Febo, Valentina
(2023)
Essays on risk-taking in corporate finance, [Dissertation thesis], Alma Mater Studiorum Università di Bologna.
Dottorato di ricerca in
Management, 34 Ciclo.
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Abstract
This thesis consists of three independent essays on risk-taking in corporate finance. The first essay explores how community-level social capital (CSC), framed as a cultural characteristic of individuals born in different provinces of Italy, affects investment behavior in equity crowdfunding. Results show that investors born in high-CSC provinces invest more money in ventures characterized by an enhanced risk profile. Observed risk-taking is theoretically linked to higher generalized trust endowed to people born in high-CSC areas. The second essay focuses on how convexity of Chief Financial Officers’ stock options affects their hedging decisions in the oil and gas industry. Highly convex CFOs hedge less commodity price risk, even if the Chief Executive Officer’s incentives are consistent with a more conservative hedging strategy. Finally, the third essay is a systematic literature review on how different sources of compensation-based risk-taking incentives of Chief Executive Officers affect decision-making in corporate finance.
Abstract
This thesis consists of three independent essays on risk-taking in corporate finance. The first essay explores how community-level social capital (CSC), framed as a cultural characteristic of individuals born in different provinces of Italy, affects investment behavior in equity crowdfunding. Results show that investors born in high-CSC provinces invest more money in ventures characterized by an enhanced risk profile. Observed risk-taking is theoretically linked to higher generalized trust endowed to people born in high-CSC areas. The second essay focuses on how convexity of Chief Financial Officers’ stock options affects their hedging decisions in the oil and gas industry. Highly convex CFOs hedge less commodity price risk, even if the Chief Executive Officer’s incentives are consistent with a more conservative hedging strategy. Finally, the third essay is a systematic literature review on how different sources of compensation-based risk-taking incentives of Chief Executive Officers affect decision-making in corporate finance.
Tipologia del documento
Tesi di dottorato
Autore
Febo, Valentina
Supervisore
Co-supervisore
Dottorato di ricerca
Ciclo
34
Coordinatore
Settore disciplinare
Settore concorsuale
Parole chiave
risk-taking; equity crowdfunding; generalised trust; culture; compensation; hedging; CFO; CEO
URN:NBN
Data di discussione
19 Giugno 2023
URI
Altri metadati
Tipologia del documento
Tesi di dottorato
Autore
Febo, Valentina
Supervisore
Co-supervisore
Dottorato di ricerca
Ciclo
34
Coordinatore
Settore disciplinare
Settore concorsuale
Parole chiave
risk-taking; equity crowdfunding; generalised trust; culture; compensation; hedging; CFO; CEO
URN:NBN
Data di discussione
19 Giugno 2023
URI
Gestione del documento:
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