NEXT EVENTS
june, 2021
02jun13:0014:00FIN Webinar - Pedro Saffi
Event Details
CEF.UP – FIN Webinar Wednesday – June 2nd, 2021, at 1:00 p.m. Glass Half Full or Half Empty? Activists, Short Sellers, and Disagreement Pedro Saffi - Cambridge Judge Business School (joint
more
Event Details
CEF.UP – FIN Webinar
Wednesday – June 2nd, 2021, at 1:00 p.m.
Glass Half Full or Half Empty? Activists, Short Sellers, and Disagreement
Pedro Saffi – Cambridge Judge Business School (joint work with Tao Li and Daheng Yang)
Abstract: We study events in which activist hedge funds and short sellers target the same stock, using European data on activism and mandatory disclosures of large short positions. The likelihood of activist targeting and the probability of a successful campaign are higher in the presence of large short sellers, with an even larger effect when investor disagreement is high. Hedge fund activism is associated with a reduction in short interest, but it does not affect the likelihood of a large short position. Finally, we show that hedge fund activism generates higher abnormal returns when large short sellers are present, especially when activists achieve their stated goals.
Time
(Wednesday) 13:00 - 14:00
16jun13:0014:00FIN Webinar - José Liberti
Event Details
CEF.UP – FIN Webinar Wednesday – June 16th, 2021, 1:00 p.m. "Information Sharing and Lender Specialization: Evidence from the U.S. Commercial Lending Market" - joint work with Jason Sturgess and Andrew Sutherland
Event Details
CEF.UP – FIN Webinar
Wednesday – June 16th, 2021, 1:00 p.m.
“Information Sharing and Lender Specialization: Evidence from the U.S. Commercial Lending Market” – joint work with Jason Sturgess and Andrew Sutherland
Jose Liberti – Kellogg School of Management, Northwestern University
Time
(Wednesday) 13:00 - 14:00
PAST EVENTS
june 2020
No Events
july 2020
No Events
august 2020
No Events
september 2020
No Events
october 2020
No Events
november 2020
No Events
december 2020
No Events
january 2021
No Events
february 2021
No Events
march 2021
No Events
april 2021
07apr14:0015:00FIN Webinar - Morten Sorensen
Event Details
CEF.UP – FIN Webinar Wednesday – April 7th, 2021 at 2:00 p.m. "Optimal Allocation to Private Equity" Morten Sorensen - Tuck School of Business (Dartmouth College) (joint work with Nicola Giommeti)
Event Details
CEF.UP – FIN Webinar
Wednesday – April 7th, 2021 at 2:00 p.m.
“Optimal Allocation to Private Equity“
Morten Sorensen – Tuck School of Business (Dartmouth College) (joint work with Nicola Giommeti)
Time
(Wednesday) 14:00 - 15:00
21apr14:0015:00FIN Webinar - Mara Faccio
Event Details
CEF.UP – FIN Webinar Wednesday – April 21st, 2021, 2:00 p.m. “Impediments to the Schumpeterian Process in the Replacement of Large Firms” Mara Faccio - Krannert School of Management (Purdue University)
Event Details
CEF.UP – FIN Webinar
Wednesday – April 21st, 2021, 2:00 p.m.
“Impediments to the Schumpeterian Process in the Replacement of Large Firms”
Mara Faccio – Krannert School of Management (Purdue University) – joint work with John McConnell
Time
(Wednesday) 14:00 - 15:00
may 2021
05may13:0014:00FIN Webinar - Andrea Polo
Event Details
CEF.UP – FIN Webinar Wednesday – May 5th, 2021 at 1:00 p.m. (new schedule) “Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises” Andrea Polo - Luiss University
Event Details
CEF.UP – FIN Webinar
Wednesday – May 5th, 2021 at 1:00 p.m. (new schedule)
“Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises”
Andrea Polo – Luiss University (IT) – joint work with José- Luis Peydró and Enrico Sette
Time
(Wednesday) 13:00 - 14:00
19may0:000:00FIN Webinar - Michael Weisbach
Event Details
CEF.UP – FIN Webinar Wednesday – May 19th, 2021 at 3:00 p. m. “Specialized Investments and Firms’ Boundaries: Evidence from Textual Analysis of Patents” Michael Weisbach – Fisher College of Business (Ohio
more
Event Details
CEF.UP – FIN Webinar
Wednesday – May 19th, 2021 at 3:00 p. m.
“Specialized Investments and Firms’ Boundaries: Evidence from Textual Analysis of Patents”
Michael Weisbach – Fisher College of Business (Ohio State University) – joint work with Jan Bena, Isil Erel and Daisy Wang
Abstract
Inducing firms to make specialized investments through bilateral contracts can be challenging because of potential hold-up problems. Such contracting difficulties have long been argued to be an important reason for acquisitions. To evaluate the extent to which this motivation leads to mergers, we perform a textual analysis of the patents filed by the same lead inventors of the target firms before and after the mergers. We find that patents of inventors from target firms become 15% to 20% more similar to those of acquirers’ inventors following completed mergers, benchmarked against patents filed by targets and a group of counterfactual acquirers. This pattern is stronger for vertical mergers that are likely to require specialized investments. There is no change in the similarity of patents for mergers that are announced but not consummated. Overall, we provide evidence suggesting that contracting issues in motivating specialized investment can be a motive for acquisitions.
Time
(Wednesday) 0:00 - 0:00