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Dissertations / Theses on the topic 'Risk-shifting'

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Published: 4 June 2021

Last updated: 25 July 2025

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1

Loktionov, Yuri V. "Does accounting quality mitigate risk shifting?" Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/58377.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2009.<br>Cataloged from PDF version of thesis.<br>Includes bibliographical references (p. 56-62).<br>This study examines the effect of financial reporting quality on risk shifting, an investment distortion that is caused by shareholders' incentives to engage in high-risk projects that are detrimental to debt holders. I use asymmetric timeliness to proxy for a dimension of accounting quality that is particularly useful to debt holders. Asymmetric timeliness is expected to improve debt holders' ability to effecti

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2

Hallahan, Terrence Anthony, and terry hallahan@rmit edu au. "Issues in investment risk: a supply-side and demand-side analysis of the Australian managed fund industry." RMIT University. Economics, Finance and Marketing, 2006. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20061206.095924.

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The investment management industry has proven to be a fertile ground for theoretical and empirical research over the past forty years, particularly in relation to the nature and quantification of risk. However, the dominance of the U.S. industry has meant that much of the academic research has focused on the U.S. market. This thesis investigates aspects of investment risk using alternative data to that used in much of the prior published research. This thesis contains an extensive analysis of aspects of risk related to both the demand side and the supply side of the managed funds m

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3

Gamber, Edward. "Empirical identification of the risk shifting aspect of labor market implicit contracts." Diss., Virginia Polytechnic Institute and State University, 1986. http://hdl.handle.net/10919/50019.

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Much of the recent work in the area of implicit contract theory hypothesizes that firms and workers differ in their attitudes towards risk. The optimal wage and employment contract calls for shifting some of the risk associated with a randomly fluctuating marginal product of labor from the more risk averse party to the less risk averse party. The purpose of this dissertation is to explore the empirical implications of this risk shifting hypothesis. In particular, the following question is addressed: "How can we empirically identify whether risk shifting is occurring in the labor market?” Chap

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Patra, Sudip. "Essays in bank dividend signaling, smoothing and risk shifting under information asymmetry and agency conflict." Thesis, University of Glasgow, 2019. http://theses.gla.ac.uk/41017/.

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The current thesis is a collection of essays on costly signaling, smoothing (partial adjustment), and risk shifting through various pay outs by bank holding firms. The thesis is based on three chapters, or sections, which are through econometric investigations on the above mentioned topics. The major findings of the investigations are, one, a detailed firm level information content analysis of costly signaling by banks via different pay out methods, two, that partial adjustment or smoothing via pay outs can also be perceived as costly signals which is based on the information content of allied

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5

Althaus, Junior Adalto Acir. "A taxa de performance e o comportamento de risk shifting dos fundos de investimento em ações." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/18062.

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Submitted by Adalto Acir Althaus Junior (adaltojl@yahoo.com.br) on 2017-03-20T19:06:20Z No. of bitstreams: 1 Tese2_AdaltojL-V_final_corrigida.pdf: 1890382 bytes, checksum: 4a35dbb3a389546a0654556227bf3070 (MD5)<br>Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2017-03-20T19:09:02Z (GMT) No. of bitstreams: 1 Tese2_AdaltojL-V_final_corrigida.pdf: 1890382 bytes, checksum: 4a35dbb3a389546a0654556227bf3070 (MD5)<br>Made available in DSpace on 2017-03-20T20:24:40Z (GMT). No. of bitstreams: 1 Tese2_AdaltojL-V_final_corrigida.pdf: 1890382 bytes, checksum: 4a35dbb3

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Kurniawan, Meinanda. "Mutual fund tournaments, style drift and active returns." Thesis, Queensland University of Technology, 2017. https://eprints.qut.edu.au/123513/1/Meinanda%20Kurniawan%20Thesis.pdf.

