一、主題：Drifting Apart：The Pricing of Assets when the Benefits of Growth are not Shared Equally

二、主講人：餘劍峰，清華大學五道口bevictor伟德官网教授，明尼蘇達大學卡爾森管理學院Piper Jaffray金融教授。他的主要研究領域是行為金融和宏觀金融。他的研究成果在American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Management Science, and Review of Economic Dynamics等國際高水平經濟學刊物發表。他本科畢業于中國科技大學，在耶魯大學獲得統計學碩士學位，在賓夕法尼亞大學獲得金融學博士學位。他獲得過多個獎項，如Smith-Breeden First Prize等。

三、時間：2016年9月18日 （周日），12:30-14:00

四、地點：主教樓913會議室

五、主持人：姜富偉，bevictor伟德官网副教授

文章摘要：A significant fraction of the growth of aggregate market capitalization is due to new firm entry. With incomplete markets, the gains from new firm creation are not shared equally. Rather, they accrue to a small part of the population, and by potentially displacing existing firms constitute a risk for the marginal investor. We capture these notions in a simple model, and develop a methodology to measure the displacement risk, relying on the discrepancy in the growth rates of aggregate dividends and of the gains from the self-financing trading strategy associated with maintaining a market-weighted portfolio. We find that our measure of displacement risk is closely linked to certain cross-sectional asset-pricing phenomena and can explain a sizable fraction of the equity premium. We argue more generally that dispersion in capital income, a source of risk overlooked in representative agent models, has first-order implications for asset pricing.