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dc.contributor.authorSun, Linen_US
dc.date.accessioned2015-04-06T20:14:01Z
dc.date.issued2015-01-26en_US
dc.identifier.urihttps://hdl.handle.net/1813/39374
dc.description.abstractThis dissertation studies two newly emerging bond varieties - the foreign bond and the CAT bond. Concerning the foreign bond, we focus on its micro-level impact on the equity value of the issuing firm. We derive a theoretical model to explain why the issuance of foreign bonds impacts firm value through the channel of foreign exchange risk. Then, we empirically test the stock price reaction to the launch of two foreign bonds - dim sum bonds and Eurodollar bonds. We further show that the crosssectional differences among stock reactions result from foreign exchange volatility rather than from other bond characteristics. Concerning the CAT bond, we focus on its macro-level impacts on the economic development, risk financing and sovereign debt sustainability of least-developed countries. We examine the roles of the CAT bond as both an ex ante risk financing strategy and an ex post economic development tool. We discuss how the issuance of a government sponsored CAT bond improves the sovereign debt sustainability in an static social wealth maximization framework. In the end, we illustrate how to simulate the price of a drought linked CAT bond through the well-defined closed form solution and show that our simulation technique is adaptive and robust to different settings.en_US
dc.language.isoen_USen_US
dc.subjectForeign Bondsen_US
dc.subjectCatastrophe Bondsen_US
dc.subjectBond theories and pricingen_US
dc.titleOn The Economics And Pricing Of Newly Emerging Bond Varieties: Micro And Macro Effects Of Foreign And Catastrophe Bondsen_US
dc.typedissertation or thesisen_US
dc.description.embargo2020-01-27
thesis.degree.disciplineAgricultural Economics
thesis.degree.grantorCornell Universityen_US
thesis.degree.levelDoctor of Philosophy
thesis.degree.namePh. D., Agricultural Economics
dc.contributor.chairTurvey, Calum G.en_US
dc.contributor.chairTurvey, Calum G.en_US
dc.contributor.committeeMemberBogan, Vicki L.en_US
dc.contributor.committeeMemberJarrow, Robert A.en_US
dc.contributor.committeeMemberHuang, Mingen_US
dc.contributor.committeeMemberBogan, Vicki L.en_US


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