Date of Award
Doctor of Philosophy (PhD)
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.
Elsaify, Amr, "Essays In Macro-Finance And Asset Pricing" (2017). Publicly Accessible Penn Dissertations. 2268.