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This study investigates whether private debt holders focus more on earnings or cash flows of their borrowers in debt evaluation. I utilize estimates of credit losses and realizable value of loans as reported by commercial banks in regulatory filings to explore how private debt holders react to information about borrowers' operating performance. I find that changes in estimates of credit losses are significantly associated with measures of borrowers' current and future operating performance, especially with operating income growth.
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.
This dissertation examines the financing frictions that private and public firms face. There is little disagreement that market imperfections exist and there is extensive theoretical literature arguing that external financing is costly. This dissertation contributes to the empirical literature that examines the magnitude of financing frictions. The first and second chapters study the financial constraints of private firms by exploiting a tax reform in Greece that altered the tax for family successions.
The buyout wave of the years 2004-2007, unprecedented in both number and value of transactions, motivates this study of the pricing of LBO risk in credit spreads. This work studies the effect of LBOs on the cross-sectional variation in corporate spreads, and, subsequently, discusses and proposes incorporation of this risk in credit pricing models.
When people want an event to unfold in a certain manner, but perceive that they are unable to facilitate this result due to either circumstance or a low level of self-efficacy, they may be tempted to resort to irrational measures in order to increase the likelihood of success. This dissertation contains two essays that examine methods by which individuals attempt to exert control over events with uncertain outcomes, as well as the consumer behavior implications of these actions.
This collection of papers analyzes the versatility and predictive power of survey expectations data in asset pricing and macroeconomic forecasting. The first paper, Using Sentiment Surveys to Predict GDP Growth and Stock Returns sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data.
Warmth and competence have been recognized as the two fundamental dimensions of social perception. Therefore, it seems likely that evaluations of an authority figure's fairness would also rely on information about warmth and competence. Yet the role these two traits play in assessing the fairness of others has thus far been neglected. This research uses the framework of gender stereotypes to connect the person perception and justice literatures, exploring how warmth and competence impart information about interactional and procedural fairness, respectively.
This study investigates the effect of information asymmetry between managers and outsiders on the use of accounts receivable in financing the firm's operations. The information impounded in receivables pertains to the firm's customers rather than the firm and therefore differs from the information embedded in other assets. The unique information content of accounts receivable makes it a likely candidate to use as a financing tool for highly information asymmetric firms.
Bicultural individuals vary in the degree to which their two cultural identities are integrated--Bicultural Identity Integration (BII). Studies of social judgment find that BII affects how biculturals respond to cultural cues. Whereas biculturals with integrated cultural identities (high BIIs) assimilate to cued cultural norms, those with less integrated cultural identities (low BIIs) contrast against it. I investigated this pattern in decision making and behavior. I used different priming methods to elucidate the psychological process underlying the differential shifts to cultural cues.
This dissertation is concerned with empirical evidence on the pricing of risky assets. The first chapter asks whether the surge in risk spreads during the recent financial crisis owes to credit or liquidity problems. To address this question, I form new credit and liquidity risk measures and then use these to decompose interest rate spreads into credit and liquidity components.