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Essays in Corporate Lobbying, Divide...

Cornell University.

Essays in Corporate Lobbying, Dividend Policy, and Financial Technology.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays in Corporate Lobbying, Dividend Policy, and Financial Technology.
Author:	Moin, Amani Ula.
Published:	Ann Arbor : ProQuest Dissertations & Theses, 2020
Description:	158 p.
Notes:	Source: Dissertations Abstracts International, Volume: 82-04, Section: B.
Notes:	Advisor: Michaely, Roni;Kim, Hyunseob.
Contained By:	Dissertations Abstracts International82-04B.
Subject:	Finance.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28086999
ISBN:	9798672145808

Essays in Corporate Lobbying, Dividend Policy, and Financial Technology.
Moin, Amani Ula.

Essays in Corporate Lobbying, Dividend Policy, and Financial Technology. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 158 p.

Source: Dissertations Abstracts International, Volume: 82-04, Section: B.

Thesis (Ph.D.)--Cornell University, 2020.

This item must not be sold to any third party vendors.

Do Firms Gain from Lobbying? Evidence from Congressional Committee Assignments: Estimates on firm outcomes from lobbying are difficult to obtain due to a strong selection into lobbying; the average lobbying firm has roughly ten times the assets of the average nonlobbying firm. In order to separate the effect from lobbying, I exploit the quasi-random variation in lobbying induced by Congress members’ assignment to powerful tax writing committees. I find that smaller firms are more likely to lobby if a Congress member from their state or district is assigned to one of these committees. Lobbying by these smaller firms results in significantly higher employment and sales; lobbying by larger firms results in a lower tax rate.Disappearing and Reappearing Dividends (with Roni Michaely): We decompose the decrease (1970–2000) and subsequent recovery (2000–current) in the percent of dividend-paying firms. Changes in firm characteristics and the proclivity to pay dividends (probability of paying dividends conditional on characteristics) each drive half of the dividend disappearance. By contrast, a higher proclivity to pay dividends drives 82% of the reappearing dividends. The remaining reappearance is driven by a single characteristic: reduced earnings volatility. Newly listed and delisted firms drive these trends, rather than dividend omissions or initiations. Finally, total payout (dividends + repurchases) disappears to a substantially lesser extent than dividends, indicating some substitution between dividends and repurchases.A Classification Framework for Stablecoin Designs (with Kevin Sekniqi and Emin Gun Sirer): Although most people are aware of Bitcoin, especially after its meteoric rise in price at the end of 2017, the vast majority of people choose not to hold or use Bitcoin or similar cryptoassets. Stablecoins promise to bridge fiat currencies with this emerging world of cryptocurrencies. They provide a way for users to take advantage of the benefits of digital currencies, such as ability to transfer assets over the internet, credibly commit to minting schedules, and enable new asset classes, while also partially mitigating their volatility risks. In this paper, we systematically discuss general design, decompose existing stablecoins into various component design elements, explore their strengths and drawbacks, and identify future directions.

ISBN: 9798672145808Subjects--Topical Terms:

183252
Finance.
Subjects--Index Terms:

Dividends

Essays in Corporate Lobbying, Dividend Policy, and Financial Technology.
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300 $a 158 p.
500 $a Source: Dissertations Abstracts International, Volume: 82-04, Section: B.
500 $a Advisor: Michaely, Roni;Kim, Hyunseob.
502 $a Thesis (Ph.D.)--Cornell University, 2020.
506 $a This item must not be sold to any third party vendors.
520 $a Do Firms Gain from Lobbying? Evidence from Congressional Committee Assignments: Estimates on firm outcomes from lobbying are difficult to obtain due to a strong selection into lobbying; the average lobbying firm has roughly ten times the assets of the average nonlobbying firm. In order to separate the effect from lobbying, I exploit the quasi-random variation in lobbying induced by Congress members’ assignment to powerful tax writing committees. I find that smaller firms are more likely to lobby if a Congress member from their state or district is assigned to one of these committees. Lobbying by these smaller firms results in significantly higher employment and sales; lobbying by larger firms results in a lower tax rate.Disappearing and Reappearing Dividends (with Roni Michaely): We decompose the decrease (1970–2000) and subsequent recovery (2000–current) in the percent of dividend-paying firms. Changes in firm characteristics and the proclivity to pay dividends (probability of paying dividends conditional on characteristics) each drive half of the dividend disappearance. By contrast, a higher proclivity to pay dividends drives 82% of the reappearing dividends. The remaining reappearance is driven by a single characteristic: reduced earnings volatility. Newly listed and delisted firms drive these trends, rather than dividend omissions or initiations. Finally, total payout (dividends + repurchases) disappears to a substantially lesser extent than dividends, indicating some substitution between dividends and repurchases.A Classification Framework for Stablecoin Designs (with Kevin Sekniqi and Emin Gun Sirer): Although most people are aware of Bitcoin, especially after its meteoric rise in price at the end of 2017, the vast majority of people choose not to hold or use Bitcoin or similar cryptoassets. Stablecoins promise to bridge fiat currencies with this emerging world of cryptocurrencies. They provide a way for users to take advantage of the benefits of digital currencies, such as ability to transfer assets over the internet, credibly commit to minting schedules, and enable new asset classes, while also partially mitigating their volatility risks. In this paper, we systematically discuss general design, decompose existing stablecoins into various component design elements, explore their strengths and drawbacks, and identify future directions.
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