Distortions in Government Contract Awards, Executive Compensation, and Asset Prices: Three Essays in Finance
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Authors
Boland, Matthew
Date
Type
thesis
Language
eng
Keyword
Finance
Alternative Title
Abstract
In this thesis, I present three papers in finance. Chapter 1 introduces the thesis. Chapter 2 presents the paper Competition for Government Contracts and the Payoff to Political Activism. This paper exploits three shocks to the competition for procurement contracts including a Presidential memorandum, the formation of the Department of Homeland Security, and Hurricane Katrina. I find that greater competition disrupts the positive relationship between political activism by firms and government contract awards such that politically active firms receive reduced benefits. Chapter 3 presents the paper Discrimination in the C-Suite: Do Discriminatory Pay Practices Exist for the Positions of CEO and CFO? I test for discrimination in the C-suite by comparing the compensation and pay-performance sensitivity of white men and individuals belonging to a designated group (women and visible minorities). I find little evidence of discriminatory compensation practices against visible minority executives; however, I find that women receive less compensation in male-dominated industries. Chapter 4 presents Pricing in Auction Markets for Alternative Assets a coauthored paper with Dr. Daniel Thornton. We present a model of an auction market for collectibles and empirically test it using experimental data. Results indicate that overbidding by non-professionals forces professionals out of the market, ensuring that investments in collectibles return less than zero net present value. Chapter 5 concludes.
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Copying and Preserving Your Thesis
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ProQuest PhD and Master's Theses International Dissemination Agreement
Intellectual Property Guidelines at Queen's University
Copying and Preserving Your Thesis
This 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.