Workshop

Grzegorz Pawlina (Lancaster University) Title: CERF Seminar | Grzegorz Pawlina (Lancaster University) Abstract: Coming soon.

Hormoz Ramian (University of Glasgow) Title: The Behavioral Policy Uncertainty Channel and Fiscal Analysis: Theory and Evidence Abstract: We show that the behavioural drivers of the equilibrium asset prices pose as a significant uncertainty channel to policymakers. Whilst policymakers maintain an information superiority...

TBC Title: CERF Seminar | Speaker to be confirmed

Chi-Yang Tsou (University of Manchester) Title: Pollution Abatement Investment under Financial Frictions and Policy Uncertainty Abstract: This paper examines how firms’ investments in pollution abatement are influenced by financial frictions and policy uncertainty. Our data analyses suggest that financially constrained...

Enrichetta Ravina (Chicago Fed) Title: Proxy Voting and the Rise of ESG Abstract: We track the temporal pattern of institutional investors’ ideologies as revealed by their proxy votes from 2005 to 2018. Despite the financial crisis, the regulatory changes on proxy voting and transformation of the asset management industry...

Hormoz Ramian (University of Glasgow) Title: The Behavioral Policy Uncertainty Channel and Fiscal Analysis: Theory and Evidence Abstract: We show that the behavioural drivers of the equilibrium asset prices pose as a significant uncertainty channel to policymakers. Whilst policymakers maintain an information superiority...

Alex Gorbenko (UCL) Title: Distressed Investment, Corporate Debt Liquidity, and Capital Structure Abstract: We examine liquidity of corporate debt and capital structure of the firm run by inefficient management in the presence of a distressed investor in the secondary debt market. In addition to having superior information...

Ron Giammarino (University of British Columbia) Title: Taxes and Equity Risk and Return: The case of Tax-Loss Carry Forwards Abstract: How do taxes affect equity risk and return? In this paper, we examine the relationship between corporate taxes and equity risk and return with a focus on tax-loss carry forwards. Tax-loss...

Arna Olafsson (Copenhagen Business School) Title: Misfortune and Mistake: The Financial Conditions and Decision-Making Ability of High-Cost Loan Borrowers Abstract: The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions (“misfortunes”) or imperfect decisions (“...

Ofer Eldar (Duke University) Title: The Rise of Anti-Activist Poison Pills Abstract: We provide the first systematic evidence of contractual innovation in the terms of poison pill plans. In response to the increase in hedge fund activism, pills have changed to include anti-activist provisions, such as low trigger...