CEO Compensation, Compensation Risk, and Corporate Governance: Evidence from Technology Firms

Literature suggests that CEOs of technology firms earn higher pay than CEOs of non-technology firms. I investigate whether compensation risk explains the difference in compensation between technology firms and non-technology firms. Controlling for firm size and performance, I find that CEOs in technology firms have higher pay, but also have much higher compensation risk compared to non-technology firms. Compensation risk explains the major part of the difference in CEO pay. My study is consistent with the labor market economics view that CEOs earn competitive risk-adjusted total compensation.

The Informational Value of Corporate Credit Ratings

This thesis examines the quality of credit ratings issued by the three major credit rating agencies - Moody’s, Standard and Poor’s and Fitch. If credit ratings are informative, then prices of underlying credit instruments such as fixed-income securities and credit default insurance should change to reflect the new credit risk information. Using data on 246 different major fixed income securities issuers and spanning January 2000 to December 2011, we find that credit default swaps (CDS) spreads do not react to changes in credit ratings. Hence credit ratings for all three agencies are not price informative. CDS prices are mostly determined by historical CDS prices while ratings are mostly determined by historical ratings. We find that credit ratings are marginally more sensitive to CDS than CDS are sensitive to ratings.

The Impact of a Corporate Name Change on Stock Price and Trading Volume of Canadian Companies

This thesis examines the impact of a corporate name change on stock price and trading volume of Canadian companies around the announcement date, the approval date, and the adoption date over the time period from 1997 to 2011. Name changes are classified into six categories: major and minor, structural and pure, diversified and focused, accompanied with a change in ticker symbol and without a change in ticker symbol, “Gold” name addition and deletion, and different reasons for name changes (e.g., merger and acquisition, change of structure, change of strategy, and better image). The thesis uses the standard event study methodology to perform abnormal return and trading volume analyses. In addition, regression analysis is employed to examine which type of a name change has the largest impact on cumulative abnormal returns. Sample stocks exhibit a significant positive abnormal return one-day prior to the approval day and one day after the adoption date. Around the approval date we observe significant abnormal returns for stocks with a structural name change. On the day after the adoption date we document abnormal returns for stocks with major, minor, structural, pure, focused, and ticker symbol name changes. If a merger or acquisition is the reason for a name change, companies tend to experience a significant positive abnormal return one-day before the approval date and on the adoption date. If a change of structure is the reason for a name change, companies exhibit a significant positive abnormal return on the approval date and a significant negative abnormal return on the adoption date. In case of a change of strategy as the reason for a name change, companies show a significant negative abnormal return around the approval date and a significant positive abnormal return around the adoption date.

Forecasting the Yield Curve of Government Bonds: A Comparative Study

For the past 20 years, researchers have applied the Kalman filter to the modeling and forecasting the term structure of interest rates. Despite its impressive performance in in-sample fitting yield curves, little research has focused on the out-of-sample forecast of yield curves using the Kalman filter. The goal of this thesis is to develop a unified dynamic model based on Diebold and Li (2006) and Nelson and Siegel’s (1987) three-factor model, and estimate this dynamic model using the Kalman filter. We compare both in-sample and out-of-sample performance of our dynamic methods with various other models in the literature. We find that our dynamic model dominates existing models in medium- and long-horizon yield curve predictions. However, the dynamic model should be used with caution when forecasting short maturity yields

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.

"Everyone Loves Marineland!" (?): Entertainment Animal Advocacy, Praxis, and Resisting Corporate Repression

Following allegations and graphic evidence of animal cruelty and neglect documented by ex-employee whistleblowers of Marineland Canada to the Toronto Star newspaper in late 2012, the ethics surrounding animal captivity have been increasingly contested in regional public discourse. Animal advocates in the Niagara region and beyond have been compelled to demand change at the infamous local captive animal park— whether it be welfare-oriented reform, or radical animal liberation. With this as a backdrop, this research explores the ideologies, experiences, and strategic tactics of anti-Marineland animal advocates; the sociopolitical issues surrounding the largely unexamined but serious issue of imprisoned animals as entertainers; and the ensuing governmental and corporatist attempts to squash dissent of anti-Marineland critics. Situated within a Critical Animal Studies theoretical paradigm as well as a flourishing global anti-captivity critique inspired by the film Blackfish, this project employs semi-structured interviews and participant observation methodologies to analyze advocates' views on captivity under capitalism and the effectiveness of their praxes. Finally, this research illuminates the nuances of the conventionally-upheld dualistic theoretical debate of animal welfare versus animal rights within zoo and aquaria entertainment contexts through an exploratory examination of advocates' complex ideological views.

Form letter: a printed, 2 1/2 page copy of Jarvis Conklin and Co. Mortgage, Loans and Municipal Bonds letter to S.D. Woodruff, signed by James Conklin

Form letter: a printed, 2 1/2 page copy of Jarvis Conklin and Co. Mortgage, Loans and Municipal Bonds letter to S.D. Woodruff, signed by James Conklin, n.d.

Printed blank to S.D. Woodruff from Jarvis, Conklin and Co. regarding enclosure of coupons for bonds

Printed blank to S.D. Woodruff from Jarvis, Conklin and Co. regarding enclosure of coupons for bonds, Jan. 24, 1885.

Printed blank of Statement of Security Form naming the bond as Jones County Texas Bonds for the purpose of building a courthouse

Printed blank of Statement of Security Form naming the bond as Jones County Texas Bonds for the purpose of building a courthouse. It is made out to S.D. Woodruff and dated June 12, 1885. An envelope addressed to Mr. S.D. Woodruff is also included. The postmarks are Kansas, 1885 and St. Catharines, June 13, 1885.

Notice regarding bonds and shareholders and the rights of the directors of the Long Point Compan

Notice regarding bonds and shareholders and the rights of the directors of the Long Point Company, n.d.

Flyer about the Dominion Power and Transmission Company bonds from R.W. Harris and Co. Bankers

Flyer (2 double sided pages, printed) about the Dominion Power and Transmission Company bonds from R.W. Harris and Co. Bankers, New York, n.d.

Flyer about railroad bonds from E.D. Shepard and Co. Bankers

Flyer (2 double sided pages, printed) about railroad bonds from E.D. Shepard and Co. Bankers, New York, n.d.