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UID:20260624T175327EDT-0341EaVbmR@132.216.98.100
DTSTAMP:20260624T215327Z
DESCRIPTION:Leonie Braeuer\n\nUniversity of Geneva\n\nExchange Rate Expecta
 tions and Currency Demand\n\nDate: Friday\, January 9\, 2026\n	Time: 10:30 
 AM - 11:45 AM\n	Location: Bronfman building\, Room 340\n\nAll are cordially
  invited to attend.\n\n\nAbstract\n\nThis paper develops a new method to e
 xtract exchange rate expectations from investment positions. I use relativ
 e allocations between otherwise identical exchange-traded funds (ETFs) off
 ered with and without a currency hedge to measure investors’ pure currency
  demand and infer a distribution of currency return expectations. These po
 rtfolio-implied expectations predict future exchange rates more accurately
  than survey-based expectations or expectations derived from macroeconomic
  models or currency pricing factors. Dispersion in portfolio-implied expec
 tations accounts for 27% of exchange rate volatility\, consistent with mod
 els of heterogeneous beliefs.\n
DTSTART:20260109T153000Z
DTEND:20260109T164500Z
LOCATION:Room 340\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Finance Area Seminar: Leonie Braeuer 
URL:https://www.mcgill.ca/desautels/channels/event/finance-area-seminar-leo
 nie-braeuer-370201
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