Person: Mironov, Maxim
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Maxim
Last Name
Mironov
Affiliation
IE University
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IE Business School
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Finance
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Publication Tax Enforcement and Income Diversion: Evidence after Putin’s election in 2000(Now Publisher, 2019-10-08) Gómez, Juan Pedro; Mironov, Maxim; https://ror.org/02jjdwm75Using a direct estimate of income diversion for a large sample of Russian firms from 1999 through 2004, we show that an increase in tax enforcement after Putin’s election in 2000 is associated with a decrease in the appropriation of private rents by insiders both in firms explicitly targeted as tax evaders and among the largest firms in the sample. We interpret the latter as evidence consistent with a simultaneous spillover effect derived from the threat posed by tighter tax enforcement. This effect persists both economically and statistically in a subsample of listed companies after controlling for changes in firm-level corporate governance.Publication Using Soccer Games as an Instrument to Forecast the Spread of COVID-19 in Europe(Elsevier, 2021-11) Gómez, Juan Pedro; Mironov, Maxim; Ministerio de Economía y Competitividad; Agencia Estatal de Investigación; European Regional Development Fund; https://ror.org/02jjdwm75We provide strong empirical support for the contribution of soccer games held in Europe to the spread of the COVID-19 virus in March 2020. We analyze more than 1,000 games across 194 regions from 10 European countries. Daily cases of COVID-19 grow significantly faster in regions where at least one soccer game took place two weeks earlier, consistent with the existence of an incubation period. These results weaken as we include stadiums with smaller capacity. We discuss the relevance of these variables as instruments for the identification of the causal effect of COVID-19 on firms, the economy, and financial markets.Publication COVID-19 and the Value of CEOs : The Unintended Effect of Soccer Games across European Stocks(2020) Gómez, Juan Pedro; Mironov, Maxim; https://ror.org/02jjdwm75This paper studies the effect of the number of cases of COVID-19 on stock returns from over 3,500 publicly listed firms headquartered across 167 regions in 10 European countries. We instrument the number of cases per million inhabitant in each region with its population, density, and the soccer games celebrated in the region. Regions that hosted a soccer match during March show 30% more accumulated cases of COVID-19 in the same month. Within the same country and industry, an increase in the number of instrumented cases per million people in the region during March implies a decrease in stock returns over March and April. The market discount increases significantly among firms managed by CEOs 60 years and older. Overall, we interpret this as evidence of the market anticipating the potential loss of firm value in the event of the CEO dies of COVID-19Publication Do Markets Price CEOs Health Hazards? Evidence from the COVID-19 Pandemic(World Scientific, 2023-01-20) Gómez, Juan Pedro; Mironov, Maxim; Ministerio de Ciencia, Innovación y Universidades; Agencia Estatal de Investigación; European Regional Development Fund; https://ror.org/02jjdwm75We find evidence that markets anticipate the potential loss of firm value in the event of the CEO falling sick and eventually dying of COVID-19 in a sample of almost 3000 listed firms from across 137 regions in 10 European countries. First, we use soccer games as “super-spreader” events. The instrumented number of infected cases per capita in the region where company headquarters are located predicts a significant drop in stock returns during March and April 2020 for firms managed by CEOs with a higher probability of dying from COVID-19. Second, we show that the stock price of these firms increases significantly the day on which positive news on the development of COVID-19 vaccines are released in the market.