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UID:20260605T020853EDT-45807LrI6N@132.216.98.100
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DESCRIPTION:Noémie Bucourt\n\nUniversity of Toronto\n\nReal Effects of Pers
 onal Liability:\n	Evidence from Industrial Pollution\n\nDate: Friday\, Febr
 uary 7\, 2025\n	Time: 10:30 AM - 11:45 AM\n	Location: Bronfman building\, Ro
 om 301\n\nAll are cordially invited to attend.\n\n\nAbstract\n\nThis paper
  studies how imposing personal liability on directors and executives can m
 itigate corporate environmental externalities. I use a landmark court case
  that increased perceptions of out-of-pocket liability risk related to cor
 porate releases of toxic chemicals. This change varied across Canadian pro
 vinces based on their legal systems\, which I exploit in a difference-in-d
 ifferences analysis. I find that imposing personal liability leads to a 23
 % reduction in toxic chemical releases. Treated small firms scale down ope
 rations while large firms invest in clean technology. This environmental b
 enefit is accompanied by a 2.6% decrease in abnormal returns following the
  shock\, as well as an increase in director turnover\, particularly among 
 the wealthiest directors and environmental experts who are the most expose
 d to liability risk. These findings contribute to the debate on the optima
 l level of personal liability to regulate corporate externalities.\n
DTSTART:20250207T153000Z
DTEND:20250207T164500Z
LOCATION:Room 301\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Finance Area Seminar: Noémie Bucourt
URL:/desautels/channels/event/finance-area-seminar-noe
 mie-bucourt-363035
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