Научно-исследовательские семинары Департамента финансов Высшей Школы Экономики
Трек: Эмпирические исследования корпоративных финансов
07.12.2015 1) Презентация и обсуждение исследования Prof. Stefan Ruenzi Dr. of Finance Department of International Finance Business School University of Mannheim, (Germany) на тему «Advertising, Attention, and Financial Markets»
- 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
- 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.
- Advantages connected to Berkshire’s organizational structure as a corporation as opposed to a mutual fund;
- The reduction of the cost of debt through achieving a negative cost of borrowing in the insurance business;
- Additional return earned on Buffett’s reputational advantage as a “white knight” when positioning himself for large portfolio transactions and company acquisitions, refusing to restructure acquired business and allowing them to remain in their original form and becoming the prestigious acquirer of choice who thus obtains low prices from sellers;
- The role of "luck" factors where, for instance, the start of Buffett’s activity coincided with the onset of a long-term bull market, among other considerations.
27.04.2015 Алескеров Ф.Т., Андриевская И.К. «Выявление ключевых заемщиков с учетом интенсивности их взаимодействия»
13.04.2015 Кузубов С.А. «Влияние GRI на уместность нефинансовой информации: эмпирическое исследование российских компаний»
Выделите её, нажмите Ctrl+Enter и отправьте нам уведомление. Спасибо за участие!