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This dissertation consists of three essays. The first examines analytically as well as empirically the mental accounting principle that Thaler (1985) termed the "silver lining principle." The second and third essays investigate the link between attention and preferences. In the first essay, loss aversion is an important antecedent and moderator of the principle's effect on preferences, and in the latter two we hypothesize both antecedent (Essay Two) and consequent (Essay Three) roles for loss aversion with respect to attention.
This dissertation addresses a few fundamental questions on the interface between supplier financing schemes and inventory management. Traditionally, retailers finance their inventories through an independent financing institution or by drawing from their own cash reserves, without any supplier involvement ( Independent Financing ).
Strategic information transmission models, also called cheap talk models, have become increasingly popular in accounting, as they have successfully brought new insights to various accounting topics. This dissertation consists of two chapters, each analyzes a model of strategic information transmission between an expert and a decision maker.
This study investigates the framework of how litigation risk affects management forecasting of bad news and good news differently, resulting in differential optimism in these forecasts. I argue that distinct stock price patterns following these two types of management forecasts expose them to differential litigation risk ex post. While optimistic management forecasts of good news attract lawsuits, truthful rather than optimistic forecasts of bad news are more likely to trigger immediate lawsuits.
This dissertation is composed of three chapters. In Chapter 1 I look at the role of real exchange rates in the asset pricing of currencies. I construct portfolios based on signals about the real exchange rate and analyze the returns of these portfolios as they relate to traditional asset pricing factors and especially how they correlate with carry trade portfolios. Deviations from long term averages of real exchange rates are found to be predictors of crash risk. I also show that there is significant information in real exchange rate signals that does not seem to be priced.
Recently economists have shown that people who graduate during recessions earn less money (e.g., Kahn, 2010) and hold less prestigious jobs (Oyer, 2006) even decades after entering the workforce. This dissertation argues that despite these suboptimal outcomes, these graduates are likely to be happier with their jobs, even long after these economic conditions have changed.
Building on insights from the economics of superstars, I develop an efficient method for estimating the skill of mutual fund managers. Outliers are especially helpful for disentangling skill from luck when I explicitly model the cross-sectional distribution of managerial skill using a flexible and realistic function. Forecasted performance is dramatically improved relative to standard regression estimates: an investor selecting (avoiding) the best (worst) decile of funds would improve risk-adjusted performance by 2% (3%) annually.
My dissertation aims at understanding the dynamics of asset prices empirically. It contains three chapters.
This dissertation contains a series of essays intended to introduce strategic modeling techniques into the network design problem.
Different fields of economics have historically tended to focus on firms' strategies in isolation. In contrast, a lot of the recent work explores how various aspects of firm behavior interact with each other.