Banks appear to be interested in enhancing their effectiveness and efficiency by developing e-banking technology, i.e., the provision of banking products and services through electronic channels. However, the successful implementation of e-banking technology depends on how consumers perceive such technology and how they are probably provoked to adopt it. Considering emerging e-banking technologies, knowledge of the salient influential factors affecting consumer adoption is crucial for banks. Studies have analysed these factors from different perspectives, such as attribute- and barrier-based perspectives. Attribute-based factors pertain to the perceived or expected characteristics of e-banking technology, whereas barrier-based factors refer to factors that can hinder or delay the adoption of e-banking technology. Despite the absence of consensus on these factors, there is a predominant focus on the functional aspects of this technology, often neglecting the emotional experience of consumers.  Consumers’ emotions in the e-banking context mainly refer to hedonic motivation, defined as positive emotions such as fun, pleasure, and enjoyment arising from the usage of e-banking technology. While examining hedonic motivation has provided valuable insights into the adoption of such technology, further studies are required to examine the relationship among consumers’ emotions, particularly negative ones arising from different kinds of appraisals. Accordingly, this thesis aims to examine the influence of consumers’ emotions towards emerging e-banking technology on their intention to adopt such technology, with a specific emphasis on negative emotions from attribute and barrier-based perspectives.  Applying Structural equation modelling (SEM), the empirical results draw attention to the influential role of different types of negative emotions in the adoption of emerging e-banking technology. From the attribute-based perspective, the empirical results demonstrate an association between loss emotions and consumers’ behavioural intention to adopt emerging e-banking technology, through effort expectancy and performance expectancy. From a barrier-based perspective, the results indicate that deterrence emotions can be positively associated with consumers’ perceived risk. This, in turn, influences their behavioural intention to adopt emerging e-banking technology. The results also reveal the influence of deterrence emotions on consumers’ perceived risk, even in the presence of positive emotions. These results suggest the importance of considering various categories of negative emotions when examining consumers’ intention to adopt emerging e-banking technology.

This research aims to identify the determinants of the ex-ante risk premium required by Italian private equity funds (PEFs) when valuing privately-held target companies. In theory, perceived risk is a key driver of expected returns and anticipated value, but: ¿Although PE (private equity) has experienced rapid growth, the risk and return profile of this asset class is not well understood.¿ (Jegadeesh et al., 2009). Some papers have attempted to assess the ex post returns pioneered by Lerner & Gompers (1997). Yet such studies reveal both contradictory conclusions and hitherto inexplicable phenomena: what some authors call the ¿private equity premium puzzle¿ (Moskowitz & Jorgensen, 2000). Such contradictory conclusions include a wide spread of abnormal realized returns ranging from -6% (Phalippou & Gottschalg, 2009) to +32% (Cochrane, 2005). In this research, the perceived risk and expected return drivers refer not to the ex-post realized return that PEF investors actually achieve, but to the required return the PEF hopes to gain from the target investment. At this stage, two important indicators adopted in PEF parlance have to be differentiated: (i) the Expected IRR (E.IRR) and (ii) the Threshold IRR (T.IRR). The first is the IRR as an output of a business plan, and the second assesses the return expected by PEFs according to the risk perceived in the business plan. Put simply, these are respectively, the anticipated return and the (risk-adjusted) required return. The study of the T.IRR is one of the main contributions of this thesis since it has never been studied before by academia as an indicator of the ex-ante perceived risk of a PEF target company. This is partly due to two important reasons. First, most previous papers examine ex-post performance, and only a few (e.g. Manigart et al., 2002), try to assess return expectations and risk perceptions using an ex-ante perspective. Second, most of the prior studies are quantitative and try to measure statistical effects captured by the ex-post IRR. By studying 26 deals (in 13 Italian PEFs) in detail (qualitatively and quantitatively), this research project has been able to observe how PEFs assess risk and estimate the T.IRR. The research project reveals that PEFs apply neither rational-based models nor explicit formulae to assess risk exante. By observing a set of phenomena unique to the PEF sector (fees effect, investment speed effect, persistence effect, money-chasing deal phenomenon, illiquidity effect, etc) whose existence has been suggested by many recent papers, this thesis has been able to propose an adjusted version of the three-factor model of Fama and French (1993, 1995) to assess risk. The application of a quasi-rational-based asset pricing model to guide PEFs assessments is also an important contribution of this thesis. In fact, Franzoni, Nowak and Phalippou (2010), claim to be the first to calculate the PEFs¿ cost of capital by applying asset pricing models. However, their approaches are not only based on the observations of realized returns, but also consider only one additional factor to the standard Fama & French three-factor model (1993), the liquidity factor. In contrast, the results and the model proposed by this thesis are based on qualitative and quantitative ex-ante information and include not only the classical factors of that model, but also some other factors intended to explain some of the phenomena listed above which might also drive the risk premium in private equity funds. Based, therefore, on explaining the behavior of PEFs, the research develops a framework that can be applied by Italian PEFs and perhaps other PEFs in a more rational manner than their past behavior suggests.

