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Eventi del Dipartimento di Finanza - Upcoming


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22 novembre 2019 ore 12:30 - 13:45
Sala riunioni 2.e4.sr03 - Via Roentgen, 1

Seminario

Heterogeneous Households under Uncertainty

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Pietro Veronesi, Chicago Booth

 


27 novembre 2019 ore 12:30 - 13:45
Sala riunioni 2.e4.sr03 - Via Roentgen, 1

Seminario

The Geography of Beliefs

Johan Walden, HEC Lausanne


6 dicembre 2019 ore 12:30 - 13:30
Sala riunioni 2.e4.sr03 - Via Roentgen, 1

Seminario

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.

 


11 dicembre 2019 ore 12:30 - 13:45
Sala riunioni 2.e4.sr03 - Via Roentgen, 1

Seminario

TBA

Claudia Robles-Garcia, Stanford



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