BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:56ed0ef895d9328d0444726844f8a66a
CATEGORIES:Seminars
CREATED:20190717T105634
SUMMARY:Lunch Seminar: Dejanir H. Silva - University of Illinois at Urbana-Champaign
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nHeterogeneity, Trading Frictions, and Asset Prices, joint with Wei Cui 
 and Juan Passadore\n\n\nAbstract:\nWe develop an asset pricing model with h
 eterogeneous risk averse investors and search frictions. Trade is intermedi
 ated by risk-neutral dealers that trade in a competitive interdealer market
 . Investor’s direct their search towards markets characterized by a probabi
 lity of trade and a price. Posting orders in these markets is costly, for b
 oth investors and intermediaries. The investor’s willingness to trade depen
 ds on the expected deviations from the actual portfolio share to a target M
 ertonian portfolio. A larger deviation from the target portfolio leads to m
 ore intensive trading, a reduction in the probability of an order being exe
 cuted, and an increase in the compensation of intermediaries. In equilibriu
 m, search frictions will affect both the level and variation of the liquidi
 ty and risk premia.\n\n\n\n
DTSTAMP:20260404T191855Z
DTSTART:20190723T130000Z
DTEND:20190723T140000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR