At the 2024 Annual Meeting of the European Financial Management Association (EFMA), Ruggero Jappelli was awarded for his paper " Asset Pricing with Dynamic and Static Investors". On 29 June 2024, the SAFE researcher presented his paper at the conference at the University of Lisbon, Portugal.
Jappelli's paper introduces a capital asset pricing model that differentiates between dynamic investors, whose asset allocation responds to news, and static investors, who hold a constant allocation across asset classes even if risk and return change over time. His study proposes the "asset class effect," whereby the wealth invested in the equity asset class to implement static allocation strategies increases the aggregate valuation of the set of stocks, which is thus above the aggregate discounted dividend stream.
The John A. Doukas Ph.D. Best Paper Award is assigned to the best solo authored Ph.D. paper submitted to the EFMA Annual Meeting. This award recognizes outstanding research with significant potential impact within the finance community.
Ruggero Jappelli recently received a Ph.D. from Goethe University and is part of SAFE’s Financial Markets department headed by Loriana Pelizzon.
