https://www.research.manchester.ac.uk/portal/files/45984177/CEO_gender_02222016.pdf

CEO gender, corporate risk-taking, and the efficiency of capital allocation

We extend the literature on how managerial traits relate to corporate choices by documenting that firms run by female CEOs have lower leverage, less volatile earnings, and a higher chance of survival than otherwise similar firms run by male CEOs. Additionally, transitions from male to female CEOs (or vice-versa) are associated with economically and statistically significant reductions (increases) in corporate risk-taking. The results are robust to controlling for the endogenous matching between firms and CEOs using a variety of econometric techniques. We further document that this risk-avoidance behavior appears to lead to distortions in the capital allocation process. These results potentially have important macroeconomic implications for long-term economic growth.

/pdf/ceo-gender-corporate-risk-taking-and-the-efficiency-of-4pyxh0mmyi.pdf

CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation

The Modern Corporation and Private Property

https://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/Agenda/Eventos/12/Ago/08.schaeck-berger-kick-dayahead.pdf

Executive board composition and bank risk taking

Sharp increases in the price of oil are generally seen as a major contributor to business cycle asymmetries. Moreover, the very recent highs registered in the world oil market are causing concern about possible slowdowns in the economic performance of the most developed countries. While several authors have considered the direct channels of transmission of energy price increases, other authors have argued that the economic downturns arose from the monetary policy response to the inflation presumably caused by oil price increases. In this paper a structural cointegrated VAR model has been considered for the G-7 countries in order to study the direct effects of oil price shocks on output and prices and the reaction of monetary variables to external shocks. Empirical analysis shows that, for most of the countries considered, there seems to be an impact of unexpected oil price shocks on interest rates, suggesting a contractionary monetary policy response directed to fight inflation. In turn, increases in interest rates are transmitted to real economy by reducing output growth and the inflation rate.

/pdf/oil-prices-inflation-and-interest-rates-in-a-structural-3096w1i2ky.pdf

Oil Prices, Inflation and Interest Rates in a Structural Cointegrated VAR Model for the G-7 Countries

We examine how childcare inequalities in the home affect the work productivity of women, using unique data on the family structures of hedge fund managers, and the shock from school closures during the COVID-19 lockdowns. We show that funds with female managers miss out on a 7% excess return on average compared to male-only funds in the shock-month of school closures, providing a direct measure of the cost of unpaid care work. This cost increases with the proportion of mothers in the fund, especially mothers with young children. The performance of funds managed by fathers or women without children is not affected by school closures. With increasing calls for more women representation in all layers of the economy and the efforts exerted towards that goal, there is reason for concern that these efforts might not factor in, as the pandemic has uncovered how women bear both the burden of unpaid care work, and its subsequent cost to their paid work.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID3865201_code431927.pdf?abstractid=3865201&mirid=1

When Paid Work Gives in to Unpaid Care Work: Evidence from the Hedge Fund Industry under COVID-19

We investigate the effect of initial public offerings (IPOs) on the evolution of debt maturity by tracking a sample of US firms that went public over the period 1998−2011. Our findings reveal a significant and permanent increase in debt maturity post-IPO. The short-term debt ratio drops by nearly a fifth in the first two years after the IPO. These findings are economically significant and robust to controlling for the endogeneity in the listing decision. However, the lengthening of the post-IPO debt maturity is only evident in small, highgrowth, and highly levered firms. This finding lends greater support to asymmetric information models than theories based on the agency costs of debt. There is some support for the argument based on the agency costs of equity as the IPO effect on debt maturity is only significant for firms with a high dilution ratio. Finally, the IPO effect varies with macroeconomic conditions as the increase in debt maturity post-IPO was most pronounced during the recent financial crisis of 2007−08.

Roberto Mura

Papers

When Paid Work Gives in to Unpaid Care Work: Evidence from the Hedge Fund Industry under COVID-19

Debt Maturity and Initial Public Offerings