Social and Behavioral Sciences Commons^™

Essays On Dynamics Of Financial Markets, Esin Cakan

Dissertations, Theses, and Capstone Projects

In this study, the effects of different macroeconomic news on stock markets and different stock market co-movements are investigated. Impacts of good and bad macroeconomic news announcement surprises on the mean and conditional volatility of U.S. daily equity and Treasury bond market returns during economic recessions and expansions are examined. By jointly modeling returns and volatilities using a generalized autoregressive conditional heteroskedasticity (GARCH) models, it is found that surprise in unemployment news has no impact on stock returns during business cycles. On the other hand, the results indicate a significantly positive relation between the short term (long term) bond prices …

Employee Ownership And Participation Effects On Firm Outcomes, Brent Kramer

Dissertations, Theses, and Capstone Projects

Hundreds of firms in the U.S. are majority-owned by their employees through Employee Stock Ownership Plans (ESOPs). This study measures whether employee ownership makes a difference in firm outcomes, looking also at effects of worker participation in management-type decisions. Theorists have suggested that the rarity of employee ownership is prima facie evidence that such firms could not be as efficient as traditional firms. But institutional and financing constraints may be a more realistic explanation for their rarity, and it is important for policy purposes to investigate efficiency objectively.

The author compares sales per employee for a panel of over 300 …