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In this dissertation, I investigate the economic consequences of Statement of Financial Accounting Standards No. 158 (SFAS 158). SFAS 158 requires firms to move pension funding status from the footnotes to the balance sheet. Moving pension funding status from a footnote to the balance sheet improves the transparency and understandability of pension accounting, however it at the same time increases the pension liability recognized and decreases the shareholder's equity reported for firms with underfunded pension plans. I investigate whether firms take actions to mitigate the impact of SFAS 158. I also examine whether the market perceptions of the risk and cost of capital differ because of SFAS 158. I first find that while firms reduce the non-pension debt to equity ratio to minimize the cost of SFAS 158, they did not use discretionary accruals to offset the impact of SFAS 158. One interpretation of these findings is that firms' potential responses to the rule depend on the costs and benefits associated with that discretionary behavior. While accrual manipulations do not affect either real operations or cash flows, aggressive accrual manipulations can increase the probability of a qualified opinion from auditors, and financial penalties from regulators (SEC litigation). In contrast, real activity manipulation is more opaque than accounting earnings management, making it more difficult to detect by shareholders, SEC regulators, or auditors. I then find that the market perceived risk proxied by total equity risk increased after SFAS 158. However, I fail to find that the increased total equity risk is generally priced by the equity capital markets. Further analysis indicates that bond spread yield decreases after SFAS 158 for firms with underfunded pension plans, suggesting different behavior of debt investors and equity investors. This finding might be explained by the rich information environment specific to the debt market. Compared with the equity market, the debt market includes mainly sophisticated investors. Sophisticated investors have access to more firm-specific information than other investors. Given their access to potentially more informative data, the debt market response to SFAS 158 is different from the equity market. This dissertation contributes to the debate regarding the effectiveness of the pension accounting reforms incorporated in SFAS 158, and is useful to legislators, regulators, and researchers in assessing the anticipated costs and benefits of SFAS 158. In addition, this study lends support to the stream of research which documents that managers take actions to achieve certain financial reporting goals in response to new accounting rules. This study also provides insight into how firms take real actions to minimize the cost of having an under-funded defined benefit pension plan. Understanding these relationships have implications for interpreting pension numbers reported in the financial statements and designing pension accounting rules that prevent or minimize the possibility that managers take advantage of the complexity and subjectivity associated with pension accounting to influence reported earnings. Finally, this study contributes to the existing literature by highlighting the importance and necessity of considering investor sophistication in studies on recognition vs. disclosure. / Business Administration/Accounting

Retailers' ultimate concern is consumers'' purchase intentions because increasing levels of purchase intention may lead to the actual purchase, which is directly related to retailers' sales and profits. Perceived risk has been proposed as one of the most important concepts for understanding how consumers make a purchase decision (Mitchell, 1999) and research findings supported that perceived risk was a significant factor affecting consumers' willingness to purchase (Heijden, Verhagen, & Creemers, 2001). Therefore, it is critical for online retailers in the apparel industry to understand consumer's perceived risk and purchase intention so that they can develop effective retail strategies and build long-term relationships with customers. Consumers use internal information to help them in the purchase decision process by retrieving risk-related information from memory. Experience and product/brand knowledge are two common types of internal information that consumers use to reduce risks and make purchase decisions (Brucks, 1985; Engel, Blackwell, & Miniard, 1995). Studies showed that experience with previous in-home shopping for apparel products significantly reduced perceived risk and increased purchase intention in buying apparel products via in-home shopping channels (Kwon, Paek, & Arzeni, 1991; Park & Stoel, 2005; Sen, Johnson, Stanforth, Lennon, & Moore, 2000). Several researchers also have investigated the relationship between the familiarity with a website's brand and the perceived of risk and purchase intention (Laroche, Kim, & Zhou, 1996; Park & Stoel, 2005). However, the brand familiarity in these studies was measured as consumer's brand knowledge through frequent exposures, such as advertisement, instead of experiences acquired through actual purchase and use of the brands. No study has examined if the purchase experience and actual usage of a specific brand are related to perceived risk when consumers shop for apparel products online. Brand image is one type of knowledge that consumers stored in their memory and may retrieve it during their decision making process. Studies showed that brand image was the most important and most frequently used tool to reduce consumers' perception of risk (Nandan, 2005). McCracken (1989) indicated that brand image helps an individual express oneself and develop one's self-identities; therefore, consumers prefer products with an image that matches their actual or ideal self-concept (Karande, Zinkhan, & Lum, 1997). Therefore, congruity between brand image and consumers' self image (brand-self image congruity) may help consumers to reduce their perceived risk and increase purchase intention in apparel online purchases. No study has examined