Essays in corporate finance

2016 ◽  
Author(s):  
◽  
Christine Ferris
Keyword(s):  
Firm Performance ◽  
Ceo Compensation ◽  
Control Variable ◽  
Future Research ◽  
New Classification ◽  
University Of Missouri ◽  
The University ◽  
The Impact ◽  
Shed Light

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT AUTHOR'S REQUEST.] [1] NEW CLASSIFICATIONS FOR CHAIRMEN OF THE BOARD -- I DID IT MY WAY. In this paper I determine whether a new classification of chairmen (former CEOs) should be added to the traditional current CEO and independent categories. I examine the impact the three categories of chairmen have on firm performance and whether CEO compensation differs between the three categories. If firms with chairmen who are former CEOs have significantly different firm performance or CEO compensation than the other two groups, a third category of chairmen (former CEOs) should be used in future research. The findings shed light on the value of having former CEOs control the board, and should influence the results of studies using chairmen as a control variable. I find that chairmen who are former CEOs are significantly different than current CEOs and independent chairman, and should be separated into their own category. Firms with chairmen who are former CEOs have highest firm performance. These firms also pay less in CEO compensation than firms with current CEOs/chairmen but more than firms with independent chairmen. [2] A TEMP IN THE CORNER OFFICE : THE IMPACT OF INTERIM CEOS ON FIRM PERFORMANCE. This paper examines the impact an interim CEO's previous experience and tenure length have on accounting- and market-based firm performance. I also examine the number of significant changes an interim CEO makes to the firm and the impact of those changes. I find that the prior experience an interim CEO has does not have a significant impact on firm performance. Interim CEOs are significantly less likely to make major changes to the firm than their predecessors; however, some of the changes they make have a significant impact on firm performance.

Analysis of cell signaling during floral abscission in arabidopsis

2017 ◽  
Author(s):  
◽  
Isaiah Taylor
Keyword(s):  
Protein Degradation ◽  
Future Research ◽  
Loss Of Function ◽  
Kinase Gene ◽  
University Of Missouri ◽  
Gene Map ◽  
Map Kinase Phosphatase ◽  
Floral Abscission ◽  
The University ◽  
The Impact

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT AUTHOR'S REQUEST.] The shedding of plant organs is known as abscission. Floral abscission in Arabidopsis is regulated by two related receptor[negation symbol]-like protein kinases (RLKs), HAESA and HAESA[negation symbol-like 2 (HAE/HSL2). Double mutants of HAE/HSL2 are completely defective in abscission and retain sepals, petals, and stamen indefinitely. We have utilized genetic suppressor screens of hae hsl2 mutant to identify additional regulatory mechanisms of floral abscission. We have uncovered a series of gain-of-function alleles of the receptor-like protein kinase gene SERK1, as well as loss of function alleles of the gene MAP-KINASE-PHOSPHATASE-1/MKP1. We further show that mutation of two components of the endoplasmic reticulum-associated protein degradation system can suppress a weak hae hsl2 mutant, suggesting that the weak hae hsl2 mutant receptor proteins undergo ER-associated protein degradation. We further perform a number of experiments to examine the impact of phosphorylation on the activity of HAE. These results provide a number of important mechanistic details to our understanding of floral abscission, and suggest many lines of inquiry for future research.

scholarly journals BUSINESS RISK, FINANCIAL RISK AND FIRM PERFORMANCE AN EMPIRICAL STUDY OF INDONESIAN MANUFACTURING SECTOR

2020 ◽  
Vol 29 (1) ◽  
pp. 64
Author(s):  
Utami Prasetiawati
Keyword(s):  
Firm Performance ◽  
Financial Risk ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Control Variable ◽  
Future Research ◽  
Statistical Tool ◽  
Return On Equity ◽  
Stock Market Investors ◽  
The Impact

