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Essays on the monitoring role of institutional bond ownership and corporate bond liquidity
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Descriptive

TitleInfo
Title
Essays on the monitoring role of institutional bond ownership and corporate bond liquidity
Name (type = personal)
NamePart (type = family)
Chang
NamePart (type = given)
Keh-Chian
NamePart (type = date)
1978-
DisplayForm
KEH-CHIAN CHANG
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RoleTerm (authority = RULIB)
author
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Kedia
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Simi
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Simi Kedia
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Advisory Committee
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chair
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NamePart (type = family)
Wu
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Yangru
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Yangru Wu
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Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Weaver
NamePart (type = given)
Daniel
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Daniel Weaver
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Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
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PENG
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LIN
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LIN PENG
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Advisory Committee
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outside member
Name (type = corporate)
NamePart
Rutgers University
Role
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degree grantor
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NamePart
Graduate School - Newark
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school
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Text
Genre (authority = marcgt)
theses
OriginInfo
DateCreated (qualifier = exact)
2012
DateOther (qualifier = exact); (type = degree)
2012-10
CopyrightDate (qualifier = exact)
2012
Place
PlaceTerm (type = code)
xx
Language
LanguageTerm (authority = ISO639-2b); (type = code)
eng
Abstract (type = abstract)
Essay I: Institutional Bond Ownership and Financial Misconduct The first essay examines the role of institutional bondholders in reduction of the likelihood of financial misconduct. After controlling for a wide range of firm characteristics, we find firms that have greater institutional bond ownership reduce the likelihood of financial misreporting that eventually leads to class action litigation. In addition, relatively higher ownership by insurance companies decreases the likelihood of financial misconduct. We document consistent results using SEC enforcement actions as our second proxy for financial misrepresentation. The results suggest the potential and undocumented monitoring role of institutional bond investors. Essay II: Firm Visibility and Corporate Bond Liquidity The second essay examines the impact of firm visibility on bond liquidity. Using a range of visibility measures such as firm size, advertising expenses, breadth of stock and bond ownerships, and analyst coverage, we find strong evidence that visibility positively impacts bond liquidity. Our result is robust to alternative measures of liquidity and different estimation methodologies, and holds for bonds in all rating categories. To further prove the direct link between firm visibility and bond liquidity, we examine liquidity changes in bonds upon their issuing firms being added to the S&P 500 index, an exogenous visibility increasing event. We find a significant increase in bond liquidity relative to a control group after the index inclusion.
Subject (authority = RUETD)
Topic
Management
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TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
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ETD
Identifier
ETD_4174
PhysicalDescription
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electronic resource
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application/pdf
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text/xml
Extent
vii, 86 p. : ill.
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Note (type = vita)
Includes vita
Note (type = statement of responsibility)
by Keh-Chian Chang
Subject (authority = ETD-LCSH)
Topic
Bondholders
Subject (authority = ETD-LCSH)
Topic
Business enterprises--Finance
Subject (authority = ETD-LCSH)
Topic
Liquidity (Economics)
Identifier (type = hdl)
http://hdl.rutgers.edu/1782.1/rucore10002600001.ETD.000066537
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Graduate School - Newark Electronic Theses and Dissertations
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rucore10002600001
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NjNbRU
Identifier (type = doi)
doi:10.7282/T3J67FR1
Genre (authority = ExL-Esploro)
ETD doctoral
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Rights

RightsDeclaration (ID = rulibRdec0006)
The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
CHANG
GivenName
KEH-CHIAN
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2012-07-15 16:23:39
AssociatedEntity
Name
KEH-CHIAN CHANG
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - Newark
AssociatedObject
Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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Technical

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416256
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Checksum (METHOD = SHA1)
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