<html> <head> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> <style type="text/css" style="display:none;"> P {margin-top:0;margin-bottom:0;} </style> </head> <body dir="ltr"> <div style="font-family: Verdana, Geneva, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);"> <br> </div> <div> <div style="font-family: Verdana, Geneva, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);"> Caros, </div> </div> <div style="font-family: Verdana, Geneva, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);"> Vos convido para o próximo seminário da EMAp que será realizado esta quinta-feira 16h. </div> <div style="font-family: Verdana, Geneva, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);"> Atenciosamente,</div> <div style="font-family: Verdana, Geneva, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);"> Duda</div> <div> <div lang="PT-BR"> <div class="x_WordSection1"> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; 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padding:0cm 0cm 0cm 0cm"> <table class="x_MsoNormalTable" border="0" cellspacing="0" cellpadding="0" align="left" width="100%" style="width:100.0%; background:white; margin-left:4.8pt; margin-right:4.8pt"> <tbody> <tr> <td width="100%" style="width:100.0%; padding:0cm 0cm 0cm 0cm"> <table class="x_MsoNormalTable" border="0" cellspacing="0" cellpadding="0" align="left" width="100%" style="width:100.0%; background:white; margin-left:4.8pt; margin-right:4.8pt"> <tbody> <tr> <td width="100%" colspan="2" style="width:100.0%; padding:0cm 0cm 0cm 0cm"> <table class="x_MsoNormalTable" border="0" cellspacing="0" cellpadding="0" align="left" width="100%" style="width:100.0%; background:white; margin-left:4.8pt; margin-right:4.8pt"> <tbody> <tr> <td width="100%" colspan="3" style="width:100.0%; padding:0cm 0cm 0cm 0cm"> <p class="x_xxmsonormal" align="center" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;text-align:center; line-height:105%"> <span style="font-size:13.5pt; line-height:105%; font-family:"Arial",sans-serif; color:black"> </span></p> </td> </tr> <tr> <td width="100%" colspan="3" style="width:100.0%; padding:0cm 0cm 0cm 0cm"> <p class="x_xxmsonormal" align="center" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;text-align:center; line-height:105%"> <span style="font-size:13.5pt; line-height:105%; font-family:"Arial",sans-serif; color:black"><img width="599" height="169" id="x__x0000_i1025" alt="cid:image001.jpg@01D5E726.E0661E60" style="width:6.2395in; height:1.7604in" data-outlook-trace="F:1|T:1" src="cid:image001.jpg@01D658EC.70B19260"></span><span style="font-family:"Arial",sans-serif"></span></p> </td> </tr> <tr style="height:36.0pt"> <td width="100%" colspan="3" style="width:100.0%; padding:0cm 0cm 0cm 0cm; height:36.0pt"> </td> </tr> <tr style="height:27.0pt"> <td width="0%" style="width:.06%; padding:0cm 0cm 0cm 0cm; height:27.0pt"></td> <td width="99%" style="width:99.88%; padding:0cm 0cm 0cm 0cm; height:27.0pt"> <div align="center"> <table class="x_MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="0" style="width:450.0pt; background:#FEFEFE"> <tbody> <tr style="height:57.75pt"> <td width="600" colspan="3" style="width:450.0pt; padding:0cm 0cm 0cm 0cm; height:57.75pt"> <p class="x_xxmsonormal" align="center" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-bottom:12.0pt; text-align:center; line-height:105%"> <b><span style="font-size:13.5pt; line-height:105%; font-family:"Arial",sans-serif; color:#2F5597">PORTFOLIO OPTIMISATION WITHIN A WASSERSTEIN BALL</span></b><b><span style="font-size:13.5pt; line-height:105%; font-family:"Arial",sans-serif"></span></b></p> </td> </tr> <tr> <td width="38" style="width:28.2pt; background:transparent; padding:0cm 0cm 0cm 0cm"> <p class="x_xxmsonormal" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;line-height:115%"> <span style="font-family:"Arial",sans-serif; color:#3B3838"> </span><span style="font-family:"Arial",sans-serif"></span></p> </td> <td width="525" style="width:393.6pt; background:transparent; padding:0cm 0cm 0cm 0cm"> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;text-align:justify; line-height:115%"> <span style="font-size:10.5pt; line-height:115%; font-family:"Arial",sans-serif; color:#595959">We consider the problem of active portfolio management where a loss-averse and/or risk-seeking investor aims to outperform a benchmark strategy's risk profile while staying "close'' to the benchmark. Specifically, an investor considers alternative strategies whose (a) cost does not exceed that of the benchmark's, (b) whose terminal wealth and that of the benchmark's is comonotonic, and (c) whose terminal wealth lies within a Wasserstein ball around the benchmark's. The investor's personal risk profile is modelled by minimising a distortion risk measure. We prove that the optimal dynamic strategy exists and is unique, and provide a characterisation of the optimal strategy through the notion of isotonic projections. Moreover, we illustrate how investors with different risk preferences invest using the Tail Value-at-Risk and inverse S-shaped risk measures as examples.