НИС Департамента финансов "Эмпирические корпоративные финансы"

7 декабря, в рамках научного семинара департамента финансов "Эмпирические корпоративные финансы", с презентацией исследования выступят приглашенные профессора из университета Мангейма (Германия) . 
 
Место и время проведения: 16:00-18:10, Шаболовка, 26, ауд. 3211

Докладчики:

1) Проф. Стефан Рюнци (Stefan Ruenzi)  http://intfin.bwl.uni-mannheim.de/en/home/  

Тема: Advertising, Attention, and Financial Markets

Аннотация:

·        Earlier papers (e.g. Lou, 2014, RFS) argue that firms can use advertising to inflate short term stock prices

·        Using a comprehensive dataset on high-frequency advertising expenditures we examine the impact of advertising on financial markets

·        A necessary condition for advertising to have an impact on markets is that it creates investor attention

·        Using Wikipedia page counts we find that advertising does create attention

·        However, this leads to only a very small impact on trading activity

·        There is NO impact whatsoever on prices.

·        We also show that earlier findings are plagued by endogeneity and reverse causality

2) Проф. Александра Ниссн-Рюнци (Alexandra Niessen-Ruenzi) http://niessen.bwl.uni-mannheim.de/en/home/ 

Тема: Gender Bias in the Mutual Fund Industry:

Аннотация:

·        We observe a low fraction of female mutual fund managers in the U.S. mutual fund industry and try to explain this phenomenon.

·        We do not find any performance differences that could justify the low fraction of women in the industry

·        However, we do find that female managed funds generate lower inflows of about 10 percentage points.

·        A lab experiment supports this finding

·        We conclude that gender bias affects investment decisions and leads to a lower fraction of female fund managers.

Приглашаются преподаватели, аспиранты и студенты второго курса магистерской программы «Стратегические финансы фирмы» .