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DTSTAMP:20260405T184405Z
DESCRIPTION:Jan Ericsson\n\nMcGill University\n\nThe Risk and Return of Sto
 cks and Bonds\n\nDate: Friday\, November 28\, 2025\n	Time: 10:30-11:45 am\n
 	Location: Bronfman Bldg. (1001 Sherbrooke St. West)\, Room 046\n\nAll are 
 cordially invited to attend.\n\nAbstract:\n\nWe study the joint dynamics o
 f stock and corporate bond returns using a structural credit risk model\, 
 where firms’ unlevered asset return and volatility are driven by systemati
 c risk factors. The model captures key time-series features of stock and b
 ond volatilities\, leverage\, and credit spreads at the market\, industry\
 , and firm levels. It produces return forecasts that exceed Martin (2017)’
 s lower bound for equities and exhibit larger spikes in downturns than ave
 rage credit spreads for bonds. These forecasts significantly predict reali
 zed returns\, outperforming benchmarks. We find that systematic variance r
 isk commands a substantially larger premium in bonds relative to equities.
 \n
DTSTART:20251128T153000Z
DTEND:20251128T164500Z
LOCATION:Room 046\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar: Jan Erics
 son
URL:https://www.mcgill.ca/channels/channels/event/desmarais-global-finance-
 research-centre-dgfrc-seminar-jan-ericsson-369284
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