Als Vortragenden dürfen wir Phillipp Gnan (WU Wien) begrüßen.

Er wird sein Paper “Revisiting Discount Rates: New Evidence from Surveys” (mit Maximilian Schleritzko) vorstellen.

Abstract: This paper studies retail investors’ risk-return trade-off. Existing evidence from surveys suggests that households expect lower returns, i.e., lower risk compensation, in bad times. Using a direct measure of retail investors’ subjective discount rates, we find that required compensation for risk nevertheless rises with perceptions of stock market risk. This finding resonates well with long-established principles in asset pricing. We also show that discount rates and perceived risk are more tightly connected for financially literate retail investors and during times of financial and economic distress. Our results have important implications for modelling households’ risk-return trade-off and the design of future surveys eliciting return expectations.

Das Brown Bag Seminar findet am 5. Oktober 2022 hybrid im Raum D3.0.233 von 12:00-13:00 Uhr statt.

Alternativ können Sie dem Talk via MS-Teams folgen. Ein direkter Link zum Stream wird auf unserer Website veröffentlicht.