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SUMMARY:Market Power and Capital Flexibility: A New  Perspective on the Pr
 icing of Technology Shocks
DTSTART:20140508T103000
DTEND:20140508T120000
DTSTAMP:20260528T051157Z
UID:28aefacf3e7e09d3b79039bf97a949f478a8f0b03a57824057601cfc
CATEGORIES:Conferences - Seminars
DESCRIPTION:Lorenzo GALAPPI (UBC)\nWe study asset pricing implications of 
 investment-specific technology (IST) shocks in a two-sector general equili
 brium model. We show that firms' market power and capital flexibility are 
 key determinants in the pricing of these shocks. In equilibrium the IST pr
 ice of risk is negative under fixed capital utilization but positive under
  flexible utilization and IST betas are negative under low market power bu
 t positive under high market power. High market power and flexible capital
  utilization can generate simultaneously positive prices of risk and posit
 ive risk premia for IST shocks. Preferences towards early resolution of un
 certainty can amplify these effects.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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