IMF Conditionality and Private Credit Development in Developing Countries: The Role of Program Intensity and Composition
by Mahmoud Tarek Zaki Abstract This thesis investigates whether the composition of IMF binding conditionality matters more than its overall intensity for domestic private credit in developing countries. Using a panel of 115 countries from 1990 to 2019 and a three-equation instrumental-variables framework, the analysis disaggregates binding conditionality into prior actions, quantitative performance criteria, and […]
Framing the Frontlines: Media Sentiment, Geography, and Global Market Reactions to the Russo-Ukrainian War
by Christopher Nash Boykin Abstract This paper examines whether media sentiment about the Russo–Ukrainian war predicts crosscountry equity returns and whether the effect varies with structural exposure to the conflict. Using GDELT data, I construct an audience-weighted, source-demeaned tone measure aligned to countryspecific market close times. Two-way fixed effects estimates across 17 NATO countries show […]
Elder Financial Fraud: The Economic and Ethical Case for Instituting Mandatory Reporting Laws in Financial Institutions
by Lauren Tse Abstract This study examines the effectiveness of the 2016 NASAA Model Act, specifically if states that implemented its provisions see greater levels of elder fraud reporting. This legal reform introduces reporting requirements for broker-dealers and investment advisers to report suspected elder fraud to government authorities, granting explicit immunity to those who comply. To […]
Investing in Rural Healthcare: Impact of Private Equity Acquisition on Financial and Utilization Outcomes of Rural Hospitals
by Amanda He Abstract Private equity investment in the healthcare sector has risen considerably in recent decades, yet the impact of private equity ownership in rural hospital markets is largely unknown. Existing research points to a correlation between private equity acquisition and increased hospital incomes and charges. Rural hospitals, however, are structurally and operationally different […]
Last Second Comebacks: Examining Influencers of Bankruptcy Success
by Eric Junzhe Zhang Abstract The American bankruptcy system allows for companies to file for Chapter 11 bankruptcy to protect their assets from creditors and reorganize their business operations to continue operating after going through bankruptcy court. While the process is meant to help improve the financial health and business operations of companies after they […]
Do Green Stocks Get You the Green? Differential Impacts of S&P 500 ESG Index Labels on Firm Stock Prices
by Heera Rajavel Abstract On January 28, 2019, the S&P Dow Jones Indices launched the ESG S&P 500 Index, aiming to create a sustainable index fund with a similar risk/return profile to the S&P 500 Index. This study assesses the causal mechanisms behind the performance of the S&P 500 ESG Index by running two difference-in-differences […]
The Cost of Delay: Evidence from the Ethereum Transaction Fee Market
by Yinhong “William” Zhao Abstract Delaying a financial transaction can be costly, but the cost of delay is difficult to estimate in traditional finance. I exploit the unique data offering and market design of the Ethereum blockchain to estimate the cost of delaying financial transactions in decentralized finance (DeFi). I construct a dynamic auction model […]
Short Term Effectiveness of Chinese Stock Connect Program — a Study of the Pricing Dynamics of Cross-listed Stocks
by Kaiyu Ren Abstract This thesis examines the pricing dynamics of cross-listed stocks in the Chinese A-share and Hong Kong H-share markets. By identifying an announcement-implementation window, I offer a fresh perspective on the short-term price adjustment of cross-listed stocks around the launch of the first Stock Connect program. My findings reveal a significant increase […]
What Affects Post-Merger Innovation Outcomes? An Empirical Study of R&D Intensity in High Technology Transactions Among U.S. Firms
by Neha Karna Abstract High levels of global M&A activity have characterized the past decade, making the policy debate over the impact of mergers on innovation even more pertinent. Innovation is a significant driver of economic growth and therefore a negative effect of mergers on innovation outcomes may have detrimental consequences. Nevertheless, the existing literature […]
Private Equity IPOs: Long-term Performance and Drivers of Success
by Ignacio Hidalgo Perea Abstract In this paper, I explore the impact Private Equity ownership has on portfolio companies post-exit. This thesis aims to add to the discussion of whether the proliferation of Private Equity in the United States is a positive development for the country. Using a proprietary dataset that compiles thousands of IPOs […]
