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Creators: Department of Psychology
Creators: Bates, Thomas

Analysts and corporate liquidity policy

Description

This paper examines how equity analysts' roles as information intermediaries and monitors affect corporate liquidity policy and its associated value of cash, providing new evidence that analysts have a direct impact on corporate liquidity policy. Greater analyst coverage (1) reduces information asymmetry between a firm and outside shareholders and (2) enhances the monitoring process. Consistent with these arguments, analyst coverage increases the value of cash, thereby allowing firms to hold more cash. The cash-to-assets ratio increases by 5.2 percentage points when moving from the bottom analyst-coverage decile to the top decile. The marginal value of $1 of corporate cash holdings is $0.93 for the bottom analyst-coverage decile and $1.83 for the top decile. The positive effects remain robust after a battery of endogeneity checks. I also perform tests employing a unique dataset that consists of public and private firms, as well as a dataset that consists of public firms that have gone private. A public firm with analyst coverage can hold approximately 8% more cash than its private counterpart. These findings constitute new evidence on the real effect of analyst coverage.

ContributorsChang, Ching-Hung (Author) / Bates, Thomas (Thesis advisor) / Bharath, Sreedhar (Committee member) / Lindsey, Laura (Committee member) / Arizona State University (Publisher)

Created2012

Indirect and Moderated Effects of Parent-Child Communication on Drinking Values and Alcohol Use in the Transition to College.

Description

The transition from high school to college is marked by many changes, one of the most significant being the increased accessibility of alcohol, putting college students at high risk for alcohol-related consequences. It is imperative to identify factors that can protect young adults against these risks during this critical period. Although peers become increasingly influential in college, extant literature has shown that parents still have an impact on their children's behavior during this time. While parents spend less time with their children after college matriculation, they may indirectly protect against risky drinking behaviors by instilling certain values into their children before they make this transition. Using data from a large sample of students during their senior year of high school and their freshman year of college, the current study sought to examine interactive effects of parental communication and parental knowledge and caring on drinking behavior, and the extent to which internalization of personal drinking values mediate these effects. The primary study hypotheses were tested using path analysis conducted in Mplus 7.0. Full information maximum likelihood (FIML) estimation was utilized to estimate missing data and bootstrapping was used to address non-normality in the data. Results showed that, for those whose parents were high in knowledge and caring, higher levels of communication were associated with lower risk for alcohol use and problems at wave 3 through less permissive drinking values at wave 1. This finding has important implications for prevention approaches designed to reduce risk for heavy drinking and related problems during the transition to college.

ContributorsHartman, Jessica Danielle (Author) / Corbin, William (Thesis director) / Knight, George (Committee member) / Chassin, Laurie (Committee member) / Barrett, The Honors College (Contributor) / Department of Psychology (Contributor)

Created2015-05

The Association between Parenting and Adolescents’ Social Competence in Mexico

Description

In the present study, I will focus on several aspects of parenting (monitoring, structure, positive parenting, harsh discipline) and the relations with social competence. The larger study, on which this paper is based, was intended to study multiple types of parenting behaviors and social competencies, and development of measures was culturally and developmentally informed (including focus groups and pilot collection). However, utilizing each dimension that emerged from analyses of the parenting behaviors and social competence measures would result in a study with too large a scope. I will include each aspect of parenting that emerged in analyses. However, I will focus on just one of the two factors of social competence that emerged in analyses for adolescents. This first factor includes prosocial behavior (helping and sharing; Eisenberg et al., 2006) and also is composed of general social competence items capturing adolescents’ use of manners and politeness. For the purposes of this paper, I will refer to this first factor as “social competence,” and I will draw on the general social competence literature and prosocial behavior literature.

ContributorsMahajan, Ananyaa (Author) / Eggum, Natalie (Thesis director) / Spinrad, Tracy (Committee member) / Barrett, The Honors College (Contributor) / Department of Psychology (Contributor) / Sanford School of Social and Family Dynamics (Contributor)

Created2023-05