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Does Economic Policy Uncertainty Str...

Wang, Jiawei.

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Does Economic Policy Uncertainty Strengthen Peer Effects on Investments?

Record Type:	Electronic resources : Monograph/item
Title/Author:	Does Economic Policy Uncertainty Strengthen Peer Effects on Investments?/
Author:	Wang, Jiawei.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
Description:	56 p.
Notes:	Source: Masters Abstracts International, Volume: 80-09.
Contained By:	Masters Abstracts International80-09.
Subject:	Business administration. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10982363
ISBN:	9780438876651

Does Economic Policy Uncertainty Strengthen Peer Effects on Investments?
Wang, Jiawei.

Does Economic Policy Uncertainty Strengthen Peer Effects on Investments? - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 56 p.

Source: Masters Abstracts International, Volume: 80-09.

Thesis (M.S.)--University of South Carolina, 2018.

This item must not be added to any third party search indexes.

The paper demonstrates that firms are more likely to follow their peers when they face economic policy uncertainty. Using a newly developed economic policy uncertainty index and the financial data from COMPUSTAT of US firms, I find evidence that economic policy uncertainty strengthens peer effects on investments. In this paper, I propose a reputation-based theory and information-based theory to support the findings. Peer effects are stronger for less successful firms and financial constrained firms during periods when economic policy uncertainty is notable. Accordingly, I use four standards (i.e. firm profitability, financially constrained status, growth rate and market to book ratio) to define followers and leaders. I document that follower firms respond to leader firms' investment changes, while leader firms do not respond to follower firms' investment changes. Finally, I show that the results are robust to alternative economic policy uncertainty measures (i.e. close presidential elections) and additional control variables (i.e. firm size and leverage).

ISBN: 9780438876651Subjects--Topical Terms:

3168311
Business administration.

Does Economic Policy Uncertainty Strengthen Peer Effects on Investments?
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300 $a 56 p.
500 $a Source: Masters Abstracts International, Volume: 80-09.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: McDermott, Gerald A.
502 $a Thesis (M.S.)--University of South Carolina, 2018.
506 $a This item must not be added to any third party search indexes.
506 $a This item must not be sold to any third party vendors.
520 $a The paper demonstrates that firms are more likely to follow their peers when they face economic policy uncertainty. Using a newly developed economic policy uncertainty index and the financial data from COMPUSTAT of US firms, I find evidence that economic policy uncertainty strengthens peer effects on investments. In this paper, I propose a reputation-based theory and information-based theory to support the findings. Peer effects are stronger for less successful firms and financial constrained firms during periods when economic policy uncertainty is notable. Accordingly, I use four standards (i.e. firm profitability, financially constrained status, growth rate and market to book ratio) to define followers and leaders. I document that follower firms respond to leader firms' investment changes, while leader firms do not respond to follower firms' investment changes. Finally, I show that the results are robust to alternative economic policy uncertainty measures (i.e. close presidential elections) and additional control variables (i.e. firm size and leverage).
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650 4 $a Business administration. $3 3168311
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