Bond, PhilipChen, Alvin2019-08-142019-08-142019-08-142019Chen_washington_0250E_19865.pdfhttp://hdl.handle.net/1773/44081Thesis (Ph.D.)--University of Washington, 2019These essays explore the connection between the structure of information and corporate policies. The first essay, "Firm Performance Pay as Insurance for Workers," studies a setting in which non-executive workers compete against each other for promotions into higher level positions. I show that when workers prefer early resolution of uncertainty, information about firm output generates promotion risk, against which firm performance pay insures. The second essay, "Fighting Fire with Fire: Mitigating Information Asymmetry with Open-Market Repurchase Program," analyzes the effects of open-market repurchase programs on liquidity. I find that in the presence of other informed traders, share repurchases generate two competing effects on liquidity trading costs. I provide conditions under which repurchase programs mitigate the adverse selection problem, rather than exacerbate it.application/pdfen-USCC BY-NC-NDbonusEpstein-Zinfirm performance payinsurancestock optiontournamentFinanceEconomicsEconomic theoryBusiness administrationThesis