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In this thesis, I investigate the effect of annual fund tournaments on intra-year style drift ("tournament-induced style drift") as well as its immediate effect on the fund's year-end active return (volatility). Based on a large sample of 2,194 active U.S. equity funds with a specific style from 2003 to 2014, I find the relation between style drift and tournament rank is convex, with funds appearing in the top and bottom performance quartiles having higher subsequent style drift. This finding is consistent with the convex flow-performance relation identified by Chevalier and Ellison (1997).

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7

Settle, Antonia Caramella. "Money and financial change at the frontier: shifting monetary regimes and new risk in the everyday economy of a frontier market." Thesis, The University of Sydney, 2017. http://hdl.handle.net/2123/18075.

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This study examines monetary change in a frontier economy, setting the changing regime of monetary governance in Pakistan against change in global markets. For Pakistan, an important consequence of the opening up of money and markets to the global economy has been new volatility in the rupee, which has spread risk across the economy. This thesis focuses on the expression of these risks in the everyday economy - amongst households and in local bazaars, in everyday transactions and money practices. Fieldwork indicates that in their use of money for exchange, as a store of value and as a unit of

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8

Vera-Concha, Germán E. "Expropriation, extraction, and evasion decisions in the design of taxation regimes for the natural resources industry." Thesis, University of Oxford, 2018. http://ora.ox.ac.uk/objects/uuid:b55dc55d-218c-4feb-a93b-991eebb61d10.

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This dissertation provides three models pertaining expropriation and production decisions in the natural resources industries. The first two chapters are intertwined: in these, the government relies on two tools to capture the rents from privately-owned Natural Resources Companies, a corporate income tax and the possibility of expropriating the assets. A real options model is used to assess the effect that progressiveness in taxation has on the political risk of a natural resources project. In the first chapter, we discover that under certain conditions for the underlying commodity: low prices

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9

BARBI, MASSIMILIANO. "Corporate Equity Warrant: Pricing Arbitrage-Free ed Implicazioni per la Finanza Aziendale." Doctoral thesis, Università Cattolica del Sacro Cuore, 2009. http://hdl.handle.net/10280/463.

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I corporate equity warrant rappresentano un affascinante metodo di finanziamento “ibrido” disponibile per le imprese. In prima approssimazione, un warrant è assimilabile ad una opzione call e, pertanto, il pricing è spesso effettuato applicando le formule di valutazione sviluppate per tali strumenti dalla teoria finanziaria. Tuttavia, la valutazione dei warrant presenta complicazioni ulteriori rispetto alla determinazione del prezzo di opzioni call, e la ragione risiede principalmente in alcuni elementi distintivi di maggiore complessità, tra cui l’effetto diluitivo del capitale esistente deri

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BARBI, MASSIMILIANO. "Corporate Equity Warrant: Pricing Arbitrage-Free ed Implicazioni per la Finanza Aziendale." Doctoral thesis, Università Cattolica del Sacro Cuore, 2009. http://hdl.handle.net/10280/463.

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I corporate equity warrant rappresentano un affascinante metodo di finanziamento “ibrido” disponibile per le imprese. In prima approssimazione, un warrant è assimilabile ad una opzione call e, pertanto, il pricing è spesso effettuato applicando le formule di valutazione sviluppate per tali strumenti dalla teoria finanziaria. Tuttavia, la valutazione dei warrant presenta complicazioni ulteriori rispetto alla determinazione del prezzo di opzioni call, e la ragione risiede principalmente in alcuni elementi distintivi di maggiore complessità, tra cui l’effetto diluitivo del capitale esistente deri

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11

Lim, Ivan Wen Yan. "Essays on banking." Thesis, University of Edinburgh, 2018. http://hdl.handle.net/1842/31107.

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This thesis consists of three essays on banking in the U.S. The first two chapters study how supervisors and regulators influence bank behavior. The third chapter explores how bank CEOs allocate credit. The first chapter uses a quasi-natural experiment, the closure of regulatory offices, to identify the effects of supervision on bank behavior. Under the decentralized structure of U.S. bank supervision, banks in the same geographic area may be supervised by different regulatory offices. The chapter shows that, following the closure of a regulatory office, banks previously supervised by that off

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12

Stoffle, Richard W. "Shifting Risks: Hoover Dam Bridge Impacts on American Indian Sacred Landscapes." Bureau of Applied Research in Applied Anthropology, University of Arizona, 2001. http://hdl.handle.net/10150/298026.

