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This paper provides an accounting explanation for the poor, post-acquisition stock performance of glamour acquirers (high market-to-book ratios). While glamour acquirers show considerable earnings momentum and high market valuations prior to acquisitions, such momentum is not sustainable.
This dissertation analyzes under what conditions interorganizational relationships are beneficial and under what conditions they might negatively affect an organizations' strategies and performance. The first chapter investigates how third party ties, i.e., the relationships that focal organization's partner has, might affect the focal organization's performance.
Four research questions are asked and addressed, each considering social interactions between individuals in marketplaces: (1) how can network-based interactions between consumers generate economic value for firms and for other marketplace participants, (2) what drives the formation and evolution of these interactions and network relationships in a marketplace context, (3) what drives the activation of consumers' network relationships with respect to the transmission of information via word-of-mouth (WOM) from one consumer to another, and (4) what affects the reception of information vi
Some accounting standards specify probability thresholds to determine recognition and measurement of assets and liabilities (e.g., SFAS No. 5). This requirement is meant to communicate information to investors on the uncertainty of future benefits and obligations. I identify a unique setting to test whether investors make use of these probability thresholds for equity valuation.
This thesis studies the role of accounting conservatism in debt contracting and in financial institutions. In the first setting, I find that the demand for accounting conservatism in debt contracts depends on whether the debt covenant can be renegotiated and the cost of renegotiation. When the covenant is not renegotiable or when renegotiation cost is sufficiently high, more conservative accounting reduces the efficiency of debt contracts.
This dissertation focuses on three issues that reflect some of the most important challenges facing both hospital administrators and healthcare policy makers. First, we present an empirical research study on the effects of ambulance diversion on patients' safety. To determine whether increased diversion activity is associated with poor patient outcomes, we analyze myocardial infarction deaths as a function of emergency department (ED) diversion status within the five boroughs of New York City.
I examine the effect of transparency on risk-taking in the banking industry. In highly leveraged firms such as banks, stockholders have incentives to increase risk at the expense of debtholders. However, managers' risk aversion, arising from the desire to protect their careers and their private benefits of control, acts as a natural constraint on risk-taking. Transparent disclosure standards can improve stockholders' ability to monitor managers and align managerial actions closer to stockholders' interests.
This paper examines the economic consequences of SFAS 158 which requires firms to recognize the full funded status of defined benefit pension plans in the balance sheet by investigating: (1) market reactions to relevant rulemaking events; (2) managers' changes in making estimates for pension accounting and managing plan assets; and (3) firms' lobbying behavior against the regulatory change in anticipation of the consequences.
A number of literatures bear on the question of which behaviors subordinates should employ with their superiors in order to be successful, i.e., to achieve their preferred psychological and work-related outcomes. Yet, these literatures have been disconnected and have not incorporated key theoretical and empirical developments from each other. Although there has been much scholarly research on the effectiveness of subordinate influence behaviors, this research has been atheoretical and has not considered important contingencies.