The Dynamics of Firm-Level Risk : Changes in Risk after Cross-Border Bank Acquisitions, Convertible Bond Issuances and Terrorist Attacks

Doctoral Thesis / Dissertation from the year 2008 in the subject Business economics - Investment and Finance, grade: summa cum laude, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, language: English, abstract: My doctoral thesis has the objective of broadening our understanding regarding the risk dynamics in capital markets. All three essays provide new evidence on how corporate investment decisions affect firm risk and how the adjustment process of risk can be described. Overall, my research documents the importance of understanding the dynamics of risk. Researchers, investors, and bank supervisors should bear in mind that corporate investment decisions may significantly affect firm risk. The assumption that risk remains constant over time may lead to incorrect conclusions.