Select a year:
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998
Liquidity, often defined as the ability of markets to absorb large transactions without much effect on prices, plays a central role in the functioning of financial markets. This dissertation aims to investigate the implications of liquidity from several different perspectives, and can help to close the gap between theoretical modeling and practice. In the first part of the thesis, we study the implication of liquidity costs for systemic risks in markets cleared by multiple central counterparties (CCPs).
This dissertation explains the puzzling negative relationship between changes in stock volatility and credit spreads of corporate bonds. This relationship has been encountered in some empirical studies but has remained unexplained in the theoretical literature, which unanimously suggests the opposite relationship. This dissertation shows that this negative relationship can be produced by the dynamic endogenous asset composition of borrowing firms.
Sometimes experts need to provide potentially upsetting advice. For example, physicians may recommend hospice for a terminally ill patient because it best meets their needs, but the patient and their family dislike this advised option. The present research examines whether regulatory non-fit could be used to improve these types of situations. The findings from eight studies in which participants imagined receiving upsetting advice from a physician demonstrate that regulatory non-fit between the form of the physician’s advice (emphasizing gains vs.
My dissertation explores people’s responses to cultural crossing, exploring when and why it is admired or admonished. One form of crossing is cultural accommodation, which occurs when a recently arrived foreign visitor behaves like a local, adhering to host-country norms of behavior rather than those of his/her heritage country. The second is cultural borrowing, which occurs when ideas from multiple cultural traditions are integrated into a product, performance or activity.
What makes an innovator famous? This is the principal question of this dissertation. I examine three potential drivers of the innovators’ fame – their social structure, creativity and identity. My empirical context is the early 20th century abstract artists in 1910-25. The period represents a paradigmatic shift in the history of modern art, the emergence of the abstract art movement. In chapter 2, I operationalize social structure by an innovator’s local peer network.
This dissertation studies empirical corporate finance problems of regulations and monitoring. The dissertation is composed of three chapters. First, I study how firms deal with business regulations that limit their operations. In the first chapter I exploit a natural experiment in Argentina to show that the ownership structure of a firm affects its degree of compliance with regulations, with publicly listed firms complying more than privately held ones. In 2012 the Argentine government banned companies from transferring funds abroad from their domestic operations.