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13

Powell, Scott R. "Shifting the Employment Burden: The Social and Economic Foundations of Welfare State Reform." The Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1325176807.

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Giusti, Giovanni 1984. "Three essays in experimental economics." Doctoral thesis, Universitat Pompeu Fabra, 2014. http://hdl.handle.net/10803/284453.

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This thesis is composed of three essays. In the first essay (joint with Janet Jiang and Xiping Xu) we study asset price bubbles in a laboratory experiment. By introducing interest payments on cash we separate the effect of trading opportunity cost from the role of asset fundamental value trend on bubble formation. Results show that the fundamental value trend plays a more critical role. In the second essay (joint with Charles Noussair and Hans-Joachim Voth) we study in a laboratory setting the importance of several historical institutional features that characterized the South Sea bubble. Our

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15

Chan, Yuwen, and 詹育玟. "Risk-Shifting and Bank Monitoring." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/xuqw6m.

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碩士<br>國立中正大學<br>財務金融研究所<br>99<br>This article explored whether the banking supervision can effectively reduce risk-shifiting problems. Through analyzing the effects of different relationships between banks and firms on corporate risk management, we explored whether the banks can mitigate the risk-shifting motives better than other non-bank lenders. We use the interaction variables of risk-shifting incentives and five different banking relationships variable –bank loan ratio, bank’s dual-role, banks on boards, lending banks on board, and bank shareholdings relative to debt holdings-to capture t

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Feng, Hsiang-Hsun, and 馮祥勛. "Risk-taking and Risk-shifting for Banks in Taiwan." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/70391846280973093446.

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Lin, Hui-shan, and 林卉珊. "Risk Shifting in the Insurance Market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/84961880800998519740.

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碩士<br>國立雲林科技大學<br>財務金融系碩士班<br>101<br>We want to prove that whether risk-shifting behavior exists in the insurance industry by examining the insurance companies which at the financial distress have low hedge ratio. Moreover, the insurance industry has different origination form and this will affect the agency conflicts and motivation of risk-shifting, so we further explored that the relationship between origination form, hedge behavior and risk-shifting behavior, thus to compare that different organization form in the insurance industry whether has different risk transfer objects. Using the sa

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WU, YU-WEI, and 吳侑韋. "Deposit Insurance System and Bank Risk-Shifting." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/44154405264281035862.

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碩士<br>靜宜大學<br>財務金融學系<br>104<br>Deposit insurance is a system of government in order to enhance the stability of a financial system. Using Taiwan's market as the background, this paper examines the relationships between deposit insurance adoption and bank risk-shifting. The results show that after the implementation of a comprehensive insurance, banks transferred the risk to the insurer, and during the same period, banks generally increased its financial leverage. These results reveal that the bank shifts its risk through an increase in financial leverage. Furthermore, this paper also found tha

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Chen, Yen-Ju, and 陳研如. "Deposit insurance and risk-shifting at commercial banks." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/20500152794237261478.

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碩士<br>淡江大學<br>財務金融學系<br>88<br>Financial market has depended on many regulations to prompt financial institutions to operate stable in Taiwan, which protect the people’s safe of bank deposit and maintain the steady of the financial system. Recently in order to make finance toward liberalization and internationalization, the government has been open the establishment of the bank, loosened the development of the financial system and expanded financial scale continually except that removed interest rate and exchange rate regulation in 1989. In above situation, to increase customers and try to gain

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Lee, Ying-Ta, and 李盈達. "An Evidence Of Risk-shifting And Corporate Hedging." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/25762202610889329563.

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Wang, Hsin-Yi, and 王欣怡. "Accounting Conservatism, Debt Financing Type and Risk Shifting." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/87910349760052425670.

