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Valuation research establishes growth in net operating assets (ΔNOA) as a primary predictor of future profitability. The negative relation between ΔNOA and future profitability, after controlling for current profitability, is researched extensively in the context of earnings quality, capital investment, accounting conservatism, earnings management, and the accrual anomaly. However, this study shows that while ΔNOA is negatively related to future profitability from 1967 to 1995, it is positively related to future profitability from 1996 to 2010.
This study provides evidence on a significant real consequence of an opaque financial reporting information environment: increased corporate tax avoidance. Using an international sample of firms, I find that firms with a more opaque information environment, as measured at both the firm and country level, exhibit higher levels of firm-specific tax avoidance.
Ad Exchanges are emerging Internet markets where advertisers may purchase display ad placements, in real-time and based on specific viewer information, directly from publishers via a simple auction mechanism. The presence of such channels presents a host of new strategic and tactical questions for publishers. How should the supply of impressions be divided between bilateral contracts and exchanges? How should auctions be designed to maximize profits? What is the role of user information and to what extent should it be disclosed?
The service industry has become an increasingly important component in the world's economy. Simultaneously, the data collected from service systems has grown rapidly in both size and complexity due to the rapid spread of information technology, providing new opportunities and challenges for operations management researchers. This dissertation aims to explore methodologies to extract information from data and provide powerful insights to guide the design of service delivery systems. To do this, we analyze three applications in the retail, healthcare, and IT service industries.
This dissertation studies empirical corporate finance problems related to financial intermediation. The dissertation is composed of three chapters. The first chapter exploits a natural experiment to quantify how much consumer credit borrowers are willing to pay for a good credit reputation. A department store in Chile offered its delinquent borrowers whose balance was higher than an arbitrary cutoff a renegotiation that reduced the monthly payment due required to appear in good standing to other lenders through a credit bureau.
In Chapter 1, I provide a general theoretical framework for the dissertation. In Chapter 2, I examine the association between cultural metacognition and intercultural effectiveness. In Chapter 3, I examine the conditions and cognitive mechanisms that facilitate application and updating of cultural knowledge among individuals high on cultural metacognition. I further test whether related individual difference factors can explain the hypotheses I proposed in Chapter 3.
This dissertation consists of three essays in Financial Economics. The first essay concerns low-income Americans' usage of financial services. Approximately 20% of US households earning less than $30,000 a year do not have checking or savings accounts. Rather than operate within the financial mainstream, these households tend to rely on high-fee "alternative financial services" such as check-cashing and payday loans for carrying out basic financial transactions, for accessing credit, and even for saving.
This dissertation contains three chapters that describe the discretion of prosecutors in different ways. The first is a quantitative study that measures how many different interpretations a statute has and how that affects conviction rate. The second is an experiment that has mock prosecutors act out a courtroom situation to see if they select a law that is more just or one that gives them a higher economic pay-off. The third is a qualitative article that uses interviews with prosecutors and a survey to answer questions that are not addressed in the other two chapters.
This dissertation explores what influences consumer financial decisions with consequences that recur over time, such as mortgages and recurring payment plans in contracts. This dissertation investigates two questions: (1) How do individual differences in intertemporal preferences influence how consumers think about recurring financial events? (2) How does the aggregation level used to describe the recurring financial consequences impact how consumers mentally represent the purchase?
Be it a shiny sports car or a luxury watch, consumers are predisposed to approach appealing objects. However, rules of modern society restrict consumers from touching or taking objects based on a mere desire to do so. Instead, consumers must have a legal connection to an object--ownership--in order to have mastery over it. What are the cognitive implications of the transparent boundaries that society draws between consumers and objects that they do not own? Can these boundaries affect the way consumers mentally represent owned and unowned objects?