efl Paper "Inflation and Trading" receives Best Paper Award

Prof. Hackethal and co-authors received the Best Paper Award at the 8^th SAFE Household Finance Workshop for their paper “Inflation and Trading”. The authors show in their paper that exogenous shifts in inflation expectations do not impact return expectations, but information on past returns during periods of high inflation leads to negative updating about the perceived stock-return impact of inflation, which feeds into return expectations and subsequent actual trading behavior.