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In this paper, we develop characteristic-based asset-pricing models for international stocks. We price stocks using passive portfolios created based on observable characteristics: market capitalization, book-to-market, prior-year return, growth of total assets, and operating profitability, each separately created for a given geographical region of the world. As such, our approach allows for segmentation in characteristic-based asset pricing among regions. Using a resampling micro-portfolio approach recently introduced by Barras (2018), we find that market capitalization is the most powerful characteristic in pricing international stocks, and that a threecharacteristic model based on market capitalization, book-to-market, and prior-year return has the lowest pricing errors. We also show that characteristic-based benchmarks exhibit much lower pricing errors, relative to global factor-based models. We further apply our characteristic models to the equity holdings of U.S. funds that invest in international stocks. International index funds exhibit zero abnormal returns, while active funds that charge higher fees and that mainly invest in emerging markets and small or mid-capitalization stocks exhibit positive and significant abnormal returns. These results indicate that U.S.-domiciled active managers are able to generate abnormal returns in less-efficient sectors of non-U.S. stock markets, when expected returns are measured using characteristic-based pricing.

Titanium alloy Ti-6AI-4V ELI is selected for a high-pressure drilling riser application due to its high specific strength, corrosion resistance, and favorable elastic properties. The qualification of this titanium alloy requires assessing its resistance to hydrogen embrittlement and stress corrosion cracking due to seawater with/without cathodic protection, evaluating its wear resistance against a rotating steel drill string, and studying the influence of service-induced defects on fatigue and crack growth behavior when subjected to the operating environment. The paper presents an overview of the design requirements for a titanium drilling riser, and the material properties of the Ti-6AI-4V ELI alloy proposed for this application. The paper also highlights recent efforts to merge titanium and composite technologies to develop cost-effective drilling risers. [S0892-7219(00)01001-3]

The dissertation empirically examines the efficacy of internal control mechanisms by analyzing 94 forced turnovers of chief executive officers (CEOs). It seeks to answer two primary questions: One, do governance-related characteristics influence the promptness with which poorly-performing CEOs are removed from office; and two, are removals of CEOs followed by changes in internal control mechanisms? The results suggest that poorly performing managers are removed more quickly in firms that have a larger percentage of independent outside directors on their board, that have higher equity ownership by the non-CEO directors and lower equity ownership by the CEO, and that separate the positions of CEO and chairperson. The results also suggest that the removal of the CEO provides both the opportunity and the incentive to alter internal governance systems. There is significant turnover of board members and the new boards generally have a higher fraction of independent outside directors and are more likely to separate the positions of CEO and chairperson. In addition, the sensitivity of CEO compensation to firm performance increases significantly following turnover. These post-turnover improvements in monitoring and incentive schemes are more significant in those firms that require a crisis in the product and/or capital market before they remove their CEOs. However, there is no evidence of short-term improvement in operating performance following changes in CEOs and governance systems. Overall, the results suggest that board and ownership characteristics do influence the effectiveness of internal monitoring systems and that CEO turnover is associated with broad changes in monitoring and incentive systems. Ph. D.