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You searched for subject:(private independent value). Showing records 1 – 3 of 3 total matches.

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University of South Africa

1. Van der Westhuizen, Rolandi. The value of governance structures in private family organisations .

Degree: 2018, University of South Africa

Although private family organisations are prevalent role players in both the South African and international economies, limited research has been performed with regard to them. In terms of regulatory requirements, South African private organisations are neither legally required to comply with corporate governance principles, nor are they required to make their financial data available to the general public. Lack of available data, and limited available research, have resulted in an absence of clarity with regard to whether governance structures in private family organisations add any value to these organisations. This study therefore explores, through the use of a multiple-case study, how the individual private family organisations have structured their governance mechanisms, and the reasons as to why they chose to implement these structures. Both case studies revealed that governance structures, in general, add value. The implemented governance structures may even have contributed to the increase in financial performance over time. Advisors/Committee Members: De Graaf, Albert (advisor).

Subjects/Keywords: Family organisation; Family business; Corporate governance; Governance structures; Board of directors; Independent directors; Management; Ownership; Private company; Financial value; Non-financial value; Performance; Case study; Qualitative research; Socio-emotional wealth

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APA (6th Edition):

Van der Westhuizen, R. (2018). The value of governance structures in private family organisations . (Masters Thesis). University of South Africa. Retrieved from http://hdl.handle.net/10500/23900

Chicago Manual of Style (16th Edition):

Van der Westhuizen, Rolandi. “The value of governance structures in private family organisations .” 2018. Masters Thesis, University of South Africa. Accessed October 24, 2020. http://hdl.handle.net/10500/23900.

MLA Handbook (7th Edition):

Van der Westhuizen, Rolandi. “The value of governance structures in private family organisations .” 2018. Web. 24 Oct 2020.

Vancouver:

Van der Westhuizen R. The value of governance structures in private family organisations . [Internet] [Masters thesis]. University of South Africa; 2018. [cited 2020 Oct 24]. Available from: http://hdl.handle.net/10500/23900.

Council of Science Editors:

Van der Westhuizen R. The value of governance structures in private family organisations . [Masters Thesis]. University of South Africa; 2018. Available from: http://hdl.handle.net/10500/23900


Texas A&M University

2. Kang, Boo-Sung. Empirical study on the Korean treasury auction focusing on the revenue comparison in multiple versus single price auction.

Degree: PhD, Economics, 2006, Texas A&M University

This dissertation pursues to find an answer empirically to the question of the revenue ranking between the multiple price auction and the single price auction. I also attempt to get empirical clues in terms of the efficiency ranking between the two. Under the assumptions of symmetric bidders and private independent value (PIV), I derive the optimal bidding conditions for both auction formats. Following the structural model estimation approach, I estimate the underlying distribution of market clearing price using the nonparametric resampling strategy and recover the bidders’ unknown true valuations corresponding to each observed bid point. With these estimated valuations of the bidders, I calculate what the upper bound of the revenue would have been under the Vickery auction to perform the counterfactual revenue comparison with the actual revenue. I find that, ex-post, the multiple price auction yields more revenue to the Korean Treasury than the alternative. I also investigate the efficiency ranking by comparing the number of bids switched and the amount of surplus change which would occur when the bidders are assumed to report their true valuations as their bids. I find that the multiple price auction is also superior to the alternative in efficiency which supports the current theoretical prediction. Finally, I investigate the robustness of my model and empirical results by relaxing the previous assumptions. I, first, extend the model and estimation to the case of asymmetric bidders where the bidders are divided into two groups based on their size. It shows that the model and estimation framework are still valid and that the empirical findings are very similar to the symmetric case. I also test for the presence of common value (CV) component in the bidders’ valuation function. I propose the simple regression model adopting the idea of the policy experimental approach. I obtain quite an inconclusive result in general but find some evidence supporting PIV for relatively higher bid prices while supporting CV for lower bid prices. Advisors/Committee Members: Puller, Steven (advisor), Gawande, Kishore (committee member), Li, Qi (committee member), Neilson, William S. (committee member).

Subjects/Keywords: Treasury auction; multiple price auction; single price auction; structural model estimation; revenue comparison; private independent value

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

APA (6th Edition):

Kang, B. (2006). Empirical study on the Korean treasury auction focusing on the revenue comparison in multiple versus single price auction. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/3051

Chicago Manual of Style (16th Edition):

Kang, Boo-Sung. “Empirical study on the Korean treasury auction focusing on the revenue comparison in multiple versus single price auction.” 2006. Doctoral Dissertation, Texas A&M University. Accessed October 24, 2020. http://hdl.handle.net/1969.1/3051.

