Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation


Book Description

Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.




Essays in Accounting Theory in Honour of Joel S. Demski


Book Description

The integration of accounting and the economics of information developed by Joel S. Demski and those he inspired has revolutionized accounting thought. This volume collects papers on accounting theory in honor of Professor Demski. The book also contains an extensive review of Professor Demski’s own contributions to the theory of accounting over the past four decades.










The Origins and Development of Financial Markets and Institutions


Book Description

Collectively, mankind has never had it so good despite periodic economic crises of which the current sub-prime crisis is merely the latest example. Much of this success is attributable to the increasing efficiency of the world's financial institutions as finance has proved to be one of the most important causal factors in economic performance. In a series of insightful essays, financial and economic historians examine how financial innovations from the seventeenth century to the present have continually challenged established institutional arrangements, forcing change and adaptation by governments, financial intermediaries, and financial markets. Where these have been successful, wealth creation and growth have followed. When they failed, growth slowed and sometimes economic decline has followed. These essays illustrate the difficulties of co-ordinating financial innovations in order to sustain their benefits for the wider economy, a theme that will be of interest to policy makers as well as economic historians.










Media Technologies


Book Description

Scholars from communication and media studies join those from science and technology studies to examine media technologies as complex, sociomaterial phenomena. In recent years, scholarship around media technologies has finally shed the assumption that these technologies are separate from and powerfully determining of social life, looking at them instead as produced by and embedded in distinct social, cultural, and political practices. Communication and media scholars have increasingly taken theoretical perspectives originating in science and technology studies (STS), while some STS scholars interested in information technologies have linked their research to media studies inquiries into the symbolic dimensions of these tools. In this volume, scholars from both fields come together to advance this view of media technologies as complex sociomaterial phenomena. The contributors first address the relationship between materiality and mediation, considering such topics as the lived realities of network infrastructure. The contributors then highlight media technologies as always in motion, held together through the minute, unobserved work of many, including efforts to keep these technologies alive. Contributors Pablo J. Boczkowski, Geoffrey C. Bowker, Finn Brunton, Gabriella Coleman, Gregory J. Downey, Kirsten A. Foot, Tarleton Gillespie, Steven J. Jackson, Christopher M. Kelty, Leah A. Lievrouw, Sonia Livingstone, Ignacio Siles, Jonathan Sterne, Lucy Suchman, Fred Turner




Financial Decision Making Under Uncertainty


Book Description

Financial Dec Making under Uncertainty