Info
Logo Bocconi

Events of the Department of Finance - Upcoming


Search for a event

November 19, 2019 at 12:30 - 13:45
Meeting Room 2.e4.sr03 - Via Roentgen, 1

Seminar

Bank Transparency and Deposit Flows

Attach

Itay Goldstein, Wharton University of Pennsylvania


November 22, 2019 at 12:30 - 13:45
Meeting Room 2.e4.sr03 - Via Roentgen, 1

Seminar

Heterogeneous Households under Uncertainty

Attach

Pietro Veronesi, Chicago Booth

 


November 27, 2019 at 12:30 - 13:45
Meeting Room 2.e4.sr03 - Via Roentgen, 1

Seminar

The Geography of Beliefs

Johan Walden, HEC Lausanne


December 6, 2019 at 12:30 - 13:30
Meeting Room 2.e4.sr03 - Via Roentgen, 1

Seminar

The Limits of Limited Liability: Evidence from Industrial Pollution

Pat Akey, Rotman School of Management

BROWN BAG SEMINAR

Abstract:

We study how parent liability for subsidiary environmental cleanup costs affects industrial pollution and production. Our empirical setting exploits a Supreme Court decision that strengthened parent limited liability protection for some subsidiaries. Using a difference-in-differences framework, we find that increased liability protection for parents leads to a 5-9% increase in toxic emissions by subsidiaries. Evidence suggests the increase in pollution is driven by lower investment in abatement technologies rather than reallocation across plants or increased production. Cross-sectional tests suggest convexities associated with bankruptcy and compensation drive heterogenous effects. Overall, our results highlight moral hazard problems associated with limited liability.

 


December 11, 2019 at 12:30 - 13:45
Meeting Room 2.e4.sr03 - Via Roentgen, 1

Seminar

TBA

Claudia Robles-Garcia, Stanford



In this section