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SUMMARY:Optimists\, Pessimists and Stock Prices
DTSTART:20240524T114500
DTEND:20240524T130000
DTSTAMP:20260407T045709Z
UID:cf7327afd8b6a43a41abd6210384d4abdaa8de73c910a78fff3cb583
CATEGORIES:Conferences - Seminars
DESCRIPTION:Kent Daniel - Columbia Business School\nWe review the academic
  findings from psychology and economics on disagreement\, and specifically
  on the effect of disagreement on asset prices. We discuss measurement of 
 disagreement\, and how disagreement coupled with constraints on short sell
 ing can sideline pessimistic investors and result in overpricing.\nWe revi
 ew the literature on the short-selling in financial markets\, paying parti
 cular attention to how and why some issues become “hard-to-borrow”\, w
 hat factors go into the determination of borrowing-costs\, and discuss the
  evolution of borrow costs over the last several decades. We show how an e
 xamination of the prices and borrow costs for constrained stocks can lead 
 to an improved understanding of how disagreement in financial markets aris
 es and is resolved\, and finally discuss directions for future research.\n
  
LOCATION:UniL Campus\, Room Extra 126
STATUS:CONFIRMED
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