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Doctoral Dissertations

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Essays In International Corporate Finance, Patrick M. Stanton May 2019

Essays In International Corporate Finance, Patrick M. Stanton

Doctoral Dissertations

International corporate finance has greatly expanded with the increased globalization and led to many new research topics. In this dissertation, I examine two distinct international finance topics; (i) determinants of corporate tax inversion and the effects ex-post; and (ii) determinants of for-profit microfinance institutions and financial and social performance.

In Chapter 1, I study corporate tax inversion which is a reorganization by which a domestic firm changes its tax-domicile from the United States to a foreign country with a lower corporate tax rate. In 2014 alone, U.S. public companies valued at over half a trillion dollars announced their intention ...


Blood Supply Chain Networks In Healthcare: Game Theory Models And Numerical Case Studies, Pritha Dutta Jan 2019

Blood Supply Chain Networks In Healthcare: Game Theory Models And Numerical Case Studies, Pritha Dutta

Doctoral Dissertations

A crucial component of every healthcare system is the safe and steady supply of the life-saving product, blood. In order to meet the demand for blood consistently, it is imperative to maintain a robust supply chain. The blood banking industry in the United States, faced with emerging challenges, which include, an increase in operating costs, rise in competition among blood centers, insufficient reimbursement from payers such as insurance companies and government programs, in addition to inherent challenges such as donor motivation, seasonal shortages, perishability, is trying to adapt to the changing dynamics to sustain itself economically. The altruistic nature of ...


The Awesomeness Of Awe: The Role Of Awe In Increasing Consumer Well-Being, Begum Oz Jan 2019

The Awesomeness Of Awe: The Role Of Awe In Increasing Consumer Well-Being, Begum Oz

Doctoral Dissertations

Emotions are a driving force in much of consumer behavior. Yet the breadth of emotions and their effects on consumption are only beginning to be discovered. One emotion, which has been understudied within consumer behavior, but has properties that suggest it could play an important role in improving consumer well-being, is awe. In this dissertation, I explore effects of awe on consumers’ materialist values, morality and lying behavior, and pro-environmental behavior.

Essay 1 examines the role of awe in consumers’ materialist values and their product choices. Findings from three experiments support that awe decreases consumers’ materialist values and leads to ...


Managing Information Security Investments Under Uncertainty: Optimal Policies For Technology Investment And Information Sharing, Yueran Zhuo Jan 2019

Managing Information Security Investments Under Uncertainty: Optimal Policies For Technology Investment And Information Sharing, Yueran Zhuo

Doctoral Dissertations

Information systems are an integral part of today's business environment. Businesses, government organizations, and the society rely on these systems for various transactions, most of which have huge financial implications. Hence, attacks that breach information systems result in interruption of operations, loss of data and customer confidence, constituting a significant threat to firms.

The losses due to attacks on information systems can be mitigated through investments in information security technologies and services. In this thesis we study three practical problems related to information system security investment management: (1) Optimal policies for technology investment in information system security; (2) Optimal ...


The Effects Of Pair Budget Goal Difficulty And Pair Identity On Decision-Making And Performance, Chaoping Li Nov 2018

The Effects Of Pair Budget Goal Difficulty And Pair Identity On Decision-Making And Performance, Chaoping Li

Doctoral Dissertations

Mixed incentive compensation structures have been widely studied in the accounting literature (e.g., Tian et al. 2017; Dekker et al. 2012, Rothenberg 2011; Hwang et al. 2009). However, the findings in the literature as to the effectiveness of mixed incentives are not consistent. The inconsistency in the mixed incentives literature may be due to the various levels of social dilemma embedded in the research setting of the studies. Therefore, I experimentally investigated two factors that may reduce the embedded social dilemma issue and improve the effectiveness of mixed incentive compensation. In this study, student participants were assigned to pairs ...


