Als Vortragenden dürfen wir Clemens Wagner (WU, VGSF) begrüßen.

Er wird sein Paper “Local Returns and Beliefs about the Stock Market" (mit Tobin Hanspal) vorstellen.

Abstract: This study documents how investors extrapolate from recent stock returns of locally headquartered firms when forming beliefs about aggregate stock market outcomes. Consistent with studies on the equity home bias, we find that the responsiveness to local information is a function of proximity. While investors may feel more comfortable interpreting local information, we find no evidence that these effects are sensitive to the informativeness of local returns for the aggregate outcome. Our findings suggest that differences in beliefs about the information contained in public signals vary systematically with geographical distance, which has been suggested as an important driver of the local bias in equity markets.

Das Brown Bag Seminar findet am 30. November 2022 hybrid von 14:00-15:00 Uhr im Raum TC 5.04 statt.

Ein direkter Link zum Stream wird auf unserer Website veröffentlicht.