Als Vortragenden dürfen wir Paul Hübner (UCLA) begrüßen.

Er wird sein Paper “Persistent latent demand and long-horizon stock returns” vorstellen.

Abstract: I document that among US institutional investors, characteristics only explain around 15-20% of the variation in stock holdings relative to market weights. The residual latent variation in demand is persistent over time, and slowly mean-reverts. Latent demand generates variation in expected returns both at short and at long horizons. Between 2000-2020, stocks with low latent demand had around 5 percentage points higher returns per year than stocks with high latent demand across horizons that span multiple years. This pattern is particularly strong for stocks with more persistent latent demand, suggesting a role for shock duration in understanding what drives low observed elasticities for stocks.

Das Brown Bag Seminar findet am 1. Juni 2022 hybrid im Raum D3.0.233 von 12:00-13:00 Uhr statt.

Alternativ können Sie dem Talk via MS Teams folgen. Um dem Stream beizutreten, folgen Sie bitte diesem Link.