Презентация и обсуждение исследований Prof. Dr. of Finance состоится в рамках регулярного научного семинара департамента финансов "Эмпирические корпоративные финансы"

Department of International Finance Business School University of Mannheim, (Germany) Stefan Ruenzi  на тему «Advertising, Attention, and Financial Markets» и Prof. Dr. of Finance and Insurance, Area Banking, Business School University of Mannheim, (Germany) Alexandra Niessen-Ruenzi на тему  «Gender Bias in the Mutual Fund Industry».
Выступающие:Prof. Dr. of Finance Department of International Finance Business School University of Mannheim, (Germany) Stefan Ruenzi  
Prof. Dr. of Finance and Insurance, Area Banking, Business School University of Mannheim, (Germany) Alexandra Niessen-Ruenzi

Аннотация:

Тема: «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

 

Аннотация:

Тема: «Gender Bias in the Mutual Fund Industry»

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.

 Приглашаем к участию!

 

Место проведения: Шаболовка, 26, ауд. 3211 (Зал Ученого совета)

Время проведения: 16:00 – 18:10

Рабочий язык: английский

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