the effect of brand-self image congruity in apparel online shopping context. The purposes of the study were to investigate (a) the relationships between consumers' experience with apparel catalog/TV shopping and their experience with apparel online shopping, (b) the effects of consumers' experience with apparel online shopping and brand-self image congruity on their experience with a specific brand, and (c) the effects of consumers' experience with a specific brand and brand-self image congruity on their perceived risk and purchase intention in apparel online shopping context. Two conceptual frameworks were developed. The first framework was for examining all participants, including participants with and without experience with a specific brand. The valence of experience with a specific brand was excluded in this framework. The second framework, including the valence of the experience with a specific brand, was for examining participants who had experience with a specific brand. Fifteen research hypotheses were generated with respect to the specific relationships proposed in the conceptual frameworks. A 2 x 2 quasi-experimental between subjects design was used in this study to examine if experience with a specific brand (Experience vs. No Experience) and brand-self image congruity (Consistent vs. Inconsistent) were the antecedents of perceived risk and purchase intention in apparel online shopping context. In addition to the quasi-experimental design, a survey design was also used to examine the relationships among experiences with catalog, TV, and online shopping for apparel products and the relationships among experience with apparel online shopping, perceived risk and purchase intention. Data was collected by online surveys using a national sample, and 455 apparel online shoppers living in the U.S. participated. Factor analysis results showed that the valence and extent of the experiences were two different constructs, and therefore, the two aspects of experience were included in the study. The extent of the experience is about how often consumers buy products, how much money they spend, and how many items they buy (Klopping & McKinney, 2006; Seock, 2003; Ward, 2001). The feelings experienced are called the valence of the experience, and these feelings are usually described in the literature as good/bad, enjoyed/not enjoyed, or satisfied/ dissatisfied with the experience (Chen & Dubinsky, 2003; Folkes & Patrick, 2003; Mano & Oliver, 1993; Raghubir & Menon, 2005). The first purpose of the study was to investigate the relationships between consumers' experience with apparel catalog/TV shopping and their experience with apparel online shopping. The results showed that participants who had more experiences and who had a positive feeling about their experience with buying apparel products from catalogs had more experiences with apparel online shopping. However, participants' TV shopping experiences did not have significant relationships with apparel online shopping. Participants who had more positive feelings about their experience with buying apparel products online purchased apparel product more frequently, bought more apparel items, and spent greater amount of money on apparel products online. The second purpose of the study was to investigate the effects of consumers' experience with apparel online shopping and brand-self image congruity on their experience with a specific brand. The results showed that participants who had more experiences with buying apparel products online and who perceived the image of a specific brand as more consistent with their self image had more experiences with a specific brand, indicating that they purchased apparel product of the brand more frequently, bought more items of the brand, and spent greater amount of money on the brand. The third purpose of the study was to investigate the effects of consumers' experience with a specific brand and brand-self image congruity on their perceived risk and purchase intention in buying a specific brand online. The results of perceived risk showed that for all participants, including those with and without experience with a specific brand, those had more experiences with a specific brand and those perceived the image of a specific brand as more consistent with their self-image perceived less risk in buying the apparel products of the brand online. However, participants who already had experience with a specific brand perceived less risk in buying the brand online if they had positive feeling about their experience with the brand despite of the frequency of previous experience (i.e., the extent of the experience with a specific brand). In the results of purchase intention, similar results to that of perceived risk were found for all participants. Those had more experiences with a specific brand and those perceived the image of a specific brand as more consistent with their self-image had higher purchase intention in buying the apparel products of the brand online. However, among the participants who had experience with the specific brand, only brand-self image congruity influenced their perceived risk and purchase intention. Either the extent or valence of the experience with the brand did not directly influence their purchase intention in buying the brand online. Instead, these experiences indirectly influenced the purchase intention through perceived risk. In conclusion, participants' experience with apparel online shopping and brand-self image congruity were significant factors on their perceived risk and purchase intention in apparel online shopping context. Participants who had more and positive experience with apparel online shopping and those whose self image was more consistent with the brand image perceived less risk and had higher purchase intention in buying apparel products of the brand online. This study extends the understanding of consumers' apparel online shopping behavior by identifying the roles of experiences and brand-self image congruity in apparel online shopping context. Based on the findings, suggestions for marketing strategies in apparel online shopping were provided. / Ph. D.