No dia 29 de março, Anna Grossman, da Loughborough University London, apresenta no ISEG o estudo “Dissecting Organizational Stigma: The case of Lehman “Orphans” ”.
Entrada livre.
Abstract:
In September 2008, Lehman Brothers and Merrill Lynch had similar business strategies and exposure to toxic assets, and both faced insolvency. However, while Lehman was allowed to fail, Merrill was rescued. For Lehman employees without board positions, bankruptcy was thus random and unrelated to their actions. This quasi-natural experiment allows us to disentangle the effect of organizational stigma from their ability and role in the firm’s distress. We show that former Lehman employees are subsequently (1) paid less, (2) less likely to hold top positions, (3) and have lower-powered incentives in future compensation packages relative to former Merrill employees. However, firms hiring former Lehman employees as directors do not have worse performance or higher risk than firms hiring former Merrill employe