Business Commons^™

Remembering To Remember And The Consequences Of Forgetting: The Role Of Prospective Memory In Consumer Intentions, Eyad M. Youssef

Theses and Dissertations in Business Administration

Picking up your dry cleaning after work, returning library books before the due date, picking up a friend at the airport; all of these tasks have one underlying feature that links them together. The tasks cannot be completed when the initial intention is formed. Prospective memory can be defined as remembering to remember (Winograd, 1988). It can also be defined as either remembering to do something at a particular moment in the future or as the timely execution of a previously formed intention (Kvavilashvili and Ellis, 1996). Remembering to do things (prospective memory) is just as much a use of …

The Effect Of The Governance Environment On International Business: Three Essays, Jun Wu

Theses and Dissertations in Business Administration

We examine how governance environment affects business activities across countries. Using an updated framework of governance environments, we classify countries into three groups based on their dominant modes of governance: (1) rule-based (strong rule of law), (2) relation-based (weak rule of law and strong informal network based on private relations), and (3) neither-based (absence of both public rules and private network). We then examine how different governance types affect trade patterns and foreign investment flows. Chapter 2 theoretically proposes that the governance environment of a society plays a significant role in influencing international trade and foreign investment across countries. Chapter …

Two Essays On Investor Sentiment And The Profitability Of Contrarian And Momentum Strategies, Changmei Zhang

Theses and Dissertations in Business Administration

This dissertation, by employing different trading strategies, addresses the trading profitability issue in a broad scope of different markets.

In the equity market, I construct a group of BUY-SELL portfolios based on prior stock returns, and find that contrarian and momentum strategies are both significantly profitable. Investor sentiment, in addition to firm-specific risks, provides behavioral explanations to the profitability. Three popular sentiment measures are used for the purpose of study: two reduced-formed sentiment indexes that are constructed by Baker and Wurgler (2006) and the survey-based University of Michigan Consumer Sentiment Index. Several interesting findings are revealed: (1) extreme sentiment levels …

A Re-Examination Of Stock Repurchase In Usa, Hua Yang

Theses and Dissertations in Business Administration

Since the adoption of U.S. Securities and Exchange Commission (SEC) Rule 10b-18 Safe Harbor for Issuer Repurchases in 1982, stock repurchases have been growing explosively. Extant literature has shed some light on the motivation behind companies' repurchase activities. The most popular beliefs include signaling undervaluation (Dann 1981, Vermaele 1981, Comment and Jarrell 1991), reducing free cash flow (Guay and Harford 2000, Jagannathan, Stephens and Weisbach 2000, Grullon and Michaely 2004), raising leverage ratio (Hovakimian, Opler and Titman 2001) and increasing earnings (Bens, Nagar, Skinner and Wong 2003).

Motivated by Stephens and Weisbach's (1998) research which found that companies on average …

What Is Influencing Financially-Driven Shareholder Activism In The Us And Uk—Principal-Agent Or Principal-Principal Problems?, Maureen I. Muller-Kahle

Theses and Dissertations in Business Administration

Shareholder activism is a response to corporate underperformance by one or more shareholders of the corporation. Classic agency theory suggests that shareholder activism is a mechanism to curb principal-agent problems in the firm. However, the principal-principal perspective suggests that shareholder activism is a mechanism for dominant shareholders to extract resources from the firm. This dissertation extends the current research by developing and testing competing hypotheses to examine the antecedents of financially driven shareholder activism in the United States and the United Kingdom. The extant literature on financially driven shareholder activism (FDSA) is reviewed, research gaps in the literature identified and …

Three Essays On Cross-Listing, Liu Wang

Theses and Dissertations in Business Administration

This dissertation examines the role of cross-listing in shaping corporate earnings quality, stock price informativeness, and firm valuation, as well as its impact on a listing firm's home country information asymmetry and stock misvaluation.

The first essay addresses the information asymmetry between Chinese local A-share and foreign B-share markets and its impact on the B-share discount puzzle. In contrast with the widespread belief that domestic investors are better informed than foreign investors, this study indicates that foreign investors actually possess more value-relevant, firm-specific information in an emerging market such as China, where information transparency and investor protection are relatively weak. …

The Effects Of Emotions On Strategic Decision-Making: A China-U.S. Cross-Cultural Experimental Study, Weichu Xu

Theses and Dissertations in Business Administration

This dissertation examines how two different emotions—pride and guilt—experienced by managers influence their strategic decision-making. Four different aspects of strategic decisions are investigated: risk, comprehensiveness, speed, and resource commitment. The dissertation also investigates how culture moderates the relationship between emotions and different aspects of the strategic decision-making process.

The hypotheses of this study were tested using a 2 x 2 experimental design with two emotions (guilt and pride) and two cultures (U.S. and China). The experimental design used scenarios to elicit these two emotions. Next, PANAS-X scale was used to check the effectiveness of emotion manipulation. Finally, respondents were asked …