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UID:20250624T063442EDT-4888hPAI5u@132.216.98.100
DTSTAMP:20250624T103442Z
DESCRIPTION:Xinwei Li\n\nINSEAD Business School\n\nThe Cross-Section of Div
 idend Discount Rates\n\nDate: Tuesday\, February 11\, 2025\n	Time: 11:30 PM
  - 1:00 PM\n	Location: Armstrong building\, Room 265\n\nAll are cordially i
 nvited to attend.\n\n\nAbstract\n\nA stock can be viewed as a collection o
 f dividend strips\, each representing a claim to a single dividend. I stud
 y how individual dividends are priced across the cross-section of U.S. sto
 cks. I construct and estimate the prices of synthetic dividend strips with
  1-year and 2-year maturities using equity options. I document that cross-
 sectional variations in short-term dividend prices are substantial and dri
 ven predominantly by differences in discount rates. Short-term dividend st
 rips with lower price-dividend ratios deliver higher average returns than 
 those with higher price-dividend ratios. Moreover\, the cross-sectional va
 riations in maturity-specific discount rates appear to decline with maturi
 ty\, at least at the short end. Finally\, I interpret these cross-sectiona
 l variations in discount rates using asset pricing theory. I evaluate thre
 e leading cross-sectional asset pricing models and find that the model by 
 Kogan and Papanikolaou (2013) aligns most closely with my findings.\n
DTSTART:20250211T163000Z
DTEND:20250211T180000Z
LOCATION:Room 265\, Donald E. Armstrong Building\, CA\, QC\, Montreal\, H3A
  3L1\, 3420 rue McTavish
SUMMARY:Finance Area Seminar: Xinwei Li 
URL:/desautels/channels/event/finance-area-seminar-xin
 wei-li-363457
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