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Articles 1 - 4 of 4
Full-Text Articles in Business
Essays On Dividend Equivalent Rights And Ceo Compensation, Zi Jia
Essays On Dividend Equivalent Rights And Ceo Compensation, Zi Jia
LSU Doctoral Dissertations
This dissertation studies a little-known executive compensation device called dividend equivalent rights (DERs). DERs entitle an executive to receive dividends, known as dividend equivalents (DEs), on unearned performance-based stocks and options. In the first essay we do empirical studies on the market reaction of news about DERs and the incentives that DERs can bring. We find that about 22% of S&P500 firms allow for these payments and about 10% actually make such payments. While investors react negatively to announcements of DE payments, DERs can be beneficial to shareholders by inducing a company to disgorge unproductive cash. If a firm allows …
Essays On Mortgage Securitizations, Hong Lee
Essays On Mortgage Securitizations, Hong Lee
LSU Doctoral Dissertations
This dissertation studies how the affiliation between different entities in securitization process make different market outcomes, and how this estimation of affiliation effects is susceptible to limitations in securitized residential mortgage data. Three essays constitute the dissertation. The first essay illustrates the limitations and potential bias in the loan-level trustee data. Substantial amounts of loan attributes and risk factors are missing. The patterns of data omissions dramatically vary across different risk factors, sponsors, and trustees, and over the time. Missing of one risk factor is in general positively correlated with missing of the other. Omissions of loan attributes are systematically …
Essays On Corporate Innovation, Lai Van Vo
Essays On Corporate Innovation, Lai Van Vo
LSU Doctoral Dissertations
In this dissertation, I explore the underlying mechanisms through which a firm innovates and invests in Research and Development (R&D). It consists of two essays. The initial essay investigates the effects of aggregate stock market liquidity on innovation at both the aggregate and firm levels for publicly traded firms in the U.S., and shows a significant and positive effect at both levels of aggregation. Next, the essay provides two underlying mechanisms through which aggregate stock liquidity enhances innovation. First, high stock market liquidity reduces the cost of raising external capital, making it easier for firms, especially for small firms and …
On The Governance Of Innovation: Institutional Ownership Vs. Stock Price, Huong Thi Thu Le
On The Governance Of Innovation: Institutional Ownership Vs. Stock Price, Huong Thi Thu Le
LSU Doctoral Dissertations
Firms can change their outstanding shares to manage their stock price levels. Those with lower stock prices tend to attract more speculative trading, which causes higher price volatility and may force their managers to excessively focus on short-term earnings at the expense of R&D and other long-term projects. Thus, I hypothesize that keeping high stock price levels allows firms to (i) limit speculative traders’ influences on stock prices and thus mitigate investor short-termism, and (ii) enhance R&D productivity. Indeed, I find that high-priced firms are less likely to cut R&D to reverse an earnings decline, less likely to fire their …