Introduction: This paper empirically examines the impact of degree of operating leverage (DOL) and degree of financial leverage (DFL) to firm performance by using size as control variable. Firm performances used are return on equity (ROE) and market to book ratio (MTB).Methods: Statistical tool used is pooled regression while sample used is all Indonesian manufacturing firms listed in Indonesia Stock Exchange from 2009-2013.Results: The findings revealed that high fixed asset firms pose higher DOL compared to those of lower ones; and highly financial leveraged firms pose significantly higher DFL compared to those of lower financial leveraged ones. Further, both DOL and DFL impacting ROE in negative manner but only DOL is statistically significant, while all variables (DOL, DFL and Size) impacting MTB in negative manner but only size is statistically significant.Conclusion and suggestion: The finding shows that Indonesian stock market investors do not regard risks as important elements in making investment decisions. The findings, however, pose a quite low R squared value of 1.39% for ROE and 2.4% for MTB. This means only those percentage of ROE and MTB can be explained from the variables used in this research. Thus, the author encourge more variables should be included in the future research, including macro economic variables, as it is one of the key component in firm performance.

The determinants of CEO compensation: new insights from United States

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ahmed Bouteska ◽  
Salma Mefteh-Wali
Keyword(s):  
Firm Performance ◽  
Executive Compensation ◽  
Ceo Compensation ◽  
Future Research ◽  
Ceo Power ◽  
Content Type ◽  
Managerial Power ◽  
The Us ◽  
Ceo Pay ◽  
The Impact

PurposeThe purpose of this paper is to examine the determinants of CEO compensation for sample of the US firms. It emphasizes the presence of executive compensation persistence and the importance of CEO power besides performance while setting CEO pay.Design/methodology/approachThe empirical analysis is conducted on a large sample of US firms during the period 2006–2016. It is based on the generalized method of moments (GMM) models to assess the impact of numerous factors on CEO compensation.FindingsThe main findings reveal that firm performance proxied by accounting-based proxies, as well as market-based proxies, plays a significant role in explaining variations in levels of executive compensation. Moreover, there is a significant persistence in executive compensation among the US sample firms. The authors also document that poor governance conditions (managerial power hypothesis) lead to high compensation levels offered to CEO.Research limitations/implicationsAt the end, without a doubt, the analysis has some limitations that prompt the authors to consider future research directions. One future research avenue that can help better explain the effect of firm performance on the CEO compensation is to study this issue using an international sample to determine whether country-level characteristics (e.g. creditor rights, shareholder rights and the enforcement climate) can influence this relationship. Furthermore, it can be worthwhile to deepen the analysis of CEO power and its impact on CEO compensation. It will be interesting to emphasize how the CEO power interacts with the other governance characteristics and some CEO attributes as CEO gender.Practical implicationsThe paper's findings have implications for practitioners, policymakers and regulatory authorities. First, the findings inform regulators that performance is not the only determinant of CEO pay level. This may warrant increased firm disclosure of the details of the pay structure. Second, the study offers insights to policymakers and members of boards of directors interested in enhancing the design of executive compensation and internal corporate governance, to better align managerial incentives to shareholder interests. Firms should strengthen the board independence and properly constitute the board committees (compensation, risk, nomination…).Originality/valueThis paper presents a comprehensive overview of the CEO compensation determinants. It supplements the classic pay-for-performance sensitivity predictions with insights gained from the dynamics of wage setting theory and managerial power theory. The authors develop a composite index to measure the CEO power in order to test the impact of CEO attributes on CEO pay. Additionally, it verifies whether the determinants of CEO pay depend on firm age and size.

Three essays on mergers and acquisitions

2019 ◽  
Author(s):  
◽  
Thibaut Guillaume Morillon
Keyword(s):  
Mergers And Acquisitions ◽  
Cultural Distance ◽  
Target Firm ◽  
University Of Missouri ◽  
Cultural Heterogeneity ◽  
Prior Literature ◽  
Cultural Affinity ◽  
The University ◽  
The Impact

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT REQUEST OF AUTHOR.] In this dissertation, I investigate two segments of the mergers and acquisitions (MandA) literature: serial acquirers and cross-border MandAs. In the first essay presented in Chapter 1, I examine the phenomenon of declining announcement returns of serial acquirers. Using a classification of acquirers based on their patterns of acquisition, I find that decreasing returns occur mostly within "blocks" of acquisitions. This trend is driven by sprinters, bidders who acquire targets quickly in chunks. In contrast, I find no evidence of any such decline in returns for the most active acquirers in the market of corporate control: the marathoners. I test several theories proposed by prior literature to explain declining returns and find evidence consistent with temporary overvaluation, agency costs, and bidder learning as likely drivers. In the third essay presented in chapter 3, I investigate the impact of the cultural gap between the CEO of the acquiring firm and the CEO of the target firm in MandA deals. I find evidence that bidding CEOs are more likely to acquire targets led by CEOs with whom they have more cultural affinity, and that MandA deals are more likely to fail when the decision makers of both parties are culturally diverse. I find that higher levels of cultural heterogeneity are associated with more all-cash deals, a greater proportion of cash payments and a lower proportion of stock payment, consistent with cultural distance inducing mistrust between the partners. Moreover, I find evidence that partners are more likely to protect themselves against the risk of overvaluation of the other party when one or both are hard to value and CEO cultural heterogeneity is high.

Using Deep Learning to Understand Travel Demands in Different Urban Districts

2021 ◽  
pp. 036119812199458
Author(s):  
Shunhua Bai ◽  
Junfeng Jiao
Keyword(s):  
Built Environment ◽  
Travel Behavior ◽  
Prediction Accuracy ◽  
Travel Demand ◽  
Short Term Memory ◽  
Future Research ◽  
Demand Forecast ◽  
Time And Space ◽  
The University ◽  
The Impact

Travel demand forecast plays an important role in transportation planning. Classic models often predict people’s travel behavior based on the physical built environment in a linear fashion. Many scholars have tried to understand built environments’ predictive power on people’s travel behavior using big-data methods. However, few empirical studies have discussed how the impact might vary across time and space. To fill this research gap, this study used 2019 anonymous smartphone GPS data and built a long short-term memory (LSTM) recurrent neural network (RNN) to predict the daily travel demand to six destinations in Austin, Texas: downtown, the university, the airport, an inner-ring point-of-interest (POI) cluster, a suburban POI cluster, and an urban-fringe POI cluster. By comparing the prediction results, we found that: the model underestimated the traffic surge for the university in the fall semester and overestimated the demand for downtown on non-working days; the prediction accuracy for POI clusters was negatively related to their adjacency to downtown; and different POI clusters had cases of under- or overestimation on different occasions. This study reveals that the impact of destination attributes on people’s travel demand can vary across time and space because of their heterogeneous nature. Future research on travel behavior and built environment modeling should incorporate the temporal inconsistency to achieve better prediction accuracy.

Friends in high places : two essays on the importance of corporate political connections

2015 ◽  
Author(s):  
◽  
Reza Houston
Keyword(s):  
Initial Public Offering ◽  
Political Connections ◽  
Target Firm ◽  
University Of Missouri ◽  
Accounting Performance ◽  
The Public ◽  
Public Offering ◽  
The University ◽  
The Impact ◽  
The Relationship

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT AUTHOR'S REQUEST.] This study is an examination of the relationship between political connections and the undertaking of major firm events. In our first essay, presented in Chapter 3, we examine the impact politically connected appointments have on firm acquisition behavior. Using proxy statements, we create a unique database of politically connected bidders and merger targets. We find that bidders who hire connected individuals to the board or management team are more likely to avoid merger litigation. Connected bidders make more bids after the appointment. These firms also bid on larger targets. We determine there is a positive relation between the control premium and the relative of the target's connections. Connected acquirers have superior post-merger accounting performance, particularly when they acquire a connected target firm. In the second essay, presented in Chapter 4, we examine the relationship between political connections of private firms and the initial public offering process. Using registration statement information, we create a unique database of politically connected IPO firms. We find that political connections are substitutes to high-quality underwriters and big four auditors. Politically connected firms manage earnings more highly upward than non-connected firms prior to the public offering. Politically connected firms also exhibit less underpricing than non-connected firms. Politically connected IPO firms also have superior post-IPO returns relative to non-connected IPO firms.

