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Proximity-powered attention: Exploring spatial spillover in investor attention
Kevin Rene Lehmann, Peter N. Posch
Technische Universität Dortmunnd, Germany
Discussant: Thomas Hartmann-Wendels (Forschungsinstitut für Leasing an der Universität zu Köln)
This paper examines the transmission of investor attention between firms based on geographical proximity and product market similarity using EDGAR search traffic data. We find that firms receive more attention when a nearby firm experiences abnormal attention, with the effect decreasing with distance and over time. The effect is stronger for firms in similar product markets. Effects are most concentrate among nearby firms, with attention increases exceeding 90% for very similar markets, dropping to 41% as distance increases. This research extends the literature on investor attention and local information bias, highlighting the importance of peer firm relationships in
information transmission.
11:30am - 12:00pm
Revisiting political event portfolios
Lukas Müller1, Moritz Heiß1, Sebastian Winkler1, Sebastian Stöckl2, Dirk Schiereck1
1Technical University of Darmstadt; 2University of Liechtenstein
Discussant: Kevin Rene Lehmann (Technische Universität Dortmund)
We use prediction market data from Polymarket to assess firm-level sensitivity to
the 2024 U.S. presidential election. Election sensitivity correlates with firm characteris-
tics, such as tax burden, China exposure, environmental performance, and interest rate
risk, and predicts ex-post returns. Using price contribution analysis, we show these
characteristics are priced at varying speeds, creating temporary inefficiencies. Variable
importance analysis reveals that, while election sensitivity is the superior predictor, its
marginal contribution is modest, reflecting its overlap with firm-level covariates.
12:00pm - 12:30pm
Leasing vs. Debt: The Impact of IFRS 16 on Firm Financing Decisions and Managerial Incentives
Thomas Hartmann-Wendels, Mario Hendriock, Hendrik Kussmaul
Forschungsinstitut für Leasing an der Universität zu Köln, Germany
Discussant: Lukas Mueller (TU Darmstadt)
This study examines how firms choose between debt and leasing to finance productive assets, particularly following the introduction of IFRS 16. By treating leases as equivalent to debt on financial statements, IFRS 16 provides a quasi-natural experiment to explore this decision-making process. Our findings reveal that firms increased their leasing activities post-IFRS 16, driven by managerial incentives tied to EBIT and EBITDA, while simultaneously reducing direct capital expenditures and credit quotas. Notably, firms with higher pre-existing leasing volumes and stronger EBITDA-based incentives exhibit the most pronounced shift. Contrary to concerns about managerial opportunism, our results suggest that this reallocation enhances investment efficiency and aligns managerial incentives with long-term firm value.
