s/bf-HSG Newsletter
With this newsletter we would like to inform you about the latest news and developments at the Swiss Institute of Banking and Finance.
NEWS
Prof. Dr. Markus Schmid was appointed Vice Dean of the School of Finance of the University of St.Gallen.
Prof. Dr. Julian Kölbel was elected as the representative of the Mittelbau within the SoF organization (Replacement).
We are pleased to welcome Prof. Dr. Dr. Can Gao as a new member of our team. Starting Au-gust 1, 2023, he will join the Swiss Institute for Banking and Finance (s/bf-HSG) as an Assistant Professor and will also be part of the Swiss Finance Institute (SFI-HSG). His expertise encompasses key areas such as asset pricing, derivatives, and international finance.
Prof. Dr. Petrit Ademi took up the new assistant professorship in Entrepreneurial Finance at the Center for Financial Services Innovation (FSI-HSG) and the School of Management (SoM-HSG) at the University of St.Gallen on August 1, 2023. His research focuses on corporate venture capital and entrepreneurial decision making.
The 5th HSG Forum for Banking and Finance on the topic «Impact Investing: Are we moving the needle?» was successfully held on 27 November 2023, with around 75 guests at the Zunfthaus zur Saffran in Zurich. The HSG Forum brings together experts and interested parties from the financial sector to discuss current developments in the industry as well as in academic research. In collaboration with the Center for Financial Services Innovation (FSI-HSG) and the Swiss Institute for Banking and Finance (s/bf-HSG), the forum offers unique financial markets expertise. Highlights of the program included Prof. Julian Kölbel's thematic introduction, the keynote speech by Dr. Mirjam Staub-Bisang, and the industry panel discussion led by Prof. Dr. Martin Nerlinger, discussing opportunities and challenges of impact investing.
AWARDS:
RESEARCH
PUBLICATIONS:
WORKING PAPERS:
PRESENTATIONS:
EXECUTIVE EDUCATION
Certificate Course on ESG and Sustainable Finance
The “Certificate Course on ESG and Sustainable Finance” of Prof. Dr. Markus Schmid in cooperation with ESG industry experts from LGT Capital Partners, MSCI, radicant, RepRisk, UBS, Vontobel and ZKB took place for the third time in November 2023 with a record number of participants. The course combines the latest academic findings with in-depth industry experience on various topics in the field of ESG and Sustainable Finance, such as ESG ratings and data is-sues, regulatory challenges and certification, the sustainable investment product space, the performance of sustainable investments, and the impact of sustainable investments. The fourth edition of the course will take place in Spring 2024, April to early June. The course is taught in English and participation is possible both in-person in Zurich and online. For in-person participants, there is a networking reception on each of the six event days.
Fit for Sustainable Finance
In spring 2024, we will offer the course “Fit for Sustainable Finance” for the third time. The course will take place with an updated course program under the direction of Prof. Dr. Markus Schmid and Prof. Dr. Martin Nerlinger. Participants will learn how sustainability and financial markets interact and what the practical implications in banking, investment management, risk management, etc. are. Participants have the flexibility to choose between the «on campus» course or the online course. In addition, we offer a one-hour online Q&A session for each topic.
Fit for Finance
The popular intensive course “Fit for Finance” will be offered again in fall 2024. After 20 years under the direction of Prof. Dr. Manuel Ammann, Prof. Dr. Roland Füss and Prof. Dr. Markus Schmid will be in charge of the “Fit for Finance” course starting in fall 2024. In the course, participants will learn how financial markets work and what practical implications this has for in-vestment advice, financial analysis, risk management, etc. In addition to the presentation of theoretical concepts, the course puts a strong emphasis on the practical applicability of these concepts. Due to its thematic focus, the course forms an ideal basis for further certificates such as the CFA®.
Fit for Private Markets
In spring 2024, Prof. Dr. Roland Füss and Prof. Dr. Stefan Morkoetter will be offering the certificate course “Fit for Private Markets” for the first time. The certificate course will take place on six Wednesdays in March and April 2024. Participants in the seminar can look forward to a comprehensive insight into the area of private market investments in the asset management. The seminar offers a detailed look at the specific areas of private equity, venture capital, private real estate, private debt, infrastructure, and art investments. Participants will learn about the functioning and valuation methods of private market investments, including their financing forms and investment strategies. The course places a particular focus on the practical application of theoretical concepts. Special emphasis is placed on the role of the Swiss financial center in this asset class.
S/BF IN THE MEDIA
NZZ, December 1, 2023. Private Equity gibt es nun auch für das kleinere Portemonnaie
The entry barriers to private markets are becoming lower, a trend that is expanding the investment landscape. This article discusses the increasing accessibility of Private Equity for investors with smaller budgets. Prof. Dr. Tereza Tykvová provided an interview for this article, parts of which are quoted in the text.
