BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:Finance in a Time of Disruptive Growth.
DTSTART:20181123T103000
DTEND:20181123T120000
DTSTAMP:20260429T090958Z
UID:e88689fb10d226eb5404986ef668e669e69cc891f8eeb57d0d97dce8
CATEGORIES:Conferences - Seminars
DESCRIPTION:Nicolae GARLEANU\, Berkeley Haas\nWe build a model in which th
 e arrival of new technologies displaces demand for old technologies. This 
 disruption causes redistribution due to lack of risk sharing both within a
 nd across investor cohorts. We model the financial industry as a costly de
 vice to improve risk sharing\, and determine its size in equilibrium. We f
 urther study wealth dynamics\, equilibrium prices\, and flows into various
  asset classes. We show that an increase in disruptive activity renders ex
 isting firms' publicly traded equities riskier and makes "alternative asse
 t classes" as diverse as fixed income\, real estate\, and private equity b
 ecome more attractive. The result is a decline in the real interest rate\,
  an expansion of the financial industry\, and increased flows towards alte
 rnative asset classes. Interestingly\, alternative asset classes offer hig
 her expected rates of return than conventional equities despite the divers
 ification benefits a afforded by the former.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR