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• W2275889503 abstract "The first part of this thesis develops aninvestment-based asset pricing model with costly equity and debtfinancing and agency conflicts between shareholders and managers.In the model, managers seek private benefits proportional to thesizes of their firms and hence tend to overinvest. Corporategovernance serves as a mechanism for shareholders to disciplinemanagers. Consistent with recent empirical findings, the modelpredicts: (1) firms with stronger governance outperform firms withweaker governance in booms and underperform these firms inrecessions; (2) firms with stronger governance have higher costs ofdebt financing and rely more on equity financing than firms withweaker governance. The second part of this thesis provides twoempirical tests on the predictions of the model about the crosssection of returns. Both tests are conducted using two measures ofthe strength of corporate governance: governance index (G-index)and entrenchment index (E-index). First, I identify booms andrecessions from September 1990 to December 2005 based on theexpected market risk premium. The results show that controlling formarket, size, value, and momentum factors, strongly governed firmson average earn higher returns than weakly governed firms duringbooms and lower returns during recessions. Second, I construct twoinvestment factors to proxy for the effect of overinvestment onstock returns. Based on these investment factors, data seems tosuggest that overinvestment can explain the return differencesbetween strongly and weakly governed firms only when the economy isin good states." @default.
• W2275889503 created "2016-06-24" @default.
• W2275889503 creator A5026010256 @default.
• W2275889503 date "2008-01-01" @default.
• W2275889503 modified "2023-09-27" @default.
• W2275889503 title "Corporate governance, the cross section of returns, and financing choices: Theory and empirical evidence" @default.
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• W2275889503 hasPublicationYear "2008" @default.
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