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Three Essays On The Compensation, Structure, And Decision Making Of The Board Of Directors, Duong Pham
Three Essays On The Compensation, Structure, And Decision Making Of The Board Of Directors, Duong Pham
Electronic Theses and Dissertations
My first essay examines compensation of newly formed boards of directors following tax-free corporate spin-offs. The empirical results show newly formed spin-off boards are paid significantly more than peer boards in the same industry with similar firm size. Higher compensation is observed for spin-off firms where the CEOs are not formerly employed by the parent firms but not for spin-off firms with parent related CEOs, indicating that new directors demand higher compensation for the work involved in setting up the new governing system for the spun-off firms especially when there is a brand new CEO managing the spinoff firm. Differences …
Three Essays On Market Efficiency And Corporate Diversification, Fawzi Jaber Hyder
Three Essays On Market Efficiency And Corporate Diversification, Fawzi Jaber Hyder
Electronic Theses and Dissertations
In my first essay, I use additions to the S&P 500 index as a laboratory to investigate how the interaction between arbitrageurs and arbitrage risk affects security prices. I find that the price effect is strong when there is high arbitrage risk (as measured by the lack of close substitutes) and low presence of arbitrageurs (as measured by low ownership by active institutions). Furthermore, a strong presence of arbitrageurs moderates the effect of arbitrage risk on the post-addition price reaction of added stocks. I also find a significant decrease in arbitrageurs' ownership in the added stocks post addition. More importantly, …
Marital Status Of Executives And Company Performance, Ilona Day
Marital Status Of Executives And Company Performance, Ilona Day
Honors Undergraduate Theses
This research paper explores differences in company performance levels, as measured by selected company fundamentals and annual return, with regard to the marital status of top executives, specifically the chief executive officer and the chief financial officer. It examines whether the differences in firm performance are determined by the marital status of the respective business executive. Groups of never married, married, and divorced executives are compared against each other to establish if and how the company performance changes between these groups. Summary statistics of the examined variables in conjunction with the results of the simple and multiple regression analyses indicate …
Two Essays On Investors' Attention To Economically Linked Firms, Mahsa Khoshnoud
Two Essays On Investors' Attention To Economically Linked Firms, Mahsa Khoshnoud
Electronic Theses and Dissertations
My first essay examines the degree to which the market prices of publicly traded firms reflect and respond to new information regarding the economic viability and vitality of organizations to which they are strategically linked. More specifically, I exploit the uniquely transparent nature of the lessor-lessee relationship across commercial real estate markets to evaluate whether future returns to real estate investment trusts (REITs) are systematically affected by the financial return performance and/or operational opacity of the tenants who lease their investment properties. Using a hand collected data set identifying the principal tenants of 96 publicly traded REITs, I find those …