Do Bloggers Have any Real Influence? Event Study of Blog Postings by a Russian Activist Shareholder and Blog Service DDoS Attacks (научный семинар ИНИИ)
Докладчик: Мария Петрова (РЭШ).
Докладчик: Мария Петрова* (РЭШ).
14 июня, четверг, Ауд. Ж-804 (Покровский б-р, 11), 18:10
Do blogging have any effect on economic or financial outcomes? In this paper, we study the impact of blogging activities of Alexei Navalny, a popular Russian blogger and shareholder activist, on the stock prices of the companies whose wrongdoing he uncovers. In an event-study analysis, we find some evidence consistent with the influence of certain types of blog postings on asset prices. In addition, in a reduced-form model we find substantial positive effect of the distributed denial-of-services (DDoS) attacks on Livejournal service on the abnormal returns of the companies Navalny wrote about, and this effect is increasing in amount of Navalny’s attention to these companies. Using DDoS attacks as instruments for blog postings, we also show that Navalny’s blog postings had causal negative effect on companies’ returns. Finally, we show that in placebo specifications neither leads nor lags of DDoS attacks nor DDoS attacks before Navalny started his activity had any significant impact on the returns of the companies in question. All this evidence is consistent with negative causal relationship between Navalny’s Livejournal postings and abnormal returns of the companies in question.
*Петрова Мария Алексеевна - доктор экономики (PhD), доцент кафедры институциональной экономики Российской Экономической Школы.