Elena Carletti Wins a Best Paper Award

A paper co-authored by Elena Carletti won the Best Paper Award at the 2020 Boca Corporate Finance and Governance Conference, hosted in Boca Raton by the College of Business, Florida Atlantic University, sponsored by the British Academy of Management and supported by the Institute for Humane Studies.

In their "Public Versus Private Firms: How Different Are They During Crises?", Elena Carletti, Yaniv Grinstein (IDC Herzliya), and Patricio Valenzuela (University of Chile) draw from past crises a lesson that could be used in the aftermath of the current COVID crisis.

Using a novel dataset covering more than 140,000 firms in the UK, they find significant differences in the behavior of public and matched-private firms during the 2008 and 2009 crisis. Compared to public firms, private firms decreased more sales, employment, wages, and production costs. Also, private firms saw a milder increase in leverage and a milder decrease in cash holdings relative to public firms. The authors explore channels for these differences.