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dc.contributor.authorSaadi, Samir
dc.contributor.otherQueen's University (Kingston, Ont.). Theses (Queen's University (Kingston, Ont.))en
dc.date2012-08-12 22:41:21.552en
dc.date2012-08-15 18:48:04.361en
dc.date.accessioned2012-08-22T23:46:29Z
dc.date.available2012-08-22T23:46:29Z
dc.date.issued2012-08-22
dc.identifier.urihttp://hdl.handle.net/1974/7386
dc.descriptionThesis (Ph.D, Management) -- Queen's University, 2012-08-15 18:48:04.361en
dc.description.abstractThis three-essay dissertation first examines the impact of tax enforcement on the incidence of stock option backdating. Consistent with the theoretical prediction that tax authority enforcement can operate as a valuable monitoring tool by narrowing the scope for managerial entrenchment, we find robust evidence that the incidence of stock option backdating is lower when firms are more likely to be subject to IRS audits. Our results reinforce calls in the public policy discourse for institutions that protect investors by curtailing companies’ “degrees of freedom” to engage in corporate misbehaviour. The second essay examines how the market reacts to announcements of mergers and acquisitions (M&As) by well performing acquirers and evaluates the results in light of three hypotheses: 1) managerial ability, 2) empire building, and 3) chief executive officer (CEO) overconfidence. Our results indicate that an empire building motive drives the relationship between past superior operating performance and M&A announcements. Long-term operating performance drops significantly for acquiring firms with past superior operating performance. Our evidence also indicates that the presence of insider directors helps to alleviate the negative perception of acquisitions made by firms with better operating performance or empire building CEOs. The final essay investigates the controversial issue of whether information asymmetry affects the cost of equity capital. We re-examine this unanswered question using a unique and simple measure of information risk rooted in the growing literature on geographic proximity. Relying on their distance from financial centers to gauge when firms are better known, we provide robust evidence that information risk shapes equity pricing. In particular, we find that firms located in remote areas exhibit a higher cost of equity capital.en_US
dc.languageenen
dc.language.isoenen_US
dc.relation.ispartofseriesCanadian thesesen
dc.rightsThis publication is made available by the authority of the copyright owner solely for the purpose of private study and research and may not be copied or reproduced except as permitted by the copyright laws without written authority from the copyright owner.en
dc.subjectCorporate Governanceen_US
dc.subjectInformation Risken_US
dc.titleEssays on Managerial Behaviour, Corporate Governance and Information Risken_US
dc.typethesisen_US
dc.description.degreePh.Den
dc.contributor.supervisorTopaloğlu, Selimen
dc.contributor.departmentManagementen


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