НИС Департамента финансов "Эмпирические корпоративные финансы"

Мероприятие завершено

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» .

Дата

7 декабря, 2015 г. 16:00

Адрес

Шаболовка, 26, ауд.3211

В статье упомянуты

Школа финансов