Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Bubbles (2)
- Corporate Finance (2)
- Education (2)
- Market Microstructure (2)
- Quote Stuffing (2)
-
- 2Sls (1)
- Adolescents (1)
- Anti-Trust (1)
- Asset Management (1)
- Asset Markets (1)
- BMI (1)
- Banking (1)
- Bargaining (1)
- Bond Issuance (1)
- Bonds (1)
- Capital (1)
- Cash (1)
- Collusion (1)
- Commodity money (1)
- Compensating Differentials (1)
- Contagion (1)
- Contract-Out (1)
- Corporate Misconduct (1)
- Corruption (1)
- Credit Ratings (1)
- Discrimination (1)
- Distressed Sales (1)
- Diversification (1)
- Dividends (1)
- Duration (1)
Articles 1 - 30 of 41
Full-Text Articles in Entire DC Network
Essays On Female Labor Supply, Hyerim Park
Essays On Female Labor Supply, Hyerim Park
Electronic Theses and Dissertations
The first chapter examines how women's local labor supply decisions affect the national gender wage gap. The national wage is the sum of weighted local wages, which combines local wages and local employment weights. Here, I emphasize the role of local employment weights, especially for women, which can reflect worker's labor supply decisions across locations. I show that, only for highly-educated women, there is a significant negative relationship between employment-to-population ratio and average log wage across locations. This relationship is stronger for married women with children. Since fewer highly-educated women are working in high-wage cities while more highly-educated women are …
Essays On Money And Labor, Kwabena Okyere Boateng
Essays On Money And Labor, Kwabena Okyere Boateng
Electronic Theses and Dissertations
The price-specie-flow mechanism (PSFM) is a theory of the adjustment of the balance of trade and gold flows as a result of deviations in relative prices across countries under a gold standard. The PSFM is central to quantity-theoretic discussions of economic fluctuations under a gold standard as well as analysis of whether central banks follo``the rules of the game'' of the gold standard. In short, the PSFM is the standard working assumption when it comes to gold standard adjustment. However, at least since Adam Smith there has been an alternative to the PSFM that has come to be known as …
The Effects Of Market Fragmentation Around Corporate Events, Justin Steven Cox
The Effects Of Market Fragmentation Around Corporate Events, Justin Steven Cox
Electronic Theses and Dissertations
In Part 1, I investigate the effects of market fragmentation in the liquidity formation of initial public offerings (IPOs). Recent exchange officials cite increases in market fragmentation as a hindrance to the liquidity formation in IPO trading. We find that IPOs are less fragmented at the start of IPO trading relative to later periods in the IPO secondary market. We also discover that more underpriced issues experience greater fragmentation, both lit and dark, at the start of IPO trading. Our study also examines the level of undisplayed liquidity in IPOs, finding more hidden trading at the start of IPO trading …
Innovation, Ceos, And Ipos, Zhilu Lin
Innovation, Ceos, And Ipos, Zhilu Lin
Electronic Theses and Dissertations
In Part 1, I study if CEOs with innovative ability impose a cost upon their firms. I find that while there is a positive effect of a CEO’s innovative ability on firm innovation, the benefit is only when CEO’s innovative ability is useful for the firm. Further, firms with innovator CEOs spend more on R&D projects but with lower efficiency and hold more cash but with lower cash value compared to firms with non-innovator CEOs. These results suggest that innovator CEOs create an overinvestment problem. In Part 2, I study the effects of talent cycling on IPO long-run performance and …
Essays On Bubbles, Production, And Anti-Bubble Policy, Joseph Sebastian De Souza White
Essays On Bubbles, Production, And Anti-Bubble Policy, Joseph Sebastian De Souza White
Electronic Theses and Dissertations
