Working Paper

22 July 2020

Banning Cassandra from the Market? An Empirical Analysis of Short-Selling Bans during the Covid 19 Crisis

During the recent COVID-19 pandemic crisis, stock markets around the world have witnessed an abrupt decline in security prices and an unprecedented increase in security volatility. In response to a week of financial turmoil on the main...

Gianfranco Siciliano | Marco Ventoruzzo
14 March 2021

Does Limited Liability Matter? Evidence from a Quasi-Natural Experiment

We use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes for a group of public firms known as income trusts. We show that the switch from...

Yrjö Koskinen | Nga Nguyen | J. Ari Pandes