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BEGIN:VEVENT
UID:f8b7f2819eabf11f4b0a47962ca6bd56
CATEGORIES:Seminars
CREATED:20170411T181250
SUMMARY:Lunch Seminar: Pietro Veronesi - University of Chicago, Booth School of Business
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Habits and Leverage (with Tano Santos)\nAbstract:\n Many stylized facts abo
 ut leverage, trading, and asset prices can be explained by a frictionless g
 eneral equilibrium model with countercyclical uncertainty and heterogeneous
  agents with external habit preferences. Our model predicts that aggregate 
 leverage increases in good times, it should predict low future returns and 
 should be correlated with a “consumption boom” of levered agents. In additi
 on, negative aggregate shocks induce leveraged agents to deleverage by “fir
 e-selling” their risky positions as their wealth drops. While such agents’ 
 total leverage decreases, their debt/wealth level increases as wealth value
  is especially sensitive to changes in aggregate risk aversion.\n
DTSTAMP:20260405T165003Z
DTSTART:20160609T130000Z
DTEND:20160609T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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