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Essays on causal inference in corporate finance

  • This dissertation work provides a kaleidoscope of alternative empirical estimation techniques while illuminating and challenging coentional approaches and established findings in the Corporate Finance literature. In particular, the observed „conglomerate discount“ and the effect of diversication and concentrated ownership on firm value are revisited in the course of my cumulated doctoral thesis. In doing so, the main emphasis lies on the inference of causation in the presence of endogeneity concerns, namely by considering potential distortions caused by unobserved heterogeneity, reverse causality or non-random self-selection.

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Document Type:Doctoral Thesis
Author:Markus Brendel
Chairs and Professorships:Chair of Financial Management
Full text/ URN:urn:nbn:de:bsz:14-qucosa-180823
Year of Completion:2015
Leipzig: HHL Leipzig Graduate School of Management, 2015 Leipzig, HHL Leipzig Graduate School of Management, Diss., 2015