Recent Submissions

  • Political Connections in the Municipal Bond Market: Is There a Pay-to-Stay 

    Liu, Yu (University of Oregon, 2017-09-06)
    This paper investigates the impact of investment banks’ political contributions on their underwriting business with local government officials. Using an original data set on municipal underwriting banks political contributions ...
  • Are Good Deeds Rewarded? Director Awards and the Market for Directorships 

    Tran, Hai (University of Oregon, 2015-08-18)
    Prior studies document that board directors who fail to act as effective monitors of management are penalized by the labor market in the form of fewer subsequent board seats. However, there is little evidence on how the ...
  • Superstar CEOs and Innovation 

    Park, Keun Jae (University of Oregon, 2015-08-18)
    I empirically evaluate three theoretical views of whether and how winning a high-profile CEO award affects innovation decisions. The agency theory predicts that receiving an award will increase managerial entrenchment and ...
  • How Do Dividend Announcements Affect Bondholder and Shareholder Wealth? 

    Turkiela, Jason (University of Oregon, 2014-10-17)
    Dividend payments to shareholders can create conflicts between debt and equity investors as these payments can expropriate wealth from bondholders to shareholders. However, dividend payments can also serve as a signal ...
  • Agency Problems and Cash Savings from Equity Issuance 

    Anthony, Andrea (University of Oregon, 2014-09-29)
    I examine the effect of ownership structure on firms' propensities to save the proceeds of a share issuance as cash. Specifically, I focus on changes in cash savings at the time of a seasoned equity offering (SEO), a moment ...
  • Company Stock in Defined Contribution Plans: Evidence from Proxy Voting 

    Park, Heejin (University of Oregon, 2014-09-29)
    This study examines whether firms' decisions to offer company stock in defined contribution (DC) plans are explained by managers' corporate control motives. Using a large sample of proxy voting outcomes, I find that employee ...
  • Essays on Mutual Funds 

    Genc, Egemen (University of Oregon, 2012)
    My dissertation consists of two essays on mutual funds. The first essay examines the role of extreme positive returns on future fund flows using maximum style-adjusted daily returns (hereafter MAX) over the previous month. ...
  • Impact of Product Market Competition on Expected Returns 

    Liu, Chung-Shin (University of Oregon, 2011-12)
    This paper examines how competition faced by firms affects asset risk and expected returns. Contrary to Hou and Robinson's (2006) findings, I find that cross-industry variation in competition, as measured by the concentration ...
  • The Disciplinary Effect of Subordinated Debt on Bank Risk Taking 

    Nguyen, Tu Cam (University of Oregon, 2011-09)
    Using data for publicly listed commercial banks and bank holding companies around the world, I investigate the market discipline effect of subordinated debt on banking firm risk taking in the period 2002-2008. In addition, ...
  • Seasoned equity offerings and market volatility 

    Eom, Chanyoung (University of Oregon, 2011-06)
    New equity shares are sold for raising capital via a primary seasoned equity offering (SEO). In their 2010 article, Murray Carlson, Adlai Fisher, and Ron Giammarino discovered an intriguing relationship between market ...