Essays In Macro-Finance And Asset Pricing

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Degree type
Doctor of Philosophy (PhD)
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Finance
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Asset Pricing
Corporate Bonds
Leverage
Macroeconomics
Economics
Finance and Financial Management
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2018-02-23T20:17:00-08:00
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Abstract

This dissertation consists of three parts. The first documents that more innovative firms earn higher risk-adjusted equity returns and proposes a model to explain this. Chapter two answers the question of why firms would choose to issue callable bonds with options that are always "out of the money" by proposing a refinancing-risk explanation. Lastly, chapter three uses the firm-level evidence on investment cyclicality to help resolve the aggregate puzzle of whether R&D should be procyclical or countercylical.

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Nikolai Roussanov
Date of degree
2017-01-01
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