BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Talks.cam//talks.cam.ac.uk//
X-WR-CALNAME:Talks.cam
BEGIN:VEVENT
SUMMARY:WHERE HAS ALL THE DATA GONE? - Laura Veldkamp\, Professor of Finan
 ce\, Columbia University's Graduate School of Business. 
DTSTART:20201201T130000Z
DTEND:20201201T140000Z
UID:TALK153568@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:As financial technology improves and data becomes more abundan
 t\, do market prices reflect this data growth? While recent studies docume
 nted rises in the information content of prices\, we show that\, across as
 set types\, there is data divergence. Large\, growth stock prices increasi
 ngly reflect information about future firm earnings. This is the rise refl
 ected in the previous studies. But over the same time period\, the informa
 tion content of small and value firm prices was flat or declining. Our str
 uctural estimation allows us to disentangle these informational trends fro
 m changing asset characteristics. These facts pose a new puzzle: Amidst th
 e explosion of data processing\, why has this data informed only the price
 s of a subset of firms\, instead of benefiting the market as a whole? Our 
 structural model offers a potential answer: Large growth firms' data grew 
 in value\, as big firms got bigger and growth magnified the effect of thes
 e changes in size.
LOCATION:https://jbs-cam.zoom.us/j/97673197487?pwd=L1dRWm5UanVhckxGQnhvQnh
 5SDFGUT09
END:VEVENT
END:VCALENDAR