This thesis consists of two essays in corporate finance, one on newly listed firms’ post-IPO activities as acquisition targets and the other on corporate executive compensation. In the first essay, I examine a large sample of U.S. newly listed firms to analyze their likelihood of becoming a takeover target. I find that 27 percent of newly listed firms are acquired within five years after the IPO, which is compared with the seasoned-firm counterpart of 17 percent. This difference is economically large, statistically significant, and robust to various firm and market characteristics controls. Several recent studies have reported newly listed firms’ active activities as an acquirer. Contributing to this literature, my finding further identifies an active role of IPO firms as a takeover target. My finding is consistent with the presumed motivation of firms’ going public for a “double-exit” strategy: To sell the shares through a takeover after the company goes public. Economic rationales for this strategy include advantages from auctioning off a minority stake to dispersed shareholders and more efficient bargaining in takeover negotiations due to increased share liquidity and reduced uncertainty after the IPO. Therefore, going public can be an optimal first step in the process of selling a company. In further support of this motivation, I find that IPO firms, as an acquisition target, receive higher takeover premiums than do comparable privately held targets and seasoned target firms. In conclusion, my findings are consistent with the double-exit strategy predicted by theory, suggesting that IPOs facilitate subsequent sales of the companies and that the strategy is economically justified. In the second essay, I study executive compensation under the Japanese corporate governance system. In March 2010, the Japanese regulator enacted the first legislation regarding the disclosure of director compensation to named individuals. With access to the first publicly available data for Japanese executives, I document comprehensive evidence on the level, structure, and mechanisms of CEO compensation. My findings reveal Japanese practices in CEO pay that differ from the well-known Anglo-American model in significant ways. Its distinct features include base salary dominance and unusually low levels of pay and pay variation. I also identify significant impacts on the compensation system of corporate governance and U.S. influence factors, such as keiretsu groups, financial institutions, US-style compensation committees, and cross-listing on US stock exchanges. / published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

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Tyrimo objektas: dieninis ir naktinis motorinių įgūdžių sutvirtinimas. Tyrimo tikslas: nustatyti dieninis ar naktinis motorinių įgūdžių sutvirtinimas yra efektyvesnis. Tyrimo uždaviniai: 1. Nustatyti sveikų tiriamųjų motorinių įgūdžių įtvirtinimą dienos ir nakties metu. 2. Nustatyti tiriamųjų, patyrusių insultą motorinių įgūdžių įtvirtinimą dienos ir nakties metu. 3. Palyginti motorinių įgūdžių įtvirtinimą tarp sveikų ir tiriamųjų po insulto, dieninio ir naktinio mokymo grupių. Tyrimo hipotezė: Manome, kad pakenktos rankos judesių sutvirtinamą teigiamai įtakos miegas. Tyrimo metodai: žmogaus rankų ir kojų judesių dinaminių parametrų analizatorius DPA-1, anketinė apklausa, statistika. Išvados: 1. Dienos metu sveikiems tiriamiesiems nustatytas įtvirtintas abiejų užduočių sutrumpėjęs reakcijos laikas, bei judesio laiko sutrumpėjimas. O nakties metu papildomai sutrumpėjo įveiktas kelias ir greitis. 2. Galvos smegenų insultu sergantiems tiriamiesiems, dienos metu pagerėjo reakcijos laikas. Nakties metu papildomai pagerėjo standartinės užduoties judesio laikas ir įtvirtintas variabilios užduoties greitis ir judesio laikas. 3. Tarp sveikų tiriamųjų dieninio ir naktinio mokymo grupių, reikšmingo skirtumo nėra. Lyginant insultą patyrusius tiriamuosius dieninėj grupėj pagerėjo reakcijos laikas, naktinio mokymo grupėje variabilios užduoties laikas iki taikinio ir vidutinis greitis. / The object of research: „day time“ learning and „off-line“ learning. The aim of research: to determine which kind of learning, „day time“ or „off-line“ learning is more efficient. The goals of research: 1. To determine the consolidation of motor skills during the day and night for healthy adults. 2. To determine the consolidation of motor skills during the day and night for individuals following stroke. 3. To compare consolidation of motor skills between healthy subjects and after stroke, daytime and night-time groups. Hypothesis: individuals following stroke do benefit from sleep to promote off-line motor learning to their damaged side. Research methods: analyzer DPA – 1, questionnaire survey, mathematical statistic. Conclusions: 1. During the day, healthy subjects of both the tasks laid down in the shorter reaction time and movement time shortening. And at night, in addition, shorter trajectory and speed. 2. Subjects with stroke during the day improved response time. At night an additional improvement in the standard task of motion time and established variabilis task speed and movement time. 3. Between healthy subject daytime and night-time training groups, there is no significant difference. Comparing subjects following stroke, daytime testing group improved response time of night-time testing group improved variabilis task target time and average speed.

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Recent supply chain literature and practice recognize that significant cost savings can be achieved by coordinating inventory and transportation decisions. Although the existing literature on analytical models for these decisions is very broad, there are still some challenging issues. In particular, the uncertainty of demand in a dynamic system and the structure of various practical transportation cost functions remain unexplored in detail. Taking these motivations into account, this dissertation focuses on the analytical investigation of the impact of transportation-related costs and practices on inventory decisions, as well as the integrated inventory and transportation decisions, under stochastic dynamic demand. Considering complicated, yet realistic, transportation-related costs and practices, we develop and solve three classes of models: (1) Pure inbound inventory model impacted by transportation cost; (2) Pure outbound transportation models concerning shipment consolidation strategy; (3) Integrated inbound inventory and outbound transportation models. In broad terms, we investigate the modeling framework of vendor-customer systems for integrated inventory and transportation decisions, and we identify the optimal inbound and outbound policies for stochastic dynamic supply chain systems. This dissertation contributes to the previous literature by exploring the impact of realistic transportation costs and practices on stochastic dynamic supply chain systems while identifying the structural properties of the corresponding optimal inventory and/or transportation policies. Placing an emphasis on the cases of stochastic demand and dynamic planning, this research has roots in applied probability, optimal control, and stochastic dynamic programming.

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