Xuesi Wang

I'm primarily interested in doing macro-finance studies that discover the link between asset prices and economic fluctuation. My recent study specifically focuses on identifying the limits of representative agent models and dividend multipliers pricing models. I attribute the reliance on utility functions and rational assumptions as the main factor limiting the practicality of the representative-agent model; while the dividend stickiness issue is a major source of the dividend pricing model's weak predictivity of return in short term.

Alternatively, I design a structural model that involves corporate behaviours and macro-shocks simultaneously. Avoid using additional assumptions or different forms of utility functions, the new structural model shall explain the interaction of asset price dynamics, corporate finance behaviour, and macro shocks in a clear system.

Supervisor(s)

• Leonidas Barbopoulos (Lead supervisor)
• Khaladdin Rzayev