Objetivo "Financial economics is at a crossroads: Academics are struggling to redefine the theory of finance and practitioners and regulators to restructure the financial industry. The current financial crisis will have significant impact on how we regulate financial markets and how we manage risk in companies and financial institutions. It will continue to inspire an intense discussion and research agenda over the next decade in academics, in industry, and among financial regulators and a central focus will be the role of frictions in financial markets. Nowhere are these issues more pertinent than in Europe right now.To take up the challenge presented by this crossroad of financial economics, my research project seeks to contribute to the knowledge of financial frictions and what to do about them. FRICTIONS will explore how financial frictions affect asset prices and the economy, and the implications of frictions for financial risk management, the optimal regulation, and the conduct of monetary policy.Whereas economists have traditionally focused on the assumption of perfect markets, a growing body of evidence is leading to a widespread recognition that markets are plagued by significant financial frictions. FRICTIONS will model key financial frictions such as leverage constraints, margin requirements, transaction costs, liquidity risk, and short sale constraints. The objective is to develop theories of the origins of these frictions, study how these frictions change over time and across markets, and, importantly, how they affect the required return on assets and the economy.The project will test these theories using data from global equity, bond, and derivative markets. In particular, the project will measure these frictions empirically and study the empirical effect of frictions on asset returns and economic dynamics. The end result is an empirically-validated model of economic behavior subject to financial frictions that yields qualitative and quantitative insights." Ámbito científico social scienceseconomics and businesseconomicssocial sciencessociologygovernancecrisis management Programa(s) FP7-IDEAS-ERC - Specific programme: "Ideas" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013) Tema(s) ERC-SG-SH1 - ERC Starting Grant - Individuals, institutions and markets Convocatoria de propuestas ERC-2012-StG_20111124 Consulte otros proyectos de esta convocatoria Régimen de financiación ERC-SG - ERC Starting Grant Institución de acogida COPENHAGEN BUSINESS SCHOOL Aportación de la UE € 1 307 160,00 Dirección SOLBJERG PLADS 3 2000 Frederiksberg Dinamarca Ver en el mapa Región Danmark Hovedstaden Byen København Tipo de actividad Higher or Secondary Education Establishments Contacto administrativo Lise Damsgaard Joergensen (Ms.) Investigador principal Lasse Heje Pedersen (Prof.) Enlaces Contactar con la organización Opens in new window Sitio web Opens in new window Coste total Sin datos Beneficiarios (1) Ordenar alfabéticamente Ordenar por aportación de la UE Ampliar todo Contraer todo COPENHAGEN BUSINESS SCHOOL Dinamarca Aportación de la UE € 1 307 160,00 Dirección SOLBJERG PLADS 3 2000 Frederiksberg Ver en el mapa Región Danmark Hovedstaden Byen København Tipo de actividad Higher or Secondary Education Establishments Contacto administrativo Lise Damsgaard Joergensen (Ms.) Investigador principal Lasse Heje Pedersen (Prof.) Enlaces Contactar con la organización Opens in new window Sitio web Opens in new window Coste total Sin datos