IFAP

Institutional Frictions in International Finance and Asset Pricing

Coordinatore	LONDON BUSINESS SCHOOL    more Spiacenti, non ci sono informazioni su questo coordinatore. Contattare Fabio per maggiori infomrazioni, grazie.
Nazionalità Coordinatore	United Kingdom [UK]
Totale costo	925˙910 €
EC contributo	925˙910 €
Programma	FP7-IDEAS-ERC Specific programme: "Ideas" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013)
Code Call	ERC-2010-StG_20091209
Funding Scheme	ERC-SG
Anno di inizio	2010
Periodo (anno-mese-giorno)	2010-11-01   -   2016-10-31

 Partecipanti

#	participant	country	role	EC contrib. [€]
1	LONDON BUSINESS SCHOOL  Organization address address: REGENT S PARK city: LONDON postcode: NW1 4SA contact info Titolo: Dr. Nome: Anna Cognome: Pavlova Email: send email Telefono: 442070000000	UK (LONDON)	hostInstitution	925˙910.00
2	LONDON BUSINESS SCHOOL  Organization address address: REGENT S PARK city: LONDON postcode: NW1 4SA contact info Titolo: Ms. Nome: Janet Cognome: Nippard Email: send email Telefono: +44 20 7000 71 70 Fax: +44 20 7000 71 51	UK (LONDON)	hostInstitution	925˙910.00

Mappa

 Word cloud

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 Obiettivo del progetto (Objective)

'My project consists of three lines of work. 1. Incentives of Money Managers and Asset Pricing The leading theories of asset pricing stipulate that prices in financial markets are determined by households who seek to optimise lifetime consumption (or by the so-called representative consumer ). This approach leaves no role for important institutional frictions such as, e.g., financial constraints and contract-induced incentives that played a major role in the 2008 crisis. An analysis of such frictions will add vastly to our understanding of how institutions make decisions and will also allow us to explore the implications of these decisions for asset prices. I propose to depart from the representative agent paradigm and introduce explicitly institutional investors into asset-pricing models. My goal is to understand how institutions affect financial markets and the real economy and to help develop appropriate policy responses. 2. International macro-finance In the past two decades, economic globalisation has produced an unprecedented rise in cross-border equity holdings. Accounting for capital gains on these equity holdings, currently disregarded both in the official statistics and in traditional international macroeconomics, may potentially overturn implications and policy recommendations of the leading theories. In this project, I seek to enrich the field by incorporating explicitly portfolio choice and capital gains on financial assets. Such a theory marries two fields of research: international economics (Economics) and asset pricing (Finance). 3. Combining the above two areas The 2008 crisis was sparked by banks and lead to a worldwide recession. Combining the insights from the first two projects, I intend to research how the instability spreads across countries and how incentives of institutions ought to be designed to limit the consequences of their actions for asset values and the real economy.'