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Phd Dissertation In Finance

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Essays on Liquidity Risk and Modern Market Microstructure

Kai Yuan, 2017

Faculty Advisor: Ciamac Malllemi

Liquidity, often defined as the ability of markets to absorb large transactions without much effect on prices, plays a central role in the functioning of financial markets. This dissertation aims to investigate the implications of liquidity from several different perspectives, and can help to close the gap between theoretical modeling and practice. In the first part of the thesis, we study the implication of liquidity costs for systemic risks in markets cleared by multiple central counterparties (CCPs).

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Using Non-Fit Messages to De-Intensify Reactions to Threatening Advice

Ilona Fridman, 2017

Faculty Advisor: Tory E. Higgins

Sometimes experts need to provide potentially upsetting advice. For example, physicians may recommend hospice for a terminally ill patient because it best meets their needs, but the patient and their family dislike this advised option. The present research examines whether regulatory non-fit could be used to improve these types of situations. The findings from eight studies in which participants imagined receiving upsetting advice from a physician demonstrate that regulatory non-fit between the form of the physician’s advice (emphasizing gains vs.

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Cultural Crossing and Diversity Ideologies: Three Essays on the Identity Politics of Cultural Accommodation and Integration

Jaee Cho, 2017

Faculty Advisor: Michael W. Morris

My dissertation explores people’s responses to cultural crossing, exploring when and why it is admired or admonished. One form of crossing is cultural accommodation, which occurs when a recently arrived foreign visitor behaves like a local, adhering to host-country norms of behavior rather than those of his/her heritage country. The second is cultural borrowing, which occurs when ideas from multiple cultural traditions are integrated into a product, performance or activity.

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Elements of Innovators' Fame: Social Structure, Creativity and Identity

Mitali Banerjee, 2017

Faculty Advisor: Damon Phillips

What makes an innovator famous? This is the principal question of this dissertation. I examine three potential drivers of the innovators’ fame – their social structure, creativity and identity. My empirical context is the early 20th century abstract artists in 1910-25. The period represents a paradigmatic shift in the history of modern art, the emergence of the abstract art movement. In chapter 2, I operationalize social structure by an innovator’s local peer network.

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Essays in Empirical Corporate Finance

Pably Slutzky , 2017

Faculty Advisor:

This dissertation studies empirical corporate finance problems of regulations and monitoring. The dissertation is composed of three chapters. First, I study how firms deal with business regulations that limit their operations. In the first chapter I exploit a natural experiment in Argentina to show that the ownership structure of a firm affects its degree of compliance with regulations, with publicly listed firms complying more than privately held ones. In 2012 the Argentine government banned companies from transferring funds abroad from their domestic operations.

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Higher Volatility with Lower Credit Spreads: The Puzzle and Its Solution

Aleksey Semenov, 2017

Faculty Advisor: Suresh Sundarsan

This dissertation explains the puzzling negative relationship between changes in stock volatility and credit spreads of corporate bonds. This relationship has been encountered in some empirical studies but has remained unexplained in the theoretical literature, which unanimously suggests the opposite relationship. This dissertation shows that this negative relationship can be produced by the dynamic endogenous asset composition of borrowing firms.

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Relationship Lending in Syndicated Loans: a Participant’s Perspective

Xinlei Li, 2017

Faculty Advisor: Fabrizio Ferri

I explore the role of participants’ relationships with borrowers and lead arrangers in syndicated lending. I predict and find that these relationships mitigate the information asymmetry problems faced by participants with both borrowers and lead arrangers, and allow participants to take a larger share in the loan. In particular, participants with a borrower relationship take, on average, a 10% larger share of the loan, with the effect being more pronounced when the borrower is informationally opaque or less conservative in its accounting.

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The Distinct Psychology of Smartphone Usage

Shiri Melumad, 2017

Faculty Advisor: Michel Pham

One of the most important trends in today’s marketplace is consumers’ increased reliance on smartphones not only as a communication device but also as a central platform for accessing information, entertainment and other consumption activities—the so-called “mobile revolution” (Ackley 2015). While the marketing implications of mobile platforms are receiving emerging attention in the marketing modeling literature (e.g., Danaher et al. 2015; Ghose and Han 2011; Sultan et al. 2009), still very little is known about the consumption psychology of smartphone usage.

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Rethinking Measurement of Pay Disparity and its Relation to Firm Performance

Ethan Rouen, 2017

Faculty Advisor: Fabrizio Ferri, Trevor Harris

I develop measures of firm-level pay disparity and examine the relation between these measures and firm accounting performance. Using comprehensive compensation data for a large sample of firms in the S&P 1,500, I do not find a statistically significant relation between the ratio of CEO-to-mean employee compensation and accounting performance. I next create empirical models that allow me to separate the components of CEO and employee compensation explained by economic factors from those that are not, and use them to estimate explained and unexplained pay disparity.

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