ICEF/LFE Research Seminar in Finance

June 6 at 3.00 pm, room 3211 ICEF and LFE will hold the Research Seminar in Finance.
Speaker: Andrei Simonov (Michigan State University)

June 6  at  3.00 pm , room  3211  International College of Economics and Finance and International Laboratory of Financial Economics will hold the Research Seminar in Finance.
Speaker: Andrei Simonov (Michigan State University)

Theme: «Advertising and Executives’ Compensation»
Venue: Shabolovka str. 26, building 3, room 3211

Abstract: We study how corporate management manipulates markets in their own interest in the vicinity of options vesting date. We used novel dataset of corporate advertising to show that in the month of vesting and month before the advertising expenses increases by 12-24%. The increase is much larger in companies where executives are getting significant part of their compensation via options, in companies with relatively bad corporate governance. We also show evidence of shift from cheap advertising to more expensive TV advertising. 

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