Essays on corporate finance
Economic, Policy uncertainty under political opaqueness imposes great impact in the capital market. I construct ex ante cross-section of firm sensitivity to China Economic Policy Uncertainty (CEPU) index from Baker, Bloom and Davis (2013). This measure of policy sensitivity is significantly negatively...
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| 格式: | text |
| 語言: | English |
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Institutional Knowledge at Singapore Management University
2017
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| 在線閱讀: | https://ink.library.smu.edu.sg/etd_coll_all/31 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1023&context=etd_coll_all |
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| 機構: | Singapore Management University |
| 語言: | English |
| 總結: | Economic, Policy uncertainty under political opaqueness imposes great impact in the capital market. I construct ex ante cross-section of firm sensitivity to China Economic Policy Uncertainty (CEPU) index from Baker, Bloom and Davis (2013). This measure of policy sensitivity is significantly negatively predictive of a firm’s market value and Tobin’s Q. Cross sectional tests show that the negative effects are stronger in SOEs= for firms with higher agency problems, and for firms operating in market with lower degree of competition or market disciplining. The evidence suggests that high level of policy influence causes significant value destruction in the capital market. |
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