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Liquidity, often defined as the ability of markets to absorb large transactions without much effect on prices, plays a central role in the functioning of financial markets. This dissertation aims to investigate the implications of liquidity from several different perspectives, and can help to close the gap between theoretical modeling and practice. In the first part of the thesis, we study the implication of liquidity costs for systemic risks in markets cleared by multiple central counterparties (CCPs).
Sometimes experts need to provide potentially upsetting advice. For example, physicians may recommend hospice for a terminally ill patient because it best meets their needs, but the patient and their family dislike this advised option. The present research examines whether regulatory non-fit could be used to improve these types of situations. The findings from eight studies in which participants imagined receiving upsetting advice from a physician demonstrate that regulatory non-fit between the form of the physician’s advice (emphasizing gains vs.
My dissertation explores people’s responses to cultural crossing, exploring when and why it is admired or admonished. One form of crossing is cultural accommodation, which occurs when a recently arrived foreign visitor behaves like a local, adhering to host-country norms of behavior rather than those of his/her heritage country. The second is cultural borrowing, which occurs when ideas from multiple cultural traditions are integrated into a product, performance or activity.
What makes an innovator famous? This is the principal question of this dissertation. I examine three potential drivers of the innovators’ fame – their social structure, creativity and identity. My empirical context is the early 20th century abstract artists in 1910-25. The period represents a paradigmatic shift in the history of modern art, the emergence of the abstract art movement. In chapter 2, I operationalize social structure by an innovator’s local peer network.
This dissertation studies empirical corporate finance problems of regulations and monitoring. The dissertation is composed of three chapters. First, I study how firms deal with business regulations that limit their operations. In the first chapter I exploit a natural experiment in Argentina to show that the ownership structure of a firm affects its degree of compliance with regulations, with publicly listed firms complying more than privately held ones. In 2012 the Argentine government banned companies from transferring funds abroad from their domestic operations.
This dissertation explains the puzzling negative relationship between changes in stock volatility and credit spreads of corporate bonds. This relationship has been encountered in some empirical studies but has remained unexplained in the theoretical literature, which unanimously suggests the opposite relationship. This dissertation shows that this negative relationship can be produced by the dynamic endogenous asset composition of borrowing firms.
I explore the role of participants’ relationships with borrowers and lead arrangers in syndicated lending. I predict and find that these relationships mitigate the information asymmetry problems faced by participants with both borrowers and lead arrangers, and allow participants to take a larger share in the loan. In particular, participants with a borrower relationship take, on average, a 10% larger share of the loan, with the effect being more pronounced when the borrower is informationally opaque or less conservative in its accounting.
One of the most important trends in today’s marketplace is consumers’ increased reliance on smartphones not only as a communication device but also as a central platform for accessing information, entertainment and other consumption activities—the so-called “mobile revolution” (Ackley 2015). While the marketing implications of mobile platforms are receiving emerging attention in the marketing modeling literature (e.g., Danaher et al. 2015; Ghose and Han 2011; Sultan et al. 2009), still very little is known about the consumption psychology of smartphone usage.
I develop measures of firm-level pay disparity and examine the relation between these measures and firm accounting performance. Using comprehensive compensation data for a large sample of firms in the S&P 1,500, I do not find a statistically significant relation between the ratio of CEO-to-mean employee compensation and accounting performance. I next create empirical models that allow me to separate the components of CEO and employee compensation explained by economic factors from those that are not, and use them to estimate explained and unexplained pay disparity.