This dissertation provides two papers on asset market bubbles. The first chapter analyzes the welfare effect of anti-bubble policy in a macroeconomic model containing both an asset market and a goods market. Overall this chapter shows that anti-bubble policy decreases the welfare of asset seller increases the welfare of asset buyers and has no effect on the welfare of the production side of the goods market. The second chapter provides examples of strong greater-fool bubbles with three states of the world and three periods. It provides examples of strong greater-fool bubbles at various levels of endowment durability as well as …
Three Essays On Corporate Bonds Issuance And Trading, Violetta Y. Davydenko
Three Essays On Corporate Bonds Issuance And Trading, Violetta Y. Davydenko
Electronic Theses and Dissertations
We explore the bond “clustering” phenomenon, using a sample of bond issuances in 2000-2015. Bond “clustering” is when the number of bonds issued that year exceeds three standard deviations above the mean number of issues for the firm over the sample period. We examine why firms opt for multiple issuances instead of a large one: exhaustion of debt capacity, refunding existing debt, timing favorable market conditions, managing working capital or financing profitable investment opportunities. Results indicate that firms do not cluster due to simply refinancing outstanding debt, but in order to manage their liquidity position and short-tern cash needs, to …
Limited Negotiation In Embedded Ultimatum Games, Alexandros Vasios Sivvopoulos
Limited Negotiation In Embedded Ultimatum Games, Alexandros Vasios Sivvopoulos
Electronic Theses and Dissertations
This study expands on previous work done on signaling/screening take-it-or-leave-it asymmetric information games where excess disputes occur. Two players engage in an embedded ultimatum game in a stylized legal framework of plaintiff versus defendant. The plaintiff has either a low or a high claim on the uninformed defendant. There is a computerized version of the embedded ultimatum game to test replicability of literature results. Two novel variations are introduced. In the first variation multiple sequential offers can be made by the proposer during a single period of the embedded game and in the second real time offers and counteroffers can …
Demands And Offers In Ultimatum Games, Jeremiah Wills
Demands And Offers In Ultimatum Games, Jeremiah Wills
Electronic Theses and Dissertations
Pecorino and Van Boening (2010) introduce the embedded ultimatum game. The authors embed an ultimatum game into a stylized legal bargaining framework and cross analyze the offer and dispute behavior in this game with the same behavior in a baseline simple ultimatum game. The current study seeks to test the replicability of a computerized version of these games. Additionally, variations of the two games are introduced here to test the effects of specific manipulation of the framing of the simple ultimatum game, as well as to test the effects of specific manipulation of the offer structure in both the simple …
Three Essays On Insurance Asset Management, Xin Che
Three Essays On Insurance Asset Management, Xin Che
Electronic Theses and Dissertations
The insurance industry manages a large amount of financial assets. In recent years, a growing number of investment companies are providing insurance asset management solutions, and the use of external asset management by the insurance industry is increasing over time. Therefore, understanding insurance asset management is important for academics and practitioners in both insurance and general finance. In the first essay, we investigate industrial portfolio tilt (referred to as “industry bias”) in the U.S. property liability insurers’ comstock portfolios. We find that U.S. property-liability insurers exhibit a negative industry bias by tilting their portfolios away from their own industry. We …
Excess Zeros, Endogenous Binary Indicators, And Self-Selection Bias With Application To First Marriage, Smoking And Drinking Outcomes, Lateef Subair
Excess Zeros, Endogenous Binary Indicators, And Self-Selection Bias With Application To First Marriage, Smoking And Drinking Outcomes, Lateef Subair
Electronic Theses and Dissertations
No abstract provided.
