Business Commons^™

Essays On Corporate Debt Features, Capital Structure, And Cash Policies, Xiaoyu Zhu

Dissertations, Theses, and Capstone Projects

Chapter 1: This chapter examines variations in corporate debt features with respect to changes in macroeconomic and microeconomic conditions. The features seen in corporate debt issues have evolved substantially over the past four decades in response to changes in the corporate financing landscape. In particular, this chapter studies the evolution of active debt provisions such as fixed-price calls, make-whole calls, and callable conversion features in corporate bond contracts. By integrating corporate bond data from the Mergent Fixed Income Securities Database (FISD) and Securities Data Company (SDC), This chapter reveals new temporal and cross-sectional patterns in active debt provisions.

Chapter 2: …

Essays On Corporate Sustainability, Aditya Malateesh Kashikar

Dissertations, Theses, and Capstone Projects

The dissertation provides an extensive literature review of topics in Corporate Sustainability. It further examines two key topics: ESG Pay and ESG Investing. For ESG Pay, I examine Bloomberg’s ESG linked pay measure using the largest panel (to date). I confirm several important results from the nascent literature on ESG Pay. Firstly, I find that Country and Industry play a major role in determining ESG Pay adoption. Secondly, among firm characteristics, Big and Value firms tend to have a greater probability of adopting ESG Pay. Thirdly, higher ESG scores increase the chance of ESG Pay adoption in the subsequent year. …

“Caring Is Sharing”: The Effect Of Childhood Memories On Consumers’ Lending Behavior, Teodora Szabo-Douat

Dissertations, Theses, and Capstone Projects

This research demonstrates that recalling childhood memories increases the likelihood of lending one’s possessions to someone else by making people (particularly those who are less rebellious) feel more connected to their communities. Five studies demonstrate the predicted effect of childhood memories on consumers’ lending intentions and actual lending behavior. The studies also provide evidence that childhood memories increase less-rebellious consumers’ sense of self–community connectedness, which, in turn, facilitates lending, as sharing in (sharing with family and close others) is a far more common form of sharing than sharing outside those circles.

The Squeaky Wheel Gets The Oil? On The Interpersonal Effects Of Boredom Expression, Manuel F. Gonzalez

Dissertations, Theses, and Capstone Projects

I explored how people react to employees who express boredom at work. I consider boredom expression as a social signal that the current situation does not adequately stimulate the expresser. The expression may then propel others to help stimulate the expresser, depending partly on others’ initial appraisals and reactions to the expression, and on the surrounding context. In Study 1, using qualitative surveys, I uncovered various affective, cognitive, and behavioral reactions to employees who expressed boredom. In Study 2, using experimental vignettes, I manipulated the emotion expressed by a “subordinate” (boredom, enthusiasm, or no emotion) and the manager’s beliefs about …

Building For Culture: How Municipal Ownership Of Cultural Facilities Influences Annual Arts Funding In American Cities, Adam M. Sachs

Dissertations, Theses, and Capstone Projects

This thesis explores how local government support for arts and culture varies across 24 American cities. It has proven to be challenging for researchers to accurately measure municipal arts support. Research on cultural policy has also often focused on the federal level, despite total city expenditures far exceeding national or state government support. This thesis attempts to take an accurate pulse of city expenditures in 2017 and correlates those spending levels to the variation in city ownership of arts facilities. Rooted in the historical perspectives of the ‘new institutionalism’ and path-dependency, this paper argues that past decisions about taking ownership …

How Much Does Imprecision In Accounting Measurement Enhance Value?, Ying Liang

Dissertations, Theses, and Capstone Projects

Theory on real effects suggests that more precise accounting does not necessarily improve investment efficiency. However, with investment efficiency mostly unobservable, empirical assessment of the theory is rare. This paper develops an empirical framework based on Kanodia et al. (2005) to structurally estimate the effect of imprecision in accounting measurement on investment efficiency. My estimates suggest that imprecision in accounting measurement has mitigated over-investment in capital expenditures and R&D by 28.6% and 4.9%, respectively. On average, firms still over-invest relative to the first-best full-information benchmark. In counterfactual analyses, my estimates suggest that the optimal investment efficiency could be achieved by …

Creating Content For A Healthy New Life, Valeria C. Borja Lopez

Dissertations, Theses, and Capstone Projects

Creating Content for a Healthy New Life is a project consisting of the development of a web page to connect holistic practitioners to people. This page will also allow for the promotion and sale of Ayurvedic Skincare products and services. For the capstone project, I developed a business model for the enterprise. This model offers an educational component by educating our customers to understand the importance of using holistic approaches rather than traditional ones. For this, two videos were developed to educate customers about Ayurveda and the science behind the proposed products and services. I am an experienced Holistic Practitioner, …

Essays On Social Connectedness, Institutional Behavior, And Market Predictability, Yan Li

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that encompass social network, institutional investor behavior, financial market efficiency, and market return predictability.

Chapter 1: We use social network data from Facebook to show that institutional investors are more likely to invest in firms that are located in areas the investor is more socially connected to. This effect is particularly large for investments in small and informationally opaque firms. After controlling for social connectedness, investments do not vary with the geographic distance between investors and firms. We find no evidence that investors achieve higher returns when investing in firms located in areas that …