Three Essays in Corporate Finance: Examining the Influence of Government Ownership and Evaluating Crude Oil Arbitrage

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dc.contributor.advisorEderington, Louis H.||Megginson, William L.
dc.creatorHolland, Kateryna V.
dc.date.accessioned2019-04-27T21:38:05Z
dc.date.available2019-04-27T21:38:05Z
dc.date.issued2013
dc.description.abstractThe aim of this dissertation is twofold: first, to evaluate how governments influence firms in which they invest (chapters one and two), and second, to examine arbitrage in the crude oil market by investigating the relationship between crude oil inventories, physical prices, and financial prices (chapter three). In the first chapter (The Wealth Effects of Government Investment in Publicly Traded Firms), I study how government share ownership affects shareholder wealth. I find that government investments with higher likelihood of political interference have a negative influence on shareholder wealth, while the opposite is true for government investments with economic objectives. In the second chapter (Government Ownership and the Cost of Debt: Evidence form Government Investment in Publicly Traded Firms), I investigate how government share ownership affects the cost of debt of publicly traded firms. I find that government ownership generally leads to a higher cost of debt, except for times of economic and firm distress, when the value of the implicit government guarantee is associated with a reduction in the cost of debt. In the third chapter (Financial Trading, Spot Oil Prices, and Inventory: Evidence from the U.S. Crude Oil Market), I confirm the existence of an active cash and carry market in crude oil in Cushing, OK, the main U.S. crude oil futures settlement location. In other words, crude oil inventories in Cushing, but not in any other U.S. crude oil storage locations, are explained by the spread between the financial and the physical price of oil in addition to operational factors.
dc.format.extent227 pages
dc.format.mediumapplication.pdf
dc.identifier993655002042
dc.identifier.urihttps://hdl.handle.net/11244/319221
dc.languageen_US
dc.relation.requiresAdobe Acrobat Reader
dc.subjectInvestment of public funds
dc.subjectStockholder wealth
dc.subjectCorporate debt
dc.subjectInterest rates
dc.subjectPetroleum industry and trade--Oklahoma--Cushing
dc.subjectPetroleum industry and trade--Oklahoma--Cushing--Inventories
dc.subjectCommodity futures--Oklahoma--Cushing
dc.thesis.degreePh.D.
dc.titleThree Essays in Corporate Finance: Examining the Influence of Government Ownership and Evaluating Crude Oil Arbitrage
dc.typetext
dc.typedocument
ou.groupMichael F. Price College of Business

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