Dept. of Finance
Studies continually rank the Department of Finance at the University of Illinois as among the world's most productive finance research units. The Department is also home to outstanding teachers who deliver high-quality, challenging courses. Practice and learning converge to give Illinois finance students an active, engaging educational experience - in our pioneering Master of Science in Finance program, our top-tier PhD program, and in our nationally-ranked undergraduate curriculum.
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(2015-07-17)The first essay shows that political capital is an important determinant of corporate investment and innovation. Using the unexpected exits of legislators from the U.S. Congress as exogenous shocks to politically connected ...
Essay 1. Accrual Effect in Stock Returns: Earnings Management or Sluggish Market Reactions? Essay 2. The Accrual Effect on Future Earnings (2000)In the second essay, I examine the accrual effect on future earnings and measure the potential economic consequence of earnings management. I find that the aggregate future earnings, on average, will be impaired by $0.20 ...
(1999)Essay three: Nonparametric estimation of multifactor diffusion processes and its applications to Heath-Jarrow-Morton interest rate models . This essay develops a nonparametric estimation framework for multifactor diffusion ...
Nonparametric and Parametric Analyses on the Forward Rate Volatilities and Their Implications on Interest Rate Options Pricing (1999)Based on the results obtained in the nonparametric analysis, this paper proposes an HJM volatility model and estimates it in the GARCH-family models. The proposed volatility model is compared with four alternative HJM ...
(2000)Chapter III examines how a firm's financial decisions are influenced by both its corporate tax status as well as the personal tax status of its particular investors. Using the Tax Reform Act of 1986 as exogenous shock to ...