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Through research, interviews, and analysis, our paper provides the local community with a resource that offers a comprehensive collection of insight into the Mirabella at ASU Life Plan Community and the projected impact it will have on the City of Tempe and Arizona State University.

ContributorsStephens, Corey Christopher (Co-author) / Dicke, George (Co-author) / Anand, Rohan (Co-author) / Sadusky, Brian (Thesis director) / Schiller, Christoph (Committee member) / Dean, W.P. Carey School of Business (Contributor) / Department of Finance (Contributor) / Sandra Day O'Connor College of Law (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Description

Through research, interviews, and analysis, our paper provides the local community with a resource that offers a comprehensive collection of insight into the Mirabella at ASU Life Plan Community and the projected impact it will have on the City of Tempe and Arizona State University.

ContributorsAnand, Rohan (Co-author) / Dicke, George (Co-author) / Stephens, Corey (Co-author) / Sadusky, Brian (Thesis director) / Schiller, Christoph (Committee member) / Dean, W.P. Carey School of Business (Contributor) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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The first chapter uses data on birthplaces of 2,065 Chief Executive Officers (CEO) and a county-level measure of cultural individualism based on the westward expansion in American history to establish a positive relation between CEO cultural individ- ualism and corporate innovation. Difference-in-differences estimations around CEO turnovers support the causality. Individualistic

The first chapter uses data on birthplaces of 2,065 Chief Executive Officers (CEO) and a county-level measure of cultural individualism based on the westward expansion in American history to establish a positive relation between CEO cultural individ- ualism and corporate innovation. Difference-in-differences estimations around CEO turnovers support the causality. Individualistic CEOs increase innovation by creating an innovative corporate culture, providing more flexibility to employees, and tolerance for failure.The second chapter develops a model to study the corporate board structure and communication. Outside directors are related to potential competitors. As a result, they can bring valuable advice and cause information leakage. The firm needs to decide whether to have outside directors on the board. In the presence of the outside director, the other directors need to determine whether to communicate.
ContributorsZhang, Fan (Author) / Boguth, Oliver (Thesis advisor) / Babenko, Ilona (Committee member) / Schiller, Christoph (Committee member) / Wang, Jessie Jiaxu (Committee member) / Arizona State University (Publisher)
Created2022
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The dissertation consists of three essays in financial economics. In the first essay, using historical prices for futures contracts tied to U.S. election outcomes, I develop a measure of firm-level partisan exposure. This measure captures the sensitivity of a firm's stock return to the changes in the odds of winning

The dissertation consists of three essays in financial economics. In the first essay, using historical prices for futures contracts tied to U.S. election outcomes, I develop a measure of firm-level partisan exposure. This measure captures the sensitivity of a firm's stock return to the changes in the odds of winning by a Democratic presidential candidate. I find that political beta is significantly lower in regulated industries and that it takes more extreme values for smaller and more highly levered firms. Finally, I document that firms with high political beta earn 4.0% higher annual buy-and-hold abnormal returns under Republican presidencies than firms with low political beta. The second essay studies mean monthly returns and compound long-run returns to over 64,000 global common stocks during the January 1990 to June 2020 period. The important practical distinctions between arithmetic, geometric, and dollar-weighted monthly returns are highlighted. In addition, it is documented that the majority, 56.6% of U.S. stocks and 61.3% of non-U.S. stocks, underperform one-month U.S. Treasury bills in terms of compound returns over the full sample. Focusing on aggregate shareholder outcomes, the top-performing 1.5% of firms account for all of the $US 56.2 trillion in net global stock market wealth creation. Outside the US, less than one percent of firms account for the $US 20.1 trillion in net wealth creation. The third essay documents evidence of managerial influence on shareholder voting outcomes. There are significantly more proposals that narrowly pass than narrowly fail. This behavior is more pronounced for firms with low institutional ownership and for proposals receiving a negative ISS recommendation. Mechanisms by which managers influence the outcome, such as meeting adjournment and selective campaigning, are newly identified. Finally, the market reacts more positively to the narrow failure of management proposals than to their passage. Combined with a theoretical model, these results imply that managerial influence on the voting process is value-destroying.
ContributorsChoi, Goeun (Author) / Bessembinder, Hendrik (Thesis advisor) / Babenko, Ilona (Committee member) / Schiller, Christoph (Committee member) / Tserlukevich, Yuri (Committee member) / Arizona State University (Publisher)
Created2021