Browsing by Author "Pham MH"

Now showing 1 - 5 of 5
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    Award-winning CEOs and corporate innovation
    (Elsevier B.V., 2024-12-23) Pham MH; Merkoulova Y; Veld C
    We examine the role of award-winning CEOs in corporate innovative activities. We find no significant difference in innovation outputs between firms of media award-winning CEOs and a matched sample of predicted winners. However, firms headed by winners of non-media awards generate significantly more patents and citations in the second and third year after the award. Firms led by CEO-winners of media awards attract more interest in Google and see an increase in the number of financial analysts that follow them. These effects likely exert more pressure on managers to meet short-term goals and hence impede the firms’ innovation. We do not find the same effects for firms that have CEOs who win non-media awards. The latter category sees an improvement in employee treatment following the award year. These different channels explain why innovation only increases for firms that are headed by CEOs who win non-media awards.
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    Business Resilience: Lessons from Government Responses to the Global COVID-19 Crisis
    (Elsevier B.V., 2023-08-22) Nguyen H; Pham AV; Pham MDM; Pham MH
    This study explores the survival of firms across countries, and what factors contribute to their ability to withstand large-scale exogenous shocks, focusing on the COVID-19 pandemic. Using corporate default risk as a measure of non-resilience, our empirical results from 97 countries reveal that stringent COVID-19 containment measures created a significant resilience test for businesses worldwide. Further tests suggest that cash holdings, knowledge assets, international sales, and access to foreign capital markets are crucial for global businesses to pull through exogenous shocks. Country-level institutional qualities also play an essential role in shaping business resilience during a crisis. Our study is the first to comprehensively analyze the drivers of business resilience across diverse countries using the COVID-19 outbreak as a major global crisis, providing a nuanced understanding of this topic in international business.
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    Credit risk assessment and executives’ legal expertise
    (Springer Science+Business Media, LLC, 2023-12) Pham MH; Merkoulova Y; Veld C
    We study whether firms that are led by chief executive officers (CEOs) with law degrees (lawyer CEOs) have different credit ratings and costs of debt from other firms. Our sample consists of Standard & Poor’s 1500 firms from 1992 to 2020, 9.2% of which have lawyer CEOs. We find that these firms have better credit ratings, compared to other firms. On average, their cost of debt is 10% lower than that of firms led by CEOs without legal backgrounds. Our results are robust to different specifications, sampling methods, and controls, such as firm and CEO characteristics. We identify two ways that CEO expertise translates into higher credit ratings: lawyer CEOs are associated with a lower future volatility of stock returns and a reduction in information risk. The decreased business risk and better financial reporting are associated with 5% lower auditing fees for firms with lawyer CEOs.
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    Studying the Nonlinear Optical Properties of Fluoride Laser Host Materials in the Ultraviolet Wavelength Region
    (MDPI (Basel, Switzerland), 2022-01) Van Pham D; Van Nguyen D; Nguyen TX; Doan KAT; Le QM; Pham MH; Cadatal-Raduban M; Principi E
    Fluoride host materials doped with trivalent cerium ions have previously been demonstrated as successful laser materials in the ultraviolet wavelength region. However, the nonlinear optical properties of the fluoride hosts in this wavelength region have not been investigated yet, although nonlinearity could result in undesirable effects such as self-focusing and pulse distortion when these fluoride materials are used as gain media in high-power, ultrashort pulse laser oscillator and amplifier systems. In this work, the nonlinear refractive index of lithium calcium aluminum fluoride (LiCaAlF6), lithium strontium aluminum fluoride (LiSrAlF6), lanthanum fluoride (LaF3), and yttrium lithium fluoride (YLiF4) fluoride host materials are determined using the Kramers–Krönig relation model in the ultraviolet wavelength region. Self-focusing conditions, particularly at the peak laser emission wavelength of these materials, are further analyzed. Results show that LiCaAlF6 has the smallest nonlinear refractive index and self-focusing, making it an ideal host material under the conditions of ultrashort pulse and ultrahigh-power laser generation.
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    Work from Home Suitability and Credit Risk Assessment
    (Taylor and Francis Group, 2023-07-07) Nguyen H; Pham MH; Truong C
    Employing firm-level work from home (WFH) suitability derived from the U.S. universe job postings, we investigate whether rating agencies and debt holders incorporate WFH suitability in their risk assessments. We document that firms with higher WFH suitability have higher credit ratings and lower costs of debt. Our results are robust to different fixed effect estimations, sampling methods, and controls. We identify two ways that WFH suitability translates into higher credit ratings: high WFH suitability is associated with lower future cash flow volatility and lower default risk. Overall, our study suggests that WFH suitability is an important determinant of credit risk assessments and that firms should see flexible work arrangements as an effective strategy in their crisis management planning.