For the Engineered Living Materials (ELMs) portfolio to be productive, the Programme Manager for Health & Biotech designed and developed a Strategy Plan (SP) together with representatives from the portfolio projects as well as oversee the implementation of portfolio activities set in the SP.

For the Engineered Living Materials (ELMs) portfolio to be productive, the Programme Manager for Health & Biotech designed and developed a Strategy Plan (SP) together with representatives from the portfolio projects as well as oversee the implementation of portfolio activities set in the SP.

We utilize Bayesian model averaging to estimate a stochastic discount factor (SDF) for single-stock options. A Bayesian model averaging SDF outperforms reduced-form benchmark models in-sample and out-of-sample in pricing option return anomalies and portfolios. We document that the SDF is dense...