An investigation of cash holdings debt maturity and corporate performance considering managerial overconfidence evidence from listed Vietnamese firms

One of the most important objectives of any firm is maximizing firm value. In order to achieve that goal, many different aspects come into play. One of those aspects is financial decisions. Financial decisions are mostly determined by managers, therefore, it can be stated that managers are people who play the main role in determining the success of firms. Stemming from this statement, this study attempts to investigate the impact of managerial overconfidence on some financial management aspects, including cash holdings, debt maturity and firm performance. Furthermore, the thesis also expands the research to examine the impact of managerial overconfidence on the deviation between the actual level of cash holdings and the optimal level of cash holdings, and the deviation between the actual level of debt maturity and the optimal level of debt maturity. By mainly focusing on data from 123 face-to-face interviews with top-line managers of Vietnamese non-financial listed firms, the thesis uses data on voice pitch to measure managerial overconfidence and test the effect of managerial overconfidence on the research topics. Besides using voice pitch, to strengthen the empirical results, the study also uses some other measurements of managerial overconfidence, including psychometric testing, bias in earnings forecast, manager’s gender, the visibility of CEOs’ photographs in firms’ annual reports and, a comprehensive index from multiple measurements of the research. The findings indicate that, firstly, firms with overconfident managers tend to hold less cash but the actual level of cash holdings is not far from the optimal level of cash holdings. Secondly, overconfident managers prefer using long-term debt over short-term debt, and they tend to make a higher deviation between the actual level of debt maturity and the target level of debt maturity. Finally, managerial overconfidence is found to be associated with a better result of firm performance

W-+ H+- production and CP asymmetry at the LHC

The dominant contributions to W-+ H+- production at the LHC are the tree-level b anti-b annihilation and the gg fusion. We perform for the case of the complex MSSM a complete calculation of the NLO EW corrections to the b anti-b annihilation channel and a consistent combination with other contributions including the standard and SUSY QCD corrections and the gg fusion, with resummation of the leading radiative corrections to the bottom-Higgs couplings and the neutral Higgs-boson propagators. We observe a large CP-violating asymmetry, arising mainly from the gg channel.Comment: 33 pages, 21 figures, a few typos corrected, one reference adde

NLO electroweak corrections to doubly-polarized W+W−W^+W^- production at the LHC

We present new results of next-to-leading order (NLO) electroweak corrections to doubly-polarized cross sections of $W^+W^-$ production at the LHC. The calculation is performed for the leptonic final state of $e^+\mu_e \mu^- \bar{\nu}_\mu$ using the double-pole approximation in the diboson center-of-mass frame. NLO QCD corrections and subleading contributions from the $gg$, $b\bar{b}$, $\gamma\gamma$ induced processes are taken into account in the numerical results. We found that NLO EW corrections are small for angular distributions but can reach tens of percent for transverse momentum distributions at high energies, e.g. reaching $-40\%$ at $p_{T,e}\approx 300$ GeV. In these high $p_T$ regions, EW corrections are largest for the doubly-transverse mode.Comment: 15 pages, 1 table, 5 figure

One-Loop Corrections to the Two-Body Decays of the Neutral Higgs Bosons in the Complex NMSSM

Since no direct signs of new physics have been observed so far indirect searches in the Higgs sector have become increasingly important. With the discovered Higgs boson behaving very Standard Model (SM)-like, however, indirect new physics manifestations are in general expected to be small. On the theory side, this makes precision predictions for the Higgs parameters and observables indispensable. In this paper, we provide in the framework of the CP-violating Next-to-Minimal Supersymmetric extension of the SM (NMSSM) the complete next-to-leading order (SUSY-)electroweak corrections to the neutralHiggs boson decays that are on-shell and non-loop induced. Together with the also provided SUSY-QCD corrections to colored final states, they are implemented in the Fortran code NMSSMCALC which already includes the state-of-the art QCD corrections. The new code is called NMSSMCALCEW. This way we provide the NMSSM Higgs boson decays and branching ratios at presently highest possible precision and thereby contribute to the endeavor of searching for New Physics at present and future colliders.Comment: 59 pages, 24 figure

The O(αt+αλ+ακ)2\mathcal{O}(\alpha _t+\alpha _\lambda +\alpha _\kappa )^2 correction to the ρ\rho parameter and its effect on the W boson mass calculation in the complex NMSSM

We present the prediction of the electroweak $\rho$ parameter and the W boson mass in the CP-violating Next-to-Minimal Supersymmetric extension of the Standard Model (NMSSM) at the two-loop order. The $\rho$ parameter is calculated at the full one-loop and leading and sub-leading two-loop order $\mathcal {O}(\alpha + \alpha _t\alpha _s + \left( \alpha _t+\alpha _\lambda +\alpha _\kappa \right) ^2)$. The new $\Delta \rho$ prediction is incorporated into a prediction of $M_W$ via a full supersymmetric (SUSY) one-loop calculation of $\Delta r$. Furthermore, we include all known state-of-the-art SM higher-order corrections to $\Delta r$. By comparing results for $\Delta \rho$ obtained using on-shell (OS) and $\overline{\text {DR}}$ renormalization conditions in the top/stop sector, we find that the scheme uncertainty is reduced at one-loop order by 55%, at two-loop ${\mathcal {O}}(\alpha _s\alpha _t)$ by 22%, and at two-loop ${\mathcal {O}}(\alpha _t+\alpha _\kappa +\alpha _\lambda )^2$ by 16%, respectively. The influence of the two-loop results on the $M_W$ mass prediction is found to be sub-leading. The new calculation is made public in the computer program NMSSMCALC. We perform an extensive comparison in the W-mass, Higgs boson mass and the muon anomalous magnetic moment prediction between our calculation and three other publicly available tools and find very good agreement provided that the input parameters and renormalization scales are treated in the same way. Finally, we study the impact of the CP-violating phases on the W-mass prediction which is found to be smaller than the overall size of the SUSY corrections

Loop-corrected Higgs masses in the NMSSM with inverse seesaw mechanism

In this study, we work in the framework of the Next-to-Minimal extension of the Standard Model (NMSSM) extended by six singlet leptonic superfields. Through the mixing with the three doublet leptonic superfields, the non-zero tiny neutrino masses can be generated through the inverse seesaw mechanism. While R-parity is conserved in this model lepton number is explicitly violated. We quantify the impact of the extended neutrino sector on the NMSSM Higgs sector by computing the complete one-loop corrections with full momentum dependence to the Higgs boson masses in a mixed on-shell- DR ¯¯¯¯¯¯¯¯¯¯ renormalization scheme, with and without the inclusion of CP violation. The results are consistently combined with the dominant two-loop corrections at O(αt(αs+αt)) to improve the predictions for the Higgs mixing and the loop-corrected masses. In our numerical study we include the constraints from the Higgs data, the neutrino oscillation data, the charged lepton flavor-violating decays li→lj+γ, and the new physics constraints from the oblique parameters S, T, U. We present in this context the one-loop decay width for li→lj+γ. The loop-corrected Higgs boson masses are included in the Fortran code NMSSMCALC-nuSS