This thesis contains three essays. In the first essay, I provide new evidence on the failure of the Q theory of investment. The Q theory implies the state-by-state equivalence of stock returns and investment returns. However in the data, I find that investment and stock returns are negatively correlated. I also show that a production economy with time-to-build can explain these empirical facts. When I compute Q theory based investment returns on simulated data of the time-to-build model, they are uncorrelated with simulated stock returns, as in the data. Moreover, the model replicates the empirical negative correlation between stock returns and investment growth which some researchers have interpreted as evidence for irrational markets. In the second essay, I analyze the equilibrium effects of investment commitment on asset prices when the representative consumer has Epstein-Zin utility. Investment commitment captures the idea that long-term investment projects require not only current expenditures but also commitment to future expenditures. The general equilibrium effects of investment commitment and Epstein-Zin preferences generate endogenously time-varying first and second moments of consumption growth and stock returns. As a result, the first and second moments of excess returns are endogenously counter-cyclical, excess returns are predictable, and the equity premium increases by an order of magnitude. This paper also offers novel empirical findings regarding the predictability of returns. In the real and simulated data, the lagged investment rate helps to forecast the mean and volatility of returns. In the third essay, we embed a structural model of credit risk inside a consumption based model, which allows us to price equity and corporate debt in a single framework. Our key economic assumptions are that the first and second moments of earnings and consumption growth depend on the state of the economy which switches randomly, creating intertemporal risk, which agents prefer to resolve quickly because they have Epstein- Zin-Weil preferences. Our model generates co-movement between aggregate stock return volatility and credit spreads, consistent with the data, and potentially resolves the equity risk premium and credit spread puzzles.

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BOT：興建、營運、移轉，為英文Build-Operate-Transfer的縮寫，係民間參與公共建設模式之一。要旨為：集合民間發起人力量，在特許期間內負責籌資、規劃、興建、營運、維護一公共建設專案，俟特許期間屆滿，專案所有權自民間公司移轉至當地政府。 由於BOT之標的，涉及基礎建設之興建營運，所需資金龐大，因此，需要有別於傳統融資之方式，而專案融資之特性正符合BOT計畫之需要。所謂專案融資，係指爲一個特定經濟實體所安排，其貸款人滿足於該經濟實體之現金流量和收益作爲償還貸款之資金來源，並以該經濟實體之資産作爲貸款之保障的融資方式。專案融資具有高財務槓桿特性，融資機構承擔專案大部分風險，因此風險之識別及管理為專案成功關鍵。專案公司及融資機構應掌握風險分擔原則，以契約方式將權利義務明確劃分給各參與者。 接著探討於BOT計畫下，主要當事人間之法律關係。專案發起人負責成立專案公司，為專案公司之當然股東。其主要任務，除以原始出資外，係在技術、經營管理方面支持協助專案公司，並依據特許契約之約定，在專案興建營運期間，維持對專案公司一定之出資比例。專案公司具有獨立法人格，為專案興建營運核心，負責管理運作整個專案計畫，並與政府簽訂特許契約，其亦為專案融資之借款人，與融資機構簽訂專案融資契約。 由於融資機構承擔專案成敗風險，因此其債權之保全措施值得探究。專案融資亦為授信種類之一，因此融資機構在進行專案融資時，一般授信原則亦運用於專案融資，以評估專案是否可行。決定給予融資後，融資機構除了要求以專案資產作為擔保外，需透過融資契約約定，要求專案公司設立及維持特定帳戶、讓與擔保、出具反面承諾及專案發起人資金必須即時到位等措施，以掌握專案之進行。且若在專案公司發生重大異常情事時，由最有利害關係之融資機構介入改正異常情形，以避免專案計畫因而中斷甚至特許權被撤銷。

