownership and bankruptcy filing choice. Overall, the analysis indicates that common ownership in both financially distressed borrowing firms and their lending firms leads to a greater likelihood of Chapter 11 freefall bankruptcy filing; suggesting that common owners typically side with creditors to maximize their combined equity value in both the borrowing and lending firm. Next, I examine the effect of CEO social connections on stock returns. An equally weighted (value weighted) long-short portfolio strategy earns investors excess returns of 5.39% (4.44%) per year. Three potential reasons explain the relation between CEO social connections and excess returns; better firm performance, investor information asymmetry, and/or greater investor risk-bearing. Our analysis provides evidence consistent with CEO connections both increasing firm risk and improving firm performance.
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