Dr. Miriam Marra
Keynote Speaker, Associate Professor of Finance ICMA Centre Director of Equity, Diversity, and Inclusion (Joint) Henley Business School Whiteknights Campus – Reading – RG6 6BA – UK
Miriam Marra is an Associate Professor of Finance at the ICMA Centre and Co-Director of Equity, Diversity, and Inclusion (EDI) at Henley Business School, University of Reading. Prior to joining the ICMA Centre and Henley, Miriam was a Fellow at Warwick Business School where she completed her PhD in Finance. She holds also an MSc in Economics and Finance from Warwick Business School, an M.Sc. in International Economics and Development from the University of Tor Vergata (Rome) and a B.Sc.in Economics from the same institution.
Her research interests are in the areas of empirical finance and span from corporate finance matters (corporate decisions and CEOs traits, gender diversity in C-suites and corporate boards, flexible work and EDI) to asset pricing topics (credit and liquidity risk, credit derivatives, financial markets information inefficiencies, ESG, and FinTech). Miriam has presented her research work in many workshops and conferences in the UK and overseas. Miriam is the chief organiser and creator of the annual event “Women in Business” at Henley Business School since 2016 and writes and speak regularly in the media about topics of diversity, flexibility, and equality in the workplace.
Talk Title:
“S” as Social: Global Credit Markets Responses to the Labor and Community Issues
Abstract
We analyze how social incidents in different countries are perceived in global credit markets. Firms’ credit risk market evaluation jumps immediately for affected firms, with stronger effects for repeated and more severe incidents. The market distinguishes between labor-related and community-related issues. The reaction to labor incidents is greater in consumer-facing and competitive industries, and in countries with stronger employment laws, suggesting that firms’ internal relationships with employees affects credit risk primarily via the business risk channel. The reaction of credit markets to community incidents is more pronounced in countries with weaker institutions and information environments, indicating that firms’ external relationships with communities are particularly important for credit markets where institutional voids are greater. Furthermore, we find that institutional ownership can ameliorate the adverse effects for both types of incidents.