{"id":21449,"date":"2025-09-29T11:15:53","date_gmt":"2025-09-29T09:15:53","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/?post_type=events&#038;p=21449"},"modified":"2025-09-29T11:17:20","modified_gmt":"2025-09-29T09:17:20","slug":"df-lunch-seminar-with-jonathan-e-payne-princeton-university","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-with-jonathan-e-payne-princeton-university\/","title":{"rendered":"DF Lunch Seminar with Jonathan E. Payne (Princeton University)"},"content":{"rendered":"\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.eventbrite.com\/e\/df-lunch-seminar-with-jonathan-e-payne-princeton-university-registration-1728311138139?aff=oddtdtcreator\"\n                target=\"_blank\"\n        class=\"btn btn--primary\"\n            >Register<\/a>\n<\/li>\n\n\n<li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-with-jonathan-e-payne-princeton-university\/calendar\"\n                target=\"_self\"\n        class=\"btn btn--secondary\"\n            >Add to calendar<\/a>\n<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<h4 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"the-historical-us-funding-advantage-since-1860\"\n    >\n\u201cThe Historical US Funding Advantage Since 1860\u201d<\/h4>\n\n\n\n<p>With the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg.<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<h4 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"abstract\"\n    >\nAbstract<\/h4>\n\n\n\n<p>We provide the first consistent historical estimate of US Treasury funding advantage, as measured by term structures of yield spreads between comparable highest-grade US corporate bonds and Treasurys. We construct a new dataset with monthly prices, cash-flows, and ratings for US corporate bonds over 1860-2024. We adjust yield curve estimation techniques to account for tax treatments and embedded options. Existing index-based spreads have mismeasured US funding advantage on long-term bonds in the post-WWI period, particularly during high inflation episodes. An asset pricing model for US funding advantage finds that standard risk factors, not quantity changes, explain most variation in spreads.<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<h4 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"about-the-speaker\"\n    >\n糖心Vlog the speaker<\/h4>\n\n\n\n<p><a href=\"https:\/\/sites.google.com\/site\/jonathanedgarpayne\/\" target=\"_blank\" rel=\"noreferrer noopener\">Jonathan Payne<\/a> is an Assistant Professor in the Bendheim Center for Finance in the Department of Economics at Princeton University. He completed his Ph.D. at New York University.<\/p>\n\n\n\n<p>His research studies questions in finance, banking, macroeconomics, economic history, computational economics and econometrics.<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<h4 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"language\"\n    >\nLanguage<\/h4>\n\n\n\n<p>English.<\/p>\n\n\n\n<p>This is a free event. Registration is mandatory.<\/p>\n\n\n\n<p>Cold lunches are provided to registered participants only.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":85,"featured_media":19172,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":{"x":0,"y":0.32},"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2025-10-16 12:30:00","event_end_date":"2025-10-16 13:45:00","event_speaker_name":"Jonathan E. Payne","event_speaker_link":"","event_is_online":false,"event_location":"Kirchberg Campus","event_street":"6, rue Richard Couden\u00ad\u00ad\u00adhove-Kalergi","event_location_link":"https:\/\/www.uni.lu\/en\/about\/campuses\/kirchberg-campus\/","event_zip_code":"1359","event_city":"Luxembourg","event_country":"Luxembourg"},"events-topic":[301],"events-type":[323,322,315],"organisation":[116,101],"authorship":[85],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DF Lunch Seminar: Jonathan E. Payne (Princeton University) on The Historical US Funding Advantage Since 1860 \u2013 糖心Vlog<\/title>\n<meta name=\"description\" content=\"Join the DF Lunch Seminar at the 糖心Vlog with Jonathan E. Payne (Princeton University) as he explores the Historical US Funding Advantage Since 1860. Open to students, researchers, and professionals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-with-jonathan-e-payne-princeton-university\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DF Lunch Seminar with Jonathan E. Payne (Princeton University)\" \/>\n<meta property=\"og:description\" content=\"Join the DF Lunch Seminar at the 糖心Vlog with Jonathan E. Payne (Princeton University) as he explores the Historical US Funding Advantage Since 1860. Open to students, researchers, and professionals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-with-jonathan-e-payne-princeton-university\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF EN\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-29T09:17:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2025\/04\/AdobeStock_1073009376-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1463\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-with-jonathan-e-payne-princeton-university\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/events\/df-lunch-seminar-with-jonathan-e-payne-princeton-university\/\",\"name\":\"DF Lunch Seminar: Jonathan E. 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