Essays in financial economics
This dissertation studies the role of uncertainty and information in financial markets, and its consequences for firms’ and investors’ capital allocation decisions. It contains three chapters. Chapter one revisits the relationship between policy uncertainty, investment and stock returns. I find that...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2021 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/672843 |
| Acceso en línea: | http://hdl.handle.net/10803/672843 |
| Access Level: | acceso abierto |
| Palabra clave: | Financial economics Mercats financers 33 |
| Sumario: | This dissertation studies the role of uncertainty and information in financial markets, and its consequences for firms’ and investors’ capital allocation decisions. It contains three chapters. Chapter one revisits the relationship between policy uncertainty, investment and stock returns. I find that the uncertainty about future energy policies covaries positively with investment, aggregate consumption growth, and its innovations carry a negative price of risk. Chapter two investigates the use of social media in the asset management industry. The results suggest that managers use social media to persuade investors rather than to alleviate information asymmetries. Chapter three develops a model of information disclosure for a market of mutual funds in which fund managers strategically transmit qualitative information. I find that fund flows as a result, increase with the tone of the signal, while reputation and verification costs affect the probability of funds manipulating information. |
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