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Phd Defense Mr. T. Barkó, MSc

Title: Essays on stakeholder relations and firm value
Supervisors: Prof. L.D.R. Rennenboog, Prof. J.J.A.G. Driessen

This doctoral dissertation consists of three chapters on stakeholder relationships and firm value. The first chapter examines whether corporate social responsibility affects the relative pricing of equity and debt. The chapter shows that responsible firms have lower credit risk, and an arbitrage strategy exploiting short-term variations in credit and equity prices is also improved by taking corporate social responsibility into account. The second chapter turns to analyzing investor activism promoting corporate social responsibility. The chapter shows that activists can induce meaningful changes in targeted firms, and they can also increase their portfolio value through these actions. The last chapter studies firms’ propensity to commit fraud, and stock market reactions to revealed fraud. The main finding of this chapter is that markets heavily penalize fraud, even alleged wrongdoing is followed by large negative returns. Fraudulent companies subsequently readjust their longterm operations and follow a more conservative business plan.

Tamás Barkó graduated from the University of Pécs in 2010 with a degree in Business Administration. He commenced is doctoral studies in Finance the same year at CentER Graduate School, Tilburg University. During his PhD, he paid a research visit to Yale School of Management. Since August 2016, Tamás holds a post-doctoral position at the Chair of Corporate Finance of the University of Mannheim. His research interests include corporate finance and governance, law and finance, and executive compensation.



Location: Cobbenhagen building, Ruth First room (access via Koopmans building)


Order the PhD thesis










When: 26 February 2018 10:00

Where: Route description Tilburg University campus