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Promotie dhr. A.E. Rizzo, MSc

Titel: “Essays on Corporate Governance and the Impact of Regulation on Financial Markets”
Promotor: prof. dr. O.G. Spalt
Copromotors: dr. M. Da Rin en dr. A. Manconi

This thesis consists of three chapters, one at the intersection between corporate governance and corporate law, one at the intersection between corporate governance and the management literature, and one focusing on the repercussions of regulation on asset prices. The first chapter studies the net shareholder wealth effect of a specific legal arrangement within the U.S. legal system, the shareholders' right to sue the company and its officers, and documents that this effect is, on average, negative. The second chapter explores the market perception of top management team diversity. The empirical analysis relies on a novel, text-based measure of team diversity, and shows that the market systematically underestimates the financial performance of firms with a diverse top management team. Finally, the last chapter investigates whether uninformed institutional investors’ demand can affect asset prices. The empirical strategy exploits the staggered changes of bank trusts’ fiduciary duty standard in the U.S. as an exogenous shock to institutions’ preferences, and documents that uninformed institutional demand can have a large and prolonged impact on stock prices.

Antonino Emanuele Rizzo (Palermo, Italy, 1986) received a B.A. in Business Administration from University of Palermo (Palermo, Italy), and a M.Sc. in Finance from Bocconi University (Milan, Italy). He joined the Research Master program at Tilburg University in 2013. He has been a Ph.D. Candidate in the Department of Finance since 2014. In September 2018, he will join Nova School of Business and Economics as an Assistant Professor of Finance. His research interests include empirical corporate finance, corporate governance, financial regulation and venture capital.

Location: Cobbenhagen building, Auditorium (access via Koopmans building)

Order the PhD thesis

When: 28 August 2018 10:00

Where: Route description Tilburg University campus