</span></p> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;text-align:justify; line-height:115%"> <span style="font-size:10.5pt; line-height:115%; font-family:"Arial",sans-serif; color:#595959">(joint work with Sebastian Jaimunal)</span></p> <p class="x_xxmsonormal" align="right" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;text-align:right; line-height:115%"> <b><sup><span style="font-family:"Arial",sans-serif; color:#3B3838"> </span></sup></b><b><sup><span style="font-family:"Arial",sans-serif; color:#1F497D"> </span></sup></b><b><sup><span style="font-family:"Arial",sans-serif; color:#3B3838"> </span></sup></b><sup><span style="font-size:9.0pt; line-height:115%; font-family:"Arial",sans-serif; color:#595959">Texto informado pelo autor</span></sup><b><sup><span style="font-size:9.0pt; line-height:115%; font-family:"Arial",sans-serif; color:#3B3838">.</span></sup></b><span style="font-family:"Arial",sans-serif"></span></p> <p style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin-bottom:0cm; margin-bottom:.0001pt; text-align:justify"> <b><span style="font-family:"Arial",sans-serif; color:#1F4E79">Quando:</span></b><span style="font-family:"Arial",sans-serif"></span></p> <p class="x_xxmsonormal" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;line-height:115%"> <span style="font-size:10.5pt; line-height:115%; font-family:"Arial",sans-serif; color:#595959">06 de Agosto de 2020, ŕs <b>16h</b></span><span style="font-family:"Arial",sans-serif; color:#595959"></span></p> <p class="x_xxmsonormal" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;line-height:115%"> <span style="font-size:10.5pt; line-height:115%; font-family:"Arial",sans-serif; color:#595959">Via Zoom</span><span style="font-family:"Arial",sans-serif"></span></p> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> <span style="font-size:10.5pt; font-family:"Arial",sans-serif; color:#595959">Registre-se com antecedęncia para este seminário: <br> </span><span style="color:#222222"><a href="https://ide-fgv-br.zoom.us/meeting/register/tJItdOqppzkqH9IGEwn6EP1gO2si6LLOr3Ld">https://ide-fgv-br.zoom.us/meeting/register/tJItdOqppzkqH9IGEwn6EP1gO2si6LLOr3Ld</a> </span></p> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> <span style="color:#222222"> </span></p> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;text-align:justify"> <span style="font-size:10.5pt; font-family:"Arial",sans-serif; color:#595959">Após o registro, vocę receberá um e-mail de confirmaçăo contendo informaçőes sobre conexăo no seminário.</span><span style="font-family:"Arial",sans-serif"></span></p> <p class="x_xxmsonormal" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;line-height:115%"> <b><span style="font-family:"Arial",sans-serif; color:#3B3838"> </span></b><span style="font-family:"Arial",sans-serif"></span></p> <p class="x_xxmsonormal" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;line-height:115%"> <b><span style="font-family:"Arial",sans-serif; color:#1F4E79">Palestrante:</span></b><b><span style="font-family:"Arial",sans-serif"></span></b></p> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;text-align:justify; line-height:115%"> <b><span style="font-size:10.5pt; line-height:115%; font-family:"Arial",sans-serif; color:#595959">Silvana Pesenti</span></b><span style="font-size:10.5pt; line-height:115%; font-family:"Arial",sans-serif; color:#595959"> - is an assistant professor in Insurance Risk Management at the University of Toronto and was awarded the Dorothy Shoichet Women Faculty Science Award of Excellence in 2019. She obtained my PhD in Actuarial Science at Cass Business School, London UK. Her research interests include quantifying uncertainties and sensitivity analysis for insurance risk management</span><span style="color:#222222">.