Stock Buyback Announcements: An Examination Of Abnormal Returns In Stock Price & Credit Default Swaps For S&P100 Companies, Alan L. Delfavero Sep 2018

Stock Buyback Announcements: An Examination Of Abnormal Returns In Stock Price & Credit Default Swaps For S&P100 Companies, Alan L. Delfavero

Doctoral Dissertations

This event study examines the short-run effect of stock buyback announcements on stock price and credit default swaps (CDS) exclusively for mega capitalization S&P 100 companies. The research sample consists of 53 S&P 100 companies and includes 133 buyback announcement events occurring between September 2011 and May 2018. The study utilizes the market model to estimate expected returns and to compute abnormal returns (AR) for equity and abnormal change (AC) in CDS. Based on an initial analysis, it’s determined that there is a statistically significant AR and cumulative abnormal return (CAR) for stock price, and a significant ...


I See What You Say: Influential Nonverbal Signals Of Frontline Employees On Customer Outcomes, Shuang Wu Jul 2018

I See What You Say: Influential Nonverbal Signals Of Frontline Employees On Customer Outcomes, Shuang Wu

Doctoral Dissertations

This research aims to investigate the influential nonverbal signals of frontline employees on customer outcomes. Frontline employees play a vital role in initiating and maintaining customer relationships. The interactions between customers and employees influence not only the immediate reactions, including both affective and cognitive responses, but also customer outcomes, like purchase intention, satisfaction, perceived service quality, and positive word-of-mouth. Both qualitative and quantitative methodologies are employed in this dissertation.

Previous studies examined the effects of employee nonverbal signals on customers’ cognitive responses, but limited research has been done on the affective responses of customers. Affect-based trust, positive affect, negative affect ...


The Effect Of Horizontal Inequity, Capacity For Budget Slack, And Severity Of Peer Overstatement On Managerial Reporting Behavior, Yiwen Li Jul 2018

The Effect Of Horizontal Inequity, Capacity For Budget Slack, And Severity Of Peer Overstatement On Managerial Reporting Behavior, Yiwen Li

Doctoral Dissertations

An ongoing stream of accounting research indicates that non-pecuniary factors significantly affect employees’ reporting behavior. This study investigates the behavioral effects of three non-pecuniary factors - horizontal pay inequity, capacity for budget slack, and severity of peer overstatement. The behaviors of interest are the employees’ level of honesty and whether or not they report a peer that is overstating.

In the experiment, participants acted as division managers who request funding from the owner of a fictitious company to produce certain parts. In each period, participants were paired with a different fictitious peer and were required to make two decisions under a ...


The Legend Of Wara And Benchmarking Purchase Price Allocation Data, Matthew Crane May 2018

The Legend Of Wara And Benchmarking Purchase Price Allocation Data, Matthew Crane

Doctoral Dissertations

This paper examines the relationship of the relative weightings of intangible assets recorded in purchase price allocations by industry based upon a weighted average rate of return (“WARA”) framework to determine if there is a statistical relationship between the value weightings and discount rates and if benchmarking the value weightings to industry data can be used as a reliable indicator of reasonableness. Both the WARA process and benchmarking assume that the relative values of intangibles impact the discount rate selected or that there is commonality in the industry ratios. Intuitively, the use of WARA and Benchmarking for financial reporting both ...


Hedging With Volatility, Mário Alagoa May 2018

Hedging With Volatility, Mário Alagoa

Doctoral Dissertations

A risk-averse investor with a long equity position is presumably interested in identifying a hedging strategy that protects the value of that investment. The common approach encompasses using either financial derivatives or holding assets (such as gold or Swiss francs) as portfolio hedges as they show negative correlation with equities. This paper proposes using volatility indexes as portfolio hedges instead; it shows that a volatility-based dynamic hedging strategy is the most effective at protecting the value of an equity investment.


Improvisation And Leadership Development: Understanding Improvisational Theater Arts As Leadership Skills, Jack Skalican May 2018

Improvisation And Leadership Development: Understanding Improvisational Theater Arts As Leadership Skills, Jack Skalican

Doctoral Dissertations

Leadership development is immersed in a philosophical struggle. Past efforts at developing leaders have missed a set of skills important to the role of today’s leaders. Since Frederick Taylor invented the practice of scientific management, the study of management and leadership has largely focused on traits, practices, and behaviors that conform to this model such as planning, analysis, control, and monitoring. Missing in this focus, however, are less transactional leadership skills like intuition, improvisation, and creativity. As a result, organizations have begun drawing on improvisational theater skills as one answer to fill this leadership development gap.