Order Execution Quality In Equity Options Markets, Todd Gardner Griffith
Order Execution Quality In Equity Options Markets, Todd Gardner Griffith
Electronic Theses and Dissertations
In Part 1, we examine the effects of an order cancellation fee on limit order behavior and execution quality on the NASDAQ OMX PHLX. We find that the cancellation fee is effective in reducing the rate at which limit orders are submitted and subsequently deleted. Order volume declines, however, the remaining displayed orders appear to constitute more genuine liquidity, as the duration of canceled orders lengthens. The reduction in order cancellation activity is associated with lower effective spreads and higher order fill rates. We also find that differences in trading venues and option characteristics are important determinants of order cancellations …
Three Essays On Private Market Interactions, Jonathan Daigle
Three Essays On Private Market Interactions, Jonathan Daigle
Electronic Theses and Dissertations
The first study addresses why insurers, whom traditionally invest in relatively safe assets, choose to invest in private equity (PE). Using insurer financial disclosures, we test theories relating how risk shifting, managerial discretion, underinvestment, asset liability matching, regulation, home bias, and reaching for yield affect PE investment. Results indicate risk¬ shifting and managerial discretion by stock insurers does not factor into the PE investment decision. In addition, results confirm home bias positively influences PE investment while underinvestment, asset liability matching, and regulation deter PE investment. Finally, insurers have not increased their PE allocation due to low-yield interest rate environments. The …
Prices, Trading Activity, And Market Quality In The Modern Otc Marketplace, Ryan Davis
Prices, Trading Activity, And Market Quality In The Modern Otc Marketplace, Ryan Davis
Electronic Theses and Dissertations
In Part 1, I study over 10,000 OTC securities that are organized into one of three tiered marketplaces (OTCQX, OTCQB, and OTC Pink) based on the quality and quantity of information a firm makes available. My analysis adds to the literature by providing a more complete picture of trading in this market. I examine determinants of trading within the tiers and compare trading metrics of the biggest return winners and losers during the sample period. I also examine if day-of-the week effects previously documented for listed securities exist in the OTC market. A large portion of these securities are penny …
Outsourcing And The Pupil Transportation Industry In Minnesota: An Economic Evaluation, Conrad Yelsong Puozaa
Outsourcing And The Pupil Transportation Industry In Minnesota: An Economic Evaluation, Conrad Yelsong Puozaa
Electronic Theses and Dissertations
Private participation in the provision of public services is often promoted as a means to reducing production costs in the public sector. In this study, I test this result using a twelve-year panel dataset of 343 public school districts in Minnesota. The voting behavior of residents in the state’s House elections and school districts’ prior experience with contractors are used as instruments to control for the endogenous decision to outsource. The first stage results from fixed-effects two stage least squares (2SLS) regression show that the two instruments, population density and the number of school days increase the likelihood of outsourcing …
Order Behavior In High Frequency Markets, Brian Roseman
Order Behavior In High Frequency Markets, Brian Roseman
Electronic Theses and Dissertations
In Part 1, I study the characteristics of short orders in stock markets. Fleeting orders are quick limit orders that remain on the limit order book for only a few seconds before being canceled, and are significantly different than more patient, static, limit orders that are added to the limit order book and await execution. I investigate the impact that fleeting orders have on spread and depth measures of market quality, and how fleeting orders differ from static orders. Attention is also given to the extent that total depth can be decomposed into the two components of fleeting and static …
Three Essays On Bond Trading, Brittany Cole
Three Essays On Bond Trading, Brittany Cole
Electronic Theses and Dissertations
In Part 1, we study the impact of bond exchange listing in the US publicly traded corporate bond market. Overall, we find that listed corporate bonds have lower bid-ask spreads than unlisted corporate bonds. We specifically show that listed bond spreads are $0.14 lower than unlisted bond spreads. We find that execution venue matters for listed bonds, and that listed bond trades that execute on the NYSE have higher trading costs than listed bond trades that execute off-NYSE. We show that listed bonds are more volatile than unlisted bonds. Lastly, we study bond trading around earnings announcements. We find no …
Essays On Monopoly And Monopsony Under Imperfect Information, Matthew Philip Makofske
Essays On Monopoly And Monopsony Under Imperfect Information, Matthew Philip Makofske
Electronic Theses and Dissertations
No abstract provided.
