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National Research University Higher School of EconomicsInternational College of Economics and FinanceInternational Laboratory of Financial EconomicsNewsDecember 1 at 4.40 pm - Research seminar by Miguel Anton (IESE Business School) "Common Ownership, Competition, and Top Management Incentives" joint with Florian Ederer, Mireia Giné, and Martin Schmalz

News

December 1 at 4.40 pm - Research seminar by Miguel Anton (IESE Business School) "Common Ownership, Competition, and Top Management Incentives" joint with Florian Ederer, Mireia Giné, and Martin Schmalz

Venue: Shabolovka st. 26, Room 3211

On Thursday, December 1 at 4.40 pm, International College of Economics and Finance and International Laboratory of Finsncial Economics will hold the Research Seminar.

Speaker: Miguel Anton (IESE Business School) <Curriculum Vitae>
Theme: "Common Ownership, Competition, and Top Management Incentives" joint with Florian Ederer, Mireia Giné, and Martin Schmalz
Venue: Shabolovka st., 26, room 3211

Abstract: We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We exploit quasi-exogenous variation in common ownership from a mutual fund trading scandal to support a causal interpretation. These findings challenge conventional assumptions in the corporate finance literature about the objective function of the firm. 

Everyone interested is welcome to attend!

See the web-page of the seminar < https://icef.hse.ru/en/announcements/197217416.html >

Pass can be ordered by:

tel. (495)772-95-90*26090
e-mail: vzheleznov@hse.ru
contact: Zheleznov Slava