This case study ...


The Effect Of Excess Reserves On U.S Real Gross Domestic Product, Prince J. Adjei Apr 2018

The Effect Of Excess Reserves On U.S Real Gross Domestic Product, Prince J. Adjei

Doctoral Dissertations

The recent financial crisis has triggered questions regarding the role of the Federal Reserve Bank and the effectiveness of its intervention in the financial markets, post the crisis. This paper investigates the impact of huge spikes in excess reserves on the U.S. real gross domestic product. U.S. Federal Reserve in an effort to deal with the 2008 financial crisis instituted a series of programs aimed at taming the impact of the crisis. Through its emergency lending activities and Quantitative Easing (QE) programs, the Federal Reserve created a huge spike in excess reserves to levels not seen before. The ...


The Impact Of Material Weakness Presentation Structure And Internal Control Terminology On Investor Perceptions, Matthew Starliper Jan 2018

The Impact Of Material Weakness Presentation Structure And Internal Control Terminology On Investor Perceptions, Matthew Starliper

Doctoral Dissertations

Management is required to disclose any material weaknesses discovered during its evaluation to prepare the company’s financial statements in their internal control over financial reporting (ICFR) report. Across two experiments, I examine the impact of two presentation characteristics of a material weakness made up of multiple, smaller problems— (1) the structure of the presentation of the material weakness, which is whether the material weakness is identified first, followed by descriptions of its individual parts (Top Down structure) or vice versa (Bottom Up structure) and (2) whether or not the parts of the weakness are labeled with ICFR terminology (“significant ...


Integrated Routing Models For Enhanced Product And Service Delivery, Mohammad Reihaneh Jan 2018

Integrated Routing Models For Enhanced Product And Service Delivery, Mohammad Reihaneh

Doctoral Dissertations

Logistics constitutes a key function of modern-day supply chains and an indispensable prerequisite for the support and growth of conventional brick-and-mortar and online businesses. Whether for procurement or delivery purposes, manufacturers and service providers seek efficient and reliable logistical services. A 2014 Bloomberg survey reports that 73% of supply chain managers are experiencing a shift in their attitude towards transportation services; a function they now view as a key element of their business strategy. The advent of new mobile technologies and online platforms, the use of intermodal logistics, and the multiplication of customer-selected delivery options continue to prompt the development ...


Essays In Financial Economics: Announcement Effects In Fixed Income Markets, James J. Forest Jan 2018

Essays In Financial Economics: Announcement Effects In Fixed Income Markets, James J. Forest

Doctoral Dissertations

ABSTRACT

ESSAYS IN FINANCIAL ECONOMICS: ANNOUNCEMENT EFFECTS IN FIXED INCOME MARKETS

PHD IN FINANCE MAY 2018

JAMES J FOREST

B.A., FRAMINGHAM STATE UNIVERSITY

M.S., NORTHEASTERN UNIVERSITY

Ph.D., UNIVERSITY OF MASSACHUSETTS – AMHERST

Directed by: Professor Hossein B. Kazemi

This dissertation demonstrates the use of empirical techniques for dealing with modeling issues that arise when analyzing announcement effects in fixed income markets. It describes empirical challenges in achieving unbiased and efficient parameter estimates and shows the importance of modelling a wide range of macroeconomic announcement effects to avoid omitted variable bias. Employing techniques common in Macroeconomics, financial market researchers ...


Essays On The Term Structure Of Volatility And Option Returns, Vincent Campasano Jan 2018

Essays On The Term Structure Of Volatility And Option Returns, Vincent Campasano

Doctoral Dissertations

The first essay studies the dynamics of equity option implied volatility and shows that they depend both upon the option’s time to maturity (horizon) and slope of the implied volatility term structure for the underlying asset (term struc ture). We propose a simple, illustrative framework which intuitively captures these dynamics. Guided by our framework, we examine a number of volatility trading strategies across horizon, and the extent to which profitability of trading strategies is due to an interaction between term structure and realized volatility. While profitable trading strategies based upon term structure exist for both long and short horizon ...


