【报告人简介】

倪骁然，厦门大学经济学院、王亚南经济研究院副教授、博士生导师、金融系副主任。当前研究专长主要包括：制度变迁与企业发展；企业利益相关者；企业信息决策。在《经济研究》《管理世界》《经济学（季刊）》《金融研究》《中国工业经济》，及Journal of Corporate Finance、Journal of Banking and Finance等国内外重要学术期刊发表论文30余篇。主持国家自然科学基金面上项目、青年项目。入选福建省多项高层次人才计划、厦门大学南强青年拔尖人才。获得厦门大学教学比赛理论文科组一等奖和福建省社会科学优秀成果二等奖、洪银兴经济学奖等多项教学科研奖励。

【内容摘要】

We study the impact of celebrity endorsements, hiring celebrities as firm ambassadors, on stock mispricing. We find that celebrity endorsements can result in more severe stock mispricing for focal firms. Exploiting the occurrence of celebrity scandals as exogenous shocks that tends to terminate celebrity endorsements of focal firms, we document that the break of such events generates negative market reactions and subsequently mitigates stock mispricing. Furthermore, we reveal an attention contagion effect: increased customers’ attention on endorsers indeed boosts retail investors’ attention on focal firms. Last, celebrity endorsements increases stock liquidity while reduces the informativeness of stock prices. Overall, celebrity endorsements help attract and maintain investor attention, which not only drive up short-term stock prices but also have long-term adverse financial market consequences.

 

撰稿：赵鹏辉 审核：李凤羽 单位：金融科技学院