Совместный научный семинар МИЭФ и ЛФЭ по финансам
Докладчик: Андрей Симонов (Michigan State University)
6 июня в 15.00 в ауд. 3211 (ул. Шаболовка д. 26, корпус 3) прошел совместный научный семинар Международного института экономики и финансов и Международной лаборатории финансовой экономики по финансам.
Докладчик: Андрей Симонов (Michigan State University)
Тема доклада: «Advertising and Executives’ Compensation»
Тезисы доклада: 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.