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DTSTART:20261025T030000
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UID:calendar.143748.field_date.0@www.tse-fr.eu
DTSTAMP:20260909T153505Z
CREATED:20260722T101001Z
DESCRIPTION:Alyssa Rusonik\, “Narratives and Financial Markets”\, Finance S
 eminar\, TSE - TSM-R\, Toulouse\, September 16\, 2026\, 11:00–12:15\, room
  Auditorium 4.\n\nI develop a methodology for extracting 'narratives' -- c
 lusters of 'stories' similar in meaning -- from unstructured text and appl
 y it to 21\,771 news articles from the 2025 Liberation Day episode. Narrat
 ives endogenously organize into prediction-oriented clusters\, with narrat
 ives’ market informativeness convex in the coherence of their predictions.
  I introduce two dimensions of narrative disagreement: directional disagre
 ement and dispersion. Even controlling for underlying informational conten
 t\, dispersion and directional disagreement individually increase turnover
 \, but simultaneously high dispersion and directional disagreement have a 
 negative marginal effect on trade. Returns levels are characterized only b
 y average beliefs\, while return dynamics are sensitive to narrative disag
 reement: autocorrelation in returns attenuates in the share of disagreemen
 t-attributable trade volume.
DTSTART;TZID=Europe/Paris:20260916T120000
DTEND;TZID=Europe/Paris:20260916T131500
LAST-MODIFIED:20260909T151001Z
LOCATION:Toulouse\, September 16\, 2026\, 11:00–12:15\, room Auditorium 4
SUMMARY:Finance Seminar\, TSE - TSM-R
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2026-narratives-and-financial-m
 arkets
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