MLA Handbook (7th Edition):

Kang, Boo-Sung. “Empirical study on the Korean treasury auction focusing on the revenue comparison in multiple versus single price auction.” 2006. Web. 24 Oct 2020.

Vancouver:

Kang B. Empirical study on the Korean treasury auction focusing on the revenue comparison in multiple versus single price auction. [Internet] [Doctoral dissertation]. Texas A&M University; 2006. [cited 2020 Oct 24]. Available from: http://hdl.handle.net/1969.1/3051.

Council of Science Editors:

Kang B. Empirical study on the Korean treasury auction focusing on the revenue comparison in multiple versus single price auction. [Doctoral Dissertation]. Texas A&M University; 2006. Available from: http://hdl.handle.net/1969.1/3051


The Ohio State University

3. Liu, Xiaodong. Econometrics on interactions-based models: methods and applications.

Degree: PhD, Economics, 2007, The Ohio State University

My dissertation research emphasizes estimation methods in evaluating the extent of social, strategic and spatial interactions among economic agents. My first essay, based on my joint research with Lung-fei Lee and John Kagel, generalizes Heckman’s (1981) dynamic discrete-choice panel data models by introducing time-lagged social interactions and proposes simulation based methods to implement the maximum likelihood estimation. We use this generalized model to investigate learning from peers in experimental signaling games. We find that subjects’ decisions are significantly influenced by the past decisions of their peers in the experiment. Hence the imitation of peers’ strategies is an important component of the learning process of strategic play. My second essay explores the robustness of Guerre, Perrigne and Vuong’s (2000) two-step nonparametric estimation procedure in first-price sealed-bid auctions with a large number of risk-averse bidders. With an asymptotic approximation of the intractable equilibrium bidding function of risk-averse bidders, I demonstrate that Guerre et al.’s two-step nonparametric estimator based on the equilibrium bidding behavior of risk-neutral bidders is still uniformly consistent even if bidders are risk-averse as long as the number of players in an auction is sufficiently large and derive the uniform convergence rate of the estimator. Furthermore, I show in Monte Carlo experiments that the two-step nonparametric estimator performs reasonably well with a moderate number of risk-averse bidders like six. In my third essay, which is based on my joint research with Lung-fei Lee and Christopher Bollinger, we consider the GMM estimation of the regression model with spatial autoregressive disturbances and the mixed-regressive spatial autoregressive model. We derive the best GMM estimator within the class of GMM estimators that are based on linear and quadratic moment conditions. Our best GMM estimator has the merit of computational simplicity and asymptotic efficiency. We show that it is asymptotically as efficient as the conventional maximum likelihood estimator under normality and asymptotically more efficient than the quasi-maximum likelihood estimator when the normality assumption does not hold. We show in Monte Carlo studies that, with moderate sample sizes, the proposed best GMM estimator has its biggest advantage when the disturbances are asymmetrically distributed. Advisors/Committee Members: Lee, Lung-fei (Advisor).

Subjects/Keywords: Economics, General; Peer Group Effects; Discrete Choice Dynamic Panel Data Models; Simulated Maximum Likelihood; First-price Auctions; Independent Private Value; Nonparametric Estimation; Risk Aversion; Spatial Autoregressive Models; Generalized Method of Moments

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

APA (6th Edition):

Liu, X. (2007). Econometrics on interactions-based models: methods and applications. (Doctoral Dissertation). The Ohio State University. Retrieved from http://rave.ohiolink.edu/etdc/view?acc_num=osu1180283230

Chicago Manual of Style (16th Edition):

Liu, Xiaodong. “Econometrics on interactions-based models: methods and applications.” 2007. Doctoral Dissertation, The Ohio State University. Accessed October 24, 2020. http://rave.ohiolink.edu/etdc/view?acc_num=osu1180283230.

MLA Handbook (7th Edition):

Liu, Xiaodong. “Econometrics on interactions-based models: methods and applications.” 2007. Web. 24 Oct 2020.

Vancouver:

Liu X. Econometrics on interactions-based models: methods and applications. [Internet] [Doctoral dissertation]. The Ohio State University; 2007. [cited 2020 Oct 24]. Available from: http://rave.ohiolink.edu/etdc/view?acc_num=osu1180283230.

Council of Science Editors:

Liu X. Econometrics on interactions-based models: methods and applications. [Doctoral Dissertation]. The Ohio State University; 2007. Available from: http://rave.ohiolink.edu/etdc/view?acc_num=osu1180283230

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