Essays in Macro-Finance and Asset Pricing / Amr Elsaify
- [Philadelphia, Pennsylvania] : University of Pennsylvania, 2017.
xiii, 133 leaves : illustrations ; 29 cm
- Local subjects:
- Penn dissertations -- Finance.
Finance -- Penn dissertations.
- 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.
- Ph. D. University of Pennsylvania 2017.
Supervisor: Nikolai Roussanov.
Includes bibliographical references.
- Roussanov, Nikolai, degree supervisor.
Gomes, Joao, degree committee member.
Jermann, Urban, degree committee member.
University of Pennsylvania. Department of Finance, degree granting institution.
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