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Essays in corporate finance.

Svetina, Marko.

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Essays in corporate finance.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in corporate finance./
Author:	Svetina, Marko.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2008,
Description:	90 p.
Notes:	Source: Dissertations Abstracts International, Volume: 70-03, Section: A.
Contained By:	Dissertations Abstracts International70-03A.
Subject:	Studies. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3311757
ISBN:	9780549595977

Essays in corporate finance.
Svetina, Marko.

Essays in corporate finance. - Ann Arbor : ProQuest Dissertations & Theses, 2008 - 90 p.

Source: Dissertations Abstracts International, Volume: 70-03, Section: A.

Thesis (Ph.D.)--Arizona State University, 2008.

This dissertation investigates two questions in empirical corporate finance. The first essay studies the universe of exchange traded funds (ETFs) from their inception to the end of 2007 and their impact on passive investment management industry. ETFs that track an index, for which there are no pre-existing IMFs, expand investors' investment opportunity set but underperform their benchmarks. ETFs that compete directly with retail (institutional) IMFs deliver better (equivalent) net of fees returns. The effects of competition are apparent; ETF introduction reduces flows to incumbent IMFs and ETFs. The second essay examines the differences in gains to public targets in acquisitions made by private equity and public bidders. If the acquirer is a public firm, premiums (CARs) to target shareholders are 18% (55%) larger than if the acquirer is a private equity firm. These gains are robust to controlling for differences in synergistic gains, target and deal characteristics, the form of payment, and the completion status. In addition, this essay examines contested bids where public and private equity firms bid for the same target, and finds that if the winner is a public firm, target premiums (CARs) are 32% (100%) larger than if the acquirer is a private equity firm. Public acquirers which management owns a large (small) part of their own firm pay less (more) for their targets, a finding consistent with the agency problem hypothesis. Private equity acquirers' post-acquisition performance, on the other hand, is consistent with the synergistic motives hypothesis. The observed difference in premiums is likely due to the combination of these two hypotheses, between which this essay is unable to differentiate.

ISBN: 9780549595977Subjects--Topical Terms:

3433795
Studies.
Subjects--Index Terms:

Corporate finance

Essays in corporate finance.
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520 $a This dissertation investigates two questions in empirical corporate finance. The first essay studies the universe of exchange traded funds (ETFs) from their inception to the end of 2007 and their impact on passive investment management industry. ETFs that track an index, for which there are no pre-existing IMFs, expand investors' investment opportunity set but underperform their benchmarks. ETFs that compete directly with retail (institutional) IMFs deliver better (equivalent) net of fees returns. The effects of competition are apparent; ETF introduction reduces flows to incumbent IMFs and ETFs. The second essay examines the differences in gains to public targets in acquisitions made by private equity and public bidders. If the acquirer is a public firm, premiums (CARs) to target shareholders are 18% (55%) larger than if the acquirer is a private equity firm. These gains are robust to controlling for differences in synergistic gains, target and deal characteristics, the form of payment, and the completion status. In addition, this essay examines contested bids where public and private equity firms bid for the same target, and finds that if the winner is a public firm, target premiums (CARs) are 32% (100%) larger than if the acquirer is a private equity firm. Public acquirers which management owns a large (small) part of their own firm pay less (more) for their targets, a finding consistent with the agency problem hypothesis. Private equity acquirers' post-acquisition performance, on the other hand, is consistent with the synergistic motives hypothesis. The observed difference in premiums is likely due to the combination of these two hypotheses, between which this essay is unable to differentiate.
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