Prof. Dr. Kornelia Fabisik🔒 SSL Verified

Table of Contents

• ↓ Publications
• ↓ Why Are Firms With More Managerial Ownership Worth Less?
• ↓ Journal of Financial Economics
• ↓ Working papers
• ↓ Is History Repeating Itself? The (Un)Predictable Past of ESG Ratings
• ↓ Revise and Resubmit at the Journal of Finance
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"I do research in empirical corporate finance, corporate governance, and sustainable finance."

"I am a recipient of the 2021 Lamfalussy Research Fellowship from the European Central Bank (ECB) as well as a Research Affiliate at the Centre for Economic Policy Research (CEPR). I have also received 2022 Rising Star Award from the International Corporate Governance Network (ICGN). I worked as an Assistant Professor of Finance at the Frankfurt School of Finance & Management from August 2020 to July 2022 and in August 2022, I joined the University of Bern. Since 2022, I have been a Visiting Professor at the Frankfurt School of Finance & Management. I also have a blog on ESG ratings that you can access at www.clarityinesg.com."

"Abstract: Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm’s Tobin’s q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior literature, our findings are consistent with the literature, showing that there is an increasing and concave relation between q and managerial ownership. We show that these seemingly contradictory results are explained by cumulative past performance and liquidity. Better performing firms have more liquid equity, which enables insiders to more easily sell shares after the IPO, and they also have a higher Tobin’s q."

"Abstract: The explosion in ESG research has led to a strong reliance on ESG rating providers. We document widespread changes to the historical ratings of a key rating provider, Refinitiv ESG (formerly ASSET4). Depending on whether the original or rewritten data are used, ESG-based classifications of firms into ESG quantiles and tests that relate ESG scores to returns change. While there is a positive link between ESG scores and firms’ stock market performance in the rewritten data, we fail to observe such a relationship in the initial data. The ESG data rewriting is an ongoing rather than a one-off phenomenon."

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Publications

Why Are Firms With More Managerial Ownership Worth Less?

Journal of Financial Economics

Working papers

Is History Repeating Itself? The (Un)Predictable Past of ESG Ratings

Revise and Resubmit at the Journal of Finance