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This dissertation consists of two independent essays in the area of corporate governance. The first essay, "Do Corporate Insiders Prefer Nasdaq," argues that since volume on Nasdaq is exaggerated and SEC Rule 144 ties the limit on insider selling to total volume, insiders of troubled firms may be able to use private information to take advantage of other shareholders by switching to Nasdaq and unloading more stock. Consistent with the hypothesis, I find that insiders engage in heavy selling of company stock in the months following the move.
This dissertation is trying to empirically investigate the determinants of equity returns. The first chapter of this dissertation constructs a measure of pervasive liquidity risk and its associated risk premium. I examine seven market-wide liquidity proxies and use Principal Component analysis to extract the first principal component, which captures 62% of the standardized liquidity variance. The first common factor is rewarded with a significant premium in cross-sectional asset pricing tests.
People often set low goals in order to avoid future disappointment. This dissertation questions the assumption that future affect can be managed in this manner. This strategy can work only if performance is compared to the initially set goals. We argue that performance potential is instead spontaneously evoked at the time of performance feedback and used as the benchmark instead of goals. Even when goals are met, this comparison results in lower levels of satisfaction and greater disappointment when goals are set low vs. high.
The first chapter, a joint work with Kenneth A. Ayotte, focuses on a
key property of asset-backed securities (ABS); namely, that ABS are
designed to achieve 'bankruptcy remoteness' of the securitized assets
from the borrowing firm. This provides lenders with maximal protection
from dilution that is not available with other contracts, such as
secured debt. ABS can have real effects in allowing firms to commit to
more efficient investment decisions in bankruptcy. We show that
Many firms rely on sales agents (e.g., their internal salespeople or
supply chain parties) to sell their products. The contractual
relationship between the firm and the sales agents is subject to the
moral hazard and adverse selection problem. The former is mainly caused
by the fact that the agents' sales efforts are often unobservable to
the firm, while the latter arises because the agents typically have
better information about the market demand due to their close contact
with the consumers. The truthful information sharing is beneficial for
This dissertation is a collection of three essays on banking topics related to pricing of bank loans and services, and information content of bank subordinated debts. The main focus of the first essay is to address sensitivity and timeliness issues of bank subordinated debt spreads in assessing bank risk. Previous studies in this area have examined the relationship between spread and accounting or enhanced accounting indicators of bank risk.
Salary negotiations are a consequential part of most workers' careers, not only when they are first hired, but also during promotions, raises, and transitions to new firms. Understanding the individual predispositions and situational constraints impinging upon women in salary negotiations is important both in development of theory on the influence of gender role stereotypes in managerial contexts and in implementation of practical solutions to correct inequity.