{"id":1872,"date":"2022-11-10T14:41:06","date_gmt":"2022-11-10T13:41:06","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-fr\/events\/hybrid-phd-defense-essays-in-financial-economics-maksim-nezhelskii\/"},"modified":"2022-11-10T14:41:06","modified_gmt":"2022-11-10T13:41:06","slug":"hybrid-phd-defense-essays-in-financial-economics-maksim-nezhelskii","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-fr\/events\/hybrid-phd-defense-essays-in-financial-economics-maksim-nezhelskii\/","title":{"rendered":"Hybrid PHD Defense &#8211; Essays in Financial Economics \u2013 Maksim NEZHELSKII"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>Supervisor: Prof. Dr Christos KOULOVATIANOS, University of Luxembourg<\/p><p>Title: Essays in Financial Economics<\/p><p>Date: 30 November, 10h00<\/p><p>Venue: Kirchberg Campus, room D17<\/p><p>The defense will be organized in hybrid format, Webex link&rsquo;s below.<\/p><p><strong>Maksim\u2019s thesis abstract<\/strong><\/p><p>This thesis consists of three main chapters, which study different topics of financial economics.<\/p><p>In the first chapter we build heterogeneous-agent model in continuous time with endogenous portfolio choice to test if risk-taking of the wealthy can explain the thick upper tail of wealth distribution for the US data.\u00a0We find that asset holdings play an important role in the increased inequality, especially when accompanied by non-normal income process.<\/p><p>In the chapter 2 we model how the economy of Luxembourg responed to the Covid-19 shock with respect to the housing market. We assume that the income shock was asymmetric: more social professions were affected in a more adverse manner by the lockdowns, experiencing severe income losses. Our general results are that the mortgage market in Luxembourg is resilient. Yet, our model raises alert for some vulnerable households and provides a tool for policy evaluation of asymmetric shocks in the future.<\/p><p>The chapter 3 is an empirical paper on Post-Earnings Announcement Drift (PEAD), where we propose new measure of surprise information that aggregates different signals coming together with earnings reports, complementing the standard earnings-surprise measure of PEAD. In dynamic portfolios, weekly returns to PEAD increase by 72 basis points, if more financial metrics are taken into account, compared to the standard approach. Similarly, with analysis of textual metrics we demonstrate that changes in the text are associated with the longer drift.\u00a0<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>Supervisor: Prof. Dr Christos KOULOVATIANOS, University of LuxembourgTitle: Essays in Financial EconomicsDate: 30 November, 10h00Venue: Kirchberg Campus, room D17The defense will be organized in hybrid format, Webex link&rsquo;s below.<\/p>\n","protected":false},"author":0,"featured_media":1873,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","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,"event_start_date":"2022-11-30 10:00:00","event_end_date":"2022-11-30 12:00:00","event_speaker_name":"Maksim NEZHELSKII ","event_speaker_link":"","event_is_online":false,"event_location":"Kirchberg, Central building, Room D17 (next to the students lounge)","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[301,298],"events-type":[],"organisation":[137,102,100],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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