</span><span style="font-family:"Verdana",sans-serif; color:black"></span></p> <p class="x_xxxxxmsonormal" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: "Times New Roman", serif;"> <span style="font-family:"Arial",sans-serif"></span></p> </td> <td width="38" style="width:28.2pt; background:transparent; padding:0cm 0cm 0cm 0cm"> </td> </tr> </tbody> </table> </div> </td> <td width="0%" style="width:.06%; padding:0cm 0cm 0cm 0cm; height:27.0pt"></td> </tr> <tr> <td width="100%" colspan="3" style="width:100.0%; padding:0cm 0cm 0cm 0cm"> <div align="center"> <table class="x_MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="0" style="width:456.4pt; background:white"> <tbody> <tr style="height:53.95pt"> <td width="609" colspan="8" style="width:456.4pt; 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height:.0104in" data-outlook-trace="F:1|T:1" src="cid:image003.png@01D658EC.70B19260"></span></p> </td> </tr> <tr> <td style="padding:0cm 0cm 0cm 0cm"> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> <a href="http://clickb.e2b.fgv.br/Redir?70fa533b3913ecc36c7478f354c5fdd6&0bed2925da3f59552ca79f0624094d14" target="_blank"><span style="color:blue; text-decoration:none"><img border="0" width="391" height="52" id="x__x0000_i1028" alt="DICOM" style="width:4.0729in; height:.5416in" src="http://www.fgv.br/mailing/_BARRA_DICOM/2020/port/barra_DICOM_2020_600px_2.png"></span></a></p> </td> <td style="padding:0cm 0cm 0cm 0cm"> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> <a href="http://clickb.e2b.fgv.br/Redir?75d129a97aea2fbc31595aa175c7c929&0bed2925da3f59552ca79f0624094d14" target="_blank"><span style="color:blue; 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margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> <a href="http://clickb.e2b.fgv.br/Redir?fbb12e06d0514647919721374f585f5b&0bed2925da3f59552ca79f0624094d14" target="_blank"><span style="color:blue; text-decoration:none"><img border="0" width="33" height="52" id="x__x0000_i1031" alt="LinkedIn" style="width:.3437in; height:.5416in" src="http://www.fgv.br/mailing/_BARRA_DICOM/2020/port/barra_DICOM_2020_600px_5.png"></span></a></p> </td> <td style="padding:0cm 0cm 0cm 0cm"> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> <a href="http://clickb.e2b.fgv.br/Redir?cd26943cbdb6b4637400e8af9cbc987e&0bed2925da3f59552ca79f0624094d14" target="_blank"><span style="color:blue; text-decoration:none"><img border="0" width="31" height="52" id="x__x0000_i1032" alt="Twitter" style="width:.3229in; height:.5416in" src="http://www.fgv.br/mailing/_BARRA_DICOM/2020/port/barra_DICOM_2020_600px_6.png"></span></a></p> </td> <td style="padding:0cm 0cm 0cm 0cm"> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> <a href="http://clickb.e2b.fgv.br/Redir?657f0f3b77f44efc0a4b12a915b052b9&0bed2925da3f59552ca79f0624094d14" target="_blank"><span style="color:blue; text-decoration:none"><img border="0" width="33" height="52" id="x__x0000_i1033" alt="YouTube" style="width:.3437in; height:.5416in" src="http://www.fgv.br/mailing/_BARRA_DICOM/2020/port/barra_DICOM_2020_600px_7.png"></span></a></p> </td> <td style="padding:0cm 0cm 0cm 0cm"> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> <a href="http://clickb.e2b.fgv.br/Redir?04ab39a6c5bd4bc7d86417385dad735b&0bed2925da3f59552ca79f0624094d14" target="_blank"><span style="color:blue; text-decoration:none"><img border="0" width="47" height="52" id="x__x0000_i1034" alt="Mais" style="width:.4895in; height:.5416in" src="http://www.fgv.br/mailing/_BARRA_DICOM/2020/port/barra_DICOM_2020_600px_8.png"></span></a></p> </td> <td width="8" style="width:6.75pt; padding:0cm 0cm 0cm 0cm"> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> </p> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> </td> </tr> <tr style="height:27.0pt"> <td width="99%" style="width:99.88%; padding:0cm 0cm 0cm 0cm; height:27.0pt"> <p class="x_MsoNormal" style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;"> <span style="color:#1F497D"> </span></p> </td> <td style="padding:0cm 0cm 0cm 0cm; height:27.0pt"></td> </tr> <tr> <td width="100%" colspan="2" style="width:100.0%; padding:0cm 0cm 0cm 0cm"> <p class="x_xxmsonormal" align="center" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;text-align:center"> <span style="color:#1F497D"> </span></p> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </td> </tr> <tr style="height:27.0pt"> <td width="0%" style="width:.06%; padding:0cm 0cm 0cm 0cm; height:27.0pt"></td> <td width="99%" style="width:99.88%; padding:0cm 0cm 0cm 0cm; height:27.0pt"></td> <td width="0%" style="width:.06%; padding:0cm 0cm 0cm 0cm; height:27.0pt"> <p class="x_xxmsonormal" style="margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: "Times New Roman", serif;margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;"> <span style="font-size:10.0pt; font-family:"Times New Roman",serif"> </span></p> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </td> </tr> <tr> <td width="100%" style="width:100.0%; padding:0cm 0cm 0cm 0cm"></td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> <p class="x_xxmsonormal" style="margin-right: 0cm; 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