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碩士<br>輔仁大學<br>會計學系碩士班<br>99<br>The thesis examines the effects of accounting conservatism and types of debt financing on risk shifting. Risk shifting is an investment distortion that is caused by shareholders’ incentives to engage in high-risk projects to the detriment of debt holders. Research in the literature suggests that both the design of debt contracts (referred as types of debt financing in this thesis) and accounting conservatism contribute to mitigating risk shifting problem (Green 1984；Eisdorfer 2008；Loktionov 2009). However, the interaction between these two mechanisms in mitigatin

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Zhang, Meng-Yang, and 張夢瑒. "Research on Factors of Fund Managers’ Risk Shifting Behavior." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/68574305799512014464.

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碩士<br>國立臺灣大學<br>國際企業學研究所<br>103<br>This paper examine the factors that affect managerial risk shifting due to compensation incentives and employment incentives as well as risk surprise. The empirical investigation is based on data of mix-stock and common stock open-end funds of China during 2006 – 2014. This paper constructs deviation from the expectation as the proxy of managerial risk shifting behavior using detailed data of funds’ asset allocation. Then, we analyze these factors by contingency table approach and regression approach. Based on a thorough empirical investigation, firstly, we

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Huang, Yuchia, and 黃于嘉. "Institutional Ownership and Corporate Hedging: An Evidence of Risk-shifting." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/02462141577588642094.

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碩士<br>國立暨南國際大學<br>財務金融學系<br>101<br>Extending the research of Tai, Lai and Lin(2012), this paper adopts listed company in Taiwan from 2005 to 2009 to examine whether the distance of institutional supervision affects risk-shifting policy of financial distressed firms by separating institutional ownership into domestic institutional ownership and foreign institutional ownership. The result shows that domestic institutional investors provide more effective monitoring in corporate hedging than foreign institutional investors. These results are robust to the consideration of endogeneity problem, sel

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Chiu, Ya-Ching, and 邱雅靜. "Equity-linked Life and Risk-shifting in Taiwan Life Insurance Industry." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/74355583592254964848.

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Lin, Yu-Cen, and 林昱岑. "Multi-agent Based Deep Reinforcement Learning for Risk-shifting Portfolio Management." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/nfe7z3.

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碩士<br>國立交通大學<br>資訊管理研究所<br>107<br>The growing popularity of quantitative trading, pursuing a systematic and algorithmic approach to invest, has drawn considerable attention among traders and investment firms nowadays, especially in the demand of investors for quant hedge fund. In this thesis, we consider the problem of multi-period portfolio selection with realistic transaction cost model, which is one of the major concerns for quant hedge fund managers. We develop a dedicated multi-agent based deep reinforcement learning framework with a two-level nested agent structure to learn an effective

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Jhuang, Jia-Wei, and 莊甲煒. "The Risk Shifting Behavior of the Leaders and Followers in Merger Waves." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/88544876631628344047.

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碩士<br>國立暨南國際大學<br>財務金融學系<br>103<br>Our study aims to examine the differences of the risk-shifting behavior in hedging and investment strategies between leaders and followers in merger waves. The results show the leaders in a merger wave have higher incentive to risk-shifting risk in both hedging strategies and investment strategies. Although it is generally known that M&A (Merger and Acquisition) activity is a risky strategy of expansion. However, the leaders in a merge wave do not tend to take higher risk than followers in the merge type and payment methods. Finally, this study shows that bar

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LIAO, YA-LING, and 廖雅玲. "The Analysis of Bank Risk-Shifting under Financial Crisis: Evidence from Taiwan." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/z93wuz.

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碩士<br>靜宜大學<br>財務金融學系<br>104<br>The deposit insurance system is a mechanism that protects small depositors and avoids bank from running. On the other hand, deposit insurance also leads incentives that banks will transfer risks to the deposit insurance insurer. This paper examines the relation between risk-shifting of banks and financial crisis in Taiwan from 1990 to 2014. The findings show that after deposit insurance becomes comprehensive insurance, Taiwanese banks shift their risks to the deposit insurance insurer. Further analysis of risk-shifting under risk-based deposit insurance system re

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Chen, Wei-cheng, and 陳韋呈. "Risk-Shifting Behavior in Large and Small Distressed Firms: An Empirical Analysis." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/47759016950125746731.

