Am 21.01.2020 im Kolloquium: Bundesbank Lecture mit Paolo Pasquariello (University of Michigan)

Im Rahmen der "Bundesbank Lecture in Financial and Monetary Economics“ finden an der Fakultät Wirtschaftswissenschaften öffentliche Vorlesungen statt, die von herausragenden internationalen Wissenschaftlern gehalten werden und darauf abzielen, für die Deutsche Bundesbank zentrale Themen wie Finanzstabilität, finanzielle Integration und internationale Geldpolitik der interessierten Öffentlichkeit nahebringen.

Am Dienstag, den 21. Januar 2020 referiert Prof.  Paolo Pasquariello von der University of Michigan zum Thema "Frictions and Financial Market Quality".

Ort: Festsaal der Fakultät Wirtschaftswissenschaften, Hülße-Bau, 3. Etage, Nordflügel
Uhrzeit: 18:45-19:45 Uhr
Im Anschluss ist ein kleiner Empfang mit der Möglichkeit zu Austausch und Gesprächen geplant.

Einladungsflyer

Abstract:
In his talk Paolo Pasquariello focuses on understanding the forces and frictions affecting financial market quality - the ability of financial markets to price assets correctly. He first shows that when a speculator cares about both the short-term value of her portfolio and her long-term profit, information disclosure is optimal: Public disclosure in the form of a mixture of fundamental information and the speculator’s position induces competitive dealership to revise prices in the direction of the speculator’s position. Using mutual fund disclosure through newspaper articles, he then find that when fund managers have stronger estimated short-term incentives, the frequency of strategic non-anonymous disclosures about stocks in their portfolios increases and those stocks’ liquidity improves, consistent with the model.

About Paolo Pasquariello:
Paolo Pasquariello is Professor of Finance at the Ross School of Business, University of Michigan. He has published in major Finance journals and is Associate Editor of the Review of Financial Studies and Co-Editor of the Journal of Financial Markets. His research focuses on the role of financial frictions or features of human behavior for the emergence of market anomalies such as periods of high volatility, price bubbles, sudden, severe downward price movements, drying liquidity, or rapid reversals of capital flows.