Date of Award
Summer 8-2017
Degree Type
Dissertation
Degree Name
Ph.D.
Degree Program
Financial Economics
Department
Economics and Finance
Major Professor
Sudha Krishnaswami
Second Advisor
Walter Lane
Third Advisor
Tarun Muhkerjee
Fourth Advisor
Duygu Zirek
Abstract
The following dissertation contains two related essays. The first essay explores how institutional investor presence impacts investments during the global financial crisis. Using OLS, industry fixed effects, and Heckman 2SLS regression approaches, I explore two ways through which institutional investors could impact investments: liquidity and monitoring. My findings best support monitoring theory. I find that institutional investors monitor capital and R&D levels to maximize crisis period firm value.
The second essay is a direct fallout from my first essay. In it, I investigate how institutional investor types influence investments. I ask, do certain types of investors improve liquidity or monitor firm investment behavior during the global financial crisis? My results suggest that long-term, dedicated institutional investors monitor firm investments more than short-term, transient investors. As a result, firms with greater dedicated investor presence perform better during the crisis periods than their peers.
Recommended Citation
Lindsay, Kathleen, "Financial Crises and Investment Behavior: The Impact of Institutional Investors" (2017). University of New Orleans Theses and Dissertations. 2383.
https://scholarworks.uno.edu/td/2383
Rights
The University of New Orleans and its agents retain the non-exclusive license to archive and make accessible this dissertation or thesis in whole or in part in all forms of media, now or hereafter known. The author retains all other ownership rights to the copyright of the thesis or dissertation.