2024-03-28T19:09:37Zhttps://www.tdx.cat/oai/requestoai:www.tdx.cat:10803/4591582024-03-15T10:57:51Zcom_10803_236col_10803_690269
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Financial markets
Essays on firm dynamics and financial markets
[Barcelona] :
Universitat Pompeu Fabra,
2018
Accés lliure
http://hdl.handle.net/10803/459158
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Tang, Haozhou,
autor
Programa de doctorat en Economia, Finances i Empresa,
degree
1 recurs en línia (110 pàgines)
Tesi
Doctorat
Universitat Pompeu Fabra. Departament d'Economia i Empresa
2017
Universitat Pompeu Fabra. Departament d'Economia i Empresa
Tesis i dissertacions electròniques
Ventura, Jaume,
supervisor acadèmic
Martin, Alberto,
supervisor acadèmic
TDX
This thesis aims to better understand the interplay between financial markets
and firm dynamics. In the first chapter I study the firm-level implications
of asset bubbles. I relax the no-Ponzi-game condition in a model
with firm heterogeneity and firm entry and exit. In equilibrium, the price
of a firm may contain a bubble component in addition to the fundamental
component, i.e. the net present value of profits. I show that bubbles act
as subsidies to firm entry because they raise the return on the establishment
and investment of new firms. The second chapter investigates different
types of exiters by embedding different endogenous firm exit into a
model with heterogeneous firms. The main finding is that in a recession,
highly leveraged firms with high productivity but few assets become very
likely to exit. However, due to the low wage rate in a recession, low leverage
firms with low productivity become even more likely to survive. The
prediction is consistent with our firm-level evidence about leverage.
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