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My dissertation consists of two chapters which explores various aspects of empirical corporate finance and institutional ownership. In the first chapter, I examine whether common owners – an institution with holdings in both the distressed and the lending firm – ameliorates this conflict given that common owners should seek to maximize the equity value of both firms. The results show that when a common owner holds a stake in both the borrowing and lending firm, distressed firms are over 3.3-times more likely to file for Chapter 11 freefall bankruptcy (rather than prepack) as compared to borrowing-lending firms without a common owner. Using ownership of passive funds as an instrument for the presence of a common owner, I provide evidence of a causal relation between common ownership and bankruptcy filing choice. Overall, the analysis indicates that common ownership in both financially distressed borrowing firms and their lending firms leads to a greater likelihood of Chapter 11 freefall bankruptcy filing; suggesting that common owners typically side with creditors to maximize their combined equity value in both the borrowing and lending firm. Next, I examine the effect of CEO social connections on stock returns. An equally weighted (value weighted) long-short portfolio strategy earns investors excess returns of 5.39% (4.44%) per year. Three potential reasons explain the relation between CEO social connections and excess returns; better firm performance, investor information asymmetry, and/or greater investor risk-bearing. Our analysis provides evidence consistent with CEO connections both increasing firm risk and improving firm performance. / Business Administration/Finance

The first essay shows that academic directors significantly increase firms' innovation. Following an academic director's death and relative to a non-academic director's death, the average firm reduces the number of citation-weighted patent applications by 30.7%. The number of patent applications also increases when an academic director becomes less busy after another company she holds directorship is acquired. Consistent with an advising channel, academic directors in STEM disciplines are particularly pro-innovation. In line with monitoring channels, firms with academic directors tend to dismiss CEOs who do not innovate and restrict real earnings management that waste financial resources. The relation between academic directors and innovation is not driven by PhD CEOs or non-academic PhD directors. Academic directors are associated with higher firm value at firms where innovation is more important but not at other firms. Overall, our results highlight the vital advising and monitoring roles academic directors play in corporate innovation. The second essay finds that pre-existing professional ties with a firm's board significantly increase a CEO candidate's probability of being hired by the firm. Considering all CEOs hired this year as potential candidates, a board-connection corresponds to a 152% increase in the probability the candidate is selected as CEO. Consistent with the hypothesis that boards select connected candidates to increase shareholder value, we find significantly greater firm performance improvement after CEO turnovers for firms hiring connected CEOs than those hiring unconnected CEOs. Further, the performance increases are significant only among firms with severe information asymmetry, large CEO termination risk, and high coordination costs. We also find that connected CEOs make better acquisitions than unconnected CEOs. These results suggest connected hiring increases firm performance because it reduces information asymmetry, CEO termination risk, and CEO-board coordination costs. Inconsistent with boards rendering favors to friends, connected CEOs are not awarded a larger pay package when they assume office. Overall, our results suggest that it pays for a firm to hire a CEO with pre-existing ties to the board. / Doctor of Philosophy / We see professors seating on corporate boards all the time. Why do firms hire them? Do they make firms innovate more because they have strong research orientation? The first essay finds that these directors enhance corporate innovation. They improve innovation with their STEM expertise. Because STEM disciplines are particularly relevant to production technology, they are able to advise the CEO about innovation. We also find that these directors make firms innovate more by linking CEO termination decisions to innovation and by preventing companies from wasting resources that could otherwise be used for innovation. Lastly, these directors improve firm value at firms where innovation is important. The board makes CEO recruiting decisions. We are interested in knowing (1) whether candidates are more likely to be hired if they already had a connection with the board; (2) whether these candidates outperform candidates without any connections. The second essay finds that having an acquaintance on the board helps a CEO candidate land the CEO position. We also find that these CEOs outperform CEOs without any connections. This is because there is little information gap between the connected CEO and the board. Also, the pre-existing connections allow the two parties to have better coordination.

Architecture can amplify aspects of life. The proposal in this thesis is to present the nature of competitive swimming through four specifically defined architectural moments. The vehicle for the thesis is a natatorium with four specifically designed architectural apertures that present the extraordinary motion of the swimmer, especially to the younger general public. The focus will be on the motion of swimming below and above the surface of the water. Below the water surface, the approaching swimmer and the moment of the turn will be framed. Above the water surface, two apertures penetrate the roof above the pool. One directs sightlines to moment of a race's start, while the other seeks to emphasize the linearity of swimming. / Master of Architecture

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The effect of cyclic moisture infiltration on connections in light-frame wood buildings has received limited research attention. Specifically, the connections between wood-based sheathing materials (OSB, plywood) and solid wood studs are of interest. A comprehensive understanding of connection performance will enhance structure and material design, thereby improving the overall integrity and robustness of light-frame structures. The focus of this research project was to evaluate the strength and stiffness of wood-frame connections exposed to cyclic humidity conditioning. Nailed sheathing/stud connection samples were tested for lateral resistance following various periods of moisture exposure. Elastic stiffness, 5% offset yield load, maximum yield load, and failure yield were computed and analyzed using the data collected. The parameters were compared among connection specimens receiving either 0, 1, 5, 10, 15, 25, or 40 periods of cyclic moisture conditioning. In addition, the bearing resistances of the materials were investigated for application to the general dowel equations for calculating lateral connection values, the current basis for design of single dowel-type fastener connections between wood-based members. An x-ray density profilometer was used to observe the de-densification processes within the composite sheathing materials throughout the moisture conditioning regime. Results indicated moderate to extreme changes in the performance of cycled connections involving lower density sheathing materials. Higher density sheathing materials performed favorably at each cycle test period. Comparisons to the yield model were similar to the control results, but usually differed as cycling increased. Analysis of connection performance following cyclic moisture loading is a vital component in developing a holistic model for service-life prediction of nailed connections in light-frame residential construction. / Master of Science