Ownership

Résumé

Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different parties. The process and mechanics of ownership are fairly complex: one can gain, transfer, and lose ownership of property in a number of ways. To acquire property one can purchase it with money, trade it for other property, win it in a bet, receive it as a gift, inherit it, find it, receive it as damages, earn it by doing work or performing services, make it, or homestead it. One can transfer or lose ownership of property by selling it for money, exchanging it for other property, giving it as a gift, misplacing it, or having it stripped from one's ownership through legal means such as eviction, foreclosure, seizure, or taking. Ownership implies that the owner of a property also owns any economic benefits or deficits associated with the propert

Source officielle

https://en.wikipedia.org/wiki/Ownership

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IT Investment and its impacts

Shameem Hasan

This thesis empirically explored the impacts of IT investment on three different scenarios under the common denominator / threads of IT investments. It comprises three different essays on the impacts of IT investments. IT investments and its impact on many aspects of the firms are well known - like performance / productivity, output, market value etc. But I looked into areas that were not explored before and examined events that didnât take place after the advent and integration of Information Technology â like the past financial crisis. The main contribution of my dissertation is to examine how IT investments helps in the debt market, how it helps firms fare comparatively better during crisis period and how CEO characteristics influence the well-established existing link between IT investment and Innovation intensity. The first essay examines the effect of IT investment on the cost of bank loan for firms. We argue that IT affects the decision of banks through three mechanisms: wealth effect, risk effect, and information effect. First, IT investment serves as a signal for higher future revenue and lower operational costs, thus greater future cash flows. Second, on one hand, IT may be able to reduce the risk of being locked out to competition or adverse situations; on the other hand, IT investment itself can bring risk to business. Last, the use of IT can lead to better information quality and thus reduce the information asymmetry between firms and banks. Using a sample of 270 firms between the year of 1991 and 2006, we find that IT investment is associated with lower interest rate from banks. More important, we find the strength of this relationship is contingent upon the role of IT in the industry and time period. In my second essay, the goal was to investigate whether IT investment contributed to better or worse performance during the financial crisis of 2007-2009. We took the available data for U.S. public companies (the final sample comprises 570 companies) and traced IT investments made in the years prior to the crisis period, we checked the impact of IT investments on the annual stock returns and relative changes in return (as well as for book values). After controlling for relevant risk and other independent variables during the 2007-2009 periods, we found evidence that indicates that although most of the firms suffered during the crisis period, expenditure in IT was significantly associated with relatively better performance for sample firms during the crisis period. The third essay brings in the role of CEO to examine whether CEOâs characteristics affects the already established link between IT investments and Innovation activities. We constructed data from multiple sources; we also developed empirical model to test our hypothesis and ran a series of regression tests. We find that CEOâs managerial ability and risk-taking incentive (determined by compensation scheme) are complements for IT investment. Thus for CEOs with lower ability and/or lower risk-taking incentive, firms can still achieve higher innovation efficiency by increasing expenditure in IT. On the other hand, CEOâs ownership of the firm substitutes the link. CEO with larger ownership enhances firmâs innovation efficiency by due diligence, but not necessarily through the channel of IT investment. In together, this paper shows that CEO is an important and significant factor in the conversion of IT investment to innovation efficiency.

