| SEMINAR ŞTIINŢIFIC MONEDA, FINANŢE, BĂNCI – SEMINAR ȘTIINȚIFIC |
Retail Investors’ Activity and Climate Disasters
Marți, 11 noiembrie 2025 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Marinela Finta
Singapore Green Finance Center at Singapore Management University; mfinta@smu.edu.sg
Abstract:
We analyze the effects of climate disasters on retail investors’ trading activity. Results show that retail investors trade significantly less during and around climate disasters, and retail buyers exhibit higher returns than sellers. Climate disasters weaken the positive return predictability of the past month’s order imbalances while strengthening it for the past six months. In the short run, firms within climate disaster counties with retail net buying underperform those with negative imbalances. Instead, in the long run, firms within and outside climate disaster counties with positive order flows outperform those with negative order flows. Finally, the estimates on the return and order imbalance comovement around climate disasters are consistent with the main findings.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
Political Ideology and Banks’ Stock Market Reactions to Fiscal Interventions during Crisis
Marți, 18 noiembrie 2025 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Maura Bobiceanu
Facultatea de Stiinte Economice si Gestiunea Afacerilor, Universitatea Babes Bolyai; andreea.bobiceanu@econ.ubbcluj.ro
Abstract:
We leverage cross-country differences in government ideology to examine the variability in banks’ stock market reactions to fiscal policy announcements during the COVID-19 crisis. Our findings reveal that fiscal interventions, taking the form of fiscal stimulus or fiscal relief, generally lead to negative cumulative abnormal returns (CARs), due to long-term concerns over fiscal sustainability. However, banks in countries governed by left-wing administrations experience milder reactions, signaling market expectations of sustained government support, which mitigates perceived intervention risk. We also document that government fractionalization, plurality, and continuity of executive power act as moderating factors for the effect of political ideology on banks’ CARs. Markets also respond more favorably to a misalignment of policy and ideology. Specifically, this occurs when the left focuses on tax-driven measures while the right relies on direct spending. These robust findings suggest that when governments adopt policies contrary to their usual ideological stance, these actions are perceived as more credible and sustainable in the long-run.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
Financial literacy and financial well-being: Empirical evidence from Romania
Marți, 9 decembrie 2025 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Maria Anghel
Facultatea de Stiinte Economice si Gestiunea Afacerilor, Universitatea Babes Bolyai; maria.anghel@econ.ubbcluj.ro
Abstract:
This paper examines the relationship between financial literacy and financial well-being using nationally representative data from Romania. Employing the ordinary least squares method, the analysis reveals a robust and positive association between the two variables. The findings indicate that individuals with higher levels of financial literacy tend to report greater financial well-being. The association is particularly strong for basic financial literacy, underscoring the importance of foundational financial knowledge for individuals’ well-being. This relationship remains significant across various sociodemographic groups. Overall, the results provide valuable insights for designing targeted financial education programs and highlight the importance of enhancing basic financial skills in achieving meaningful improvements in individual well-being.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
Heterogeneous Expectations and Wealth Inequality
Marți, 16 decembrie 2025 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Adrian Ifrim
European Commission and Universitat Autònoma de Barcelona; adrian.ifrim@barcelonagse.eu
Abstract:
Using microdata, we document substantial heterogeneity in households’ stock return expectations that persists over time and correlates strongly with wealth. We develop a rich heterogeneous agent model where this belief dispersion arises endogenously through learning from experience, creating a feedback loop between expectations and portfolio choices. The model matches key features of the joint distribution of expectations, portfolio returns, and wealth in the data. Belief heterogeneity amplifies wealth concentration through two channels: optimistic households both save more and choose riskier portfolios, generating higher realized returns that further reinforce their optimistic beliefs. Relative to a homogeneous-beliefs benchmark, heterogeneous expectations increase the wealth share of the top 10% by 50%. Methodologically, we show that Internal Rationality -where households learn about prices directly rather than needing to forecast entire distributions – makes heterogeneous agent models with aggregate risk both more realistic and more tractable.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
Above and Beyond Interest Rates: Risk-taking and Large Central Bank Balance Sheets
Marți, 13 ianuarie 2026 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Radu Cristea
International Monetary Fund and University of Cambridge; cristea.raduc@gmail.com
Abstract:
This paper documents how the yield curve alone may not be a sufficient statistic to gauge how financial markets internalize monetary policy announcements. Analyzing the high-frequency reaction of riskier asset prices around central bank announcements in the US and UK, above and beyond yield curve surprises, this paper highlights the multi-faceted nature of the risk-taking channel of monetary policy. Risk-on channels associated with conventional monetary policy could be linked to the search for yield and low economic uncertainty, but during the era of unconventional monetary policy, strong evidence links an additional risk-taking channel to excess liquidity and portfolio rebalance. More broadly, these results suggest unconventional monetary policies have been more effective than previously estimated.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD