Managerial Risk-Taking and CEO Excess Compensation

This paper examines risk taking and CEO excess compensation problems in U.S firms to determine their impact on shareholders wealth. Literature suggests a positive effect of CEO incentive risk and strong corporate governance on CEO risk taking. Furthermore, the strong governance mitigates excess compensation problem. Controlling for governance quality and incentive risk, I provide empirical evidence of a significant association between risk taking and CEO excess compensation. When I also control for pay-performance sensitivity (delta) and feedback effects of incentive compensation on CEO risk taking, I find that higher use of incentive pay encourages risk taking, and due to a high exposure to risk CEOs draws excess compensation. Furthermore, I find that the excess compensation problem is more serious with CEOs taking high risk than with those taking low risk. Finally, I find that CEO risk taking also has structural impacts on CEO compensation

Letter from the Secretary of War, transmitting a report of the unsettled accounts in the office of the Accountant of the War Department and the Paymaster of the Army, (1814)

13th Congress, 2nd Session, 1813-1814.

Corporate Social Responsibility, Corporate Governance, And Managerial Risk-Taking

This dissertation investigates the association between corporate social responsibility (CSR) and managerial risk-taking, as well as the differences in governance structure that affect this association. Using a sample of US public firms from 1995 to 2009, we find that firms with strong CSR records engage in higher risk-taking. Furthermore, we find that this relationship is robust when accounting for differences in governance structure and correcting for endogeneity via simultaneous equations modeling. Additional testing indicates that performance in the employee relations dimension of CSR in particular increases with risk-taking, while high firm visibility dampens the association between CSR and the accounting-based measures of risk-taking. Prior literature establishes that high managerial risk-tolerance is necessary for the undertaking of risky yet value-enhancing investment decisions. Thus, the main findings suggest that CSR, rather than being a waste of scarce corporate resources, is instead an important aspect of shareholder value creation. They contribute to the debate on CSR by documenting that corporate risk-taking is one mechanism among others through which CSR maps into higher firm value.

Day book for the Dominion Accountant

Day book for the Dominion Accountant (soft cover). This notebook has T. Benson on the front cover, but Hamilton K. Woodruff is written within the back cover and within the front cover. There are also other names written within the front cover. The book contains many loose notes regarding book-keeping [This is from Upper Canada College], 1876-1878.

Ledger for the Dominion Accountant

Ledger for the Dominion Accountant (soft cover) book-keeping book. The name H.K. Woodruff is in the front cover. Many of the pages are loose, or have been removed. [This is from Upper Canada College] 1877-1878.

Journal for the Dominion Accountant

Journal for the Dominion Accountant (soft cover). This notebook has the name Thomas Benson written on the front cover. The book is stained. The stains do not affect the text. Some of the pages are missing. [This is from Upper Canada College], 1877-1878.

Production under glass : working conditions and class-consciousness of the Niagara greenhouse workers

This study applies a Marxist theoretical paradigm to examine the working conditions of greenhouse workers in the Niagara Region, and the range of factors that bear upon the formation of their class-consciousness. The Niagara greenhouse industry represents one of the most developed horticultural regions in Canada and plays a prominent role in the local economy. The industry generates substantial revenues and employs a significant number of people, yet the greenhouse workers are paid one of the lowest rates in the region. Being classified as agricultural workers, the greenhouse employees are exempted from many provisions of federal and provincial labour regulations. Under the current provincial statutes, agricultural workers in Ontario are denied the right to organize and bargain collectively. Except for a few technical and managerial positions, the greenhouse industry employs mostly low-skilled workers who are subjected to poor working conditions that stem from the employer's attempts to adapt to larger structural imperatives of the capitalist economy. While subjected to these poor working conditions, the greenhouse workers are also affected by objectively alienated social relations and by ruling class ideological domination and hegemony. These two sets of factors arise from the inherent conflict of interests between wage-labour and capital but also militate against the development of class-consciousness. Semi-structured interviews were conducted with 12 greenhouse workers to examine the role played by their material circumstances in the formulation of their social and political views as well as the extent to which they are aware of their class location and class interests. The hegemonic notions of 'common sense' acted as impediments to formation of classconsciousness. The greenhouse workers have virtually no opportunities to access alternative perspectives that would address the issues associated with exploitation in production and offer solutions leading to 'social justice'. Fonnidable challenges confront any organized political body seeking to improve the conditions of the working people.

The Importance and achievement of work values and locus of control as factors in work motivation

The present research study examined the relationships in a work motivation context among perceived importance and achievement of work values, locus of control and internal work motivation. The congruence of a work value was considered to be the discrepancy between the importance of a work value and the perceived achievement of that value. The theoretical framework utilized was based on a self-perpetuating cycle of motivation which included the perceived importance and achievement of work values and internal work motivation as separate and distinct, yet interrelated factors. It was hypothesized that individuals who experienced high congruence of work values would experience higher levels of internal work motivation than individuals who had low congruence of work values. It was also hypothesized that individuals who had an internal locus of control would experience more internal work motivation individuals well, the and have higher congruence of work values than who had an external locus of control. As possibility of locus of control as a moderator between importance of work values and internal work motivation was explored. Survey data were collected from 184 managerial level employees of the XYZ company during an ongoing training session. The following instruments were employed to measure the variables: Elizur's (1984) Importance of Work Values, Hunt and Saul's (1985) Achievement of Work Values, Hatfield, Robinson and Huseman's (1975) Job Perception Scale, a modified version of Rotter's (1966) I-E Locus of Control Scale and the Internal Work Motivation Scale (Hackman & Oldham, 1980) which is a part of the Job Diagnostic Survey. The findings indicated that locus of control was not a significant factor in determining congruence between work values or internal work motivation for this sample. Furthermore, locus of control was also found not to be a moderator between the importance of work values and internal work motivation. All individuals in this study had relatively high levels of internal work motivation. However, individuals who had higher congruence of work values did have significantly higher internal work motivation than those who had low congruence of work values for a majority of the 21 values. This was particularly true for the intrinsic values which included responsibility, meaningfulness and use of abilities. In addition, the data were analysed into a hierarchy of needs to indicate possible organizational development or human resource development needs for the XYZ corporation.

Self concept, acculturation, and fashion orientation

The research begins with a discussion of the worldwide and the Canadian market. The research profiles the examination of the relationship between a person's self concept (as defined by Malhotra) and fashion orientation (as defined by Gutman and Mills), and to understand how these factors are influenced by acculturation, focusing in-depth on their managerial implications. To study these relationships; a random sample of 196 ChineseCanadian female university students living in Canada was given a survey based on Malhotra's self-concept scale, and the SLASIA acculturation scale. Based on multiple regression analysis, findings suggest that the adoption of language and social interaction dimensions of acculturation constructs have significant effects on the relationship between self concept and fashion orientation. This research contributes significantly to both marketing theory and practice. Theoretically, this research develops new insights on the dimensionality of fashion orientation, identifies various moderating effects of acculturation on the relationship of self concept and fashion orientation dimensions, and provides a framework to examine these effects, where results can be generalized across different culture. Practically, marketers can use available findings to improve their understanding of the fashion needs of Chinese-Canadian consumers, and target them based on these findings. The findings provide valuable implications for companies to formulate their fashion marketing strategies for enhance fashion orientation in terms of different dimensions, based on different levels of acculturation.

