Presentations by the 2021 Hans Dalborg Award Recipients

Riccardo Sabbatucci (Stockholm School of Economics) och Hanna Silvola (Hanken Swedish Business School in Finland) are this year's recipients of the Hans Dalborg award for excellence in research in financial economics. They will present their research during the Swedish House of Finance annual meeting the 19 May.

The Swedish House of Finance Annual Meeting will be taking place on May 19, at 16:15 via Zoom. From 16:15 - 16:50, our board and members will be conducting the business portion of the meeting. From 16:50 we will welcome guests to join for the presentations from the Hans Dalborg Award recipients for 2021. If you should join early, you will enter into a waiting room, and we will open the meeting to guests once the business portion of the meeting is complete.

Participate by using the link:

o https://hhs-se.zoom.us/j/68656962230
o Meeting ID: 686 569 622 30

Riccardo Sabbatucci

Assistant Professor at Stockholm School of Economics

Does news about firms’ cash flows affect their stock prices? Empirical evidence on this question has been mixed. At the aggregate level, variation in risk premia, sometimes due to behavioral reasons, has been often presented as the main source of movement in stock prices. The fact that future cash flow prospects seem unrelated to current valuations is puzzling, as it implies that estimates of future cash flows used in traditional valuation models might be irrelevant. In this talk, the role of high-frequency, cash flow information in explaining the volatility of aggregate stock markets and macroeconomic quantities will be discussed. It will be shown that unexpected cash flow growth is a highly significant predictor of future growth in aggregate dividends and consumption, and that news about the daily dividend growth process helps explain concurrent return volatility and the probability of jumps in stock returns. The talk will emphasize the importance of using high-frequency data to analyze financial markets going forward.

Hanna Silvola

Associate Professor at Hanken School of Economics

The financial sector has experienced a shift towards profitable sustainable investing in light of recent statistics and studies, especially in Europe, due the strong involvement of institutional investors. In addition to traditional financial figures, sustainable investors make their investment decisions based on ESG (environmental, social and governance) information relevant to each company. There is information asymmetry in the financial market due to the lack of ESG standardization and loosely regulated disclosures of ESG data. This creates opportunities to skilled sustainable investors. Hanna Silvola examines sustainable investing practices and role of ESG data in financial decision-making. Her resent study identifies the profiles of private sustainable investors and her results show that millennials and women apply sustainable investing strategies more often than other investors, shifting financial capital towards a more sustainable economy.