The rapid soaring housing prices in Chinese residential property market have attracted increasing worldwide attention in recent years. Facing the rising concerns about both the stability and sustainability of Chinese housing market prices dynamics, this study aims at investigating the impacts of changes in housing wealth on consumption in China. Previous studies on this subject usually use country level data with relatively shorter sample period, or individual time series for a single or a few cities. Recent development in literatures suggests that panel data have the more heightened capacity for modeling the complexity of human behavior than a single cross-section or time series data can possibly allow. In this study, in order to identify both long-term and short-term elasticity of consumption with respect to housing wealth, panel framework of ECM is constructed, with quarterly data from 23 cities throughout China, covering the period of 2005Q1-2010Q4. The estimation results confirm large and highly significant positive housing wealth effect on consumption in both long-run and short-run for China. Furthermore, due to the potential endogeneity problem driven by the fact that housing prices are highly correlated with income, instrumental variable estimations are also implemented. The resulting empirical findings confirm that changes in housing values can exert large and positive impacts on household consumption, even after this potential endogeneity bias is controlled for.

Access to adequate liquidity to finance future investments is an essential element of financial management. The two main questions that this dissertation attempts to answer are (i) what is the net valuation effect of LoC? and (ii) if LoC create value, what are the sources of this value? To answer these questions, I constructed a sample of 85,232 firm-years spanning from 1993 to 2016, with credit line data obtained from Capital IQ and Bloomberg. I investigated the valuation effects of LoC with a methodology extensively used in the analysis of the valuation implications of cash. I used this methodology because cash and LoC are two alternatives to manage liquidity and estimated the changes in shareholders' value associated with changes in existing LoC undrawn balances and on new LoC agreements. The results from this analysis demonstrates a positive association between increases in LoC capacity and shareholder's value. These findings are also obtained in univariate and event study analyses. The results also suggest that LoC create more value for firms that are rich in cash, indicating the LoC and cash are complementary liquidity management tools. I then focused on the sources of the value created by credit lines. I examined whether information asymmetry plays a role in LoC valuation by analyzing the association between firm value and LoC for firms with high- and low-information asymmetric. I also studied whether LoCs reduce agency problems by comparing firm value and LoC capacity in both poorly and well-governed firms. Furthermore, I examined whether firms benefit from an increase in financial flexibility provided by access to credit lines. I found results consistent with LoC being more valuable for firms with higher levels of informational asymmetries. The analysis also suggests that LoCs with longer maturity create more value than those with shorter maturity. Surprisingly, I find limited support for the hypothesis that shareholders place a higher value on LoCs in increasing financial flexibility. Moreover, I found no support for the role of credit lines in reducing agency problems.

