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Essays on Finance and Banking
Vovchak, Tamara ; Hanousek, Jan (advisor) ; Hasan, Iftekhar (referee) ; Kraft, Evan (referee)
Tamara Vovchak Abstract This dissertation contributes to the literature on financial intermediation by examining the importance of banks as liquidity providers for corporate borrowers and the role of liquidity on banks' financial performance, as well as its role in the context of joint determination with bank capital and risk. It has been accepted in the banking literature that lending relationships are special and bank loans are the important source of external financing for corporate borrowers. Although tight lending relationships have benefits for borrowers it also can pose threads when relationship banks experience liquidity problems. First chapter provides evidence about the transmission of banking sector problems to corporate borrowers, and examines the impact of bank credit supply frictions on firm performance. I exploit differences in the composition of banks' liabilities structure during the financial crisis of 2007-2009 as a source of exogenous variation in the availability of bank credit to nonfinancial firms, in order to identify the causal relationship between bank credit supply and firm performance. My results indicate that banking relationships are important for firms. Firms whose banks relied more on core deposit financing had a lower decline in bank credit during the crisis than those whose...
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Essays on Finance and Banking
Vovchak, Tamara ; Hanousek, Jan (advisor) ; Hasan, Iftekhar (referee) ; Kraft, Evan (referee)
Tamara Vovchak Abstract This dissertation contributes to the literature on financial intermediation by examining the importance of banks as liquidity providers for corporate borrowers and the role of liquidity on banks' financial performance, as well as its role in the context of joint determination with bank capital and risk. It has been accepted in the banking literature that lending relationships are special and bank loans are the important source of external financing for corporate borrowers. Although tight lending relationships have benefits for borrowers it also can pose threads when relationship banks experience liquidity problems. First chapter provides evidence about the transmission of banking sector problems to corporate borrowers, and examines the impact of bank credit supply frictions on firm performance. I exploit differences in the composition of banks' liabilities structure during the financial crisis of 2007-2009 as a source of exogenous variation in the availability of bank credit to nonfinancial firms, in order to identify the causal relationship between bank credit supply and firm performance. My results indicate that banking relationships are important for firms. Firms whose banks relied more on core deposit financing had a lower decline in bank credit during the crisis than those whose...
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Essays on the Behavior of Agents in Financial Markets
Kopřiva, František ; Hanousek, Jan (advisor) ; Hasan, Iftekhar (referee) ; Vachadze, George (referee)
In the first chapter, I focus on the extent of information-driven trading originating from order flows to capture the behavior of the market makers on an emerging market. With my supervisor, we modified the classical Easley et al. (1996) model for the probability of informed trading using a jackknife approach in which trades of one particular market maker at a time are left out from the sum of all buys and sells. Using the estimates from the jackknife approach, for each market maker we test whether the order flows associated with the particular market maker behaved significantly different from the others. Data from the Prague Stock Exchange SPAD trading platform are used to demonstrate our methodology. Finding significant differences in the probability of informed trading computed from order flows, we conclude that order flows could reveal the extent of information-driven trading and could potentially be used by regulatory authorities to identify the suspicious behavior of market participants. In the second chapter I analyze the potential conflict of interest between associated analysts and brokers. In contrast to the existing literature, with my supervisor, we do not analyze prediction accuracy and/or biases in analyst recommendations. Instead we focus our analysis on brokers and examine whether...
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Privatization and Stock Market Creation: Evidence from Transition Economies
Fungáčová, Zuzana ; Hanousek, Jan (advisor) ; Fidrmuc, Jarko (referee) ; Hasan, Iftekhar (referee)
Research Journal Articles Working Papers Research in Brief Series Dissertations Other Publications Featured Article Dissertations Date: Friday, June 26, 2009 - 14:00 Zuzana Fungáčová: "Privatization and Stock Market Creation: Evidence from Transition Economies" Dissertation Committee: Jan Hanousek (chair) Randall Filer Evžen Kočenda Jan Švejnar Abstract: The importance of finance for growth has already been confirmed in numerous studies. This relationship is especially crucial for the transition economies where financial systems had to be built from the scratch after the collapse of central planning. This work investigates stock markets that constitute an important part of the developed financial system. Functioning stock markets are found to be necessary even if the country's financial system is bank-based. In fact, in the transition countries stock markets are a relatively new phenomenon. Even though in comparison to the developed countries these markets remain still underdeveloped, they have been evolving as an important complement to the banks in the course of the transition process (EBRD Transition Report 2006). Stock markets emerged to help with the transformation of the state-owned assets to private hands and afterwards also with the rearrangement of ownership structures. They were also expected to...
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