The Role Of Family Endorsement In Venture Creation And Sustainability, Thomas Daniel White Dec 2017

The Role Of Family Endorsement In Venture Creation And Sustainability, Thomas Daniel White

Doctoral Dissertations

Entrepreneurship research has shown that family social support is an important factor in an entrepreneur’s venture creation and sustainability efforts, yet little is known about the nature and impact of family processes that occur prior to venture start, or how early endorsement of a venture impacts the entrepreneur. These processes are important to consider, because they may facilitate or inhibit ongoing family social support and influence the entrepreneur’s venture creation and sustainability decisions. Utilizing a family systems theoretical framework, I draw on theories of self-perception, social support and conservation of resources to address three issues. First, I introduce ...


Evaluating Volatility Forecasts In Various Equity Market Regimes, John P. Felletter Oct 2017

Evaluating Volatility Forecasts In Various Equity Market Regimes, John P. Felletter

Doctoral Dissertations

Forecasting volatility is a critical component of asset allocation, risk management, and option pricing. Many different methods and models are used to predict volatility, and many studies have examined the efficacy of one method or another. This study investigates whether the abilities of historical volatility, GARCH models, and VIX to forecast volatility vary in different market conditions, as distinguished by levels of volatility and returns. It is found that market conditions do impact the abilities of the variables to forecast volatility. Overall, the forecasts implied by the GARCH models perform best according to the various metrics, while the VIX forecast ...


Effects Of The Basel Iii Liquidity Risk Metrics On U.S. Bank Performance And Stability, Cecelia Mundt Aug 2017

Effects Of The Basel Iii Liquidity Risk Metrics On U.S. Bank Performance And Stability, Cecelia Mundt

Doctoral Dissertations

This paper investigates the effects of Basel III’s liquidity metrics on profitability and stability on a subset of U.S banks from 2002 to 2014. The profitability and stability of each of these banks were calculated under the scenario of shifting 1% of its overall assets from illiquid to liquid. The empirical findings demonstrate a negative relationship between holding higher liquidity and bank profitability. It finds that this negative relationship is disproportionate across the bank classes with savings banks losing profitability at almost twice the rate as national banks. Additionally, stability of savings banks is more adversely affected than ...


Supply Chain-Driven Innovation: The Influence Of Supply Chain Resource Orchestration On Organizational Performance, Ulrich Schmelzle Aug 2017

Supply Chain-Driven Innovation: The Influence Of Supply Chain Resource Orchestration On Organizational Performance, Ulrich Schmelzle

Doctoral Dissertations

As continuous innovation became a strategic necessity in many markets, organizations are increasingly adding external resources to complement their in-house R&D activities. However, little is known about the concrete practices of employing and integrating those external resources. Hence, this research introduces a new conceptual framework of supply chain resource orchestration (SCRO) on the basis of a systematic literature review and a theory elaboration of resource management theories. Qualitative interviews with supply chain managers in a multi-case study are enriching and substantiating the SCRO conceptualization. Finally, a crosssectional survey (n= 247) is applied to empirically validate the new framework. The ...


The Association Between Audit Committee Overboarding, Audit Committee Responses To Increased Workloads, And Financial Reporting Quality After Sox, John Kyle Castonguay Aug 2017

The Association Between Audit Committee Overboarding, Audit Committee Responses To Increased Workloads, And Financial Reporting Quality After Sox, John Kyle Castonguay

Doctoral Dissertations

The Sarbanes-Oxley Act (SOX) added a multitude of financial oversight responsibilities to the audit committee of public companies. These responsibilities increased the amount of time each audit committee member needed to devote to each committee served, leading to concerns amongst regulators and the investing community that audit committees that were overboarded and serving on multiple other board seats would be unable to effectively monitor the companies they represented. I find that these concerns are undue. More overboarded audit committees have adequately adjusted to their increased workloads in the decade since SOX to such a degree that they have lower misstatement ...


