Date of Award
2017
Degree Type
Dissertation
Degree Name
Doctor of Philosophy (PhD)
Graduate Group
Finance
First Advisor
Nikolai Roussanov
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.
Recommended Citation
Elsaify, Amr, "Essays In Macro-Finance And Asset Pricing" (2017). Publicly Accessible Penn Dissertations. 2268.
https://repository.upenn.edu/edissertations/2268