Unveiling the Influence of Consumer Wine Appreciation Dimension on Purchasing Behavior

Consumption values and different usage situations have received extensive interest from scholars; however, there is a lack of understanding regarding how these two constructs interact when it comes to the purchase decisions of consumers. This study examines the relationship between consumption values, consumption situations, and consumers’ purchasing decisions in terms of their willingness to pay and the purchase quantity. First of all, my model proposes that all four consumption values and different situations have a positive effect on consumers’ willingness to pay as well as the quantity they purchase. It also proposes that varying usage situations moderate the effect of consumption values on consumers’ purchasing decisions. In my conceptual model, I have also integrated the epistemic and conditional values where there is a gap in the existing literature. Prior literature has isolated the consumption values when studying how they affect consumer behavior and has not examined how consumption situations moderate the relationship between consumption values and purchasing decisions. Also, the existing literature has mostly focused on how consumption values affect purchase intentions, brand loyalty, or satisfaction, whereas my study focuses on purchasing decisions. For my study, the participants were randomly chosen from the general wine consumer population and the age range was between 20 and 75, which included 83 male respondents and 119 female respondents. The data received from my respondents support my hypotheses for the model. In my final chapter, I discuss the theoretical and managerial implications as well as suggestions for future research.

Ann Eliza Hepburne Rooth fonds, 1837-1897

Ann Eliza Hepburne was born in Chippawa, Ontario, in 1821, to William Hepburne and Susan Shannon. In 1842, she married William Anthony Rooth in St. James Cathedral in Toronto. They continued to live in different parts of the Niagara region, including Drummondville, Welland and Port Colborne. William was the editor and proprietor of the Drummondville Reporter, as well as an accountant and insurance agent, and later worked for the Customs Service in Port Colborne. He died in 1878, and Eliza in 1899. Both are buried in Drummond Hill Cemetery in Niagara Falls, Ontario.

Morris Norman collection, 1863-1971, n.d.

Morris Norman is a chartered accountant and partner at Norman, Goldberg & Co. LLP, an accounting firm in Toronto. He is an avid collector of Canadiana and generously donates much of the material he acquires to various Archives.

Is Brand Equity an Asset or a Liability in Brand Harm Crisis? Buffering and Amplifying Effects and Contingent Conditions

Brand harm crisis often result in negative consumer responses. This thesis addresses the buffering and amplifying theoretical perspectives of brand equity effects. We theorize that brand equity may interplay with the nature of brand-harm crisis in shaping consumer reactions. Results from focus group studies provide interesting insights into the amplifying and buffering effects. Moreover, research findings from two experiment studies show that brand equity amplifies consumer negative responses in a performance-related crisis but only when the crisis is extremely severe. When the crisis becomes less severe, the amplifying effect diminishes from outset. However, in a value-related crisis, the amplifying effect of brand equity is pervasive regardless of the level of crisis severity. The current thesis adds to the extant literature by demonstrating that brand equity can have very complex effects on consumer responses, which are contingent on the severity and domain of a crisis. Theoretical and managerial implications are discussed.

Effects of credit rating change on risk-taking

This thesis investigates whether there are changes in risk-taking behavior following an upgrade or downgrade in credit ratings. Research on effects of rating changes on capital markets is well-documented but the literature on how rating changes may affect firm behavior is sparse. Following, a downgrade in credit rating, managers may increase risk-taking to improve their overall performance or reduce risk-taking following upgrades to ensure that their performance is assessed more on the basis of what they may deem success in the form of an upgrade. Using a sample of firms trading in the U.S from 1994-2013, we find evidence of change in risk-taking behavior. We use cross-sectional regressions and matching using propensity scores and Barber and Lyon (1997) methodology to measure changes in risk-taking and we do find evidence of changes in managerial risk-taking behavior. Furthermore, we find that the direction of change (increase or decrease) in some cases is dependent on the type of measure rather than the type of rating change.

Article sent to S.D. Woodruff from John Foley

Article (2 double sided, printed pages) from John Foley of the State of New York Banking Department regarding the Jarvis-Conklin Mortgage Trust Company in which he states “Every statement ever published by this company as the findings of the New York Banking Department was garbled, misleading and made without the sanction or knowledge of the Department.” This article was sent to S.D. Woodruff from John Foley, Expert Accountant, Kansas City. The accompanying envelope is postmarked Kansas 1891 and St. Catharines Apr. 20, 1891