Modeling The Consumer Acceptance Of Retail Service Robots, So Young Song Aug 2017

Modeling The Consumer Acceptance Of Retail Service Robots, So Young Song

Doctoral Dissertations

This study uses the Computers Are Social Actors (CASA) and domestication theories as the underlying framework of an acceptance model of retail service robots (RSRs). The model illustrates the relationships among facilitators, attitudes toward Human-Robot Interaction (HRI), anxiety toward robots, anticipated service quality, and the acceptance of RSRs. Specifically, the researcher investigates the extent to which the facilitators of usefulness, social capability, the appearance of RSRs, and the attitudes toward HRI affect acceptance and increase the anticipation of service quality. The researcher also tests the inhibiting role of pre-existing anxiety toward robots on the relationship between these facilitators and attitudes ...


Understanding The Effects Of Regulatory Focus On Proactive Behavior, Brian P. Waterwall Jul 2017

Understanding The Effects Of Regulatory Focus On Proactive Behavior, Brian P. Waterwall

Doctoral Dissertations

Over the past decade, motivation research has focused on what motivates employees to engage in behaviors that fall outside of ones' job/task requirements and bring about meaningful change in the organization's environment, proactive behaviors (Bateman & Crant, 1993; Crant, 2000). Recently, regulatory focus theory has received considerable research attention because of its potential to explain additional variance in behavior beyond other motivational constructs. Regulatory focus theory suggests that during goal striving, people will display behaviors associated with their current motivational state. Drawing from prior research examining motivation and behavior, I propose and test a model that examines the effects of employee ...


Understanding The Role Of Social Media On A Student's College Choice Process And The Implications On A University's Enrollment And Marketing Strategies, Kimberly C. Thornton Jul 2017

Understanding The Role Of Social Media On A Student's College Choice Process And The Implications On A University's Enrollment And Marketing Strategies, Kimberly C. Thornton

Doctoral Dissertations

With decreasing state funds, a sluggish economy, and increased competition, universities are finding new ways to recruit prospective students to their institutions (Campbell, 2013; Sandlin & Pena, 2014). One way to create relationships and recruit prospective students to a university is through the use of social media platforms (Han, 2014; Joly, 2016). The purpose of this study, using the theoretical framework of Perna's (2006) Conceptual College Choice model, was to understand how social media impacted student college choice process by analyzing how universities used social media sites to market their universities to prospective students using the qualitative method of content analysis. Sixteen universities, based on the size and setting classification of the Carnegie Classification of Institutions of Higher Education (n.d.), were chosen. Their ...


Individual And Organizational Celebrity: Two Essays On Media Attributions And Organizational Agency, Laura D'Oria May 2017

Individual And Organizational Celebrity: Two Essays On Media Attributions And Organizational Agency, Laura D'Oria

Doctoral Dissertations

Organizational researchers are increasingly interested in how organizations are perceived by their constituents, because such perceptions have important implications for strategy formulation, strategy implementation and organizational outcomes. In this two-essay dissertation, I focus on a specific type of social approval asset, celebrity – the extent to which a social actor attains high levels of public attention and elicits positive emotional responses. Specifically, I examine how celebrity emerges at different organizational levels.

In Essay 1, I first develop a theoretical multilevel framework of business celebrity, building on agenda setting theory and framing theory. Second, I propose a typology of business celebrity based ...


