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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 dissertation comprises three chapters, each of which studies the effect of an unanticipated event on a financial market. This helps us understand what variables influence changes in security prices, and what information is embedded in these price movements. The first two chapters test the effect of financial asset supply on asset prices, whereas the third chapter examines if there are limits to government policy reversals when there are political regime changes.
I model the effect of insider trading on earnings management using first a two-period model and then an infinite-horizon overlapping generations model. The two-period reporting setting reveals that insider trading has a qualitative effect on investor uncertainty. The infinite-horizon setting demonstrates the robustness of the two-period model to both strategic insider trading as well as multiple accounts.
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.
This thesis deals with theoretical and numerical questions related to affine jumpdiffusion
models used in finance. In more detail, we look at three different classes within
the affine jump-diffusion class.
The first is the Heston stochastic volatility model which has been used extensively since
its first introduction by Heston (1993). To price financial derivatives with complex payoff
structures, we have to resort to the Monte Carlo simulation. We propose new simulation
This thesis develops principal-agent models to investigate how imperfect performance measurement in organizations influences the simultaneous decisions about the assignment of tasks and the provision of incentives to managers. Chapter 1 provides a performance-measurement-based explanation for job rotation. When performance is measured in part with a time lag, then job rotation can be an efficient means of incentive alignment if and only if (i) the lag measurement is sufficiently strong to exceed a specific threshold, and (ii) the principal can sign long-term contracts with the agents.
Three essays discuss management theory and the pharmaceutical industry.
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 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.