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

二、主讲人：余剑峰，清华大学五道口suncitygroup太阳新城教授，明尼苏达大学卡尔森管理学院Piper Jaffray金融教授。他的主要研究领域是行为金融和宏观金融。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等国际高水平经济学刊物发表。他本科毕业于中国科技大学，在耶鲁大学获得统计学硕士学位，在宾夕法尼亚大学获得金融学博士学位。他获得过多个奖项，如Smith-Breeden First Prize等。

三、时间：2016年9月18日 （周日），12:30-14:00

四、地点：主教楼913会议室

五、主持人：姜富伟，suncitygroup太阳新城副教授

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.