EPFL2018

Chargement

Towards sufficiency in housing: Agent-based model and transition scenarios

Margarita Agriantoni

Research problem: Housing is responsible for a considerable part of global resource consumption. In Switzerland, it accounts for almost one third of the country's CO2 emissions and half of the total energy demand. Thus, housing plays an important role in the transition to sustainable development. Housing has been thoroughly studied from a disciplinary perspective, e.g., economics, social sciences, psychology, engineering. However, little attention has been paid to housing as a system of interrelated actors, e.g., developers, owners, tenants and state, whose actions might be described by different disciplines. Aim: The aim of this thesis is to investigate how a change in the construction practices of property owners in combination to a more space-efficient allocation of dwellings to households and a behavioural change of tenants can achieve a substantial reduction in the environmental impact of housing. This dissertation focuses on the interrelations of housing actors, concentrating mainly on the property owners and explores which measures and to what extent can lead to a reduction of space consumption of housing.Methods: Housing is characterised by a high level of complexity, therefore a transdisciplinary approach is adopted. Firstly, the Swiss housing market and its unique attributes are studied. However, in this thesis, we study a subset of the Swiss rental housing market; it comprises two housing cooperatives: ABZ in Zurich and SCHL in Lausanne as well as the insurer and asset manager Swiss Mobiliar. Their housing stocks, of approximately 10,000 dwellings, are examined in depth and are used as a case study. Extensive data gathering allowed to create an exhaustive inventory of the building stock of the three property owners. The data on tenants was limited, thus, we conducted a tenant survey. Furthermore, a series of workshops with both tenants and property owners were organised to study their decision-making processes. A bottom-up agent-based model (ABM) is built, which portrays the case study housing system. The main actors of the rental housing market (property owners and households) are represented in the model by agents; the owner agents make decisions about their building stock and tenants, while the household agents choose a dwelling based on their needs and housing preferences. The dynamic evolution of both owners and households and the interaction between them is simulated in the model and allows the study of emergent phenomena. The present thesis attempts the assessment of the environmental impact of housing through the lens of housing sufficiency. Space consumption, in terms of dwelling surface and floor area per capita, is considered as the largest determinant of resource consumption.Results: The simulation results show that measures taken to decrease the environmental impact of housing and space consumption are inadequate if owners do not change their construction practices and households do not actively change their housing behaviour. Most measures explored in this thesis, if implemented individually, succeed in reducing the rate of increase in space consumption but fail to reverse the upward trend. A more space-efficient allocation of dwellings to households proves to have a certain effect. However, only when combined with other measures, such as the densification of the existing building stock and a change in construction practices, a significant decrease of environmental impact is observed.

EPFL2022

Chargement

This thesis consists of three parts that study separate subjects in corporate finance and corporate governance. The overarching theme is ownership by CEOs and other insiders. In the first part, which is co-authored work with Rüdiger Fahlenbrach, René M. Stulz, and Jerôme Taillard, we build the largest database of managerial ownership information ever used in the literature. We show that the empirical relation between a firm's Tobin's q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior literature, we confirm earlier findings of an increasing and concave relation between Tobin's q and managerial ownership. We show that cumulative past performance and liquidity can explain these seemingly contradictory results. Better performing firms have more liquid equity, which enables firms and insiders to more easily sell shares after the IPO, and they also have a higher Tobin's q. In the second part, I conduct the first large-scale empirical analysis of the pledging phenomenon among U.S. CEOs. Pledging allows the owner of shares to put them up as collateral to a third party in exchange for cash. I show that between 2007 and 2016, 7.6% of publicly listed U.S. firms disclosed that their CEOs had pledged company stock as collateral for a loan. On average, CEOs pledge 38% of their shares. The mean loan value is an economically sizeable $65 million. CEOs use the funds to either double down (6.0%), hedge their ownership (3.5%), or to obtain liquidity while maintaining ownership (90.5%). My event study results reveal that stock market participants view pledging as value-enhancing. Similarly, I find no evidence of its negative shareholder value consequences, except for CEOs who engage in significant pledging. In the third part, I provide the first in-depth analysis of U.S. pledging CEOs who faced margin calls. A margin call occurs whenever the value of collateral backing a loan falls below a certain pre-specified amount. I find that 15% of CEOs with margin loans have at some point faced margin-call-induced selling. The mean (median) drop in CEO ownership following margin-call-induced sales is 31.2% (22.0%). More than 87% of firms do not introduce any type of an anti-pledging policy post margin-call sales by their CEOs which could explain the absence of any major changes in CEO compensation contracts. Corporate policies in firms with CEOs who lost a sizeable ownership stake are not indicative of weakened incentives.

EPFL2020

Chargement

Towards sufficiency in housing: Agent-based model and transition scenarios

Margarita Agriantoni

EPFL2022

EPFL2020

IT Investment and its impacts

Shameem Hasan

EPFL2018