I am a PhD candidate in Finance at the Swiss Finance Institute and École Polytechnique Fédérale de Lausanne (EPFL).
My research interests are in empirical corporate finance and corporate governance.
with Rüdiger Fahlenbrach, René M. Stulz, and Jérôme Taillard
Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm’s Tobin’s q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior literature, our findings are consistent with the literature, showing that there is an increasing and concave relation between q and managerial ownership. We show that these seemingly contradictory results are explained by cumulative past performance and liquidity. Better performing firms have more liquid equity, which enables insiders to more easily sell shares after the IPO, and they also have a higher Tobin’s q.
École Polytechnique Fédérale de Lausanne (EPFL) Quartier UNIL-Chamberonne, Bâtiment Extranef, #244 CH-1015 Lausanne Switzerland
Phone: +41-21-693-2308 Email: kornelia.fabisik [at] epfl.ch https://people.epfl.ch/kornelia.fabisik
Professor Rüdiger Fahlenbrach
Associate Professor of Finance Swiss Finance Institute Senior Chair École Polytechnique Fédérale de Lausanne (EPFL) Quartier UNIL-Chamberonne, Bâtiment Extranef, # 211 CH-1015 Lausanne Switzerland
Phone: +41-21-693-0098 Email: ruediger. fahlenbrach [at] epfl.ch http://sfi.epfl.ch/Fahlenbrach.html