Eylem Seç
Three essays on corporate cash holdings and labor
Başlık:
Three essays on corporate cash holdings and labor
Yazar:
Sun, Lingna Selina, author.
ISBN:
9780438006645
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (215 pages)
Genel Not:
Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.
Advisors: Hieu V. Phan.
Özet:
This dissertation consists of three essays on corporate cash holdings and labor. In the first essay, I investigate whether employing skilled foreign workers creates value for U.S. firms. Using a unique dataset of Labor Condition Applications from the U.S. Department of Labor, I find that employing skilled immigrants increases firm value. I also exploit a 2004 immigration policy change as an exogenous shock to firms' demand for skilled immigrants and the stock market response around the announcement of President Trump's 2017 immigration ban to establish the causal relationship between skilled immigrant labor and firm value. Further analysis reveals that firms hiring skilled immigrants have greater asset utilization and labor productivity, exhibit better operating performance, and earn superior risk-adjusted returns. Overall, the results suggest that skilled foreign labor benefits firms and their shareholders.
In the second essay, I investigate the effects of blockholder exit threats, which increase with stock liquidity, on corporate cash holdings and the value of cash. Using conventional measures of stock liquidity as well as exploiting decimalization as an exogenous shock to stock liquidity to identify the effects of blockholder exit threats, I find robust evidence that blockholder exit threats have positive effect on corporate cash holdings, which arise from their power to curb overinvestment. Further analysis indicates that blockholder exit threats enhance the value of cash to shareholders. The evidence is consistent with the view that exit threat is an effective corporate governance mechanism.
In the third essay, I investigate the effect of bond liquidity on cash holdings. Exploiting two exogenous bond liquidity shocks, namely, the inception of the Trade Reporting and Compliance Engine (TRACE) and Lehman bankruptcy filing, as well as the traditional measures of bond liquidity, I show that bond illiquidity has a causal positive effect on corporate cash holdings. Additional analysis suggests that bond illiquidity increases the value of cash and this effect is more pronounced for financially constrained firms. These findings are consistent with the view that because bond illiquidity hinders firms' access to the external debt market and hence increases the cost of debt, they maintain larger cash holdings to mitigate underinvestment.
Notlar:
School code: 0111
Konu Başlığı:
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Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(684002.1) | 684002-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
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