Am Dienstag, den 24.05.2016, findet ein Vortrag  im Rahmen des  Finance and Insurance Seminars statt. Das Seminar beginnt um 16:15 h, J 253, Universitätsstr. 14-16.

Karl Schmedders
Professor
Universität Zürich

Thema:

Asset Pricing with Heterogeneous Agents and Long-Run Risk

Abstract:
This paper examines the effect of agent belief heterogeneity on long-run risk models. We find that for the long-run risk explanation to adequately explain the equity premium, it is not sufficient for long-run risk to merely exist: agents must all agree that it exists. Agents who believe in a lower persistence level come to dominate the economy rather quickly, even if their belief is wrong. This drives the equity premium  down below the level observed in the data.

Über eine rege Teilnahme freuen wir uns sehr.

Prof. Dr. Nicole Branger
Prof. Dr. Nadja Günster
Prof. Dr. Thomas Langer
Prof. Dr. Andreas Pfingsten
Jun.-Prof. Dr. Simon Rottke
Jun.-Prof. Dr. Judith Schneider
Jun.-Prof. Dr. Zoe Tsesmelidakis
Jun.-Prof. Dr. Weiqi Zhang