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This dissertation studies topics in the areas of empirical corporate finance, banking, and financial intermediation. In the first chapter, entitled Personal Relationships in Loan Renegotiation: Evidence from Corporate Loans, I estimate the effect of personal relationships between a loan officer and a firm on the probability to renegotiate a loan and the outcomes of the renegotiation.
This dissertation presents three essays in financial economics. The essays discuss how market frictions can affect outcomes in the real economy, the returns earned by investors, and the investment decisions made by asset managers. The first essay studies how the liquidity of assets can affect outcomes in the real economy. In particular, it focuses on the life settlement market to show how increased liquidity of life insurance contracts are causally linked to greater life longevity. The second essay studies how inside investments relate to managerial compensation and fund performance.
In the presence of business groups, the expropriation through related party transactions (RPTs) is common and costly to minority shareholders. At the same time, it is well recognized that RPTs can help firms overcome market shortcomings. Using the setting of India's RPT voting rule, I find that a mandatory and binding shareholder voting mechanism helps filter out expropriation. Minority shareholders actively raise their voice against RPT resolutions, resulting in substantial shareholder dissent.
This dissertation examines three topics in law and finance. In Chapter 1, I show that consumers are more likely to keep a repayment promise they make themselves. When a scheduling conflict prevents a borrower from attending a mortgage closing, a Power of Attorney (POA) empowers a third party to sign the documents promising that the borrower will repay the loan. POAs arise after loan terms are locked in, making POA and non-POA loans virtually indistinguishable. Comparing within-borrower and within-property, I link POAs to greater delinquency and foreclosure.
Creativity often involves combining existing ideas and knowledge in novel ways. As such, individuals’ access to diverse information and knowledge via social networks has been considered an important determinant of creativity. In this dissertation, I propose another factor to explain why some individuals are more likely than others to generate creative ideas: their ability to bridge disconnected cultural frames inside their organization.
Both practitioners and scholars have shown interest in initiatives that reduce bias and promote inclusion. Diversity ideologies—or beliefs and practices regarding how to approach group differences in diverse settings—have been studied as one set of strategies to promote racial equality, and argued to be effective for other intergroup relations, as well; however, little work has examined diversity ideologies in the context of gender, giving a limited understanding of their potential to improve gender relations.
Nowadays consumers can easily access to vast amounts of product information before making a purchase. Yet, limitations on the ability to process information force consumers to make choices regarding the subjects to which they pay more or less attention. In this dissertation, I study how a consumer optimally allocates attention to various product information before making a purchase decision and how a seller should design the marketing strategies taking into account the consumer's attention allocation decision.
This dissertation examines to what extent social comparison is emphasized in performance evaluations of work organizations, how employees react to it, and whether there is an alternative to it. Operationalizing social comparison as an evaluation process that compares an employee’s performance to their coworkers’ performance, Studies 1 and 2 demonstrate that social comparison is emphasized to a stronger extent in collectivistic cultures than in individualistic cultures.
In a world going towards automation, I ask whether salespeople making pricing decisions in a high human interaction environment such as business to business (B2B) retail, could be automated, and under what conditions it would be most beneficial. I propose a hybrid approach to automation that combines the expert salesperson and an artificial intelligence model of the salesperson in making pricing decisions in B2B.
This dissertation focuses on utilizing data-driven approaches to objectively measure variation in the quality of care across different hospitals, understand how physicians make dynamic admission and routing decisions for patients, and propose potential changes in practice to improve the quality of care and patient flow management. This analysis was performed in the context of Intensive Care Units (ICUs) and the Emergency Department (ED).