Dear Colleagues, I am happy to share with you the following invitation to the Quantative Finance webinar organized by LTI@UniTO and Collegio Carlo Alberto, “What matters in a characteristic?” by Hugues Langlois (HEC Paris), which will take place on Zoom on April 20, at 12.00. Below you find the Zoom link and an abstract of the presentation. Best regards, Luca Regis <#> <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/KjYRmqlKjrwhqhAdI2gLilGDSZjf_N3e7hsE5ucPmKMs2ucCDyAZeJSx3C9orV6cE851mmH0fva3C3eHVeBBlKbQOGqZNcVdXq7Qxyi_tl_QNHf-W5_q5jFtH-EzA9RJsIq7ApZKhOVDtcXmtlciBajMRA_eP3r6CYmHl9aefQMHVLw> <#> LTI@Unito and Fondazione Collegio Carlo Alberto are pleased to invite you to the next webinar <#> *April 20, 2021 | 12:00 - 13:15* *“What matters in a characteristic?”* * Hugues Langlois (HEC Paris)* <#> *Abstract*. We decompose firm characteristics into country, industry, and adjusted components and investigate their respective role in explaining expected returns and comovements in individual international stock returns. Models with adjusted components describe expected returns and comovements of individual stock returns better than models with unadjusted characteristics. While exposures to systematic risk factors are primarily explained by country components, alphas are predominantly driven by adjusted components. In contrast to the U.S. stock market, alphas in emerging and other developed markets are larger and significant. These rich empirical patterns inform models of stocks’ expected returns and comovements. *Zoom link* https://us02web.zoom.us/j/88521626111?pwd=cEdjUmdINERxZ3VzKzZuaXN5ZjEyZz09 <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/K-LOg1rFfgAp1Vis_nPzZABCDin-nMwdWKagxiblZ9UZCOnn9q79Cyimzq7vsUYeK9TsdQbUiJX7mhe8F2z6RN46OZV0WTOvDQVyI3wpwa7FYpU65QDH4IS_SwJah2qycCwN2h5UE7Qxi_Bw4hNxYg_VUwawk4F0DOY7GUtJj81NlmiRQjhTS0HPSSFbZyXZ5663T5l5hUzNNoXYVS2YF4xtYkUqRVPPRN6qem-n1oeqtwcU77sw7xxs_REtWSeNv9q2lRXfpQO7yvfG-W_cPKYwuQSfmJjoz6YjWzgfkAhHPD-FYItH-DdAtFdzW2oFE_oC18vulZ1l2OuMA78> Meeting ID: 885 2162 6111 Passcode: 044353 <#> <#> <#> <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/G3qixTm9-N1P6dg7PFv3AK8C7TVOCc-7YpsBjxT5WiVv3ujpndSZST0n1Ok8W6QBehy3ER-oLyD1W8plYReGzRwovrbUw5wg7JbmVyA9MGzU90mA7d96qM4H-FJon9HYCMtKuo-xEnT45nOtFSlq0sV7LNOC4CcQhKg9UbyVxesx8TghjGZ8yVY> <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/jtHbMvSIZkL41agMTsAl7rz6CCttgjbC7h1FIM3mj5VVeMUnW4HSA7rsuBOmot5682m8b2juHxybYWua5nu8xILiliBw3W3HG5c2NULFczbP9uovdxtCEwpQz2NjO4jwvOYSwG8nIuZvfSdnNrQ9B8fAaKe2aZUvhvGr> <#> FONDAZIONE COLLEGIO CARLO ALBERTO Piazza Arbarello 8 - 10122 Torino, Italy phone: +390116705000 segreteria@carloalberto.org - www.carloalberto.org Facebook <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/zsLCc65Y9FomNLxNOcBSZGMOP7owve5tNmiLx1ux6f_xrkm7R3Uj3AT1rXOfIX-YDqQ7ngFO8rVith8m5jgnD4nYAS_z2bQgxrDhThPyUaSjjZa2aKd_k2Q19_hD1GQXOW2m2KInZeoMrcKDskdQpMKG_m9y8L4bbFcA_3FAA24s1oToqiI-0x1FV8PI6AQovHlz> Twitter <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/5YX2pmxa-oc0WA3-iUV5-ciorC7wUYUyd2XiBm7RlpM1c_YdomSl-ApiCa5wVkCYUcdibzUuaplIARgpyOxWG15uNTeWWa-57FPxA44WXNZZBj2hUO1HUxKb6HRpkXgwE-gAVw71d0jiPjYn0wJy62KFjZC9cYGCU0yLZ8DEt_8SoP5X> LinkedIn <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/WiJwT1Nk93TEFOV9ZwOihDt72sZCKlKyqlnVE5pAGfw8jeH6gBKpIBIzBzZtGFk0gs_v1cYiJOlAECgDBRuu-AUBX-EE7n0NFXHcZgw_ySVl1iiq_ztmTV9kjGbkvAfB-JvF8BR7M0Pw_qMqrOnJ4anqkEwGMu_ZBdie4wHYuAX-9yZn6PFbziU0C-0GHE9fSDlrMvB4TJau_dVHiaIB4_E> Instagram <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/NaZEbS89ljbfvlcZWai2J42HH6phhDKVe8j4G6LP7L7_XxKqrTrKPoLOTP57EM0Oxtdi--od4JFF15R8i2J-d7ufZAAFIg5gDSXOYjxnxbN-15wHR2hpe8Vlp6YghKYHZq9YnRJQcnrQ_2iD4t9edjk1lCxpWUB5bhS4w9HK7XSziS3bQqn1Hl7O5CY3o-LXpqJ2pOsMhA> Youtube <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/ooK-g3SzwKowF2BfH3OuFQOAb1i_2ZONOTWteoQbZljDNSKP8JNM0jo1cIIY7SoRvdvjb67fzWwhMvai0ksIjmZK9jDt8GD6KZ0PZHvtYxe6MyQ47NOgNMDHXVRLMMoNddMKWg8PdD30wdXqrIdgmsJWwZYYEsLMN5Sfj4tnfoJydt2olORt_qqo3_-VIh2TjAmUYU_wncEMxdeqv7G3iQ> <#> *INFORMATION UNDER THE NEW GENERAL DATA PROTECTION REGULATION (GDPR)* Your personal information has been gathered for the exclusive purpose of informing you about the Collegio's initiatives, considering our and your legitimate interest or your consent. If you wish to have your personal data modified please contact Fondazione Collegio Carlo Alberto, piazza Arbarello 8, 1022 Torino, Italy - phone: +390116705000 - privacy@carloalberto.org *Unsubscribe* <https://4z5y5.r.a.d.sendibm1.com/mk/un/h2xCOW1uQ5i049PnKeo8VzMEWlTHSIzGmVY1zpECbN32j-OwQsK6fVmh_WMadfEWAThLjtCnJJKE_JN7fIO4C-X_3pzZXpXp4K0Ck3aMNLIjw1Hsk_tYIJG_c9khQIZ5_qxoeNHqc1ypDCUFrA> <#> © 2021 Fondazione Collegio Carlo Alberto