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SUMMARY:Brownbag Seminar by Prof. Caterina Moschieri (IE Business School M
 adrid)
DTSTART:20140528T120000
DTEND:20140528T130000
DTSTAMP:20260430T215518Z
UID:0fc39bb652de32c7ae99d2fb42cc0e213d2f2944e67a5af075e1dfea
CATEGORIES:Conferences - Seminars
DESCRIPTION:Caterina Moschieri (IE Business School Madrid)\nSeminar organi
 zed by UNIL-HEC\n"Policy risk and divestitures: FIRM-specific and macro co
 nsiderations"\nHost(s): Jean Philippe BonardiAbstract\nWe explore whether 
 and how firm-specific facets of policy risk lead firms to dispose of and d
 ivest their units in foreign countries. Specifically\, we argue that when 
 firms experience a serious dispute with a host government\, their assessme
 nt of their exposure to policy risk changes\, making them more likely to d
 ivest in the host country’s region and to significantly reduce the amoun
 t of shares that they want to retain in their units in the host country. W
 e find support for this argument using a hand-collected database that matc
 hes all the disputes presented before the World Bank with the claimants’
  divesting activity in the last 18 years.  Furthermore\, when we analyze 
 the aggregate effect of firm-specific risks and macro environmental risks\
 , we find that firms do reduce and contract their investments when encount
 ering high levels of policy risk. These results extend the boundaries of c
 urrent knowledge with respect to the determinants of divestitures and show
  that policy risk is an important driver of divestiture decisions. By high
 lighting the potential disjuncture between macro environmental characteris
 tics and how they apply to\, or are experienced by\, individual firms\, we
  offer a nuanced understanding of environmental features and firms’ stra
 tegies.
LOCATION:UNIL\, Extranef\, room 110 https://planete.unil.ch/plan/?local=EX
 T-110
STATUS:CONFIRMED
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