INSECUREASSETS

"SECURITIES IN TIMES OF INSECURITY: ASSET RETURNS AND HOLDINGS DURING POLITICAL, SOCIAL AND ECONOMIC CRISES IN EUROPE, 1900-1950"

Coordinatore	UNIVERSIDAD POMPEU FABRA    more Spiacenti, non ci sono informazioni su questo coordinatore. Contattare Fabio per maggiori infomrazioni, grazie.
Nazionalità Coordinatore	Spain [ES]
Totale costo	2˙099˙800 €
EC contributo	2˙099˙800 €
Programma	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)
Code Call	ERC-2008-AdG
Funding Scheme	ERC-AG
Anno di inizio	2009
Periodo (anno-mese-giorno)	2009-04-01   -   2014-03-31

 Partecipanti

#	participant	country	role	EC contrib. [€]
1	UNIVERSIDAD POMPEU FABRA  Organization address address: PLACA DE LA MERCE 10-12 city: BARCELONA postcode: 8002 contact info Titolo: Ms. Nome: Eva Cognome: Martin Email: send email Telefono: +34 93 5422140 Fax: +34 93 5421440	ES (BARCELONA)	hostInstitution	2˙099˙800.00
2	UNIVERSIDAD POMPEU FABRA  Organization address address: PLACA DE LA MERCE 10-12 city: BARCELONA postcode: 8002 contact info Titolo: Prof. Nome: Hans-Joachim Cognome: Voth Email: send email Telefono: -3238 Fax: -2347	ES (BARCELONA)	hostInstitution	2˙099˙800.00

Mappa

 Word cloud

Esplora la "nuvola delle parole (Word Cloud) per avere un'idea di massima del progetto.

 Obiettivo del progetto (Objective)

'This project assembles a new dataset on asset returns in four European countries between 1900 and 1950. Most of the information we have today about the performance of different asset classes comes from relatively 'tranquil', stable periods. Yet what happens to the value of one's savings matters all the more when times are not good, and labor income is low. This is the fundamental insight of the consumption capital asset pricing model. The four countries in this study experienced among them the full range of 'horrors and disasters' that could befall investors. By going beyond published statistics on index values, we will obtain a much more accurate picture of how investors fared. Systematically collecting individual-level return data for four European countries at a time of great turmoil will allow me to address a number of canonical asset pricing puzzles: Why are average returns on stocks so high? Why do bonds generally do so poorly? And why would anyone hold gold, given that the long-run average return is quite low? If the recent literature on pricing assets via their value in 'disaster periods' is right, we should find that holding stocks turned out to be much riskier than normally assumed, based on the standard data sets for rich countries in the last fifty years. The opposite ought to be true for bonds and gold. To find out, I will use a wealth of notarial and bank records, combined with tax-based material, a close reading of the legal literature, and probates, to track as closely as possible how individual investors fared in an age characterized by war, political turmoil, revolution, and expropriation.'