Gabriel Voelcker

Contact Address:

100 Main Street, 663 Cambridge, MA 02142

EDUCATION

2024*

2022

2018

2016

Cell: +1 (617) 852 2154

Email:gmv@mit.edu

LinkedIn | gabrielvoelcker.com

Ph.D. in Management (Economics, Finance, & Accounting Area) (* = expected)

M ASSACHUSETTS I NSTITUTE OF T ECHNOLOGY , S LOAN S CHOOL OF M ANAGEMENT

M.S. in Management Research

M ASSACHUSETTS I NSTITUTE OF T ECHNOLOGY , S LOAN S CHOOL OF M ANAGEMENT

M.S. in Finance and Accounting

UNIVERSIDADE DO VALE DO RIO DO SINOS, PORTO ALEGRE - BRAZIL

Thesis Advisor: Clea Macagnan

B.A. in Economics

Universidade Federal do Rio Grande do Sul, PORTO ALEGRE - BRAZIL

Thesis Advisor: Ronald Hillbrecht

RESEARCH INTERESTS

Corporate Governance, Financial Disclosure, Capital Markets, and their intersection with social welfare.

JOB MARKET PAPER

1. “Attention to Retention: The Informativeness Of Insiders’ Decision To Retain Shares”

Committee: S.P. Kothari, Nemit Shroff, Eric C. So (co-chair) and Rodrigo Verdi (co-chair).

Abstract: I show that corporate insiders’ decision to retain shares is pervasive and informative about future firm performance. Insiders file Form 144 with the US Securities and Exchange Commission to report their intention to introduce unregistered stock into their company’s public float. However, the form is not binding insiders can choose to not follow through with a proposed sale at virtually no cost. I document that insiders’ retaining shares is pervasive: for at least 19% of the proposed sales, insiders choose to withhold at least some of the shares (i.e., “Retentions”) after they could have sold them. Retentions are associated with a 3.5% increase in annualized returns versus Sales. Additional analyses suggest that retaining shares is related to private information about the firm’s financial performance and to recent stock undervaluation. Collectively, the results highlight how insiders can use private financial information strategically to retain shares while circumventing regulatory scrutiny.

WORKING PAPERS

2. "Persistent Costs of Disclosure Exemption Regulation" with Ki-Soon Choi and Rodrigo Verdi.

Abstract: This paper investigates the long-term costs of size-based disclosure exemption regulation. Prior literature documents that companies react to exemption thresholds by sacrificing resources to actively lower their size and avoid compliance with reporting requirements. Exploiting the Smaller Reporting Companies' (SRCs) threshold update, we examine whether the investment-sacrificing behavior of companies is timely reversed once the SRC threshold is lifted. We hypothesize and find that size manipulation is not reversed until at least two years after the SRC threshold was lifted, imposing persistent costs on smaller companies that have been previously overlooked by the literature. As such, the effects of a size-based threshold may not be trivially undone, uncovering another layer of complexity to adopting size-based regulatory interventions.

3. “Mandatory Diversity Disclosure” with Nemit Shroff and Martin Zafiryadis.

Abstract: in this paper, we plan to examine the consequences of mandatory disclosure of gender-diversity in the workplace on female employment outcomes. In addition, we plan to investigate whether the disclosure of policies aimed at increasing diversity in the workplace affects the earlier career choices of women. Using detailed administrative data on the entire population of employees in Denmark, we plan to examine whether a 2012 regulatory change that requires companies exceeding certain size thresholds to disclose the fraction of women in their labor force across all management ranks affects the proportion of women employees at different management levels, their promotion within firms, and their personal choices (e.g., is male spouse more likely to take paternal leave). The 2012 regulation also requires companies to disclose a plan to address gender disparities in their workforce when present, and we plan to examine whether such disclosures affect women’s early career choices such as whether/when to join the workforce, whether to study in management-related fields, at what age to have children, etc.

