Stefano Giglio
During the COVID-19 Crash, Investors’ Beliefs Didn’t Match Their Behavior
Despite a general wave of pessimism following the COVID-19 stock crash in March, few investors made significant changes to their portfolios, according to new research from Yale SOM’s Stefano Giglio.
![A trader at the New York Stock Exchange on February 28, 2020. Photo: Johannes Eisele/AFP via Getty Images.]()
Researchers Propose New Method to Hedge against the Risk of Climate Disaster
Markets could be a huge part of mitigating climate risk. A proposal from Yale finance faculty seeks to make that a reality.![Firefighters battling the Getty fire in the Brentwood Heights neighborhood of Los Angeles on October 28, 2019. Photo: Brian van der Brug/Los Angeles Times via Getty Images.]()
How Do Investors Respond to Uncertainty?
Conventional wisdom says that uncertainty is bad for markets. But Yale SOM’s Stefano Giglio and his co-authors found that investors are willing to pay a premium to protect themselves only against actual market volatility, not mere uncertainty.![]()
