{"id":1973,"date":"2023-02-23T15:32:26","date_gmt":"2023-02-23T14:32:26","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-fr\/events\/df-lunch-seminar-markup-shocks-and-asset-prices\/"},"modified":"2023-02-23T15:32:26","modified_gmt":"2023-02-23T14:32:26","slug":"df-lunch-seminar-markup-shocks-and-asset-prices","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-fr\/events\/df-lunch-seminar-markup-shocks-and-asset-prices\/","title":{"rendered":"DF Lunch Seminar : Markup Shocks and Asset Prices"},"content":{"rendered":"

Abstract:<\/i><\/p>

We explore the asset pricing implications of shocks that allow firms to extract more rents from consumers. These markup shocks directly impact the representative household\u2019s marginal utility and the firms’ cash flow. Using firm-level data, we construct a measure of aggregate markup shocks and show that the price of markup risk is negative, that is, a positive markup shock is associated with high marginal utility states. Markup shocks generate differences in risk premia due to their heterogeneous impact on firms. Firms that have larger exposures to markup shocks are less risky and have lower expected returns. We rationalize these findings in a general equilibrium model with markup shocks.<\/p>

This event is Supported by the Luxembourg National Research Fund (2022\/17573036)<\/i><\/p>

\n \n\"\"\n <\/figure>

<\/p>

Please\u00a0Register Here<\/a>\u00a0to attend the event .<\/strong><\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"

Abstract:We explore the asset pricing implications of shocks that allow firms to extract more rents from consumers. These markup shocks directly impact the representative household\u2019s marginal utility and the firms’ cash flow. Using firm-level data, we construct a measure of aggregate markup shocks and show that the price of markup risk is negative, that is, a positive markup shock is associated with high marginal utility states. Markup shocks generate differences in risk premia due to their heterogeneous impact on firms. Firms that have larger exposures to markup shocks are less risky and have lower expected returns. We rationalize these findings in a general equilibrium model with markup shocks.<\/p>\n","protected":false},"author":0,"featured_media":1974,"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":"2023-03-23 12:15:00","event_end_date":"2023-03-23 13:30:00","event_speaker_name":"Prof. Alexandre Corhay - University of Toronto","event_speaker_link":"","event_is_online":false,"event_location":"","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[301],"events-type":[],"organisation":[115],"authorship":[],"acf":[],"yoast_head":"\nDF Lunch Seminar : Markup Shocks and Asset Prices - FDEF I Uni.lu<\/title>\n<meta name=\"description\" content=\"Abstract:We explore the asset pricing implications of shocks that allow firms to extract more rents from consumers. 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