Essays In Macro-Finance And Asset Pricing
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Degree type
Doctor of Philosophy (PhD)
Graduate group
Finance
Discipline
Subject
Asset Pricing
Corporate Bonds
Leverage
Macroeconomics
Economics
Finance and Financial Management
Corporate Bonds
Leverage
Macroeconomics
Economics
Finance and Financial Management
Funder
Grant number
License
Copyright date
2018-02-23T20:17:00-08:00
Distributor
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Author
Contributor
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.
Advisor
Nikolai Roussanov
Date of degree
2017-01-01