Homeownership And Unemployment: Outcomes And Implications, George Mawuli Akpandjar
Homeownership And Unemployment: Outcomes And Implications, George Mawuli Akpandjar
Electronic Theses and Dissertations
This dissertation consists of three papers on the effect of homeownership on labor market outcomes. In the first paper, I developed a one-sector two-region endogenous job search model and show that when jobs arrive from both local labor market and non-local labor market, homeowners: are less likely to be unemployed than renters; and have higher overall search intensity and exit rate than renters. I then estimate the effect of homeownership on unemployment using a panel data set aggregated from the American Community Survey data from 2003 to 2011 and use relative cost of owning a home as instrument for homeownership. …
The Economics Of Individual Philanthropy: Essays On Religiosity, And Charitable Giving By Married Couples, Yan Li
Electronic Theses and Dissertations
This dissertation investigates the market of individual philanthropy through two essays on religiosity and charitable giving by married couples. The second chapter examines whether people who engage in religious activities are more generous in terms of both religious and secular giving and whether gender differences exist in charitable giving within different levels of religiosity. The results of bivariate probit and tobit analyses show that religious people have a greater propensity to give and higher levels of giving to both religious and secular charitable organizations. A zero-inflated ordered probit model is used to analyze an individual donor’s decision-making process, and the …
Essays In Asset Bubbles And Financial Crises, Harlan Michael Holt
Essays In Asset Bubbles And Financial Crises, Harlan Michael Holt
Electronic Theses and Dissertations
No abstract provided.
Predicting The U.S. Recessions With Housing Starts In Dynamic Probit Models, Yan Cui
Predicting The U.S. Recessions With Housing Starts In Dynamic Probit Models, Yan Cui
Electronic Theses and Dissertations
The crash of the U.S. housing market and the 2007-2009 recession that follohave reignited discussion about forecasting recessions. Most recessions have in fact been preceded by plummets in the housing industry in the U.S. history. The present study examines the predictive power of housing starts using dynamic probit models. The yield spread between the ten-year Treasury bond and three-month Treasury bill rates, is also adopted to further demonstrate the predictive properties of the housing variable. Different model functional forms are explored in which the lag structure, especially the growth rate term for housing starts, is constructed in an innovative way …
Three Essays On Firm Liquidity Management, Chris M. Lawrey
Three Essays On Firm Liquidity Management, Chris M. Lawrey
Electronic Theses and Dissertations
In Part 1, we study the costs associated with firm illiquidity. We specifically examine the impact of illiquidity on the costs of financing, financial distress, underinvestment, and competitiveness in product markets. We focus on a comprehensive definition of liquidity that expands upon the typical measure of liquidity, cash and marketable securities, commonly used in the management literature. Our liquidity index, derived from existing cash and marketable securities, available credit lines and cash volatility, measures the likelihood that a firm will become illiquid. Lastly, we address the endogeneity issue that plagues corporate literature linking firm performance to other firm attributes using …
Three Essays On Merger Outcomes: Corporate Strategy, Bargaining Power, And Valuation Waves, Stephen N. Jurich
Three Essays On Merger Outcomes: Corporate Strategy, Bargaining Power, And Valuation Waves, Stephen N. Jurich
Electronic Theses and Dissertations
This dissertation consists of three essays on merger outcomes. In the first essay I classify mergers as value-increasing, neutral, or value-decreasing by measuring the change in the combined wealth of acquiring- and target-firm shareholders at the merger announcement date. I then test the role that strategic objectives and negotiation procedures play in driving value-increasing mergers. The results indicate that geographic expansion creates the largest combined increase in wealth. One-on-one negotiations correspond to greater increases in combined wealth, when compared to mergers that begin with auctions, third-party bids, or mutual discussions. The results of my study support both the strategic-alignment and …
Corruption, Information, And Reelection Chances Of Incumbent Parties' Presidential Candidates In Developing Countries, Mavuto Kalulu
Corruption, Information, And Reelection Chances Of Incumbent Parties' Presidential Candidates In Developing Countries, Mavuto Kalulu
Electronic Theses and Dissertations
A large volume of literature shows that corruption affects economic growth through the lowering of the level investment. Slow economic growth is associated with high poverty levels. If corruption makes the voters economically and socially worse off, one expects the citizens to punish the corrupt politicians by not reelecting them. However, evidence shows that even in countries which are perceived to be highly corrupt, incumbents still do get reelected. Chad, for example, is ranked the third most corrupt country in Africa according to the 2010 Transparency International Report, and yet in 2011 presidential elections the incumbent was reelected. A possible …
