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国际经济学workshop: Evaluating the Impact of Portfolio Mandates
发布日期：2023-11-07 12:00 来源：
主讲人：Jack Favilukis（University of British Columbia）
主持人：余昌华（北京大学国家发展研究院）
时间：2023年11月7日（周二）上午11:00-12:30（北京时间）
地点：承泽园249教室
Zoom会议号：926 3889 7210
密码：908060
摘要：
This paper evaluates the effectiveness of portfolio mandates on capital allocation. We argue that a firm’s cost of capital is not a good measure of mandate effectiveness. Instead, evaluating the real impact of mandates requires examining their effect on sectoral capital allocation. Contrary to the prediction of endowment-based models, we show that mandates may have a negligible impact on the cost of capital and yet significantly influence the allocation of physical capital across sectors. Using a calibrated production-based model that matches key asset-pricing and macroeconomic moments, we estimate that a significant portion of the mandate remains effective in shaping equilibrium capital allocation, even when there is little disparity in the cost of capital across sectors.
主讲人介绍：
Jack Favilukis is an Associate Professor in the Finance Division of the University of British Columbia Sauder School of Business. His research interests are incomplete markets, heterogeneity and inequality and labour market frictions and finance. His research has been published in the AER, JPE, Restud, JF, JFE, RFS, JME and other Journals.
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首页
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国际经济学workshop: Evaluating the Impact of Portfolio Mandates
发布日期：2023-11-07 12:00 来源：
主讲人：Jack Favilukis（University of British Columbia）
主持人：余昌华（北京大学国家发展研究院）
时间：2023年11月7日（周二）上午11:00-12:30（北京时间）
地点：承泽园249教室
Zoom会议号：926 3889 7210
密码：908060
摘要：
This paper evaluates the effectiveness of portfolio mandates on capital allocation. We argue that a firm’s cost of capital is not a good measure of mandate effectiveness. Instead, evaluating the real impact of mandates requires examining their effect on sectoral capital allocation. Contrary to the prediction of endowment-based models, we show that mandates may have a negligible impact on the cost of capital and yet significantly influence the allocation of physical capital across sectors. Using a calibrated production-based model that matches key asset-pricing and macroeconomic moments, we estimate that a significant portion of the mandate remains effective in shaping equilibrium capital allocation, even when there is little disparity in the cost of capital across sectors.
主讲人介绍：
Jack Favilukis is an Associate Professor in the Finance Division of the University of British Columbia Sauder School of Business. His research interests are incomplete markets, heterogeneity and inequality and labour market frictions and finance. His research has been published in the AER, JPE, Restud, JF, JFE, RFS, JME and other Journals.
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