Finance
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- 2024
- Working Paper
Corporate Actions as Moral Issues
By: Zwetelina Iliewa, Elisabeth Kempf and Oliver SpaltWe study how a representative sample of the U.S. population evaluates a broad range of corporate actions from a nonpecuniary perspective. Our core findings, based on large-scale online surveys, are that (i) self-reported nonpecuniary concerns are large, both for stock market investors and non-investors; (ii) concerns about the treatment of workers and CEO pay rank highest, higher than concerns about workforce diversity and fossil energy usage; (iii) moral universalism (Enke (2024)) emerges as a key driver of nonpecuniary preferences, explaining substantial variation both across participants as well as across corporate actions. Combined, our findings provide new evidence on the importance of moral concerns as a driver of nonpecuniary preferences in the context of corporate actions.
- 2024
- Working Paper
Corporate Actions as Moral Issues
By: Zwetelina Iliewa, Elisabeth Kempf and Oliver SpaltWe study how a representative sample of the U.S. population evaluates a broad range of corporate actions from a nonpecuniary perspective. Our core findings, based on large-scale online surveys, are that (i) self-reported nonpecuniary concerns are large, both for stock market investors and non-investors; (ii) concerns about the treatment of workers...
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- December 2024 (Revised January 2025)
- Case
Balancing Returns and Responsibilities at Raya Partners
By: Arthur Segel, Ephraim Mernick, Derek C. M. van Bever and Olivia BarbaRaya Partners, a private equity firm, faces a crucial decision regarding Asa Specialty Coatings Company (ASCC). The dilemma involves shifting ASCC's manufacturing operations to Mexico, a move that would boost profitability and reduce emissions but result in significant layoffs in Vermont, impacting employees and the local community. Adrienne, Raya Partners' Chief Investment Officer, grapples with balancing financial gains, social responsibilities, and environmental considerations. The decision also tests Raya Partners' commitment to its ESG policy. Adrienne must devise a transparent communication strategy, explore fair severance packages, and consider ways to alleviate the financial burden. Ultimately, the choice made will define Raya Partners' values and shape ASCC's future.
- December 2024 (Revised January 2025)
- Case
Balancing Returns and Responsibilities at Raya Partners
By: Arthur Segel, Ephraim Mernick, Derek C. M. van Bever and Olivia BarbaRaya Partners, a private equity firm, faces a crucial decision regarding Asa Specialty Coatings Company (ASCC). The dilemma involves shifting ASCC's manufacturing operations to Mexico, a move that would boost profitability and reduce emissions but result in significant layoffs in Vermont, impacting employees and the local community. Adrienne, Raya...
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- 2024
- Working Paper
The Real Effects of Bankruptcy Forum Shopping
By: Samuel Antill and Aymeric BellonMany non-Delaware firms strategically file for bankruptcy in Delaware. Should this "forum shopping" be allowed? This question has motivated six congressional bill proposals over decades of policy debate. Using a novel natural experiment and Census-Bureau microdata, we inform this debate. Comparing observably similar firms within a Delaware-adjacent state, we show that physical proximity to Delaware predicts forum shopping. Instrumenting with proximity, we find that forum shopping causally: (i) prevents closures and liquidations, (ii) shortens bankruptcies, (iii) boosts creditor recovery, and (iv) increases post-bankruptcy employment by 62%. Proximity to Delaware is uncorrelated with pre-bankruptcy employment trends, validating the exclusion restriction.
- 2024
- Working Paper
The Real Effects of Bankruptcy Forum Shopping
By: Samuel Antill and Aymeric BellonMany non-Delaware firms strategically file for bankruptcy in Delaware. Should this "forum shopping" be allowed? This question has motivated six congressional bill proposals over decades of policy debate. Using a novel natural experiment and Census-Bureau microdata, we inform this debate. Comparing observably similar firms within a...
About the Unit
Our strategy is to assemble and nurture a faculty whose interests and skills complement each other, and who work well together:
a) to produce a broad range of finance-related research that is published in top-tier scientific and practitioner journals, and that addresses issues of present and future importance to managers (including regulators and policy makers);
b) to develop highly-relevant and intellectually rigorous MBA and executive education courses; and
c) to mentor future academics through the Business Economics doctoral program.
Our applied focus and access to business organizations are major advantages which are reinforced by our students and our case-based approach. We have a faculty with broad expertise, and we have resources, field contacts, and institutional support, all of which we can leverage to do richer work and be more productive than we could at other institutions.
Recent Publications
Corporate Actions as Moral Issues
- 2024 |
- Working Paper |
- Faculty Research
Hippo: Weathering the Storm of the Home Insurance Crisis (B)
- January 2025 |
- Supplement |
- Faculty Research
Lind Equipment (B)
- January 2025 |
- Supplement |
- Faculty Research
Lind Equipment (A)
- January 2025 |
- Supplement |
- Faculty Research
Balancing Returns and Responsibilities at Raya Partners
- December 2024 (Revised January 2025) |
- Case |
- Faculty Research
The Real Effects of Bankruptcy Forum Shopping
- 2024 |
- Working Paper |
- Faculty Research
Assessing Assessors
- 2024 |
- Working Paper |
- Faculty Research
Are Bankruptcy Professional Fees Excessively High?
- December 2024 |
- Article |
- Review of Financial Studies
Harvard Business Publishing
Seminars & Conferences
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