<div dir="ltr"><p class="gmail-MsoTitle" style="text-align:center"><span style="font-size:18pt;font-family:"times new roman",serif">SEMINARIO
DI FINANZA QUANTITATIVA<span></span></span></p>

<p class="gmail-MsoTitle"><span style="font-size:16pt;font-family:"times new roman",serif"><span> </span></span></p>

<p class="MsoNormal" align="center" style="margin-left:9pt;text-align:center;line-height:18pt"><span style="font-size:16pt;font-family:"times new roman",serif">Martedì 13 settembre 2016</span><span style="font-size:16pt;font-family:"times new roman",serif"><span></span></span></p>

<p class="MsoNormal" align="center" style="margin-left:9pt;text-align:center;line-height:18pt"><span style="font-size:16pt;font-family:"times new roman",serif">ore 11:00<span></span></span></p>

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<p class="MsoNormal" align="center" style="margin-left:9pt;text-align:center;line-height:18pt"><u><span style="font-size:16pt;font-family:"times new roman",serif">Scuola Normale Superiore<span></span></span></u></p>

<p class="MsoNormal" align="center" style="margin-left:9pt;text-align:center;line-height:18pt"><span style="font-size:16pt;font-family:"times new roman",serif">Pisa<span></span></span></p>

<p class="MsoNormal" align="center" style="margin-left:9pt;text-align:center;line-height:18pt"><span style="font-size:16pt;font-family:"times new roman",serif;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial">Aula Bianchi Scienze<span></span></span></p>

<p class="MsoNormal" align="center" style="text-align:center"><b><u><span style="font-size:22pt;font-family:"times new roman",serif"><span><span style="text-decoration:none"> </span></span></span></u></b></p>

<p class="MsoNormal" align="center" style="text-align:center;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial"><b><span lang="EN-US" style="font-size:22pt;font-family:"times new roman",serif">Gabrilele La Spada</span></b><span lang="EN-US" style="font-size:22pt;font-family:"times new roman",serif"><span></span></span></p>

<p class="MsoNormal" align="center" style="text-align:center;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial"><i><span lang="EN-US" style="font-family:"times new roman",serif">(Federal
Reserve Bank of New York)<span></span></span></i></p>

<pre style="text-align:center"><b><i><span lang="EN-US" style="font-size:12pt;font-family:"times new roman",serif;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial"><span> </span></span></i></b></pre>

<p class="MsoNormal" align="center" style="text-align:center"><span style="font-size:16pt;font-family:"times new roman",serif">terrà un
seminario dal titolo:<span></span></span></p>

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<p class="MsoNormal" align="center" style="text-align:center;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial"><b><span lang="EN-US" style="font-size:22pt;font-family:"times new roman",serif;color:black">“</span></b><b><span lang="EN-US" style="font-size:22pt;font-family:"times new roman",serif;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial">Competition, Reach for Yield, and Money Market Funds</span></b><b><span lang="EN-US" style="font-size:22pt;font-family:"times new roman",serif;color:black">”</span></b><b><span lang="EN-US" style="font-size:22pt;font-family:"times new roman",serif"><span></span></span></b></p>

<p class="MsoNormal" style="text-align:justify"><b><span lang="EN-US" style="font-family:"times new roman",serif"><span> </span></span></b></p>

<p class="MsoNormal" style="text-align:justify"><b><span lang="EN-US" style="font-family:"times new roman",serif">Abstract:<span></span></span></b></p>

<p class="MsoNormal" style="text-align:justify;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial"><i><span lang="EN-US" style="font-family:"times new roman",serif;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial">Do asset managers reach
for yield because of competitive pressures in a low-rate environment? I propose
a tournament model of money market funds (MMFs) to study this issue. When funds
care about relative performance, an increase in the risk premium leads funds
with lower default costs to increase risk-taking, while funds with higher
default costs decrease risk-taking. Without changes in the premium, lower
risk-free rates reduce the risk-taking of all funds. I show that these
predictions are consistent with MMF risk-taking during the 2002-08 period and
that rank-based performance is indeed a key determinant of money flows to MMFs. </span><span></span></i></p>

<p class="MsoNormal" style="text-align:justify;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial"><span lang="EN-US" style="font-family:"times new roman",serif;background-image:initial;background-size:initial;background-origin:initial;background-clip:initial;background-position:initial;background-repeat:initial"><span> </span></span></p>

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<p class="MsoNormal" style="text-align:justify"><span style="font-size:16pt;font-family:"times new roman",serif">Tutti gli interessati sono invitati a
partecipare.<span></span></span></p>

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<p class="MsoNormal" style="text-align:justify"><span style="font-size:16pt;font-family:"times new roman",serif">Classe di Scienze Matematiche e Naturali<span></span></span></p>

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<p class="MsoNormal" style="text-align:justify"><span style="font-size:16pt;font-family:"times new roman",serif"><span> </span></span></p><div><div class="gmail_signature"><div dir="ltr"><div>Valeria Giuliani</div><div>Scuola Normale Superiore</div><div>Servizio alla Didattica e Allievi</div><div>tel. 050 509260</div><div>Piazza dei Cavalieri, 7</div><div>56126 Pisa</div><div>E-mail: <a href="mailto:valeria.giuliani@sns.it" target="_blank">valeria.giuliani@sns.it</a></div><div>E-mail: <a href="mailto:classi@sns.it" target="_blank">classi@sns.it</a></div></div></div></div>
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