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My project has been a long journey, one that I have learned a tremendous amount on. The final version of my project has come out to be a booklet teaching first time users of code and python the basic steps of getting started and some vital information that I learned

My project has been a long journey, one that I have learned a tremendous amount on. The final version of my project has come out to be a booklet teaching first time users of code and python the basic steps of getting started and some vital information that I learned while I was learning the language. I started my thesis with the idea of creating a portfolio of stock, bonds and commodities to determine the best allocation of your money over a 30-year period. To do this, I needed to learn how to code and become proficient quickly so I could create a program that would be powerful enough as well as spit out the correct output in the end. Unfortunately, I fell short of being able to build this portfolio out. I took on the challenge of learning Python on my own with no knowledge of any coding language to see if I could pull the whole project together. I failed, but I learned so much along the way and that I think is more valuable than anything. Since I was unable to complete my code, I shifted my attention to creating a small booklet on the basics of getting started in Python as if you have never looked at a coding language. Many of the tips I discuss in my booklet are problems I struggled with when I began. In the beginning I couldn’t even figure out how to get to a coding platform to begin my work, so I began to research and found many helpful tips that took me quite a while to understand.
ContributorsToumbs, Jason David (Author) / Boguth, Oliver (Thesis director) / Schreindorfer, David (Committee member) / Department of Finance (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
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This dissertation consists of three essays studying topics in financial economicsthrough the lens of quantitative models. In particular, I provide three examples of the effective use of data in the disciplining of financial economics models. In the first essay, I provide evidence of a significant transitory component of aggregate equity payout. Leading asset

This dissertation consists of three essays studying topics in financial economicsthrough the lens of quantitative models. In particular, I provide three examples of the effective use of data in the disciplining of financial economics models. In the first essay, I provide evidence of a significant transitory component of aggregate equity payout. Leading asset pricing models assume exogenous dividend growth processes which are inconsistent with this fact. I find that imposing market clearing for consumption and income in these models induces the relevant behaviors in dividend growth, even when dividend growth is obtained indirectly. In the second essay, I provide a novel decomposition of the unconditional equity risk premium. In the data, the majority of the equity premium is attributable to moderate left tail risks, not those associated with disaster states. In stark contrast to the data, leading asset pricing models do not predict that this intermediate left tail region meaningfully contributes to the equity premium. The shortcomings of the models can be pinned on unreasonably low prices of risk for tail events relative to the data. In the third essay, I document a large dispersion in household allocations to risky assets conditional on age. I show that while standard household portfolio choice models can be made to match the average risky share over the lifecycle, the models fall short of generating sufficient heterogeneity in the cross-section of household portfolios.
ContributorsBeason, Tyler (Author) / Mehra, Rajnish (Thesis advisor) / Wahal, Sunil (Thesis advisor) / Pruitt, Seth (Committee member) / Schreindorfer, David (Committee member) / Arizona State University (Publisher)
Created2021