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Essays in Financial and Applied Economics

Podvysotskiy, Yuriy (2021) Essays in Financial and Applied Economics. Doctoral Dissertation, University of Pittsburgh. (Unpublished)

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This dissertation consists of three independent essays in financial and applied economics. Essay One analyzes the impact of common ownership concentration on corporate payouts, investments, and markups. The evaluated hypothesis is that a set of investors who own significant equity stakes in two or more firms within the same industry (common ownership) are able to decrease competition, raise markups, and increase payouts. The results confirm a statistically significant increase in corporate payouts following an increase in industry-level common ownership. I further show that the effect of common ownership concentration on payouts is larger in industries that face relatively less competition from Chinese imports, and is also larger in industries with low values of their Herfindahl indices.
Essay Two estimates the implications of divorce between individuals aged 50 and above (`gray divorce') for all components of their wealth. The results suggest that gray divorce negatively impacts net worth, especially components such as housing equity and financial assets. There is no evidence of higher decline in net worth for females as compared to males. However, divorcing females experience higher decline of their individual retirement account balances, and, are more likely to re-enter the labor force. Wealth is also shown to be a key (negative) predictor of the probability of gray divorce.
Essay Three tests the so-called `modernization hypothesis', a positive effect of income on democracy, examining the case of the Central and Eastern Europe (CEE) after communism's collapse. I show that a highly important influence on the relation between income and democracy in some post-socialist country is its initial political disruption: time between collapse of the communist system and emergence of a new post-communist government. In particular, I verify that the positive relation between income and democracy is significantly weakened, or even reversed, for the countries that experienced prolonged periods of initial political disruption.


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Item Type: University of Pittsburgh ETD
Status: Unpublished
CreatorsEmailPitt UsernameORCID
Podvysotskiy, Yuriyyap7@pitt.eduyap7
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Committee ChairCoen-Pirani,
Committee CoChairGiuntella,
Committee MemberBerkowitz,
Committee MemberRipoll,
Committee MemberDenis,
Date: 20 January 2021
Date Type: Publication
Defense Date: 23 November 2020
Approval Date: 20 January 2021
Submission Date: 3 December 2020
Access Restriction: No restriction; Release the ETD for access worldwide immediately.
Number of Pages: 137
Institution: University of Pittsburgh
Schools and Programs: Dietrich School of Arts and Sciences > Economics
Degree: PhD - Doctor of Philosophy
Thesis Type: Doctoral Dissertation
Refereed: Yes
Uncontrolled Keywords: Competition, corporate payouts, Marital dissolution, Household wealth, Transition economies, Economic growth, Democracy
Date Deposited: 20 Jan 2021 19:06
Last Modified: 20 Jan 2021 19:06


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