This dissertation comprises three essays in the field of empirical corporate finance and it contributes to the literature on the financial and real effects of corporate governance. Broadly defined, corporate governance encompasses all mechanisms that remove frictions in the relationship between firm insiders and outside stakeholders with claims on the cash flows of the company. The field has focused on the relationships between concentrated equity-holders and managers, but there are many other firm claimants. I consider two that are understudied: (1) The government, which holds a claim on firm cash flows through its taxation power. This stake motivates the government to detect and punish manager expropriation. And (2) passive investors, which appear not to engage with the running of individual firms in their maximally diversified portfolios but which may have a portfolio-maximization incentive to do so. In the first two chapters I hypothesize that credible government monitoring creates firm value by reducing frictions between firms and their bank lenders, allowing them to access more and cheaper financing to fund new investments. I quantify the effect in the context of a tax audit program in Ecuador wherein a sub-group of firms were chosen to be audited every year indefinitely. In the first chapter, I show that banks lend more to firms that are known to be under higher government scrutiny, both on the intensive and extensive margins, and do so at lower interest rates and longer maturities. I control for selection bias using a regression discontinuity design based on the procedure the tax authority used to choose which firms to add to the auditing program. In the second chapter, I use the same Ecuadorian setting as in the first chapter to show that government monitoring affects the real economy: Firms subject to more government monitoring increase their employment and their investment in physical capital. This is true even though the firms increase their average tax payments. The estimated employment effects jointly estimate new employment and formalization of existing employees. Investment effects are concentrated in physical capital investments, rather than in intangibles. But what mechanism is driving these results? I determine that the financial and real effects act primarily through government monitoring reducing ``hidden action'' frictions between firms and their lenders. The corporate governance effects of tax enforcement are valuable to firm investors, which update their beliefs on firms' abilities to divert firm resources going forward, making firm actions more predictable under the monitoring regime. The combination of a larger supply of bank credit at a lower price supports this mechanism. Moreover, monitored firms became more likely to borrow from a bank that they had never borrowed from before and to attract investments from new private investors. Finally, it is those firms that appear to be most likely to divert ex ante, by both tax and accounting measures of diversion, that receive the largest decrease in their cost of borrowing once they are chosen for the program. I conclude that this government monitoring, even when it was designed to maximize tax collection, had a meaningful effect on firm access to capital and on the real economy. This evidence supports the hypothesis that predictable government enforcement of laws is an important part of a comprehensive corporate governance system, lowering frictions that are not mitigated through other means and complimenting other mechanisms, such as bank monitoring. The policy implication is that an increase in tax enforcement can benefit both the government and outside firm stakeholders by generating greater tax revenue and increasing the value of the firm to outsiders. In the third chapter I test the hypothesis that shareholder governance, the primary mechanism for inducing managers to maximize own-firm value, may in some circumstances lower manager incentives to maximize the value of their firm when to do so they would need to engage in fierce competition with other firms that their shareholders also own. One way that cross-holding shareholders could incentivize managers to internalize their competition preferences is to influence the composition of executive compensation by increasing the payouts to managers when their industry does well relative to the payouts when their own firm does well. I find no robust relationship between the cross-holdings of minority shareholders and the competition incentives embedded in the compensation of top firm executives. Rather, I find that firms with shareholders that hold relatively more cross-holdings in direct competitor firms are more likely to adopt performance pay that expressly rewards out-performing peers. This chapter contributes to the current policy debate on how to regulate diversified investors by casting doubt on the anti-competitive effects of these holdings, at least through the mechanism of executive compensation, the main way that firms align shareholder and executive incentives.

This study employed narrative methods to explore how two Somali-Canadian women formed and understood their identities as first-generation university students. In conceptualizing identity, the study draws on sociological literature that frames identities as a collection of social roles that are performed. Within this framework, university student is a cultural object related to specific kinds of capital. The data are presented in narrative form, based in life history and life story approaches. Within their narratives, participants recounted the ways in which their attempts at developing a university student identity were complicated by their identities as Black, Muslim, economically marginalized individuals from refugee backgrounds. The tension at the heart of each participants’ narrative was not how to perform the university student role, but the cost of that performance on other parts of their identity. These findings reveal the narrow definition university student within the Canadian imagination and its consequence for the lives of marginalized communities.

The South African tax system currently provides for wealth transfer taxation by virtue of estate duty in terms of the Estate Duty Act and donations tax in terms of Part V of the Income Tax Act, which are primarily levied on the transferor. At the outset, this study investigates the conceptual justification for this type of taxation in the South African context, especially in view of the fact that some countries have recently abolished their wealth transfer taxes. It is concluded that the arguments against wealth transfer taxation are not compelling enough to justify its abolition from the South African tax system. It is also submitted that the levying of capital gains tax on the death of a wealth holder cannot act as a substitute measure to tax wealth transfers in the South African system. It is, however, explained that the levying of both taxes reflects a scenario of double taxation on a deceased estate and that the equity criterion supports the taxation of wealth transfers in the hands of the recipient. The possibility of merely including inheritances and gifts in the “gross income” of a beneficiary is explored, but is submitted that such a move would be politically and administratively unlikely. After having come to the conclusion that wealth transfer taxation is indeed justifiable for the South African tax system, two key issues are explored in the study. The first issue relates to the lack of integration that exists between the taxation of inter vivos transfers (under the donations tax regime) and the taxation of transfers on death (under the estate duty regime). After having compared the systems in the United Kingdom, the Netherlands and Ireland, it is concluded that it is conducive to equity, neutrality and tax administration that the rules relating to the jurisdictional basis, double taxation relief, tax rates and valuation rules apply (in general) equally to inter vivos transfers and transfers on death. It is evident, however, that it remains necessary to distinguish between the two types of transfers, because this creates a flexible platform to accommodate special circumstances and differences. A number of measures to improve integration under the current regimes are recommended, but it is suggested that, ideally, the Estate Duty Act and Part V of the income Tax Act should be replaced by a single integrated statute. The second issue deals with the question whether or not the well-established estate duty and donations tax regimes should be replaced by a recipient-based system, especially in view of its theoretical appeal. After having shown that a recipient-based wealth transfer tax offers more appropriate solutions to some of the problem areas common to wealth transfer taxation in general (such as the accommodation of third-party life insurance benefits, limited interests and a special regime for discretionary trusts), it is concluded that the current regimes should be replace by a recipient-based wealth transfer tax, which may even be accommodated as a separate schedule to the existing income Tax Act in much the same way as capital gains tax. / Thesis (LLD)--University of Pretoria, 2010. / Mercantile Law / unrestricted

