The first paper ("Human Capital and Investment Policy") investigates the interaction between investment policies and human capital cost. Employees may demand a higher pay to compensate for the potential job loss due to their firm's high investment risk. I find a positive and significant relation between a firm's human capital cost and investment riskiness. The findings suggest that risky investments, by contributing to an increase in human capital cost, may discourage subsequent investments. The second paper ("National Culture and Governance on Bondholder Wealth: Evidence from Joint Ventures and Strategic Alliances around the World") considers the impact of global business collaborations on the value of foreign bondholder wealth. Event study methodology reveals significant and positive abnormal returns for bondholders. Focusing on the determinants of this wealth effect, I identifies that country level governance and national culture are dominant drivers of bondholder gains. The third paper ("Capital Structure Persistency and Subsequent Equity Financing: Evidence from Zero Leverage and Levered Firms") studies financing decisions and capital structure evolution. I investigate the effects of a firm's initial and persistent all-equity or levered capital structure on its subsequent first equity financing decisions and outcomes. I find that SEOs offered by zero leverage firms may signal to the market that they are likely to maintain all-equity structure, which makes them attractive merger and acquisition target.
