Essays on corporate governance and the impact of regulation on financial markets

Emanuele Rizzo

Research output: ThesisDoctoral ThesisScientific

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Abstract

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.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • Spalt, Oliver, Promotor
  • Da Rin, Marco, Co-promotor
  • Manconi, Alberto, Co-promotor
Award date28 Aug 2018
Place of PublicationTilburg
Publisher
Print ISBNs9789056685676
Publication statusPublished - 2018

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Corporate governance
Financial markets
Asset prices
Team diversity
Top management teams
Fiduciary duty
Financial performance
Shareholder wealth
Exogenous shocks
Institutional investors
Wealth effect
Legal system
Stock prices
Shareholder rights
Corporate law
Empirical analysis

Cite this

Rizzo, E. (2018). Essays on corporate governance and the impact of regulation on financial markets. Tilburg: CentER, Center for Economic Research.
Rizzo, Emanuele. / Essays on corporate governance and the impact of regulation on financial markets. Tilburg : CentER, Center for Economic Research, 2018. 162 p.
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Rizzo, E 2018, 'Essays on corporate governance and the impact of regulation on financial markets', Doctor of Philosophy, Tilburg University, Tilburg.

Essays on corporate governance and the impact of regulation on financial markets. / Rizzo, Emanuele.

Tilburg : CentER, Center for Economic Research, 2018. 162 p.

Research output: ThesisDoctoral ThesisScientific

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Rizzo E. Essays on corporate governance and the impact of regulation on financial markets. Tilburg: CentER, Center for Economic Research, 2018. 162 p. (CentER Dissertation Series).