Keynote Address by Karim Rashid

Karim Rashid is one of the most prolific designers of his generation. Over 3000 designs in production, over 300 awards and working in over 35 countries attest to Karim’s legend of design. Karim’s diversity affords him the ability to cross-pollinate ideas, materials, behaviors, aesthetics from one typology to the next, crossing boundaries and broadening consumer horizons. His award winning designs include democratic objects such as the ubiquitous Garbo waste can and Oh Chair for Umbra, interiors such as the Morimoto restaurant, Philadelphia and Semiramis hotel, Athens and exhibitions for LG Hausys and Audi. Karim has collaborated with clients to create democratic design for Method and Dirt Devil, furniture for Artemide and Magis, brand identity for Citibank and Hyundai, high tech products for LaCie and Samsung, and luxury goods for Veuve Clicquot and Swarovski, to name a few. Karim has recently been selected to design several real estate developments in New York City for HAP Investments, a New York City based International investment group. Karim’s work is featured in 20 permanent collections and he exhibits art in galleries world wide. Karim is a perennial winner of the Red Dot award, Chicago Athenaeum Good Design award, I.D. Magazine Annual Design Review, IDSA Industrial Design Excellence award. He holds honorary doctorates from the Ontario college of Art & Design and Corcoran College of Art & Design. 2011 highlighted Karim’s largest retrospective to date at the Triennale, in Milan, Italy. Karim is a frequent guest lecturer at universities and conferences globally disseminating the importance of design in everyday life. Karim has been featured in magazines including Time, Financial Times, NY Times, Esquire, GQ and countless more. His books include From the Beginning, Forma Edizioni (2014), Sketch, Frame (2012), a monograph of 300 drawings and computer renderings of selected works, KarimSpace, Rizzoli (2009), Design Your Self, Harper Collins (2006), Evolution, Rizzoli (2004) and I Want to Change the World, Universe (2001). In his spare time Karim’s pluralism flirts with art, fashion, and music and is determined to creatively touch every aspect of our physical and virtual landscape.

Three essays on the interrelationships among financial restatements, corporate governance, market microstructure and the firm's rate of return

The increase in the number of financial restatements in recent years has resulted in a significant decrease in the amount of market capitalization for restated companies. Prior literature did not differentiate between single and multiple restatements announcements. This research investigated the inter-relationships among multiple financial restatements, corporate governance, market microstructure and the firm’s rate of return in the form of three essays by differentiating between single and multiple restatement announcement companies. First essay examined the stock performance of companies announcing the financial restatement multiple times. The postulation is that prior research overestimates the abnormal return by not separating single restatement companies from multiple restatement companies. This study investigated how market penalizes the companies that announce restatement more than once. Differentiating the restatement announcement data based on number of restatement announcements, the results supported the non persistence hypothesis that the market has no memory and negative abnormal returns obtained after each of the restatement announcements are completely random. Second essay examined the multiple restatement announcements and its perceived resultant information asymmetry around the announcement day. This study examined the pattern of information asymmetry for these announcements in terms of whether the bid-ask spread widens around the announcement day. The empirical analysis supported the hypotheses that the spread does widen not only around the first restatement announcement day but around every subsequent announcement days as well. The third essay empirically examined the financial and corporate governance characteristics of single and multiple restatement announcements companies. The analysis showed that corporate governance variables influence the occurrence of multiple restatement announcements and can distinguish multiple restatements announcement companies from single restatement announcement companies.

Timeshare Owner Preferences - An Analysis of Program and Service Relationships during Recessionary Times

Since the 1970s various industry studies have indicated that the vacation ownership industry has enjoyed unprecedented growth in unit sales, resort growth, and the number of owners (American Resort Devleopment Association [ARDA], 2007; ARDA, 2009a; ARDA, 2009b). However, due to the recent economic downturn these growth metrics are no longer obtainable. This external impact has caused developers to retrench and therefore reflect upon their existing product and service offerings, financial metrics, and consumer markets (ARDA, 2010a; ARDA 2010b). The crux of these findings indicates that the industry has shifted to maintaining and enhancing product and service offerings as a reaction to changing economic conditions. The findings reported in the body of this manuscript represent product and service preferences as collected from a random data pull of their existing ownership base. The study also revealed current preferences of timeshare owners with relation to services provided and products/amenities offered. Management implications and limitations of the current study are discussed.

Three Essays on the Interrelationships Among Financial Restatements, Corporate Governance, Market Microstructure and the Firm's Rate of Return

The increase in the number of financial restatements in recent years has resulted in a significant decrease in the amount of market capitalization for restated companies. Prior literature does not differentiate between single and multiple restatements announcements. This research investigates the inter-relationships among multiple financial restatements, corporate governance, market microstructure and the firm's rate of return in the form of three essays by differentiating between single and multiple restatement announcement companies. First essay examines the stock performance of companies announcing the financial restatement multiple times. The postulation is that prior research overestimates the abnormal return by not separating single restatement companies from multiple restatement companies. This study investigates how market penalizes the companies that announce restatement more than once. Differentiating the restatement announcement data based on number of restatement announcements, the results support for non persistence hypothesis that the market has no memory and negative abnormal returns obtained after each of the restatement announcements are completely random. Second essay examines the multiple restatement announcements and its perceived resultant information asymmetry around the announcement day. This study examines the pattern of information asymmetry for these announcements in terms of whether the bid-ask spread widens around the announcement day. The empirical analysis supports the hypotheses that the spread does widen not only around the first restatement announcement day but around every subsequent announcement days as well. The third essay empirically examines the financial and corporate governance characteristics of single and multiple restatement announcements companies. The analysis shows that corporate governance variables influence the occurrence of multiple restatement announcements and can distinguish multiple restatements announcement companies from single restatement announcement companies.