Essays in Corporate Finance

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dc.contributor.advisorPandes, J. Ari
dc.contributor.authorNguyen, Nga
dc.contributor.committeememberLehar, Alfred
dc.contributor.committeememberKoskinen, Yrjo
dc.contributor.committeememberAnderson, Mark
dc.contributor.committeememberWilson, Craig
dc.contributor.committeememberSaunders, Chad
dc.date.accessioned2021-12-23T21:35:39Z
dc.date.available2021-12-23T21:35:39Z
dc.date.issued2021-12-17
dc.description.abstractThis thesis consists of two essays in corporate finance. In the first essay, which is joint work with Yrjo Koskinen and J. Ari Pandes, we use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes for a group of public firms known as income trusts. We show that the switch from unlimited to limited liability increases trusts' institutional ownership, net external financing, investments, profitability, payouts, and riskiness. Our results are stronger for energy trusts, which are more capital-intensive and face potentially greater liability risks. Our event study shows positive cumulative abnormal returns around the legal changes. Overall, we present a novel approach to test the impact of limited liability on firms. In the second essay, which is joint work with Yrjo Koskinen and J. Ari Pandes, we provide an evidence of spillover effects of environmental violations. In particular, we investigate how environmental violations by polluting firms impact their (direct) neighboring peers. Using a difference-in-differences methodology, the paper shows that firms operating in the same industry and having plants located close to the violating firms are negatively impacted by the polluting firms' environmental violations. Peer firms experience lower external financing and lower valuations. However, we also find firms with higher (ex-ante) environmental scores are less negatively affected by the violations.en_US
dc.identifier.citationNguyen, N. (2021). Essays in Corporate Finance (Doctoral thesis, University of Calgary, Calgary, Canada). Retrieved from https://prism.ucalgary.ca.en_US
dc.identifier.doihttp://dx.doi.org/10.11575/PRISM/39479
dc.identifier.urihttp://hdl.handle.net/1880/114238
dc.language.isoengen_US
dc.publisher.facultyHaskayne School of Businessen_US
dc.publisher.institutionUniversity of Calgaryen
dc.rightsUniversity of Calgary graduate students retain copyright ownership and moral rights for their thesis. You may use this material in any way that is permitted by the Copyright Act or through licensing that has been assigned to the document. For uses that are not allowable under copyright legislation or licensing, you are required to seek permission.en_US
dc.subject.classificationEducation--Financeen_US
dc.titleEssays in Corporate Financeen_US
dc.typedoctoral thesisen_US
thesis.degree.disciplineBusiness, Haskayne School of Businessen_US
thesis.degree.grantorUniversity of Calgaryen_US
thesis.degree.nameDoctor of Philosophy (PhD)en_US
ucalgary.item.requestcopyfalseen_US
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