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Accounts receivable financing and information asymmetry

Hagit Levy, 2010

Faculty Advisor: Charles Calomiris

This study investigates the effect of information asymmetry between managers and outsiders on the use of accounts receivable in financing the firm's operations. The information impounded in receivables pertains to the firm's customers rather than the firm and therefore differs from the information embedded in other assets. The unique information content of accounts receivable makes it a likely candidate to use as a financing tool for highly information asymmetric firms.

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Superstitious choice and the placebo effect: Consumer products as instruments of control

Eric Hamerman, 2010

Faculty Advisor: Gita Johar

When people want an event to unfold in a certain manner, but perceive that they are unable to facilitate this result due to either circumstance or a low level of self-efficacy, they may be tempted to resort to irrational measures in order to increase the likelihood of success. This dissertation contains two essays that examine methods by which individuals attempt to exert control over events with uncertain outcomes, as well as the consumer behavior implications of these actions.

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Essays in empirical asset pricing

Krista Schwarz, 2010

Faculty Advisor: Andrew Ang

This dissertation is concerned with empirical evidence on the pricing of risky assets. The first chapter asks whether the surge in risk spreads during the recent financial crisis owes to credit or liquidity problems. To address this question, I form new credit and liquidity risk measures and then use these to decompose interest rate spreads into credit and liquidity components.

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Essays on asset pricing in open economies

Andreas Stathopoulos, 2010

Faculty Advisor: Tano Santos

Chapter 1 proposes a two-country general equilibrium model with external habits and home-biased preferences that addresses a number of international finance puzzles. Specifically, the model reconciles the high degree of international risk sharing implied by relatively smooth exchange rates with the modest cross-country consumption growth correlations seen in the data, resolving the Brandt, Cochrane and Santa-Clara (2006) puzzle. Furthermore, the model matches the empirically observed low correlation between exchange rate changes and international consumption growth rate differentials.

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External Financing Costs for Private and Public Firms

Margarita Tsoutsoura, 2010

Faculty Advisor: Daniel Wolfenzon

This dissertation examines the financing frictions that private and public firms face. There is little disagreement that market imperfections exist and there is extensive theoretical literature arguing that external financing is costly. This dissertation contributes to the empirical literature that examines the magnitude of financing frictions. The first and second chapters study the financial constraints of private firms by exploiting a tax reform in Greece that altered the tax for family successions.

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Earnings and Cash Flows in Debt Evaluation by Private Debt Holders

Bugra Ozel, 2010

Faculty Advisor: Doron Nissim

This study investigates whether private debt holders focus more on earnings or cash flows of their borrowers in debt evaluation. I utilize estimates of credit losses and realizable value of loans as reported by commercial banks in regulatory filings to explore how private debt holders react to information about borrowers' operating performance. I find that changes in estimates of credit losses are significantly associated with measures of borrowers' current and future operating performance, especially with operating income growth.

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Self-governance among Manhattan banks, 1840--1980

Qingyuan Yue, 2010

Faculty Advisor: Paul Ingram

Intensive government regulation over the banking industry did not begin in the United States until the founding of the Federal Reserve in 1914. Before that, commercial banks run a set of community-based self-governance, called the clearing house, throughout the country. The clearing house organized collective action and facilitated mutual assistance during financial crises; it imposed self-discipline and urged prudential operations during regular time.

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Contracting and information sharing in supply chain management

Mehmet Altug, 2010

Faculty Advisor: Garrett van Ryzin

Starting with the aim of an actual contract implementation, this thesis contributes to the supply chain contracting literature at various levels in vertically differentiated settings.

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Economic Consequences of the Transition from Disclosure to Recognition of Pension Funded Status Following SFAS 158

Woo-Jin Chang, 2010

Faculty Advisor: Partha Mohanram

This paper examines the economic consequences of SFAS 158 which requires firms to recognize the full funded status of defined benefit pension plans in the balance sheet by investigating: (1) market reactions to relevant rulemaking events; (2) managers' changes in making estimates for pension accounting and managing plan assets; and (3) firms' lobbying behavior against the regulatory change in anticipation of the consequences.

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LBO risk in credit spreads

Yael Berkovitz Eisenthal, 2010

Faculty Advisor: Suresh Sundaresan

The buyout wave of the years 2004-2007, unprecedented in both number and value of transactions, motivates this study of the pricing of LBO risk in credit spreads. This work studies the effect of LBOs on the cross-sectional variation in corporate spreads, and, subsequently, discusses and proposes incorporation of this risk in credit pricing models.

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Application Deadlines

Master of Science in Marketing >

For Fall 2016 Entry:

Available: August 1st, 2015
Deadline: January 4th, 2016

 

Master of Science in Financial Economics >

For Fall 2016 Entry:

Available: August 1st, 2015
Deadline: January 4th, 2016

 

Master of Science in Management Science and Engineering >

For Fall 2016 Entry:
To be determined

 

Available 8/1/15
Sept 2016

Doctoral
Deadline: 01/05/16

MS Marketing
Deadline: 01/04/16

MS Financial Economics
Deadline: 01/04/16

 

Doctoral Program News

Young Alumni Balseiro wins George B. Dantzig Dissertation Award

At the 2014 Informs national meeting, Santiago Balseiro was honored for his work in "Competition and Yield Optimization in Ad Exchanges". We congratulate Santiago on his accomplishment.

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Ethan Rouen wins Deloitte Doctoral Fellowship in Accounting

The Deloitte Foundation has awarded $25,000 grants to 10 top accounting Ph.D. candidates through the Deloitte Foundation’s annual Doctoral Fellowship program. Given to students who plan to pursue academic careers upon graduation, the award will support the 2015 recipients’ final year of coursework and the subsequent year to complete their doctoral dissertation.

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Honigsberg featured in Ideas at Work

The August issue of Ideas at Work features research that doctoral candidate Colleen Honigsberg led in conjunction with Sharon Katz.

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Wazlawek featured in Ideas at Work

Abbie Wazlawek's joint research with Professor Daniel Ames is featured in the June 24th, 2014 edition of Ideas at Work

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Ethan Rouen featured in Ideas at Work

Ethan Rouen's joint research with Professor Dan Amiram is featured in the May 15th, 2014 edition of Ideas at Work

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Rivas Wins Fellowship

The PhD program is proud to congratulate Miguel Duro Rivas, who was awarded the Nasdaq Educational Foundation Doctoral Dissertation Fellowship.

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Wong wins Deloitte Fellowship

We are proud to announce that Yu Ting (Forester) Wong is one of the recipients of the 2014 Deloitte Foundation Doctoral Fellowship in Accounting.

Read More About Yu Ting >

The PhD Program Congratulates John Yao

PhD student John Yao was a finalist in the 2013 M&SOM (Manufacturing & Service Operations Management) student paper competition.

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Honigsberg Named Postdoctoral Fellow

The PhD program is proud to congratulate Colleen Honigsberg, who was named the Postdoctoral Fellow in Corporate Governance at the Millstein Center at Columbia Law School in October 2013

Read More about Colleen >

 

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