The present study examined whether the resource-potential (RP) of a male dater (i.e., potential financial success and status) and/or respondent gender related to attitudes toward coercive sexual behavior by the male. Participants (59 males and 82 females) read a hypothetical dating scenario in which a heterosexual couple went out for dinner and then returned to the female’s apartment to watch a movie. The RP of the male dater was set at high and low. Following the scenario, rating scales posing increasing levels of coercive sexual behavior (a sexual advance, verbal persuasion, and physical coercion) were presented. The participants rated the likelihood and acceptability of each behavior on a 7-point scale. A 2 (respondent gender) x 2 (high or low RP) between-subjects multivariate analysis of variance (MANOVA) was performed on the six dependent variables (DVs): the likelihood of the three coercive behaviors and the acceptability of the three coercive behaviors. The combined DVs were significantly affected for respondent gender and RP but not by their interaction. Univariate analyses of variance (ANOVAs) were performed on each DV. Significant differences were found between males and females on all DVs except the acceptability of a sexual advance. Significant differences were also found between the high RP scenario respondents and the low RP respondents for the likelihood of a sexual advance and the likelihood of verbal persuasion. For exploratory purposes, univariate analyses were performed and an interaction was found between respondent gender and RP for the acceptability of verbal persuasion and the acceptability of physical coercion. While all hypotheses were not fully supported, overall the present study yielded very promising results. First, additional support was given to the coercive sexual behavior literature by the finding that females find coercive sexual behaviors more likely while males find them more acceptable. Secondly, social equity theory was supported by the finding that high RP scenario respondents found the coercive sexual behaviors more likely than the low RP scenario respondents did. Finally, the finding that females were more accepting of coercive sexual behaviors from a male with high RP than from a male with low RP offers support to the mating strategy assertions of sociobiological theory.

More than 3 million refugees have resettled in the U.S. alone since 1948 (United Nations High Commissioner for Refugees [UNHCR], 2018). Less than 10% of refugees resettled in the U.S. make educational advancements of any kind post-resettlement, and only six percent of refugees worldwide have entered postsecondary education (Capps and Fix, 2015; Ferede, 2018; Kerwin, 2012; Mendenhall, Russell and Buckner, 2017; U.S. Department of State, 2017; UNHCR, 2017, 2019, 2021). Despite these data, there is no lack of desire to attend college or university among refugees who have completed secondary school (Dryden-Peterson et al., 2010). This post-intentional phenomenological study sought to understand more deeply the lived experiences of resettled refugees accessing postsecondary education and how they utilize navigational and aspirational capital to negotiate exploration, application, and enrollment processes. Findings of this study surfaced barriers resettled refugees in the United States navigate at the meso-, macro-, and micro-levels of postsecondary educational access, the community cultural wealth that resettled refugees create, and how they utilize this capital to navigate the complexities of an educational system created without them in mind. This study has implications for secondary and postsecondary professionals, policymakers at the state and federal levels, and for researchers who are interested in postsecondary educational access for resettled refugees. / Doctor of Philosophy / Refugees have been resettled in the United States since 1948(United Nations High Commissioner for Refugees [UNHCR], 2018). Most of these resettled refugees have not made educational advancements after resettlement despite their desires for additional education. This study was designed to understand what it is like for resettled refugees when they attempt to purse education after graduating from high school and what are the barriers that can get in their way when they are learning about, applying to, and going to college. This study also sought to understand what helps resettled refugees successfully continue to make progress at each of these points in the college-going process. This research shows that resettled refugees have high aspirations for gaining education after high school and that their families and other members of their broader community also share these aspirations. It also shows that resettled refugees learn how to work through complex challenges by relying on both the information they collect about college-going and the information that others share with them. This study is useful for those who work in all areas of education and government in the United States and who are responsible for making decisions about how policies and rules can help or hinder resettled refugees as they attempt to learn about, apply to, and go to college.

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