On July 1, 2024, Lasse Heje Pedersen participated in the podcast VoxTalks Economics.
If we’re going to get to net zero in time, economists argue that carbon taxation alone is the best policy. But less than a quarter of emissions are subject to any carbon pricing. And even then, the price of carbon is far too low. So how much climate finance will it take to fill that gap to get us to a socially optimal solution? Lasse Heje Pedersen talks to Alissa and Tim about how he estimates the rate of exchange between the cost of capital and a carbon tax, and what that implies for policy.
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On June 18, 2024, Jens Dick-Nielsen participated in the podcast 'Rig på viden' (Rich in knowledge).
Professor Jens Dick-Nielsen fortæller om sin nyeste forskning der omhandler hvor vidt der er en replikationskrise indenfor virksomhedsobligationer. Jens finder at 80% af faktorstudierne han undersøger med en ny metode ikke kan genskabes.
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On March 2, 2024, Lasse Heje Pedersen participated in the podcast 'Videnskab fra vilde hjerner' (Science from wild minds).
I denne episode fortæller Lasse Heje Pedersen, professor i finansiering på CBS, om grønne og bæredygtige investeringer. Han diskuterer, om disse investeringer kan betale sig, og hvilke faktorer udover afkast der bør vurderes. Med fokus på teorier og dataanalyser undersøger han, hvordan grønne investeringer påvirker økonomien og samfundet. Lasse deler også indsigter fra sin forskning i finansiering, hvor han bruger matematiske modeller og empiriske data til at forstå aktie- og obligationspriser samt deres indvirkning på den virkelige verden.
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On January 23, 2024, Steffen Andersen participated in the podcast 'Rig på viden' (Rich in knowledge).
Denne episode er en særudgave lavet i samarbejde med Videnskab.dk hvor, professor på CBS, Steffen Andersen fortæller om adfærdsøkonomi.
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On December 10, 2024, Peter Feldhütter participated in the podcast 'Rig på viden' (Rich in knowledge).
I denne episode af Rig på viden fortæller professor Peter Feldthütter om sin seneste forskning om Sustainability Linked Bonds.
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Listen to Anders Trolle discuss his article, "How Integrated Are Credit and Equity Markets? Evidence from Index Options," published in the Journal of Finance.
The paper, coauthored with Pierre Collin-Dufresne (EPFL, Switzerland) and Benjamin Junge (Capital Fund Management, France), investigates the complex dynamics underlying financial markets, shedding new light on the interplay between credit and equity market factors and their impact on investment outcomes. With meticulous analysis and cutting-edge methodologies, the study contributes to our understanding of financial market behavior and provides valuable insights for both academia and industry professionals.
Listen to Peter Feldhütter discuss his article, "Debt Dynamics and Credit Risk" published in Journal of Financial Economics.
The paper, coauthored with Stephen Schaefer, explores the intricate relationship between corporate debt policy and the pricing of corporate bonds. In the paper, Feldhütter and Schaefer empirically demonstrate that firms with low equity returns take on more debt in the short run and less debt in the long run compared to firms with high equity returns and integrate this novel insight into structural models of credit risk. They incorporate these debt dynamics into both standard diffusion models and advanced models with stochastic volatility and jumps, leading to more accurate predictions of credit spreads, particularly for short-maturity investment grade bonds. Their research contributes to a comprehensive understanding of corporate capital structure dynamics, challenging the conventional assumption of constant debt in structural models of credit risk.
Listen to Theis Ingerslev Jensen discuss his article, "Is There a Replication Crisis in Finance?" published in Journal of Finance.
The paper, coauthored with Bryan T. Kelly and Lasse Heje Pedersen, develop and estimate a Bayesian model of factor replication, which leads to different conclusions. The majority of asset pricing factors: (1) can be replicated, (2) can be clustered into 13 themes, the majority of which are significant parts of the tangency portfolio, (3) work out-of-sample in a new large data set covering 93 countries, and (4) have evidence that is strengthened (not weakened) by the large number of observed factors.
Listen to Theis Ingerslev Jensen shares insights from his PhD research and its significance in the field.
He reflects on how the Center for Big Data in Finance (BIGFI) played a role in shaping his career, both in terms of research development and securing his current position at Yale. Theis Ingerslev Jensen highlights the academic environment, the people, and the research infrastructure as key factors in his professional growth. He also offers valuable advice to current and aspiring PhD students on making the most of their PhD journey, staying motivated, and navigating challenges.
In July, 2023, Steffen Andersen participated in the podcast 'Rig på viden' (Rich in knowledge).
Steffen Andersen fortæller om adfærdsøkonomi samt hvordan kriser påvirker vores investeringsadfærd.
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In January, 2023, Peter Feldhütter participated in the podcast 'Rig på viden' (Rich in knowledge).
Peter Feldhütter, professor på CBS, taler om obligationer udstedt af banker, og hvorfor de giver et højere afkast end andre virksomhedsobligationer.
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