Faculty Profile

Alessandro Graniero

Assistant Professor - Department of Finance

Biography

 Personal web page https://sites.google.com/site/alessandrograniero/

Publications

Ehling, Paul; Graniero, Alessandro & Heyerdahl-Larsen, Christian (2018)

Asset prices and portfolio choice with learning from experience

The Review of Economic Studies, 85(3), s. 1752- 1780. Doi: 10.1093/restud/rdx077

We study asset prices and portfolio choice with overlapping generations, where the young disregard history to learn from own experience. Disregarding history implies less precise estimates of output growth, which in equilibrium leads the young to increase their investment in risky assets after positive returns, that is, they act as trend chasers. In equilibrium, the risk premium decreases after a positive shock and, therefore, trend chasing young agents lose wealth relative to old agents who behave as contrarians. Consistent with findings from survey data, the average belief about the risk premium in the economy relates negatively to future excess returns and is smoother than the true risk premium.

Academic Degrees
Year Academic Department Degree
2016 London Business School PhD
2009 University of Turin MSc in Finance
2007 University of Turin Bachelor
Work Experience
Year Employer Job Title
2016 - Present BI Norwegian Business School Assistant Professor