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Three Essays On Information Asymmetry Across Heterogenous Agents, Shenru Li
Three Essays On Information Asymmetry Across Heterogenous Agents, Shenru Li
Graduate Theses, Dissertations, and Problem Reports
This thesis models and explores agents’ decisions in reaction to events that serves to increse the heterogeneity among agents. The analysis is conducted on three aspects of financial economics. In chapter 2, we empirically examine how trading by peers on a new platform influences others’ adoption decision. We model the adoption process and find the relationship to be U-shaped, with first movers greatly discouraging their peers from adoption, while late movers slightly discouraging or encouraging their peers.
In chapter 3, we investigate how managerial incentives influence corporate social responsibility (CSR). We examine the staggered adoption of corporate opportunity waiver laws …
Tax Avoidance, Corporate Governance, And Corporate Policies, Yang Yang
Tax Avoidance, Corporate Governance, And Corporate Policies, Yang Yang
Graduate Theses, Dissertations, and Problem Reports
This dissertation includes three essays examining the interactions between tax avoidance, corporate governance, and corporate policies. The first essay exploits corporate governance shocks induced by cross-listing in the U.S., and find that firms tend to engage in less tax avoidance after cross-listing. This effect is more pronounced for firms that experience significant improvements in corporate governance, and for firms from countries with weaker shareholder protection and disclosure requirements. Taken together, the results indicate that cross-listing in the U.S. helps align the interests of managers and shareholders and reduces managerial diversion.
The second essay examines the importance of tax avoidance to …