Essays on competition, corporate financing and investment

A stochastic dynamic approach

S. Gryglewicz

Research output: ThesisDoctoral ThesisScientific

300 Downloads (Pure)

Abstract

This thesis contains four studies on economic and finance theory that analyze the effects of time, uncertainty and information on firms’ strategic and financial decisions. The first essay presents a game-theoretic model of dynamic signaling taking place in an evolving environment. The model is applied to study dynamic limit-pricing strategies under stochastic demand. The second essay analyzes the effects of short-term liquidity shocks and long-term solvency distress on corporate finance policies. The last two papers study corporate investment decisions under uncertainty. In one essay, investment project lifetime is shown to critically affect investment behavior. The last paper studies optimal divestment policies and the trade-off between the flexibility of partial divestment and the premium of full-firm sale.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • Huisman, Kuno, Co-promotor
  • Kort, Peter, Promotor
Award date24 Oct 2008
Place of PublicationTilburg
Publisher
Print ISBNs9789056682194
Publication statusPublished - 2008

Fingerprint

Financing
Divestment
Stochastic dynamics
Corporate investment
Finance
Liquidity shocks
Uncertainty
Investment behavior
Investment decision
Pricing strategy
Limit pricing
Trade-offs
Strategic decisions
Stochastic demand
Economics
Corporate finance
Investment project
Financial decisions
Solvency
Distress

Cite this

Gryglewicz, S. (2008). Essays on competition, corporate financing and investment: A stochastic dynamic approach. Tilburg: CentER, Center for Economic Research.
Gryglewicz, S.. / Essays on competition, corporate financing and investment : A stochastic dynamic approach. Tilburg : CentER, Center for Economic Research, 2008. 146 p.
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author = "S. Gryglewicz",
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language = "English",
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Gryglewicz, S 2008, 'Essays on competition, corporate financing and investment: A stochastic dynamic approach', Doctor of Philosophy, Tilburg University, Tilburg.

Essays on competition, corporate financing and investment : A stochastic dynamic approach. / Gryglewicz, S.

Tilburg : CentER, Center for Economic Research, 2008. 146 p.

Research output: ThesisDoctoral ThesisScientific

TY - THES

T1 - Essays on competition, corporate financing and investment

T2 - A stochastic dynamic approach

AU - Gryglewicz, S.

PY - 2008

Y1 - 2008

N2 - This thesis contains four studies on economic and finance theory that analyze the effects of time, uncertainty and information on firms’ strategic and financial decisions. The first essay presents a game-theoretic model of dynamic signaling taking place in an evolving environment. The model is applied to study dynamic limit-pricing strategies under stochastic demand. The second essay analyzes the effects of short-term liquidity shocks and long-term solvency distress on corporate finance policies. The last two papers study corporate investment decisions under uncertainty. In one essay, investment project lifetime is shown to critically affect investment behavior. The last paper studies optimal divestment policies and the trade-off between the flexibility of partial divestment and the premium of full-firm sale.

AB - This thesis contains four studies on economic and finance theory that analyze the effects of time, uncertainty and information on firms’ strategic and financial decisions. The first essay presents a game-theoretic model of dynamic signaling taking place in an evolving environment. The model is applied to study dynamic limit-pricing strategies under stochastic demand. The second essay analyzes the effects of short-term liquidity shocks and long-term solvency distress on corporate finance policies. The last two papers study corporate investment decisions under uncertainty. In one essay, investment project lifetime is shown to critically affect investment behavior. The last paper studies optimal divestment policies and the trade-off between the flexibility of partial divestment and the premium of full-firm sale.

M3 - Doctoral Thesis

SN - 9789056682194

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

CY - Tilburg

ER -

Gryglewicz S. Essays on competition, corporate financing and investment: A stochastic dynamic approach. Tilburg: CentER, Center for Economic Research, 2008. 146 p. (CentER Dissertation Series).