Three Essays on Firm Strategy and Public Safety PDF Download

Author: Byung-Cheol Kim
Publisher:
ISBN:
Category : Consumer protection
Languages : en
Pages : 224

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Author: Byung-Cheol Kim
Publisher:
ISBN:
Category : Consumer protection
Languages : en
Pages : 250

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Author: Ignacio Sarmiento Barbieri
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: Sheran Deng
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 0

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ESSAY 1: Using a Department of Justice policy change intended to increase individual responsibility of managers for corporate offenses (e.g., pollution) as a natural experiment, I find that firms with a high ex-ante probability of regulatory violations ("exposed firms") reduce investment, sales, and employment. Such reductions in reduce shareholder value. Exposed firms suffer an abnormal return of -1% around the event date on average. The negative value effects are concentrated in exposed firms with low agency costs. Exposed firms have lower cash salaries for managers after the policy intervention. Various tests support the causal effect of the policy intervention on firm behavior. These findings suggest that most regulatory offenses do not represent an agency cost on shareholders when fines are paid by shareholders. Instead, fines on shareholders allow a manager to pursue potentially harmful projects whose value to shareholders outweighs fines borne by them. ESSAY2: We present a model on regulating externalities of a firm run by a manager and owned by shareholders. In equilibrium, optimal regulation in the presence of an agency conflict can take two forms. In one regulatory strategy, a fine is imposed on the manager, and no firing takes place. Alternatively, a fine is imposed on the firm (i.e., shareholders), and the fine is lower if the manager is fired. As the agency conflict becomes more severe fining the manager becomes more attractive. Finally, we find that regulation costs are lower when the manager and shareholders are separate entities. ESSAY3: This paper studies the impact of disclosure on short selling. Using a confidential dataset on shorts on stocks traded in the Dutch stock market including both short positions large enough to trigger public disclosure and positions not large enough, we find that the quality of shorts increases discontinuously at the reporting threshold. we find strong evidence that short sellers increase security selection intensity when their short positions approach the reporting threshold. We rule out several alternative explanations These results suggest that transparency disincentivizes shorting on noisy information.

Author: Qizhi Dai
Publisher:
ISBN:
Category :
Languages : en
Pages : 278

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Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 654

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Abstracts of dissertations available on microfilm or as xerographic reproductions.

Author: S. Alfassa
Publisher:
ISBN: 9781716472213
Category :
Languages : en
Pages : 0

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This volume is a collection of essays, some published, some not, all prepared between 2015 and 2020. They touch on a myriad of topics, all with an essence of public safety, and some focusing more particularly on emergency management.

Author: Michael Gerald Smart
Publisher:
ISBN:
Category :
Languages : en
Pages : 222

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Author: Nicholas A. Arnold
Publisher: BoD – Books on Demand
ISBN: 3756282880
Category : Business & Economics
Languages : en
Pages : 118

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Within three individual essays, this thesis deals with collaborative and confrontational approaches by NPOs towards companies, and the role these play with respect to corporate responsibility. By drawing on social movement theory, nonprofit-business collaboration literature as well as legitimacy theory, it advances our knowledge regarding two topics: First, this thesis provides answers to the question how successful collaborative and confrontational approaches are individually at influencing households' judgements of companies and of NPOs themselves. Second, it extends our knowledge of interactions between these approaches. With respect to individual effects, this thesis demonstrates that both collaborative and confrontational approaches by NPOs exert a significant effect on households' legitimacy evaluations of companies and subsequently their consumption intentions. Legitimacy also appears as important underlying factor influencing households' support for NPOs, with collaborative NPOs enjoying higher legitimacy and thus support from households than confrontational ones. Concerning interactions between these two types of approaches, this thesis finds confirmation for previous suggestions that contrasting NPO approaches interplay - but demonstrates that such interactions clearly present a double-edged sword. By simultaneously focusing their approach on the same company, both types of NPO suffer a loss in their ability to influence households' perceptions of companies in the way they envision as well as their capability of attaining resources. However, if such approaches are applied sequentially, the picture of these interaction-effects become more positive. These results indicate that NPOs with different approaches towards companies are well advised to work together in a strategic manner in order to maximize their success.

Author: Donald Karl Stockdale
Publisher:
ISBN:
Category : Antitrust law
Languages : en
Pages : 288

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