{"id":21449,"date":"2025-09-29T11:15:53","date_gmt":"2025-09-29T09:15:53","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/?post_type=events&#038;p=21449"},"modified":"2025-09-29T11:17:20","modified_gmt":"2025-09-29T09:17:20","slug":"df-lunch-seminar-with-jonathan-e-payne-princeton-university","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-with-jonathan-e-payne-princeton-university\/","title":{"rendered":"DF Lunch Seminar with Jonathan E. Payne (Princeton University)"},"content":{"rendered":"\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.eventbrite.com\/e\/df-lunch-seminar-with-jonathan-e-payne-princeton-university-registration-1728311138139?aff=oddtdtcreator\"\n                target=\"_blank\"\n        class=\"btn btn--primary\"\n            >Register<\/a>\n<\/li>\n\n\n<li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-with-jonathan-e-payne-princeton-university\/calendar\"\n                target=\"_self\"\n        class=\"btn btn--secondary\"\n            >Add to calendar<\/a>\n<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<h4 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"the-historical-us-funding-advantage-since-1860\"\n    >\n\u201cThe Historical US Funding Advantage Since 1860\u201d<\/h4>\n\n\n\n<p>With the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg.<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<h4 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"abstract\"\n    >\nAbstract<\/h4>\n\n\n\n<p>We provide the first consistent historical estimate of US Treasury funding advantage, as measured by term structures of yield spreads between comparable highest-grade US corporate bonds and Treasurys. We construct a new dataset with monthly prices, cash-flows, and ratings for US corporate bonds over 1860-2024. We adjust yield curve estimation techniques to account for tax treatments and embedded options. Existing index-based spreads have mismeasured US funding advantage on long-term bonds in the post-WWI period, particularly during high inflation episodes. An asset pricing model for US funding advantage finds that standard risk factors, not quantity changes, explain most variation in spreads.<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<h4 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"about-the-speaker\"\n    >\nAbout the speaker<\/h4>\n\n\n\n<p><a href=\"https:\/\/sites.google.com\/site\/jonathanedgarpayne\/\" target=\"_blank\" rel=\"noreferrer noopener\">Jonathan Payne<\/a> is an Assistant Professor in the Bendheim Center for Finance in the Department of Economics at Princeton University. He completed his Ph.D. at New York University.<\/p>\n\n\n\n<p>His research studies questions in finance, banking, macroeconomics, economic history, computational economics and econometrics.<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<h4 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"language\"\n    >\nLanguage<\/h4>\n\n\n\n<p>English.<\/p>\n\n\n\n<p>This is a free event. Registration is mandatory.<\/p>\n\n\n\n<p>Cold lunches are provided to registered participants only.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":85,"featured_media":19172,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":{"x":0,"y":0.32},"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2025-10-16 12:30:00","event_end_date":"2025-10-16 13:45:00","event_speaker_name":"Jonathan E. Payne","event_speaker_link":"","event_is_online":false,"event_location":"Kirchberg Campus","event_street":"6, rue Richard Couden\u00ad\u00ad\u00adhove-Kalergi","event_location_link":"https:\/\/www.uni.lu\/en\/about\/campuses\/kirchberg-campus\/","event_zip_code":"1359","event_city":"Luxembourg","event_country":"Luxembourg"},"events-topic":[301],"events-type":[323,322,315],"organisation":[116,101],"authorship":[85],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DF Lunch Seminar: Jonathan E. Payne (Princeton University) on The Historical US Funding Advantage Since 1860 \u2013 University of Luxembourg<\/title>\n<meta name=\"description\" content=\"Join the DF Lunch Seminar at the University of Luxembourg with Jonathan E. Payne (Princeton University) as he explores the Historical US Funding Advantage Since 1860. Open to students, researchers, and professionals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-with-jonathan-e-payne-princeton-university\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DF Lunch Seminar with Jonathan E. Payne (Princeton University)\" \/>\n<meta property=\"og:description\" content=\"Join the DF Lunch Seminar at the University of Luxembourg with Jonathan E. Payne (Princeton University) as he explores the Historical US Funding Advantage Since 1860. 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