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Corporate Finance Essay

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Below is an essay on "Corporate Finance" from Anti Essays, your source for research papers, essays, and term paper examples.

Essays on Banking and Corporate Finance
by
Daniel   Paravisini
Submitted   to   the Department   of Economics   on April   15, 2005
in Partial   Fulfillment   of the Requirements   for the Degree   of Ph. D.   in Economics
ABSTRACT
The   first   essay   provides   evidence   that   banks   are   liquidity   constrained   and   hold   private
information   about   borrowers   that   hinders   substitution   of   financing sources. Using   loan level
data   from   a public   credit bureau   and   exploiting   an exogenous   shock   to   bank liquidity, I show
that   adverse   selection   prevents   full   arbitrage   of   profitable   opportunities   by   competing
lenders   and thus   liquidity constraints   propagate   to bank-dependent   borrowers.
The   second   essay   evaluates   a   government   program   that   targeted   credit   to   small   firms
through   existing   financial   intermediaries.   Using   the   program   eligibility rule   to   identify   the
effect on   target   firms, I find   that   target   firms'   total   bank   debt   increased   by 8 cents for   every
dollar   of   program   financing   provided   to   the   banks.   This   effect   is   larger   when   the
intermediary   bank   is   more   likely   to   lend   to   smaller   firms   according   to   observable   bank
characteristics.
The   third   essay evaluates   empirically   the   effect   of   credit   history   disclosure   on   the   financial
position   of a sample of manufacturing   firms in Argentina.   Results   indicate   that   credit history
disclosure   has   a negative impact   in   the   ability of firms   to raise   external   finance   when   firms
are   exposed   to   a high liquidity risk.
Thesis Supervisors:   Esther Duflo
Castle Irob   Associate Professor of Economics
Abhijit Banerjee
Professor of Economics
Antoinette   Schoar
Michael M. Koerner   Associate   Professor   of Entrepreneurial   Finance
2ACKNOWLEDGEMENTS
I   am   in   great   debt   to   many   people.   First   and   foremost   with   my four   advisors. With   Esther
Duflo,   for   always asking the right   questions.   With...

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