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This dissertation is organized in three chapters. In the first chapter, which is a joint work with Rainer Haslemann and Kathartha Pistol', we explore how legal change affects lending behavior in twelve transition economies of Central and Eastern Europe In contrast to previous studies, we use hank level rather than aggregate data, which allows us to control for country level heterogeneity and analyze the effect of legal change on different types of lenders.
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.
This thesis analyses the relation of firm maturity (age ) and firm's performance at their IPO and Post IPO returns and fundamentals. The first chapter analyses post-issuance performance utilizing a sample of 9,400 IPOs spread from 1935 to 2002 and shows that young firms (under 9 years old) are the most likely to underperform and be delisted; three and five year cumulative abnormal returns range between -20% and -75% for this age group.
This dissertation studies the problem of dynamically trading between taxable and nontaxable assets in order to maximize the expected utility of terminal wealth.
To optimally allocate their marketing mix across customers, firms need to consider the evolution of their customers over time. Changes in the marketing environment, as well as intrinsic changes in preferences or needs, may discretely shift customers into different buying-behavior states. The ability to identify the dynamics in customer behavior and the drivers of these dynamics, present an opportunity for firms to influence the movement of customers to more favorable states of buying behavior.
The first chapter of this dissertation introduces housing as a hedging asset in a life-cycle portfolio choice model and addresses the empirically documented hump-shaped life-cycle stock investment pattern. I show that the life-cycle pattern of housing investment has a crucial influence on investments in stocks. House tenure choice is endogenized and an investor uses housing investment to hedge against both labor income risk and rent risk when labor income, house price, rent, and stock price co-vary with each other.
This dissertation considers large-scale service systems with multiple customer classes and agent types. Customers are classified according to their processing requirements, service-level guarantees, or both. The customers are served by agents of different types. These are classified according to the subset of customer classes that they can serve.
This dissertation examines whether earnings management using restructuring charges has changed subsequent to the implementation of SFAS 146. My empirical results indicate a significant decrease in the magnitude of "abnormal" restructurings and a lower association between abnormal restructurings and "big bath" reporting behavior after the standard. These findings suggest that the reliability of restructurings has improved under SFAS 146. Furthermore, I investigate how the effect of abnormal restructurings on future earnings growth has changed after the FASB action.
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.