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VERSION:2.0
PRODID:-//Memento EPFL//
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SUMMARY:Why do CEOs pledge their own company's stock?
DTSTART:20190319T121500
DTEND:20190319T131500
DTSTAMP:20260506T205503Z
UID:fc66c5e5f9f6f28b894b04251083f616f2897912ff268e71bbf722df
CATEGORIES:Conferences - Seminars
DESCRIPTION:Kornelia FABISIK (PhD candidate\, SFI@EPFL)\nBetween 2007 and 
 2016\, approximately 7.6% of U.S. firms disclosed that their CEOs had pled
 ged company stock as collateral for a loan. On average\, CEOs pledge 38% o
 f their shares. The mean dollar value of margin loans is an economically s
 izeable $65 million. CEOs use the funds to either double down\, hedge thei
 r ownership\, or for purposes unrelated to changing their effective owners
 hip. I find that the initiation of margin loans unrelated to ownership fol
 lows strong firm performance which continues afterwards. Firms with doubli
 ng-down CEOs do not outperform potential alternative investments.\n 
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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