Information, Asset Pricing, and Corporate Governance
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
The purpose of this research is to investigate three related topics in          the area of financial economics.  The first topic will explore the              impact of hedging strategies, such as programed trading, on the                 volatility of the stock market.  In recent years, the stock market has          become much more volatile.  This fact was dramatized by the October 19,         1987 crash, and there remains great debate about what may be causing            this increased volatility.  The author will develop a theoretical model         of stock market equilibrium in the presence of dynamic hedging                  strategies and asymmetric information in order to investigate this              volatility.  The second topic involves developing a theoretical model           of asset pricing in the presence of transactions costs and durable              consumption goods.  The third topic will focus on developing a model of         the control and governance of the corporation by introducing life cycle         considerations.  Much of the current literature assumes that                    shareholders own the corporation and the role of corporate governance           is to develop a mechanism to maximize the value of stockholder wealth.          However, from a corporate life cycle perspective, the entrepreneur who          sets up a corporation may  desire to choose a governance structure              which gives him greater control at the expense of shareholder wealth.           This work will increase our understanding of the allocation of voting           rights and control in corporate arrangements.                                                                                                                   This project can be expected to make several important contributions.           The work on stock market volatility should provide a better                     understanding of what is causing increased instability in financial             markets.  This in turn may suggest strategies for modifying market              rules to bring about more orderly capital markets.  The work on                 corporate governance should produce useful insights into merger and             takeover behavior.  The introduction of life cycle considerations may           explain the reluctance of entrepreneurs to release control at early             stages of the corporation.  At an earlier stage, corporations may be            much less vulnerable to hostile takeovers than is commonly thought.
{'FirstName': 'David', 'LastName': 'Bates', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'David Bates', 'EmailAddress': 'david-bates@uiowa.edu', 'NSF_ID': '000345331', 'StartDate': '07/15/1988', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'National Bureau of Economic Research Inc', 'CityName': 'CAMBRIDGE', 'ZipCode': '021385359', 'PhoneNumber': '6178683900', 'StreetAddress': '1050 MASSACHUSETTS AVE', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'Massachusetts', 'StateCode': 'MA', 'CONGRESSDISTRICT': '05', 'CONGRESS_DISTRICT_ORG': 'MA05', 'ORG_UEI_NUM': 'GT28BRBA2Q49', 'ORG_LGL_BUS_NAME': 'NATIONAL BUREAU OF ECONOMIC RESEARCH INC', 'ORG_PRNT_UEI_NUM': None}
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{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1988&All=true', 'xml': '8808461.xml'}