Agenda

Descripció:

Carlos Cueva (Universidad de Alicante) with I. Iturbe-Ormaetxe.

Link: https://us02web.zoom.us/j/89661424103?pwd=eU1tYStsOVRua3REK01kSFRZTHo3UT09. 

Abstract:

A growing literature in Economics investigates the notion of motivated, or preference-biased beliefs. However, little is known about their impact on investor expectations. We report on two studies which support the hypothesis of a causal effect of stock ownership on stock return expectations. Our results are based on two novel experiments which collect subjects' stock predictions both in an artificial laboratory environment in which predictions can be compared with Bayesian posteriors, and in a more natural environment with real stocks in real time over a longer time interval.

Ubicació: Online

Data: Dijous 25, Març de 2021 - 15:00h

Descripció:

Sarah Zoi (UAB-IDEA). 

Link: https://us02web.zoom.us/j/87118826250?pwd=VmFNbUg4dS90cXJCN2xWZ0FkNG9hUT09. 

Ubicació: Online

Data: Divendres 26, Març de 2021 - 12:00h

Descripció:

Gabriela Stockler. 

Link: https://us02web.zoom.us/j/87118826250?pwd=VmFNbUg4dS90cXJCN2xWZ0FkNG9hUT09. 

Ubicació: Online

Data: Divendres 26, Març de 2021 - 13:15h

Descripció:

Mike Elsby (Edinburgh). 

Zoom link: https://us02web.zoom.us/j/87118826250?pwd=VmFNbUg4dS90cXJCN2xWZ0FkNG9hUT09

Ubicació: Online

Data: Dimecres 14, Abril de 2021 - 13:30h

Descripció:

Webinar seminar.

Andrea Pozzi (EIEF, Roma).

Zoom Link: https://us02web.zoom.us/j/81973306482?pwd=bk02TmtaN3VUT3ZsTmU5aG9jclJiQT09

Abstract:

The price of a collateral asset can affect agents’ financial constraints and, since agents do not internalize the effects of their choices on asset prices, this induces a so-called pecuniary externality. When it is positive and sizeable, higher asset prices stimulate economic activity, which causes increases in households’ consumption expenditures large enough to improveaggregate welfare despite the higher user cost of assets. This insight yields a sufficient statistic to evaluate the importance of pecuniary externalities related to specific collateral assets. We use Italian data in the late 90’s and early 00’s to estimate the value of our statistic for the price of land—a collateral asset typically used by Italian households and firms to obtain external financing. We rely on exogenous shocks to the foreign demand for Italian land to obtain variation in its price. The data indicate that the Italian economy is subject to sizeable pecuniary externalities with a higher value of land leading to welfare gains, suggesting that the Italian economy is heavily financially constrained.

Ubicació: Online

Data: Dijous 15, Abril de 2021 - 15:00h

Descripció:

Boyao Zhang (UAB-IDEA).

Zoom link: https://us02web.zoom.us/j/87118826250?pwd=VmFNbUg4dS90cXJCN2xWZ0FkNG9hUT09. 

Ubicació: Online

Data: Divendres 16, Abril de 2021 - 12:00h