Monetary Policy And The Housing Market During The Last Decade, Jing Zhang
Monetary Policy And The Housing Market During The Last Decade, Jing Zhang
Electronic Theses and Dissertations
This paper examines how monetary policy influences the housing market in U.S. with a special emphasis on the recent financial crisis dating from 2007, which started from the burst of bubbles in the housing market. Using monthly U.S. data spanning over the period from January 2000 to July 2011, I estimate Vector Auto-regressive(VAR) models using data for each metropolitan statistical area (MSA) to analyze the interaction between local housing markets and monetary policy. Aggregate responses of housing variables to monetary policy are also estimated by adopting composite data. Empirical results show that employment and housing price index both respond negatively …
The Importance Of Housing Variables In Predicting Economic Fluctuations, Wenxian Xu
The Importance Of Housing Variables In Predicting Economic Fluctuations, Wenxian Xu
Electronic Theses and Dissertations
This paper investigates the importance of housing variables in predicting the six recent recessions using factor analysis model. It shows that housing variables have great predictive power in forecasting the downturn of the economy, but little predictive power when the economy is steady or is expanding. The explanation is that housing variables match consumers' expectations of future income and employment, and consequently predict future economic downturn. By using Granger-Causality test and vector autoregression (VAR) model, combination of factor analysis and VAR model, and hard thresholding method to identify the importance of each housing variable, the results show that housing price …
Three Essays On Diversification Strategy, Diversification Performance, And Corporate Misconduct, Brandon Charles Lee Morris
Three Essays On Diversification Strategy, Diversification Performance, And Corporate Misconduct, Brandon Charles Lee Morris
Electronic Theses and Dissertations
The first essay investigates the relationship between diversification strategy and firm performance in the U.S. property-liability insurance industry. Prior literature has evaluated the effect of total diversification on insurer performance; however, there is an absence of evidence on the effect of diversification strategy for multi-line insurers. Theory suggests that related diversifiers should benefit from economies of scope while unrelated diversifiers should benefit from uncorrelated earnings streams. We test for the net effect of diversification strategy and find that relatedness negatively impacts accounting performance. However, we find that the relatedness penalty is confined to stock insurers while mutual insurers' profitability appears …
School Quality Capitalization Into Housing Prices In Minnesota And Pennsylvania, Jonathan Taylor Smith
School Quality Capitalization Into Housing Prices In Minnesota And Pennsylvania, Jonathan Taylor Smith
Electronic Theses and Dissertations
This dissertation develops and estimates a spatial autoregressive with autoregressive errors model of housing prices that accounts for both the endogeneity of spatially-lagged housing prices and local school quality measured by performance on state standardized tests. Two datasets are used from Boyertown, PA and Minneapolis, MN. Homes are spatially weighted against each other using a k nearest-neighbor approach. School quality is thought to be endogenous because unobserved neighborhood amenities in the error term of a hedonic regression are very likely positively correlated with local elementary, middle, and high school quality. Following previous literature, the optimal instrument matrix is constructed as …
An Analysis Of Shift Work: Compensating Differentials And Local Economic Conditions, Mary Colene Trent
An Analysis Of Shift Work: Compensating Differentials And Local Economic Conditions, Mary Colene Trent
Electronic Theses and Dissertations
The theory of compensating differentials asserts that workers facing undesirable work conditions, such as night shift work, should receive compensating wage differentials. The theory assumes that workers can easily find jobs with desirable characteristics; thus, compensating wages are necessary to induce workers to take jobs with undesirable characteristics. This dissertation considers a variation of the theory of compensating differentials in which labor markets are weak. If workers are more likely to work night shifts in areas with weak economic conditions and if firms are less likely to offer compensating differentials for night shift work in areas with weak economic conditions, …
Three Essays On Odd-Lot Transactions, Hardy Johnson
Three Essays On Odd-Lot Transactions, Hardy Johnson
Electronic Theses and Dissertations
This dissertation consists of three essays on odd-lot transactions. The first essay investigates the role odd lot trades play in equity markets, as well as how this role has changed over three distinct time periods- 2010, 2007, and 2005. In each of these time periods, we document the determinants of the proportions of odd lot transactions, the price contribution of odd lot trades, and the characteristics of odd lot trading on an intraday and intraweek basis. We find that odd lot transactions make up 8% of volume and 20-22% of trades. We find that odd lot proportions as well as …