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碩士<br>國立中央大學<br>財務金融研究所<br>96<br>This study uses a uniform measure across a large sample of firms to analyze the actual existence of risk-shifting problem in large and small distressed firms. In addition to consider the effects of market-level and industry-level uncertainty on firm''s invesrment, we also take the effects of total firm uncertainty on firm''s investment into consideration to examine the risk-shifting behavior in large and small distressed firms. Our results provide the evidence of risk-shifting behavior in small distressed firms. Further, we use the maximum likelihood estimation

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Lin, Yi-yao, and 林憶窈. "The impacts of earning management and market discipline on bank risk-shifting." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/08247363768588401530.

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碩士<br>國立雲林科技大學<br>財務金融系碩士班<br>100<br>In recent years, governments have been promoting financial liberalization, internationalization and the business of lending banks. It makes the banks to increase the risk of the portfolio and reduce the quality of the portfolio. Although the deposit insurance can protect depositors, it also reduces the market disciplinary pressures. Therefore, the deposit insurance may increase the risk-shifting behavior by banks. We use a large sample of banks from 35 countries. The sample period of our study spans 1996-2010. In order to investigate the impacts of accounti

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Wang, Tien-Ming, and 王天明. "The relationship between fund manager'' characteristics, fund characteristics and risk shifting." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/35231427564251310313.

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碩士<br>台南應用科技大學<br>商學與管理研究所<br>100<br>With the participation of investor, mutual fund market has grown up vigorously for the last decades. While because the environment of international financial market was highly changeable recently, the risk concern becomes the indispensable topic of investment decision. Thus, the relationship of the degree of risk shifting, return level, fund managers'' characteristics, and fund characteristics is a crucial issue to explore. This study is distinct from the research in the past which use the fund return standard deviation to proxy the risk; I adopt

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STAMATI, Furio. "The politics of a broken promise : risk shifting reforms in Bismarckian pension policies." Doctoral thesis, 2015. http://hdl.handle.net/1814/34817.

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Defence date: 21 January 2015<br>Examining Board: Professor Sven Steinmo, EUI (Supervisor); Professor Alexander H. Trechsel, EUI; Professor David Natali, University of Bologna; Professor Kent Weaver, Georgetown University.<br>This thesis deals with a broken promise: namely, a broken pension promise. Looking at Italy and Germany in particular, it tells a story that is fairly common to retirement systems across the OECD. Over the last forty years, pension institutions have been facing major economic and demographic challenges. This 'affordability crisis' has slowly eroded the confidence of large

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Wang, Xiaolu. "Essays in Empirical Finance." Thesis, 2010. http://hdl.handle.net/1807/26256.

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This dissertation contains two essays in empirical finance. The first essay studies the mutual fund industry, and the second essay looks into the stock market. Both studies provide insights in the underlying mechanism of some asset return patterns identified from the data currently available. The first essay investigates the sources of a recently identified performance pattern in mutual funds. Specifically, actively managed mutual funds, in general, underperform a passive benchmark; however, some recent studies find they, in fact, outperform the benchmark in bad economic states. I examine whe

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Liao, Chih-ming, and 廖志明. "Risk-Shifting Behavior in Credit Department of Farmers'' Association under Government Credit Guarantee in Taiwan." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/67528693618865828169.

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碩士<br>南華大學<br>財務金融學系財務管理碩士班<br>97<br>This paper investigates empirically whether Taiwan’s Credit Department of Farmers’Association (CDFA) presents the risk-shifting behavior under Agricultural Credit Guarantee Scheme (ACGS) using 250 CDFAs over the period 2000 to 2007. We also identify key factors affecting the nonperforming loan ratio under ACGS in CDFAs. The empirical evidences indicate that CDFAs with lag 1 year nonperforming loan ration are more likely to shift the risk of guaranteed loan onto ACGS. The factors of institution and local agricultural environment have impact on nonperforming

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Platanakis, Emmanouil, and C. Sutcliffe. "Pension scheme redesign and wealth redistribution between the members and sponsor: The USS rule change in October 2011." 2016. http://hdl.handle.net/10454/8145.

