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Essays on corporate finance
Get PDFThis dissertation contains two chapters that are related with corporate finance and
law. Below are the individual abstracts for each chapter.
Chapter 1: Do Patent Lawsuits Cause M&A? An Experiment Using Uncertain Lawsuits
I investigate whether there exists a causal relation between result of a patent lawsuit
and alleged infringer's subsequent M&A activity. I find that if the court gives an infringement
decision, then the infringer sharply increases spending on focused M&A and decreases on
diversifying M&A. Moreover, the infringer specifically acquires targets that have substitute
patents so that it can redesign its products or form a shield against future lawsuits. Patent
motivated acquisition channel is new to our literature and different than the traditional
knowledge transfer channel. For the experiment, I hand collect detailed data on all patent
lawsuits that were appealed to Court of Appeals for the Federal Circuit (CAFC). In this
court, decisions are given by majority in randomly assigned 3 judge panels. In a setting that
resembles regression discontinuity design, I use only the lawsuits where there was a dissenting
judge (i.e, decision was given by 2 to 1). Since CAFC is the only appellate court for patents
and has federal jurisdiction, my experiment is not subject to endogeneity problem stemmed
from court selection. This is the first paper to use dissenting judge lawsuits for identification
strategy. The same approach be can be generalized to other types of litigations.
Chapter 2: Do Uncertainties in Bankruptcy Law Affect Optimal Loan Contracts? A
Quasi Natural Experiment
I investigate whether uncertainties in bankruptcy procedures shape financial contracting in the U.S. syndicated loan market. Utilizing a novel hand-collected data set, I exploit
the application of substantive consolidation procedure in the U.S. bankruptcy courts. This
procedure has two unique features. First, it removes seniorities granted in the original con-
tracts, resulting unexpected huge losses on unsecured bank loans. Second, there is consensus
among practitioners that its application is unpredictable since there is no specific provision
in the U.S. Code. I find that after exposure, lenders transmit this shock to other clients as
requiring collateral more often in their new loans. Moreover, if exposed lenders issue new
unsecured loans, then they demand higher interest rate and tighter covenants, even control-
ling for bank capitalization, borrower and time fixed effects. To my knowledge, this is the
first paper to show that uncertainties in the bankruptcy procedures provide an important
friction in the loan market. Furthermore, this work complements the previous literature by
providing a new channel for the determinants of optimal financial contracts. Results of this
paper are also important for policy makers, who want to ease bank lending standards.Item withdrawn by Laura Spradlin ([email protected]) on 2014-06-30T15:31:10Z
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University of Illinois Theses & Dissertations (ID: 1)
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Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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