Doctor of Philosophy / Special Education, Counseling and Student Affairs / Fred O. Bradley / The broaden-and-build theory posits that frequently experiencing positive emotions leads to broadened awareness and functioning, and over time, built resources. These resources function as reserves during difficult times. Considering recommendations for increasing positive emotions and findings regarding human-animal interactions, it is reasonable to expect that companion animals might function in a manner to increase positive emotions. Many people have companion animals, and they are a preventative, natural intervention without associated stigmas. Therefore, knowing more about how companion animals impact their humans has practical implications for mental health professionals. The current study investigated various aspects of human-animal interactions that are conceivably related to positive emotions (human-animal bond and amount of time spent with animal) in different configurations (people with and without companion animals; people with dogs, cats, and horses), while considering potential confounds (time spent with humans in connected interactions and time spent outside). Time spent in connected interactions with other humans is the only variable that predicted positivity, and this was only in people without companion animals. This is consistent with previous findings that interacting with other people is related to positive emotions.

abstract: Saudi Arabia has been having many issues with large construction projects such as delays, low performance and high cost. Some studies show that around 70% of the public projects in Saudi Arabia are delayed. These issues have resulted from many factors. One of the factors believed to be delaying projects is the Saudi procurement system. The Saudi procurement system only selects contracts based on the lowest bid price offered. However, the Saudi procurement system has been found to not only produce delayed low quality projects, but also has resulted in higher costs. This paper shows how to modify the Saudi procurement system by implementing a clarification phase, which is the most important phase in the Performance Information Procurement System (PIPS). The clarification phase requires the bid’s winning contractor to submit a project scope, a project schedule, to identify risks that not their responsibility, performance measurements and a milestone schedule. The PIPS system has been one of the most successful systems around the world and has shown a 98% success rate in six different countries with risks and cost reductions up to 30%. This research conducted a survey of 157 engineers, 33 consultants, 9 owners, 5 vendors, 13 academics, and 28 architects to develop the public procurement system in Saudi Arabia. The participants work in government sectors with an interest in the Saudi Arabian procurement system. 80.61 % of participants believe that the traditional Saudi procurement system consistently selects poor performing contractors. Moreover, 95.97% of participants think that the selection of contractors based only on the lowest price criterion affects projects negatively. Also, 96.20% of participants in the survey feel that there needs to be a change in the traditional Saudi Arabian procurement system. 88.7% of participants agree to require the contractor to identify risks, and 96.03 % of participants agree that the contractors must have a plan. Moreover, 95.45% of participants agree to require a contractor review the scope of a project and verify that it is correct. Finally, 82.18% of participants agree to require a contractor to resolve all owner concerns before signing a contract to improve construction projects performance. The paper shows the need to change the Saudi procurement system and a solution to this growing problem. / Dissertation/Thesis / Masters Thesis Construction 2015

This thesis contains three essays. In the first essay, I provide new evidence on the failure of the Q theory of investment. The Q theory implies the state-by-state equivalence of stock returns and investment returns. However in the data, I find that investment and stock returns are negatively correlated. I also show that a production economy with time-to-build can explain these empirical facts. When I compute Q theory based investment returns on simulated data of the time-to-build model, they are uncorrelated with simulated stock returns, as in the data. Moreover, the model replicates the empirical negative correlation between stock returns and investment growth which some researchers have interpreted as evidence for irrational markets. In the second essay, I analyze the equilibrium effects of investment commitment on asset prices when the representative consumer has Epstein-Zin utility. Investment commitment captures the idea that long-term investment projects require not only current expenditures but also commitment to future expenditures. The general equilibrium effects of investment commitment and Epstein-Zin preferences generate endogenously time-varying first and second moments of consumption growth and stock returns. As a result, the first and second moments of excess returns are endogenously counter-cyclical, excess returns are predictable, and the equity premium increases by an order of magnitude. This paper also offers novel empirical findings regarding the predictability of returns. In the real and simulated data, the lagged investment rate helps to forecast the mean and volatility of returns. In the third essay, we embed a structural model of credit risk inside a consumption based model, which allows us to price equity and corporate debt in a single framework. Our key economic assumptions are that the first and second moments of earnings and consumption growth depend on the state of the economy which switches randomly, creating intertemporal risk, which agents prefer to resolve quickly because they have Epstein- Zin-Weil preferences. Our model generates co-movement between aggregate stock return volatility and credit spreads, consistent with the data, and potentially resolves the equity risk premium and credit spread puzzles. / Business, Sauder School of / Graduate

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