Author: balticeco

On 2 December at 11:00, please be invited to the upcoming University of Tartu research seminar in which Thomas Post (Maastricht University) will present his work: Market Your Share! How Marketing Capability and its Communication Shape Analyst & Investor Relationships.

Zoom LINK

Abstract: Assessing the value of the intangible asset base that drives firm value is a pivotal task for financial analysts and investors. Firms have therefore created specialized investor relations (IR) teams that maintain contact with and inform these stakeholders about the firms’ performance. This study investigates the relationship a firm maintains with its analyst and investor base through the market-based asset Analyst & Investor Relationships (AIR). Using a comprehensive survey-based measure of AIR quality across an unbalanced panel of 1,159 U.S. firms from 2015 to 2020, findings suggest that this asset contributes positively to firm value, measured by Total q. Furthermore, drawing on resource-based theory, the study explores marketing capabilities (MC) as a critical antecedent of AIR. The findings indicate that firms with higher MC exhibit stronger AIR. Additionally, the study examines how the communication of MC in quarterly earnings calls further enhances the value of AIR. Findings suggest that a firm’s ability to effectively “market its shares” to analysts and investors strengthens relationship quality. This study contributes to the marketing–finance literature by demonstrating the positive impact of MC on a firm’s financial relationships, providing deeper insights into the underlying mechanisms through which MC contributes to firm value.

On 27 November at 10:00, please be invited to the upcoming Latvijas Banka’s Research seminar in which Arkādijs Zvaigzne (PhD candidate at Harvard University) will present his work: Dynamics of Financial Aid Tournaments.

MS Teams LINK

Abstract:  Financial aid programs in higher education vary widely in design, including how aid is structured and the timing of provision. The design of student financial aid is critical, as the structure of one award can create powerful spillovers, potentially crowding in or crowding out resources from other programs. This paper studies the impact of financial aid provided as a repeated tournament and its dynamic treatment effects. I exploit a relative GPA-based eligibility rule in a regression discontinuity design to estimate the causal impacts of two types of aid – a tuition waiver and a stipend on top. Waivers have powerful effects on the extensive margin, increasing graduation rates by 12pp, and GPA by 0.4 standard deviations. Stipends only affect the intensive margin by increasing student GPA in the next semester by 0.3 standard deviations. I find a powerful crowding-in effect, where receiving aid in one semester significantly increases the probability of receiving it in the future. Decomposing the impact reveals that a substantial portion of the total long-term benefit of aid comes from the crowding-in of future resources, suggesting that static analyses may underestimate the full value of financial aid programs.

On 26 November at 11:00, please be invited to the upcoming Latvijas Banka’s Research seminar in which Luigi Palumbo (Banca d’Italia) will present his work: Nowcasting the Italian Consumer Price Index using Online Prices and Machine Learning.

MS Teams: LINK

Abstract:  Timely and accurate forecasts of the Consumer Price Index (CPI), an essential economic indicator measuring consumer prices over time, are crucial for central banks. Traditional forecasting models often struggle to incorporate real-time data and adapt to rapid changes in the economic environment, leading to potential inaccuracies in short-term forecasts. In this paper, we explore the potential of using online food price data obtained from 20 supermarkets across several major cities of a well-known chain in Italy from December 2020 to March 2023. Our objective is exploring the feasibility and accuracy of forecasting CPI for specific food categories using real-time, web-scraped data, particularly in periods of high macroeconomic uncertainty like those following the COVID-19 pandemic and the onset of the war in Ukraine. Our analysis demonstrates the potential of real-time web-scraped data for predicting official CPIs and offers valuable insights for researchers and practitioners interested in this specific approach. In particular, our results suggest that web-based price data can complement traditional statistical sources, providing more granular and timely indicators that are especially useful during periods of economic volatility.

Ana Kujundžić – Wageningen University
Janneke Pieters – CPB, Wageningen University, and IZA

We are happy to invite you to the fourth lecture of the J. Stroinovskis lecture series organized by the Bank of Lithuania and Vilnius University. On the 6^th of November Rolf Strauch (European Stability Mechanism, ESM) will give a lecture on „Geopolitical Shocks and Geoeconomic Fragmentation: Implications for financial stability in the euro area from the ESM’s perspective“ in the TechHub conference hall (2^nd floor).

• Time: November 6, 14:00-15:15
• Venue: TechHub Conference Room (Saulėtekio al.9, 2nd building, 2nd floor) NB: seminar will be held live and will not be streamed online

Effective governance lies at the heart of long-term family business success. On 15-16 June 2026, Estonian Business School (EBS) will host the 4th Baltic Family Firm Institute – ECGI Conference Steering the Legacy: Governance and Succession in Family Enterprises. The event will explore how family firms can strengthen governance, manage succession, and navigate the growing complexity of family offices and shared assets. Participants will explore evolving best practices in board composition, financial and managerial decision-making, and conflict resolution, as well as strategies for preparing next-generation leaders and aligning family and business goals. Through discussions with leading family business owners, advisors, and academics, the event will offer insights on how strong governance can drive sustainable growth, preserve legacy, and foster harmony across generations.

A selection will be made by the conference scientific committee from papers and abstracts that are submitted before the deadline of 1 February 2026 (at midnight CEST). Researchers will be notified whether their paper has been accepted for the conference before 1 March 2026.

Program queries should be directed to Anete Pajuste (anete.pajuste@sseriga.edu).

Venue: Estonian Business School, A. Lauteri 3, Tallinn, Estonia

Visit the event’s page for more info.

You are welcome to join on 4 November, Tuesday between 10.00-11.00 for a research seminar by Heidi Vähänikkilä.

Abstract: The hospitality industry is highly sensitive to global crises, yet capable of remarkable resilience and innovation. This study explores how hospitality organizations build strategic flexibility to lead change during and beyond crises, focusing on the role of organizational support and leadership. Using survey data from 197 professionals in Finland and Malaysia—two culturally distinct contexts—the research introduces a new framework for change leadership. Findings offer transferable insights for global hospitality firms seeking to strengthen adaptability and crisis response capabilities.

Location: EBS room 203 and MS Teams

Please be welcome to join a research seminar by Annika Kaabel and Sirle Lumi, to take place on 7 October, Tuesday between 10:00-11:00.

Title: Ethical AI in practice: A justice-based framework to deploy AI recruitment for human flourishing

Location: EBS room 224 and MS Teams.

MS Teams link for this and following seminars to take place every second Tuesday at 10:00.

Date: 15 October 2025, 11:00-12:00

Venue: Narva 18 – room 1024 and Zoom

Paper title: Diffusion of policy innovation: The case of digital nomad visas

Author: Jan Bednorz (University of Tartu)

Website: https://majandus.ut.ee/en/news/research-seminar-diffusion-policy-innovation-case-digital-nomad-visas-jan-bednorz