{"id":939,"date":"2022-08-30T13:07:58","date_gmt":"2022-08-30T13:07:58","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/news\/julien-penasse-receives-best-paper-award-at-vienna-symposium\/"},"modified":"2022-08-30T13:07:58","modified_gmt":"2022-08-30T13:07:58","slug":"julien-penasse-receives-best-paper-award-at-vienna-symposium","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/fdef-en\/news\/julien-penasse-receives-best-paper-award-at-vienna-symposium\/","title":{"rendered":"Julien P\u00e9nasse receives Best Paper Award at Vienna Symposium"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>Associate Professor\u00a0within the Department of Finance at the Faculty of Law, Economics and Finance\u00a0of the University of\u00a0Luxembourg, Julien P\u00e9nasse, received the Best Paper award\u00a0at the Vienna Symposium on Foreign Exchange Markets\u00a02022 for the paper \u201cInternational\u00a0Capital Markets and Wealth Transfers.\u201d<\/p><p>Co-authored with Magnus Dahlquist (Stockholm School of Economics), Christian\u00a0Heyerdahl Larsen\u00a0(Indiana University, Kelley School of Business) and Anna\u00a0Pavlova (London Business School), the paper explores the unequal\u00a0impacts of global\u00a0financial stress on different capital markets.<\/p><p>Global\u00a0stress produces large movements in exchange rates and asset prices. Even when\u00a0global stock markets fall,\u00a0the stock markets of wealthy countries, such as the\u00a0US, fall by less. While the external balance sheet of the US\u00a0suffers, the US Dollars\u00a0tends to appreciate, resulting in a wealth transfer towards the US.\u00a0<\/p><p>In the\u00a0paper, the authors build a model to illustrate and test the mechanisms of these\u00a0global stress-driven wealth\u00a0transfers. The model delivers time-varying currency\u00a0risk premia, matches key asset pricing moments, and produces\u00a0realistic external\u00a0portfolios.\u00a0 \u00a0 \u00a0\u00a0<\/p><p>The full\u00a0paper is available for download on the\u00a0<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4057287\" target=\"_self\" title=\"\" rel=\"noopener\">SSRN database<\/a>.\u00a0\u00a0<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>Associate Professor\u00a0within the Department of Finance at the Faculty of Law, Economics and Finance\u00a0of the University of\u00a0Luxembourg, Julien P\u00e9nasse, received the Best Paper award\u00a0at the Vienna Symposium on Foreign Exchange Markets\u00a02022 for the paper \u201cInternational\u00a0Capital Markets and Wealth Transfers.\u201d<\/p>\n","protected":false},"author":0,"featured_media":940,"template":"","format":"standard","meta":{"featured_image_focal_point":[],"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},"news-category":[],"news-topic":[],"organisation":[101],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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