Post-occupancy evaluation of outdoor spaces on the campus of the Federal University of Juiz de Fora, Brazil

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ana Clara Carvalho Tourinho ◽  
Sabrina Andrade Barbosa ◽  
Özgür Göçer ◽  
Klaus Chaves Alberto
Keyword(s):  
Critical Role ◽  
Future Research ◽  
Content Type ◽  
University Campuses ◽  
Post Occupancy Evaluation ◽  
Outdoor Spaces ◽  
The University ◽  
The Impact ◽  
Practical Implications

PurposeUsing the campus of a Brazilian university as case study, this research aims to identify which aspects of the outdoor spaces are the most significant in attracting people.Design/methodology/approachThis research relies on the application of different post-occupancy evaluation (POE) methods, including user tracking, behavioural mapping and questionnaires, on one plateau of the campus.FindingsThree group of aspects (socialization, proximity and infrastructure) were identified as key elements in explaining the impact of the campus physical characteristics on users’ behaviour. The results indicate that having characteristics of at least one group of aspects in those spaces can guarantee their vitality and, if there is presence of attributes of more than one group, liveliness can be increased.Research limitations/implicationsFurther studies should be conducted on an entire campus to identify other spatial elements in the three groups.Practical implicationsThis research contributes to the planning of future campuses and to solutions to the existed ones, indicating the most relevant spatial characteristics to be considered. Additionally, the combination of different methods may be useful to future research.Originality/valueMost of the investigations on the university campuses focus on the buildings, and little research has investigated the outdoor spaces, although they play a critical role in learning and academic life, where people establish social, cultural and personal relationships. In addition, studies using several POE allowed a consistent and complete diagnostic about the aspects of the campus, giving recommendations for future projects.

Library Impact Research Report: Understanding and Communicating Research Impact: The Needs of STEM and Health Sciences Faculty and Postdoctoral Researchers

2021 ◽  
Author(s):  
Negeen Aghassibake ◽  
Lynly Beard ◽  
Jackie Belanger ◽  
Diana Louden ◽  
Robin Chin Roemer ◽  
...  
Keyword(s):  
Research Impact ◽  
Health Sciences ◽  
Future Research ◽  
Research Report ◽  
Library Impact ◽  
The University ◽  
Postdoctoral Researchers ◽  
Impact Framework ◽  
The Impact

As part of ARL’s Research Library Impact Framework initiative, the University of Washington (UW) Libraries explored UW faculty and postdoctoral researcher needs for understanding and communicating the impact of their work, with a focus on researchers in science, technology, engineering, and math (STEM) and health sciences fields. The project was designed to understand the challenges researchers face in this area, identify how participants in these fields define and measure impact, and explore their priorities for research-impact support. The project team conducted a survey and follow-up interviews to investigate these questions. This research report presents the project team’s methodology, findings, and recommendations for future research.

scholarly journals CEO Compensation and Firm Performance: The Role of ESG Transparency

2020 ◽  
Vol 4 (2) ◽  
pp. 278
Author(s):  
Chetna Rath ◽  
Florentina Kurniasari ◽  
Malabika Deo
Keyword(s):  
Firm Performance ◽  
Chief Executive Officers ◽  
Ceo Compensation ◽  
Negative Relationship ◽  
Chief Executive ◽  
Long Run ◽  
Ceo Pay ◽  
Executive Officers ◽  
The Impact

Chief executive officers (CEOs) of environmental, social, and governance (ESG) firms are known to take lesser pay and engage themselves in corporate social responsibility activities to achieve the dual objective of the enhancement of firm’s performance as well as benefit for stakeholders in the long run. This study examines the role of ESG transparency in strengthening the impact of firm performance on total CEO pay in ESG firms. A panel of 67 firms for the period of 2014–2019 has been analyzed using the two-step system GMM model, with NSE Nifty 100 ESG Index as the data sample and ESG scores from Bloomberg database as a proxy for transparency. Findings reveal that environmental and governance disclosure scores have the potential to intensify the negative relationship between firm performance and CEO compensation, while social disclosure scores do not. In addition, various firm-specific, board-specific, and CEO-specific attributes have also been considered controls affecting remuneration. This paper contributes to the literature by exploring the effect of exhibiting ESG transparency and its nexus with CEO pay as well as firm performance.

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