Margarida Soares

Working Papers

Are Women More Exposed To Firm Shocks? with Ramin Baghai and Rui Silva 

Abstract: Workers care deeply about job security and pay stability. Given potentially differing risk attitudes between men and women, we examine whether gender differences exist in employee exposure to idiosyncratic firm shocks. Using a comprehensive employer-employee matched dataset, we find significant gender disparities in how firm shocks affect workers: women’s wages are 25% more elastic and their dismissal rates are 34% more sensitive to firm performance shocks than those of their male colleagues. These gender differences are larger for employees with children, in small firms, and in firms without female executives. Our results uncover a gender gap in firm insurance.

• Presentations: UCL School of Management, Nova SBE, 2023 Midwestern Finance Association Annual Meeting, 2023 Labor and Finance Group Conference at Columbia, 2023 Financial Intermediation Research Society Conference, Mistra Center for Sustainable Markets at the Stockholm School of Economics, 2023 CSEF-RCFS Conference on Finance, Labor and Inequality, XII IBEO Workshop on Institutions, Individual Behaviour, and Economic Outcomes, ESSFM 2023 in Gerzensee, 2023 European Finance Association Conference, Cambridge-Nova Workshop 2023, 2024 American Economic Association Annual meeting, 2024 9th SDU Finance Workshop.

Household Income Shocks and Sustainable Products with Pedro Pires, Miguel Ferreira and André Trindade

Abstract: As consumer and investor demand for sustainability rises, firms are expanding their portfolios to include more sustainable products. This paper investigates whether such firms, as a result, become more exposed to household income shocks. Using U.S. retail scanner data, we find that declines in household income significantly reduce the share of spending on sustainable products—especially among high-income households. These results are robust to alternative sustainability classifications and cannot be fully explained by health considerations. To help identify causal effects, we exploit exogenous variation in household income arising from the timing of tax rebate disbursements under the 2008 Economic Stimulus Payments program. A structural demand model indicates that the effect is driven by both high-income consumers’ lower price sensitivity and a stronger preference for sustainable products, irrespective of price. Our findings suggest that firms focusing on sustainable offerings may face greater demand volatility during income downturns, highlighting trade-offs in aligning business strategies with sustainability goals. 

• Presentations: ESCP Business School, 2025 SGFIN Annual Research Conference on Sustainability, Nova WU Workshop 2025, Symposium on Financial Market in the Era of the Climate Change at IE Business School,  and SHOF-GaPP Environmental Regulations and Industrial Structure Conference (scheduled).

The Impact of IPOs on Workers with Ramin Baghai and Rui Silva 

Abstract: We study how initial public offerings affect workers. Going public significantly impacts the relationship between firms and employees: firms raise salaries and offer more stable wages, especially to long-tenured workers. These changes in employment contracts affect household finances and family decisions. After an IPO, workers take on more investment risk and are more likely to purchase a home; they are also more likely to marry and have children. To identify these effects, we use stock market return variations during the book building period as an instrument for IPO completion.

• Presentations:  AFA Annual Meetings, Birkbeck College London, Central European University Vienna, Universidad Carlos III de Madrid, SFS Cavalcade Asia-Pacific, CSEF-RCFS Conference on Finance, Labor and Inequality, 7th Endless Summer Conference of Financial Intermediation and Corporate Finance, London Business School, NHH Bergen, Toulouse School of Economics, Stockholm School of Economics, and Wilfrid Laurier University for helpful discussions.

The Value of Trademarks with Pranav Desai, Ekaterina Gavrilova and Rui Silva

Journal of Financial Economics, Conditionally accepted

Chicago Booth Review article

Abstract: We create a new measure of the value of an important, but previously understudied, intangible asset—trademarks. We quantify the stock market reaction to the publication of individual trademarks manually matched to U.S. publicly traded firms. We find that trademarks are used ubiquitously and possess substantial value: the median trademark is worth $20.3 million. Firms that publish trademarks subsequently launch new products, increase sales, invest more in physical capital, hire more employees, increase production output, become more profitable, and increase their market share considerably. For identification, we exploit the quasi-random assignment of USPTO examining attorneys to trademarks.

• Presentations: Nova SBE, Cambridge-Nova Workshop 2022, 6th Entrepreneurial Finance (ENTFIN) Annual Meeting, 2022 European Winter Meeting of the Econometric Society, 2022 Brazilian Accounting Research Conference, FMA 2022 Meeting, 2023 American Finance Association Annual Meeting, Techical University of Munich, Lubrafin 2023 , FMA European Conference 2023, Finance Forum 2023, 12th Portuguese Finance Network (PFN) Conference, 2023 European Economic Association Conference.

Work in Progress

The Social Value of Patents with Ramin Baghai, Pranav Desai and Rui Silva

Media

In Portuguese:

Quando fazem os CEOs a diferença, Jornal Económico

As empresas e a desigualdade social, Jornal Económico

Efeitos sociais das quotas de género, Jornal Económico

O capital humano como motor de inovação, Jornal Económico

A mulher enquanto agente económico, Jornal Económico

A baixa representatividade feminina em cargos de liderança em Portugal, Jornal Económico