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You searched for +publisher:"Florida State University" +contributor:("April M. Knill"). Showing records 1 – 2 of 2 total matches.

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Florida State University

1. Fulmer, Sarah. Two Essays on Executive Compensation.

Degree: PhD, Finance, 2014, Florida State University

The first essay examines the motives behind why CEOs manipulate earnings and quantifies the gains accruing from each motive. Prior literature has identified that CEO manipulate earnings for personal gain; in this I estimate the direct and indirect monetary gains. I further explore whether statutory provisions that require recoupment of incentive compensation following a restatement ("clawback" provisions) are likely to deter executives from manipulating earnings. My results show that while the Dodd-Frank Clawback can potentially recover a large portion of the direct gains from misreporting (i.e. "excess incentive compensation"), there are significantly larger indirect gains (i.e. profits from the sale of securities and termination avoidance) which are not subject to clawback under Dodd-Frank. These results suggest existing clawback legislation may not be sufficient strong enough to curb earnings manipulations. The second essay examines deferred compensation in light of the optimal contracting vs. managerial power theories. I present and test several hypotheses to determine whether deferred compensation serves to align managerial interests with the firm (i.e., the "Optimal Contracting" hypothesis) or is evidence of agency problems (i.e. the "Managerial Power" hypothesis). My results support the managerial power hypothesis. Firms use deferred compensation as a means to obscure total compensation, particularly in periods of high attention on executive compensation. Additionally, the results indicate that firms increase deferred compensation to (partially) offset extreme pay cuts in current compensation. I do not find a positive relationship between firm performance and deferred compensation. Rather, executives are rewarded with deferred compensation regardless of firm performance.

A Dissertation submitted to the Department of Finance in partial fulfillment of the requirements for the degree of Doctor of Philosophy.

Spring Semester, 2014.

March 26, 2014.

Agency Theory, Clawback, Earnings Management, Executive compensation

James S. Ang, Professor Directing Dissertation; Jeff S. Paterson, University Representative; Yingmei Cheng, Committee Member; April M. Knill, Committee Member.

Advisors/Committee Members: James S. Ang (professor directing dissertation), Jeff S. Paterson (university representative), Yingmei Cheng (committee member), April M. Knill (committee member).

Subjects/Keywords: Finance; Management

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APA (6th Edition):

Fulmer, S. (2014). Two Essays on Executive Compensation. (Doctoral Dissertation). Florida State University. Retrieved from http://purl.flvc.org/fsu/fd/FSU_migr_etd-8783 ;

Chicago Manual of Style (16th Edition):

Fulmer, Sarah. “Two Essays on Executive Compensation.” 2014. Doctoral Dissertation, Florida State University. Accessed June 25, 2019. http://purl.flvc.org/fsu/fd/FSU_migr_etd-8783 ;.

MLA Handbook (7th Edition):

Fulmer, Sarah. “Two Essays on Executive Compensation.” 2014. Web. 25 Jun 2019.

Vancouver:

Fulmer S. Two Essays on Executive Compensation. [Internet] [Doctoral dissertation]. Florida State University; 2014. [cited 2019 Jun 25]. Available from: http://purl.flvc.org/fsu/fd/FSU_migr_etd-8783 ;.

Council of Science Editors:

Fulmer S. Two Essays on Executive Compensation. [Doctoral Dissertation]. Florida State University; 2014. Available from: http://purl.flvc.org/fsu/fd/FSU_migr_etd-8783 ;


Florida State University

2. Syvrud, Kelsey. Two Essays on the Internationalization of Investor Bases.

Degree: PhD, Finance, 2015, Florida State University

This dissertation examines the relationship between the presence of international investors and firm success. The first chapter of my dissertation examines the relationship between international venture capital investors and private firm success spanning 81 countries over the years 1995-2010. The data examined indicate that, relative to deals in which the investor base is purely domestic, private firms that have an international investor base have a higher probability of exiting via an initial public offering (IPO) and higher IPO proceeds. The evidence is consistent with the view that while the benefits of internationalization may be difficult and costly to manage, for those firms that succeed in managing cross-border coordination costs, there is potential value for an IPO firm. The benefits relative to the costs of internationalizing the investor base for private firms sold in acquisitions, by contrast, are much less pronounced. The second chapter of my dissertation analyzes a firm's decision to issue new equity internationally. Though over eight percent of firms conducting an IPO between 1995 and 2010 choose to conduct foreign IPO, in which the firm issues only abroad, this form of IPO fails to raise significantly more proceeds net of costs than matched IPOs with similar firm characteristics. On the median, foreign IPO firms forego proceeds equal to $ 1.58 million, approximately 4.7% of the value of their total assets or 5% of their total net IPO proceeds. As firms select whether they will issue equity at home, abroad, or both, this result is surprising. We are unable to explain the difference in proceeds using any indirect costs or benefits of international issuances discussed in the literature or several additional hypotheses we propose - that firms may be attempting to take advantage of hotter IPO markets, lower indirect costs, a better legal environment, or the ability to issue subsequent SEOs. As we are unable to explain the difference in proceeds, this constitutes the Foreign IPO Puzzle.

A Dissertation submitted to the Department of Finance in partial fulfillment of the requirements for the degree of Doctor of Philosophy.

Summer Semester 2015.

June 5, 2015.

April M. Knill, Professor Directing Dissertation; Thomas Zuehlke, University Representative; Yingmei Cheng, Committee Member; Irena Hutton, Committee Member.

Advisors/Committee Members: April M. Knill (professor directing dissertation), Thomas W. (Thomas William) Zuehlke (university representative), Yingmei Cheng (committee member), Irena Hutton (committee member).

Subjects/Keywords: Finance

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Syvrud, K. (2015). Two Essays on the Internationalization of Investor Bases. (Doctoral Dissertation). Florida State University. Retrieved from http://purl.flvc.org/fsu/fd/FSU_migr_etd-9509 ;

Chicago Manual of Style (16th Edition):

Syvrud, Kelsey. “Two Essays on the Internationalization of Investor Bases.” 2015. Doctoral Dissertation, Florida State University. Accessed June 25, 2019. http://purl.flvc.org/fsu/fd/FSU_migr_etd-9509 ;.

MLA Handbook (7th Edition):

Syvrud, Kelsey. “Two Essays on the Internationalization of Investor Bases.” 2015. Web. 25 Jun 2019.

Vancouver:

Syvrud K. Two Essays on the Internationalization of Investor Bases. [Internet] [Doctoral dissertation]. Florida State University; 2015. [cited 2019 Jun 25]. Available from: http://purl.flvc.org/fsu/fd/FSU_migr_etd-9509 ;.

Council of Science Editors:

Syvrud K. Two Essays on the Internationalization of Investor Bases. [Doctoral Dissertation]. Florida State University; 2015. Available from: http://purl.flvc.org/fsu/fd/FSU_migr_etd-9509 ;

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