Agency costs in an emerging market : investigating business groups

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buir.advisorTanyeri, Ayşe Başak
dc.contributor.authorBakıcıol, Tamer
dc.date.accessioned2017-10-13T08:39:37Z
dc.date.available2017-10-13T08:39:37Z
dc.date.copyright2017-09
dc.date.issued2017-09
dc.date.submitted2017-10-12
dc.departmentDepartment of Managementen_US
dc.descriptionCataloged from PDF version of article.en_US
dc.descriptionThesis (Ph.D.): Bilkent University, Department of Management, İhsan Doğramacı Bilkent University, 2017.en_US
dc.descriptionIncludes bibliographical references (leaves 171-183).en_US
dc.description.abstractPositive abnormal returns around loan announcements imply that banks have unique expertise in information production about borrowers. I study abnormal returns around loans that Turkish listed firms secure from international markets between 2003 and 2016 two investigate two research questions. Do listed firms controlled by business groups have higher agency costs when compared to stand-alone firms? Does control through pyramid ownership structures increase agency costs of business group listed firms? I hypothesize that controlled for other factors, abnormal returns around loan announcements measure agency costs associated with borrowers because new information provided by bank loans lead to the higher revaluation for business group firms that bear agency costs. I provide evidence that when business group firms are positioned within pyramid ownership structures they realize higher abnormal returns when benchmarked against stand-alone firms and business group firms that are not positioned within pyramids. Therefore, my results indicate market perception towards pyramid ownership structures in increasing tunneling incentives within business groups.en_US
dc.description.degreePh.D.en_US
dc.description.statementofresponsibilityby Tamer Bakıcıol.en_US
dc.format.extentxv, 246 leaves ; 30 cmen_US
dc.identifier.itemidB156824
dc.identifier.urihttp://hdl.handle.net/11693/33806
dc.language.isoEnglishen_US
dc.publisherBilkent Universityen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectAgency Problemen_US
dc.subjectAsymmetric Informationen_US
dc.subjectCorporate Financeen_US
dc.subjectLoan Announcementen_US
dc.subjectTunnelingen_US
dc.titleAgency costs in an emerging market : investigating business groupsen_US
dc.title.alternativeGelişmekte olan ülkelerde asill-vekil problemi : iş gruplarının incelenmesien_US
dc.typeThesisen_US

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