Measuring the Efficacy of Managerial Equity Incentives in Shareholder Value Creation
Topics in Money and Finance • Spring 2017
Every year, corporations allocate billions of dollars towards CEO equity compensation. In theory, this aligns managerial interests with that of shareholders. Does it work? We can answer this empirically by using M&A activity as a proxy for executive decision-making and measuring subsequent shareholder wealth creation (if any).
Evidence for shareholder wealth creation from 2,400 M&A events by 2,371 public U.S. companies in the ten-year period between 2007-2017. These effects are robust even after controlling for means of payment, total share ownership, Fama-French factors, industry effects, and time-series trends.
(Paper) Executive Compensation and Acquisition Decisions: Revisiting the Impact of CEO Equity Incentives on M&A. Available at: https://www.researchgate.net/publication/317338902_Executive_Compensation_and_Acquisition_Decisions_Revisiting_the_Impact_of_CEO_Equity_Incentives_on_MA/
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Predicting the Impact of Trade Tariffs in the Trump Era: Post-Election Thought Experiment in MATLAB
International Trade • Fall 2016
In 2015, U.S.-Mexico trade totaled $583.6B, with exports to Mexico supporting some 1.1 million U.S. jobs. How would global bilateral trade flows change if the U.S. imposed, say, a 20% tariff on all goods from our third largest trading partner and second largest export market? Following the outcome of the 2016 U.S. Presidential Elections, I used the gravity model of trade to estimate the impact of this tariff on country-level welfare under two scenarios: in which Mexico does not react, and in which Mexico retaliates.
(Report) Predicting the Impact of Trade Tariffs in the Trump Era: Post-Election Thought Experiment in MATLAB. Available at: https://www.researchgate.net/project/Predicting-the-Impact-of-Trade-Tariffs-in-the-Trump-Era-Post-Election-Thought-Experiment-in-MATLAB
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Visualizing Loan Activity in the U.S. Peer Lending Market
Data Visualization • Fall 2016
Using data published by the Lending Club, I examine loan activity in the American crowdsourced creditor/debtor market from 2014 to 2015 as they relate to loan volume, cost of borrowing, and performance. To capture a more holistic picture of the U.S. peer lending market, three separate analyses were conducted to account for borrowing volume, risk premia, and the reliability of credit grades as a predictor of loan performance.
(Poster) Visualizing Loan Activity in the U.S. Peer Lending Market. Available at: https://www.researchgate.net/project/Visualizing-Loan-Activity-in-the-US-Peer-Lending-Market
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Public Banking in New Hampshire: Assessing the Possibility of Establishing a State Bank
Commissioned by the NH Committee on Commerce and Consumer Affairs • Spring 2016
The possibility of establishing a public bank may offer an opportunity for New Hampshire to exercise more control over its finances, and may offer an opportunity for a public sector institution to fulfill public needs that the private sector cannot or will not adequately meet. This report examines New Hampshire’s capital needs, current state funding mechanisms, and the potential costs and benefits of a public bank, to assess whether or not a public bank better meets New Hampshire’s financial needs than current institutions and financing arrangements.
(Report) Public Banking in New Hampshire: Assessing the Possibility of Establishing a State Bank. Available at: https://rockefeller.dartmouth.edu/report/public-banking-new-hampshire
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Dartmouth Leadership Attitudes and Behaviors Program
Harvard Project on Purpose and Values in Education (PAVE) • Fall 2015
The goal of the Project on Purpose and Values in Education (PAVE) at Harvard is to discover and promote co-curricular programs that ask college students to consider “big questions” of meaning, value, and purpose. Through this project, an increased number of students around the country should have an opportunity to consider their values and the ways in which they might help to make the world a better place. The D-LAB program was offered to 120 students with 22 facilitators in the 2014-2015 school year.
(Brochure) Dartmouth Leadership Attitudes and Behaviors. Available at: https://pave.fas.harvard.edu/files/pave/files/brochure_dlab_reduced.pdf
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Gender Equality and Education Achievement: Examining PISA for Insights into Education Policy
Learning and Education Across Cultures • Summer 2015
Across countries that participate in the OECD's Programme for International Student Assessment (PISA), is there a link between gender parity and educational achievement? This conference poster, presented at the National Conference on Undergraduate Research in 2015, explores high- and low-achievers on the PISA in context of countries' Economic Participation & Opportunity scores determined by the World Economic Forum.
(Poster) Examining the Link Between PISA Performance and Gender Parity in the Classroom. Available at: Examining PISA for Insights into Education Policy
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Payroll Cards in New Hampshire: Examining the Effects of Payroll Card Legislation
Commissioned by the NH Committee on Labor, Industrial, and Rehabilitative Services • Spring 2015
The use of payroll cards to pay employees has been a topic of contentious debate in the United States in recent years. Although many American states have already passed laws regulating their usage, current legislation surrounding payroll cards is lacking in the state of New Hampshire. In this report, we investigate the potential impacts of payroll card legislation in New Hampshire by researching the existing research literature, interviewing relevant stakeholders in New Hampshire, and examining the approach of Vermont, New York, Hawaii, and Illinois.
(Report) Payroll Cards in New Hampshire: Examining the Effects of Payroll Card Legislation. Available at: https://rockefeller.dartmouth.edu/report/payroll-cards-new-hampshire
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Developing New Hampshire Aquaculture Regulation: A Comparative Case Study of Eastern Coastal States
Commissioned by the NH Department of Environmental Services • Spring 2015
Aquaculture is a burgeoning industry in New England, but current aquaculture policy in New Hampshire requires additional infrastructure to adequately allow for economic growth. Due to the lack of a regulatory framework, aquaculturists are currently able to erect illegal structures and operations on public lands. The New Hampshire Department of Environmental Services (DES) desires a greater level of state oversight as it attempts to expand upon the existing state statutory framework. An analysis of three peer states provides a useful state-by-state comparison for New Hampshire in developing aquaculture regulation.
(Report) Developing New Hampshire Aquaculture Regulation: A Comparative Case Study of Eastern Coastal States. Available at: https://rockefeller.dartmouth.edu/report/developing-new-hampshire-aquaculture-regulation
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A Watershed Approach to Governing New Hampshire's Lakes and Rivers: Evaluating RSA Chapters 481-488
Commissioned by the NH Department of Environmental Services • Fall 2014
New Hampshire adopted water management and protection laws in a piecemeal manner over many years, often without addressing the complex relationships between regional water systems and sources of nonpoint pollution. The Department of Environmental Services (DES) is currently implementing a more holistic watershed approach, based on where water drains and how it flows. This report assists in the transition to a watershed approach by presenting a detailed content analysis of existing statutes governing New Hampshire’s natural and man-made bodies of water.
(Report) A Watershed Approach to Governing New Hampshire's Lakes and Rivers: Evaluating RSA Chapters 481-488. Available at: https://rockefeller.dartmouth.edu/report/watershed-approach-governing-new-hampshires-lakes-and-rivers
Last updated June 5, 2017