4. “Universal Ballots on Proxy Fights” (solo-authored)

Abstract: in this paper, I plan to examine whether directors protect their board seats when they feel threatened to lose their positions I exploit a regulatory change that led to the adoption of universal ballots in contested directed elections. This change allows shareholders to vote for any directors in contested elections, which potentially increases the threat of replacing an incumbent director. I plan to investigate whether dissidents respond by engaging in proxy fights to capture board seats more frequently in the post-period and whether incumbent directors respond to the increased threat of contested elections by preemptively catering to shareholders' interests and implementing corporate governance changes that insulate themselves from oversight.

5. “Managerial Hedging and Firm Risk-Taking” with Tati Fontana.

Abstract: we plan to examine how reporting companies’ hedging policies for their affiliates’ investments influences the companies’ risk-taking decisions. Exploiting a change in regulation in 2019 requiring companies to disclose whether their affiliates are allowed to hedge company risk in their personal investments, we plan to investigate the consequences of risk-taking activities at the firm level. We find that the majority of firms disclose constraints to managers diversifying their investments and ask whether they respond by reducing firm risk-taking given their wealth is concentrated in the firm. We plan to shed light on whether managers are induced to adopt a suboptimal level of risk-taking when they’re personally constrained in their hedging activities.

PUBLICATIONS

6. “An analysis of risk-taking in family firms listed in B3” Brazilian Business Review, Vol. 17, 2020.

• Master’s thesis in Brazil.

INDUSTRY EXPERIENCE

2016-18

Corporate Finance Trainee at Auxiliadora Predial.

2011-14 Analyst at Coca-Cola Company.

2011 Intern at XP Investimentos

RESEARCH EXPERIENCE

2016-2017

2016-17

Research Assistant for Professor Rodrigo Verdi

Porto Alegre, Brazil.

Research Assistant on the research paper "Corporate Scandals and Regulation" for Profs. Luzi Hail, Ahmed Tahoun and Clare Wang.

TEACHING EXPERIENCE

Spring 2023

Summer 2022

Spring 2022

Summer 2021

Teaching Assistant for 15.720: Financial Accounting (Executive MBA) Professor: Nemit Shroff.

Teaching Assistant for 15.511: Financial Accounting (Sloan Fellows MBA) Professor: S.P. Kothari.

Teaching Assistant for 15.720: Financial Accounting (Executive MBA) Professor: Rodrigo Verdi.

Teaching Assistant for 15.511: Financial Accounting (Sloan Fellows MBA) Professor: S.P. Kothari.

CONFERENCE AND WORKSHOP PRESENTATIONS (* = PRESENTER)

2023

University of Illinois’ Young Scholars Symposium, FGV/EAE São Paulo, LBS’ Transatlantic Doctoral Conference*, Wharton Spring Conference, AAA/Deloitte Foundation/J. Michael Cook Doctoral Consortium*, Unisinos, Boston Accounting Students Symposium, JAE Conference, Dopuch Conference*.

2022 FARS Midyear Meeting.

2021 JAE Conference

2020 JAE Conference

2019 JAE Conference

OTHER PROFESSIONAL ACTIVITIES

Referee Journal of Accounting and Economics, BASS ‘23.

SKILLS

Software R, Stata, LATEX , P YTHON , Gretl, Microsoft Office

Languages English (fluent), German (intermediary), Italian (advanced), Portuguese (native)

OTHER ACTIVITIES

Conferences Brazil Conference at Harvard & MIT: co-president (2023 edition), vice-president (2022 edition). Organized the 2nd biggest student-led conference in the Boston area that conveys in Harvard & MIT campuses yearly on early April. Past speakers include Warren Buffett, Jorge Paulo Lemann, Gisele Bündchen, Anitta, past Brazilian presidents, among others.

Boston Accounting Students Symposium (BASS): co-founder and lead organizer (2023). Organized the first students-only accounting conference for students in the Boston area.

Sports MIT Sloan and Economics basketball team: co-captain (2019-2023). Intramural participation: 1x champions, 3x 2nd place.

MIT Sloan and Economics Soccer Team - (2022-23).

MIT Brazilian Soccer Team – Ousadia FC (2019). Intramural participation: 1x 3rd place.

PERSONAL INFORMATION

Born: September 17th, 1992

Citizenship: Brazilian/Italian