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SUMMARY:Business Groups and the Incorporation of Firm-specific Shocks into
  Stock Prices - Mara Faccio (Purdue)\, A professor of finance and the Hann
 a Chair in Entrepreneurship at Purdue’s Krannert School
DTSTART:20190530T113000Z
DTEND:20190530T123000Z
UID:TALK109153@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:In lower income economies\, stocks exhibit less idiosyncratic 
 volatility and business groups are more prevalent. This study connects the
 se two findings by showing that business group affiliated firms’ stock r
 eturns exhibit less idiosyncratic volatility than do the returns of otherw
 ise similar unaffiliated firms. Global commodity price shocks are common s
 hocks that contribute to firm level\nidiosyncratic risk because they affec
 t industries heterogeneously. Idiosyncratic components of commodity shocks
  are incorporated less into idiosyncratic returns of group affiliates than
  unaffiliated firms in the same industry and economy. Identification follo
 ws from difference-indifference tests exploiting successful and matched-ex
 ogenously-failed control block transactions.
LOCATION:Room W4.03 Cambridge Judge Business School
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