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UID:20250731T054635EDT-9759BnHVtU@132.216.98.100
DTSTAMP:20250731T094635Z
DESCRIPTION:Andrea Eisfeldt\n\nAnderson School of Management\n\nWe provide 
 robust empirical evidence that uncovers the reason for the observed closer
  relationship between the bond market versus the equity market and the mac
 roeoconomy. Our results indicate that the tight bond market-macroeconomy l
 ink is not due to differences in the investor base\, but instead to the un
 ique transformations of asset volatility and leverage that credit spreads 
 and equity volatility represent. We focus on the investment channel. Using
  firm-level data\, we find that the sensitivity of investment to equity vo
 latility is highly significant\, but changes sign in the cross section of 
 firms depending on their distance to default. This sign change confounds a
 ggregate inference. We rationalize these findings using a simple structura
 l model of credit risk and investment with debt overhang.\n\nRegister\n\nF
 or more information\, please e-mail karen.robertson [at] mcgill.ca (subjec
 t: Virtual%20Research%20Seminar) .\n
DTSTART:20210903T150000Z
DTEND:20210903T161500Z
SUMMARY:Desmarais Global Finance Research Centre Virtual Seminar: Andrea Ei
 sfeldt 
URL:/desautels/channels/event/desmarais-global-finance
 -research-centre-virtual-seminar-andrea-eisfeldt-332986
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