Essays in Financial MacroeconomicsSong, Hokyu (2024) Essays in Financial Macroeconomics. Doctoral Dissertation, University of Pittsburgh. (Unpublished) This is the latest version of this item.
AbstractThis dissertation consists of three essays that contribute to the fields of macroeconomics and financial economics. Chapter 1 studies financial synergies in mergers and acquisitions (M&A). Using micro data, I find that the target's average revenue product of capital (ARPK) exceeds that of the acquirer. This paper further develops a dynamic general equilibrium M&A search model with financial frictions and finds that M&A results in increases both in output and improvement in TFP. Chapter 2 examines the relationship between low interest rates, wealth distribution and economic growth. I develop an analytically tractable endogenous growth model with creative destruction. The results show that low interest rates increase both the growth rate and wealth inequality in the balanced growth path. Chapter 3 investigates the impact of M&A on firm-level markups using a robust difference-in-differences approach with staggered adoption. Utilizing the annual CRSP/Compustat Merged Database, I find that M&As do not lead to an increase in acquirers' markups and, in some cases, may even reduce them. Share
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