Essays in corporate finance and financial intermediation

Research output: ThesisDoctoral ThesisScientific

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Abstract

This thesis consists of three chapters in corporate finance and financial intermediation. The first two chapters explore sources of incentives and learning for finance professionals. Specifically, the first chapter studies how the option to go work for an investment bank affects the incentives of credit rating analysts, and shows that this "revolving door" strengthens analysts' incentives to issue accurate ratings. The second chapter analyzes the value of experience for mutual fund managers and identifies on-the-job learning as a first-order driver of observed fund manager skill. The third chapter investigates the effects of limited attention by institutional shareholders on corporate decision-making.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • Renneboog, Luc, Promotor
  • Spalt, Oliver, Promotor
Award date27 Jun 2016
Place of PublicationTilburg
Publisher
Print ISBNs9789056684792
Publication statusPublished - 2016

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Financial intermediation
Incentives
Corporate finance
Analysts
Fund managers
Institutional shareholders
Limited attention
Finance
Credit rating
Rating
Investment banks
Decision making
Mutual funds

Cite this

Kempf, E. (2016). Essays in corporate finance and financial intermediation. Tilburg: CentER, Center for Economic Research.
Kempf, Elisabeth. / Essays in corporate finance and financial intermediation. Tilburg : CentER, Center for Economic Research, 2016. 217 p.
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author = "Elisabeth Kempf",
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Kempf, E 2016, 'Essays in corporate finance and financial intermediation', Doctor of Philosophy, Tilburg University, Tilburg.

Essays in corporate finance and financial intermediation. / Kempf, Elisabeth.

Tilburg : CentER, Center for Economic Research, 2016. 217 p.

Research output: ThesisDoctoral ThesisScientific

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AB - This thesis consists of three chapters in corporate finance and financial intermediation. The first two chapters explore sources of incentives and learning for finance professionals. Specifically, the first chapter studies how the option to go work for an investment bank affects the incentives of credit rating analysts, and shows that this "revolving door" strengthens analysts' incentives to issue accurate ratings. The second chapter analyzes the value of experience for mutual fund managers and identifies on-the-job learning as a first-order driver of observed fund manager skill. The third chapter investigates the effects of limited attention by institutional shareholders on corporate decision-making.

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Kempf E. Essays in corporate finance and financial intermediation. Tilburg: CentER, Center for Economic Research, 2016. 217 p. (CentER Dissertation Series).