The Role Of Mentoring For Women In Upper Management In The National Basketball Association (Nba), Manuela Picariello May 2017

The Role Of Mentoring For Women In Upper Management In The National Basketball Association (Nba), Manuela Picariello

Doctoral Dissertations

Despite years of progress by women in the workforce, climbing the corporate ladder is still a very daunting task for most women (Eagly & Carli, 2007; Evans, 2010; McKinsey Report, 2013), and occupational segregation still exists (Davidson & Burke, 2011). Research studies have reported that mentoring in general is critical to upward mobility (Allen, Eby, O’Brien, & Lentz, 2008; Allen, Eby, Poteet, Lentz, & Lima, 2004; Eby, Allen, Evans, Ng, & DuBois, 2008). To date there has not been a study with a focus on mentoring and female executives in professional sport. In the 2014 Racial and Gender Report Card (RGRC), Lapchick reported the lowest grade, “F” (any position in which women comprise less than 22 % of the available jobs), for NBA teams regarding the presence of women in such positions as CEO/ president and vice president. The purpose of this study was two-fold: (1) to understand how female upper managers in the NBA describe mentoring; and (2) to understand what role mentoring plays in their leadership development.

Individual, in-depth semi-structured interviews with open-ended questions were conducted. The interview protocol consisted of a pool of 6 questions developed from the review of literature but modified to fit the specific objectives of this study. The study sample consisted of 10 female managers working in the ...


Economic Forecasting With Many Predictors, Fanning Meng May 2017

Economic Forecasting With Many Predictors, Fanning Meng

Doctoral Dissertations

The dissertation is focused on the analysis of economic forecasting with a large number of predictors.

The first chapter develops a novel forecasting method that minimizes the effects of weak predictors and estimation errors on the accuracy of equity premium forecasts. The proposed method is based on an averaging scheme applied to quantiles conditional on predictors selected by LASSO. The resulting forecasts outperform the historical average, and other existing models, by statistically and economically meaningful margins.

In the second chapter, we find that incorporating distributional and high-frequency information into a forecasting model can produce substantial accuracy gains. Distributional information is ...


Implicit Taxes In Imperfect Markets, Hannah Elizabeth Smith May 2017

Implicit Taxes In Imperfect Markets, Hannah Elizabeth Smith

Doctoral Dissertations

Implicit taxes are defined as the pre-tax rate of return disadvantage earned on an investment that is taxed preferentially. Implicit tax theory predicts that implicit taxes will fully offset any benefit from preferential tax treatment leading to no benefit from lower explicit taxes; however, implicit tax theory assumes perfect market competition. This paper relaxes the assumption of perfect market competition and finds that firms in industries with lower competition bear lower implicit taxes, and firms in industries with higher competition bear higher implicit taxes. These findings are consistent with firms in industries with less competition having price setting power. Further ...


The Impact Of Increased Tax Return Reporting On Financial Statement Tax Disclosure Quality: Evidence From Irs Schedule Utp, Michelle Kim Harding May 2017

The Impact Of Increased Tax Return Reporting On Financial Statement Tax Disclosure Quality: Evidence From Irs Schedule Utp, Michelle Kim Harding

Doctoral Dissertations

This study uses the 2010 implementation of IRS Schedule UTP (Uncertain Tax Position) to examine the impact of additional tax return reporting on financial statement tax disclosure quality. Using a hand-collected sample, I find that firms reduce the quality of their Financial Accounting Standards Board Interpretation No. 48 (FIN 48) disclosures for Accounting for Uncertainty in Income Taxes in response to increased proprietary costs of disclosure following the adoption of IRS Schedule UTP. Standard setters intended FIN 48 disclosures to benefit investors. Contrary to this intended outcome, I find that as tax return reporting increases, firms reduce discretionary FIN 48 ...


Blinded By The Brand: Why And When Salesperson Brand Attachment Decreases Customer Purchase Intentions?, Lisa Lynn Beeler May 2017

Blinded By The Brand: Why And When Salesperson Brand Attachment Decreases Customer Purchase Intentions?, Lisa Lynn Beeler

Doctoral Dissertations

Prior research finds that the more attached salespeople are to a brand, the more effort they extend on behalf of the brand, thus improving sales performance. However, salesperson brand attachment may also have undesirable consequences only evident when viewed through the customers’ lens. Specifically, we argue that brand attachment has a “blinding effect” on salespeople, leading them to adopt inappropriate sales strategies that discourage customers from purchasing the brand. We explore these ideas using data collected from 20 exploratory interviews with salesperson-customer dyads and a field study that includes 153 salespeople and 98 matched customers. The data offer support for ...