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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:Ambiguity Preferences and Portfolio Choices: Evidence from the Field\nAbstr
 act:\nWe investigate the empirical relation between ambiguity aversion and 
 portfolio choices by matching administrative panel data on port-folio choic
 es with survey data on preferences over ambiguity. We show that ambiguity a
 verse investors bear more risk. Their portfolios exhibit higher idiosyncrat
 ic variance, and in particular they are more exposed to the domestic relati
 ve to the international stock market. Their returns are on average higher b
 ut more sensitive to market factors. Over time, ambiguity averse investors 
 rebalance their portfolio more actively and in a contrarian direction relat
 ive to market trends. We discuss these findings in relation to the theoreti
 cal literature on portfolio choice under ambiguity.\n
DTSTAMP:20260405T155509Z
DTSTART:20160302T130000Z
DTEND:20160302T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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