Our academic from the finance group was recognized with the best paper award at the online “Boca Corporate Finance and Governance Conference”, held between November 14 and 15, 2020. Among the 66 presentations at the conference, only two were recognized with the Best Paper Award, presented by the British Academy of Finance – through the Corporate Governance Special Interest Group – and provided by the Institute for Humane Studies.
Patricio Valenzuela’s research, co-authored with Elena Carletti and Yaniv Grinstein, is titled “Public versus private firms: How different are they during crises?”. The authors state:
“We study whether the corporate decisions of public and private firms react differently in times of crisis. Using data covering more than 140,000 firms in the United Kingdom during the period 2005-2011, we find significant differences between the responses of public and private firms in the years 2008 -2009.
On the one hand, private firms significantly reduced their sales compared to public firms. In conjunction with the decline in sales, private firms experiences a steeper decline in employment, wages, and production costs. Financially, private firms saw a milder increase in leverage and a milder decline in cash holdings relative to public firms during the crisis. The results are consistent with a more severe effects of the crisis on private firms, and with a more conservative response by private firms. We explore the potential reasons behind these differences between public and private firms.”
Elena Carletti (Bocconi University and CEPR), Yaniv Grinstein (IDC Herzliya, Cornell University, and ECGI) & Patricio Valenzuela (University of Chile)
We congratulate our MIPP researcher Patricio Valenzuela for this great recognition!
MIPP Chile 2024