I am a PhD candidate in Finance at the Swiss Finance Institute and École Polytechnique Fédérale de Lausanne (EPFL).
My research interests lie in empirical corporate finance and corporate governance.
I will be available at the 2020 ASSA meetings in San Diego.
[JOB MARKET PAPER]
This paper presents the first large-scale empirical analysis of the pledging phenomenon among U.S. CEOs. Between 2007 and 2016, 7.6% of publicly listed U.S. firms disclosed that their CEOs had pledged company stock as collateral for a loan. On average, CEOs pledge 38% of their shares. The mean loan value is an economically sizeable $65 million. CEOs use the funds to either double down (6.0%), hedge their ownership (3.5%), or to obtain liquidity while maintaining ownership (90.5%). My event study results reveal that stock market participants view pledging as value-enhancing, but perceive significant pledging as value-destroying. Similarly, I find no evidence of its negative shareholder value consequences, except for CEOs who engage in significant pledging.
Presentations (* incl. scheduled):
- EPFL-UNIL Brown Bag Series (Lausanne, Switzerland, 2019)
- LSE PhD Seminar (London, United Kingdom, 2019)
- SFI Research Days (Gerzensee, Switzerland, 2019)
- SFI Academic Job Market Workshop (Lausanne, Switzerland, 2019)
- American Finance Association (AFA) PhD Student Poster Session* (San Diego, USA, 2020)
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.
Presentations (* incl. by co-authors):
- Drexel Corporate Governance Conference* (Philadelphia, USA, 2019)
- Western Finance Association (WFA) (Huntington Beach, USA, 2019)
- European Finance Association (EFA)* (Carcavelos, Portugal, 2019)
- Global Corporate Governance Colloquia (GCGC)* (Fraktfurt, Germany, 2019)
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 Office: ++41-21-693-0098 Email: ruediger.fahlenbrach[at]epfl.ch
Professor Dirk Jenter
Associate Professor of Finance CEPR Research Fellow London School of Economics Department of Finance Houghton Street, CON 2.15 London WC2A 2AE Email: D.Jenter[at]lse.ac.uk
Professor René M. Stulz
Everett D. Reese Chair of Banking and Monetary Economics The Ohio State University 806 Fisher Hall 2100 Neil Avenue Columbus, OH 43210-1399 Office voice: 614-292-1970 Email: stulz.1[at]osu.edu
Teaching assistant for courses:
- Introduction to Finance
- EPFL, 2016 - present, English
- Grundlagen der Betriebswirtschaftslehre (Fundamentals of Business Administration)
- LMU, 2011-2012, German
- 2018: College of Management of Technology (CDM) award for outstanding teaching
- 2019: Best teaching assistant of the Master in Financial Engineering (MFE) section
- Graduating MFE class of 2019
École Polytechnique Fédérale de Lausanne (EPFL) Quartier UNIL-Chamberonne, Bâtiment Extranef, #244 CH-1015 Lausanne Switzerland
Office: 0041-21-693-2308 Cell: 0041-788-66-77-41 Email: firstname.lastname@example.org https://people.epfl.ch/kornelia.fabisik
- Chartered Financial Analyst® (CFA) (2019)
- Professional Risk Manager (PRM™) (2013)
- Eurex Trading Certificate (2013)