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This study investigates deficient inter-temporal matching of accounting
costs and benefits. I quantify the net effects of matching problems in
selling, general and administrative expenses (SGA) incremental to those
caused by the required accounting treatment of research and development
(R&D) and advertising. Inadequate matching in R&D and
advertising has been established in previous research, hence these
items are removed from SGA in this study. With perfect matching, there
should be no relationship between past SGA and future accounting
This dissertation comprises the empirical analysis of three
fundamental issues in emerging markets. They are the following:
(1) economic growth, (2) co-movements of sovereign spreads and
(3) economic determinants of these spreads.
This paper presents a simple theoretical framework where a decision
maker either only receives or can only process the most favorable
signal. This notion sets this research apart from other word by
emphasizing limited attention and concentrated focus on most extreme
observations, and has numerous applications in the real world. A
decision maker can either accept the status quo, or move to an
alternative. He or she receives a noisy signal about the value of each
alternative. Due to limited ability, the decision maker processes only
the most favorable signal.
The aim of the present study is to investigate how firms' policies
adjust to three different kinds of frictions, in search of optimal
economical and financial structures. The first kind of friction emerges
from the natural cross-sectional variation across firms; the second and
third appear as a consequence of macroeconomic shocks and legal
This dissertation consists of three essays on the effects of
asymmetric information on firm's financial distress resolution choices,
debt pricing and liquidation/reorganization decisions in bankruptcy.
We study modelling issues and optimal control problems, mainly in the
stochastic setting, related to advertising for new product
introduction. We consider some stochastic extensions of a classical
model of M. Nerlove and K. Arrow, on which we formulate and solve the
mixed problem of maximizing product image (goodwill) at a given time
and minimizing cumulative advertising costs, and the related problem of
reaching a target level of awareness of the advertised product by a
given deadline. We also allow, in some cases, budget constraints,
In this dissertation we: (1) develop a statistical framework for testing dependence assumptions in a given time series; (2) develop a statistical test for comparing dependence structures (aka copula functions ) derived from the Normal and Student-t distributions and use this to quantify the potential for extreme co-movements and; (3) analyze in detail credit derivative models and their sensitivity to different dependence assumptions.
Consumers spend substantial proportions of their expenditures on
products they had not intended to buy. Correspondingly, marketers spend
billions of dollars trying to influence purchase incidence. This
dissertation investigates how decisions to either buy or not buy at an
unintended purchase opportunity can affect responses to subsequent
tempting offers. Integrating research across disciplines relevant to
consumer self-control, it builds on the insight that purchase consists
of the two related but independent activities of spending and
The dissertation investigates the optimal structure of corporate debt
within a dynamic arbitrage free pricing model. The optimal debt
maturity is examined in a setting that allows for dynamic borrowing.
The optimality of financing with senior short term and junior long term
debt is investigated. Special focus is placed on the role of loan
commitments as mechanisms for preventing costly default of firms in
financial but not economic distress.
In this thesis I address the question, how do financial series move
together? In order to do this, I develop a new method of modelling
different dependence structures, utilizing a mixed copula approach.
This method may be applied in unconditional and conditional settings,
and allows natural nesting of symmetric and asymmetric dependence.
Moreover, the mixed copula framework is directly linked to issues of
downside risk, and characterization of financial market turbulence. The
first chapter develops my insights on issues of dependence that are