CERGAM/AMSE Finance Seminar
The next finance seminar, co-organized by AMSE and CERGAM, will take place on Tuesday, April 8th, at 10:30 AM at MEGA.
We are pleased to welcome Jérémie Bertrand from IESEG, who will present his paper (in attachement):
"Does Corporate Political Activity (Really) Reduce Borrower Discouragement? The Paradox of Women-Led Firms."
Abstract:
This study examines the relationships between corporate political activity, gender, and borrower discouragement in credit markets, with a focus on women-led firms worldwide. Using data from 22,822 firms across 50 countries, the study challenges the conventional belief that political activities invariably facilitate credit access. The findings reveal that women-led firms engaged in political activities experience a higher rate of borrower discouragement. This outcome is not due to improved access to alternative financing but rather stems from the perception that obtaining credit is more challenging due to discrimination against women in the credit market—a perception shaped by the "know-how" gained through political activities. The results remain robust across various robustness checks, including IV regression and matching analysis.
We look forward to seeing you all at the seminar!
CERGAM/AMSE Finance Seminar
The next finance seminar co-organized by the AMSE and the CERGAM will take place on Tuesday, March 18, at 10:30 AM at the MEGA.
We will welcome Gregory Gadzinski from the International University of Monaco, who will present his paper entitled:
"Is This Time Different? Reconsidering Inflation Hedged Portfolios Through Community Detection and Fuzzy Network."
Please find the attached paper.
Abstract :
The resurgence in inflation that started in 2021 made asset allocation suddenly more complicated. In past high inflationary episodes, the academic literature has shown that investors found success in investing in assets such as commodities, real estate, and certain types of stocks, notably in the energy and materials sectors. However, those options may not necessarily outperform in different macro and geopolitical environments, making it more difficult to build robust inflation hedged portfolios. To address this challenge, we first leverage fuzzy clustering and community detection to identify diversified clusters of industries indexes during historical high inflation regimes. Then, we build optimized portfolios of industries for each cluster and compare their performance in the recent inflationary episode. Finally, we assess the performance of “inflation-clustered” portfolios against traditional hedges, like commodities, to test if optimized stocks allocation in high inflation regimes is a better alternative for investors. We find that leveraging historical inflation information through clustering has been remarkably profitable during the recent period.
CERGAM/AMSE Finance Seminar
Le prochain séminaire finance commun AMSE/CERGAM se tiendra le Mardi 21 mai à 10h30 à la MEGA (Salle de réunion, 2e étage, plot 2).
Il sera présenté par Julien Sauvagnat de Bocconi University
Titre
Corporate Taxation and Carbon Emissions
Co-écrit avec Luigi Iovino et Thorsten Martin
Résumé
We study the relationship between corporate taxation and carbon emissions in the U.S. We show that dirty firms pay lower profit taxes. This relationship is driven by dirty firms benefiting disproportionately more from the tax shield of debt due to their higher leverage. In addition, we document that the higher leverage of dirty firms is fully accounted for by the larger share of tangible assets owned by such firms. We build a general-equilibrium multi-sector economy and show that a revenue-neutral increase in profit taxation could lead to large decreases in aggregate carbon emissions without any noticeable change in GDP.
6ème Séminaire international du CERGAM
Il se tiendra le 4 juillet 2024 de 9h30 à 12h30 (MEGA- salle Séminaire) et accueillera le Dr. Muhammad Farooq
« Dr. Omer Farooq is an Associate Professor of Strategy and Entrepreneurship at Zayed University, UAE. He earned his Ph.D. from the University of Aix-Marseille in 2011.
His research interests include CSR, business ethics, and women's entrepreneurship. His work is published in elite journals such as the Academy of Management Journal.
Dr. Farooq has been recognized with numerous research awards and nominations including the Dexter Award from the Academy of Management, the Temple Awards from the Association of International Business, and the Best Paper Award at the 4th CSR Conference in Berlin. »
