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BEGIN:VEVENT
UID:7e18ead1d709c4df9f8aee3c78bc5d09
CATEGORIES:Seminars
CREATED:20170410T153602
SUMMARY:Lunch Seminar: Milo Bianchi - Toulouse School of Economics
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Ambiguity Preferences and Portfolio
  Choices: Evidence from the Field</strong></p><p style="text-align: justify
 ;">Abstract:</p><p style="margin-bottom: 0.0001pt; line-height: normal;"><s
 pan style="font-size: 12.5pt; font-family: 'Arial','sans-serif';">We invest
 igate the empirical relation between ambiguity aversion and portfolio choic
 es by matching administrative panel data on port-folio choices with survey 
 data on preferences over ambiguity. We show that ambiguity averse investors
  bear <em>more</em> risk. Their portfolios exhibit higher idiosyncratic var
 iance, and in particular they are more exposed to the domestic relative to 
 the international stock market. Their returns are on average higher but mor
 e sensitive to market factors. Over time, ambiguity averse investors rebala
 nce their portfolio more actively and in a contrarian direction relative to
  market trends. We discuss these findings in relation to the theoretical li
 terature on portfolio choice under ambiguity.</span></p>
DTSTAMP:20260405T155525Z
DTSTART:20160302T130000Z
DTEND:20160302T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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