The worldwide COVID-19 pandemic has brought significant effects to economic and financial systems and have altered consumers’ financial behaviors due to the negative fina[...]

This research conducted three studies. The first study examined the proposed personality traits and financial well-being framework. The structural equation model (SEM) wa[...]

This dissertation consists of two essays. In the first essay, we study how the correlations between stock portfolios and Treasury bonds vary jointly with the stocks volat[...]

Value-at-Risk (V@R) is a new, simple and yet informative measure of portfolio risk. This dissertation explores the impact of assumptions about an asset return-generating [...]

We analyze allocations to institutional and retail investors in 441 initial public offerings (IPOs) and test whether institutions obtain IPOs with superior long-run perfo[...]

The first essay examines whether an active fund manager can outperform the benchmark index using trading strategies based on asset pricing anomalies. I consider an active[...]

This dissertation comprises three independent essays that use empirical evidence from merger activity in the US banking industry to provide new evidence on merger, auctio[...]

Why mergers occur remains to some extent a puzzle in corporate finance. The merger literature presents a good number of alternative theories on the drivers of merger acti[...]

This dissertation examines the relationship between the market for mergers and acquisitions and the antitrust policy regulating it. The two essays herein address, indepen[...]

This dissertation finds new evidence on the implications of corporate diversification on profitability, risk, and the information environment of firms. In the first essay[...]

My dissertation consists of two essays. In the first essay, I investigate the value effects of both industrial and international diversification between 1998 and 2004. Th[...]

This dissertation is comprised of two essays. In the first essay, I study how systematic risk and managerial ability affect the relation between chief executive officer [...]

An unparalleled $2.7 trillion worth of merger and acquisition activity occurred in the 1990s. These mergers resulted in the combination of firms that were able to combine[...]

In this paper, I review the topic of international corporate governance, starting with a description of the fundamental agency problem, the separation between[...]

Modeling the risk-free interest rate process is very important for the pricing of fixed income securities and interest rate derivatives. Previous studies have identified [...]

This dissertation is derived from two manuscripts. In the first manuscript (Chapter 3), I consider executive stock option exercise timing in light of the possibility for[...]

The goals of this paper are three fold. First, we present a simple analyst recommendation theory and point out the comparative advantages analysts have over the investing[...]

Information is a collection of data or knowledge about a specific topic. Information has its economic value because it allows individuals to make strategic choices that y[...]

The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) reduces the maximum personal tax rate of dividends from 38.6% to 15.0%. This unprecedented tax code cha[...]

This paper uses the popular social networking site Twitter to test recent theories on the importance of communication through networks. I create a unique data set that pr[...]

I examine wealth effects of merger announcements using a sample of 223 (U.S.) domestic mergers during a 3 year period (2011 through 2013) after the Great Recession. Spec[...]

A massive futures market has evolved to enable firms to alter their exposure to various commodity prices, interest rate and currency movements. Unfortunately, the appropr[...]

This paper examines the relationship between competition, market structure and market imperfections. In particular, the discussion refers to critical institutional feat[...]