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yes<br>The redesign of defined benefit pension schemes usually results in a substantial redistribution of wealth between age cohorts of members, pensioners, and the sponsor. This is the first study to quantify the redistributive effects of a rule change by a real world scheme (the Universities Superannuation Scheme, USS) where the sponsor underwrites the pension promise. In October 2011 USS closed its final salary scheme to new members, opened a career average revalued earnings (CARE) section, and moved to ‘cap and share’ contribution rates. We find that the pre-October 2011 scheme was not via

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Kuo, Jun, and 郭盈君. "An analysis of the risk-shifting behavior of the insured financial institutions under the current deposit insurance system." Thesis, 1995. http://ndltd.ncl.edu.tw/handle/70551793913119357164.

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碩士<br>淡江大學<br>金融研究所<br>83<br>This paper uses the Jin-Chuan Duan , Moreau and Sealey model (1992) to test the hypothesis in respect to the control undertaken by seven listed financial institutions in Taiwan. With respect to the agency issue on the insured financial institutions,the concept of Saunders , Strock and Travlos (1990) is used to corroborate the said factor on the local insured financial institutions. The results of the empirical studies based on the sampled banks indicated the fol

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Zhan, Gong. "Three essays on hedge fund fee contracts, managerial incentives and risk taking behaviors." 2011. https://scholarworks.umass.edu/dissertations/AAI3482676.

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Under the principal-agent framework, the first essay studies and compares different compensation schemes commonly adopted by hedge fund and mutual fund managers. We find that the option-like performance fee structure prevalent among hedge funds is suboptimal to the symmetric performance fee structure. However, the use of high water mark (HWM) mitigates the suboptimality, though to a very limited extent. Both our theoretical models and simulation results show that HWM will induce more managerial efforts only when a fund is slightly under the water but it will unfavorably dampen incentives when

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LIN, CHIH-HSIEN, and 林志賢. "The Property-Liability Insurance Shifting Strategies for the Fixed Asset Risk of Enterprise: The Case of the Pouchen Corporate." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/67449252350890056730.

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碩士<br>大葉大學<br>事業經營研究所碩士在職專班<br>93<br>It is impossible to completely avoid the risk for a company, and hence there is a need to reduce the asset loss due to the complicated business environment. To develop an integrated evaluation mechanism and procedure, which is suitable for the specific company, the directors must consider the important issues of risk management for fixed asset. The current study collects the related literature, makes a comparison about various risk management systems of fixed asset, and identifies their advantages and disadvantages. By conducting an in-depth interview, th

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Rivera-Mesias, Alejandro. "Essays on financial economics." Thesis, 2016. https://hdl.handle.net/2144/14519.

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This dissertation explores the role of information frictions in the design of financial securities, the pricing of securities, and their business cycle implications. The first essay studies the risk- shifting problem between bondholders and shareholders, and the moral hazard problem between shareholders and the manager. Although, these two problems have been studied separately, my model is the first tractable frame-work to study these two frictions jointly. Using my model, I explore: i) How the presence of managerial moral hazard affects the risk-shifting problem, and ii) How o

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(6861416), Roger T. Godwin. "Asset Substitution Incentives and Uncertain Tax Choices." Thesis, 2019.

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The equity holders of a firm typically control investment choices but enjoy limited liability, since the value of equity is the firm’s value in excess of the value of debt and other fixed claims. The asset substitution problem allows equity holders to expropriate value from other claimants by shifting downside risk from failed projects. To do so, equity holders substitute riskier investments for those with less risk. In the context of tax choices, firms pursue uncertain tax projects to reduce their current or future tax payments. Given the negative consequences of tax uncertainty documented by

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