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Three essays discuss management theory and the pharmaceutical industry.
In a dual-class share structure, one class of common stock typically has more votes per share than the other, but both classes have equal or similar cash flow rights per share. While this dual-class structure is likely to entrench management, it potentially reduces capital market pressures on managers thereby reducing the need for managers to manipulate earnings. In this study, I compare the earnings management behavior among dual-class firms relative to a matched sample of single-class firms.
A growing number of industries are adopting advanced decision support tools to optimize their revenues. One of the main challenges in the area of revenue management is the ability to account for the underlying uncertainty associated with the demand, e.g., the sensitivity of customers to changes in prices. Most of the literature focuses on cases where the demand model is known and the only uncertainty considered is that associated with random realizations of the demand itself.
In the first chapter of this dissertation, joint with Mikhail Chernov, we use evidence from the term structure of inflation expectations implicit in the nominal yields and survey forecasts of inflation to address the question of whether or not monetary policy is effective. We construct a model that accommodates forecasts over multiple horizons from multiple surveys and Treasury yields by allowing for differences between risk-neutral, subjective, and objective probability measures.
This dissertation examines the relation between business groups, corporate innovation, and financial development. The first chapter studies the effect of business group affiliation on innovation. Using unique data on patents and group affiliation for European firms, we find that business groups foster the scale and novelty of corporate innovation. Group affiliation is particularly important in industries that rely more on external finance and have a higher degree of information asymmetry. We also find that the innovation of affiliates is less sensitive to operating cash flows.
The first chapter of this dissertation examines continuous-time one-factor and two-factor stochastic volatility models incorporating jumps in returns and volatility using jointly the time-series of returns and option prices on S&P 500 from 1986 to 2006. The goal of the paper is to examine the time-series of option prices. The second paper, joint with Michael Johannes, Arthur Korteweg, and Nick Polson, provides a study of the underlying structure of common asset pricing factors that are pervasively used in models of the cross-section of equity returns.
Managers today often try to engage employees by giving them more freedom and flexibility at work. One simple yet powerful way to do so is to give them choice, i.e., the selection of one or more options out of multiple available alternatives. However, choice as a tactic in granting employees work flexibility is seldom explicitly studied in organizational research. In this dissertation, I investigate how choice givers are perceived in terms of leadership and trust when they offer different degree of choice to others.
This first essay develops a framework for understanding the impact of macro announcements on Treasury bond prices and Treasury bond options. Scheduled macro news increases the return volatility several times compared to days without announcements. I build a model that incorporates these announcement effects and use it to develop an estimation procedure to measure the ex-ante volatility of bond prices on announcement days using option prices. This paper advances the literature by introducing ex-ante estimators which had previously focused on the ex-post effects.
The issue of accounting quality and stock exchange competition is currently under extensive debate, since the U.S. exchanges are facing significant challenges from abroad. Investors claim that SOX has a chilling effect in the U.S. cross-listing markets and that the U.S. is losing valuable listings. A counter-argument is that SOX is ensuring standards, protecting U.S. investors and maintaining the integrity of U.S. cross-listings. To test this, I compare the characteristics of accounting data for foreign firms that cross-list in U.S.
This dissertation contributes to an understudied area in organizational change research: the effects of managers' affective expressions on employee responses to change. I build upon the psychological literature on resilience and the organizational literatures on affect and change to develop hypotheses based on the premise that resilient responses to change may be the result of social processes in addition to purely individual ones.