Three essays in financial economics: feedback mechanisms in financial markets and agency problems

Diplôme Thèse Three essays in financial economics: feedback mechanisms in financial markets and agency problems eng 2015-03-30 author Odabasioglu Alper 736846 director Gibson Brandon Rajna Nicole 21951 10.13097/archive-ouverte/unige:106825 urn:nbn:ch:unige-1068253 GSEM 7 Crises have been a feature of the financial landscape for centuries. While the three essays in this dissertation have the common theme of financial crises & regulation, each focuses on different aspects revolving around this topic. One of the key elements that enable us to better understand systemic risk, namely the financial positive feedback mechanisms, is investigated thoroughly in the first essay. Particularly, a novel information-based amplification mechanism pushing the asset prices away from the fundamentals and keeping them there is described in depth. Also, policy issues in terms of regulatory transparency are discussed. The second essay analyzes strategic behavior, agency conflicts and optimal contract design in the context of corporate decision-making under uncertainty and flexibility. Finally, the third essay documents the determinants of bank lobbying before and during the 2007-2009 financial crisis; it investigates also the impact of the announcement of the Dodd-Frank bill and of the Volcker rule on banks' lobbying activities. Asset price anomalies Financial amplification mechanisms Margin trading Agency conflicts Contracting Strategic behavior Real options Bank lobbying Networks Dodd-Frank bill Information economics Systemic risk Financial stability Financial crises Regulatory transparency Dewey 330/650 9 Faculté d'économie et de management S false d78cd44c-bbbb-44c8-9a70-5fe3e0ed2619 Thesis Private ODABASIOGLU_PHD_THESIS.pdf 1940043 application/pdf b7392a0f485a9516b49b08e99081be40ee337d5efec022f108fc2698b1a3c85a closedAccess Faculté d'économie et de management

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Odabasioglu, Alper