Three Essays on the Wisdom of Capital Markets

Three Essays on the Wisdom of Capital Markets

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In chapter three, I show how to use stock prices to measure governance. Based on the model, I argue that regressing returns on size and book-to-market provides a test for differences in managerial effectiveness. Consistent with agency theories, I find that managers in poorly governed firms use assets in place less efficiently and have reduced values of growth opportunities.... the last trading day of December 2000. The above process is done separately for internet firms and non-internet firms. We then take the difference, which we call a€œInternet Sample - Non- Internet Sample, Predicted (News Variable Included) a€.

Title:Three Essays on the Wisdom of Capital Markets
Author: Neal Galpin
Publisher:ProQuest - 2006

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