Essays on risk-taking in corporate finance

This thesis consists of three independent essays on risk-taking in corporate finance. The first essay explores how community-level social capital (CSC), framed as a cultural characteristic of individuals born in different provinces of Italy, affects investment behavior in equity crowdfunding. Results show that investors born in high-CSC provinces invest more money in ventures characterized by an enhanced risk profile. Observed risk-taking is theoretically linked to higher generalized trust endowed to people born in high-CSC areas. The second essay focuses on how convexity of Chief Financial Officers’ stock options affects their hedging decisions in the oil and gas industry. Highly convex CFOs hedge less commodity price risk, even if the Chief Executive Officer’s incentives are consistent with a more conservative hedging strategy. Finally, the third essay is a systematic literature review on how different sources of compensation-based risk-taking incentives of Chief Executive Officers affect decision-making in corporate finance.

Cheering the soul: Ibn Qāḍī Baʿlabakk’s Mufarriḥ an-Nafs. Arabic edition, english translation, study and glossaries

The Mufarriḥ an-nafs (Soul-Cheerer), attributed to Badr ad-Dīn Muẓaffar Ibn Qāḍī Baʿlabakk, who served under the Ayyubids as the Chief Medical Officer of Damascus in the mid-13th century, was written as a comprehensive guide for physicians outlining different approaches to cheering the soul. The tractate is divided into ten chapters, which explore the nature of the soul, its distinction to the body as well as their connection through sensorial perception. Ibn Qāḍī Baʿlabakk distinguishes the bodily senses – hearing, vision, smell, taste, touch – and the inner senses, which he sees as stimulated through activities such as hunting and engagement in poetry and the sciences. The seventh chapter of the Mufarriḥ an-nafs includes an extended encyclopedia on materia medica as well as dispensatory of simple and compound drugs, which is devoted to treating the soul and remains unparalleled in the history of Islamicate medicine. My doctoral dissertation offers a complete recension and translation of the Mufarriḥ an-nafs based on a stemma codicum drawn from the seventeen extant text witnesses. The dissertation contextualizes the work, its author as well as sources, and features a text commentary that seeks to enable the reader to easily place and understand the Mufarriḥ an-nafs within the tradition of Galenic medicine. The glossaries on materia medica found at the end of the dissertation are aimed at facilitating access to the pharmacological dispensatory included in the seventh chapter.