NZZ, December 1, 2023. Grüne Fonds im ESG-Check
Das Nachhaltigkeitssortiment in der Schweizer Investmentlandschaft wächst und wächst. Immer wieder gibt es aber Kritik an weltverbessernden Finanzprodukten. Wie grün sind Sustainable Fonds wirklich und heisst nachhaltig auch sozial? This article cites the working paper “Is sustainable investing a dangerous placebo?” by J. Kölbel, which delves into and explores this issue further.
Financial Times, and the Washington Post. Revealed beliefs about responsible investing: Evidence from mutual fund managers, with V. Orlov, S. Ramelli, A. F. Wagner, cited by Bloomberg.
HSG Newsroom, August 23, 2023. Mobiles Bezahlen erfährt deutlichen Wachstumsschub, S. Graf, N. Heim, M. Stadelmann, T. Trütsch.
Should you have any questions or suggestions regarding the s/bf-HSG Newsletter please send an e-mail to: Besire Morina.
If you wish to subscribe to the newsletter or to unsubscribe, please send an e-mail to: Besire Morina. December 2023
NEWS
Prof. Dr. Manuel Ammann was elected as the Rector of the University of St. Gallen by the Senate and University Council in December. He will assume the new position in February 2024.
Prof. Dr. Markus Schmid was appointed as the new academic director of the Center for Financial Services Innovation. He will replace the current academic director, Prof. Dr. Manuel Ammann, as of February 1, 2024.
Prof. Dr. Markus Schmid was appointed Research Member of the European Corporate Governance Institute (ECGI) in Brussels.
Prof. Dr. Tereza Tykvová was appointed as Senior Editor for Global Finance Journal.
Save the Date: The 5th HSG Forum for Banking & Finance on the topic of "Impact Investing" will take place on Monday, November 27, 2023, at the Zunfthaus zur Saffran in Zurich.
The Annual Meeting of the Swiss Society for Financial Market Research (SGF) was organized by the s/bf-HSG for the fifth time in 2023. For the first time in three years, the event could be held on-site at the SIX ConventionPoint in Zurich. Professors Martin Brown (Study Center Gerzensee), Roland Füss, Vesa Pursiainen, and Markus Schmid served as the co-chairs. Out of 345 submitted papers of generally high academic quality, 40 outstanding contributions were selected for inclusion in the program. The s/bf-HSG will also organize the SGF Conference 2024, which will take place on April 5, 2024, in Zurich.
The SIX Best Paper Award 2023, sponsored by SIX Swiss Exchange, was awarded to Tobias Sichert (Stockholm School of Economics) and David Schreindorfer (Arizona State University) for their paper "Volatility and the Pricing Kernel".
AWARD:
Prof. Vesa Pursiainen, Ph.D., received the Foundation for the Advancement of Finnish Securities Markets Article Award 2023 for "Cultural Biases in Equity Analysis", published in the Journal of Finance.
RESEARCH
PUBLICATION:
Stress Testing Banks' Digital Capabilities: Evidence from the COVID-19 Pandemic. A. Kwan, C. Lin, M. Tai, V. Pursiainen, Journal of Financial and Quantitative Analysis, forthcoming.
WORKING PAPER:
NFT Bubbles. A. Barbon, Ranaldo A, Research Pater No. 23-20, Swiss Finance Institute (3/2023).
SELECTED CONFERENCE PRESENTATIONS:
- CEO Turnover and Director Reputation. F. von Meyerinck, J. Romer, M. Schmid. Paris December 2022 Finance Meeting, Paris, 15 December 2022.
- Who Pays for Sustainability? An Analysis of Sustainability-Linked Bonds. J. Kölbel. The American Finance Association Annual Meeting 2023, in New Orleans, LA. 6-8 January 2023.
- Nudging Civilian Evacuation During War: Evidence from Ukraine. M. Weber. Thurgau Experimental Economics Meeting 2023. The Thurgau Institute of Economics at the University of Konstanz, Kreuzlingen, CH, 29-31 March 2023.
- Retail Customer Reactions to Private Equity Acquisitions. T. Tykvová. PERC Spring Symposium 2023, Said Business School, University of Oxford, Oxford, UK, 11-12 May 2023.
EXECUTIVE EDUCATION
The "Certificate Course on ESG and Sustainable Finance" of Prof. Dr. Markus Schmid in cooperation with ESG industry experts from LGT Capital Partners, MSCI, radicant, RepRisk, UBS, Vontobel and ZKB will take place for the third time in November 2023. The course combines the latest academic findings with in-depth industry experience on various topics in the field of ESG and Sustainable Finance, such as ESG ratings and data issues, regulatory challenges and certification, the sustainable investment product space, the performance of sustainable investments, and the impact of sustainable investments. Participation in the course is possible both in-person in Zurich and online. For in-person participants, there is a networking reception on each of the five event days.
In spring 2023, we offered the intensive course "Fit for Sustainable Finance" for the second time. The special focus of this course is on practical applicability in addition to the teaching of theoretical concepts. Participants learn how sustainability and financial markets interact and which practical implications in banking, investment management, risk management, etc. are associated with this.
The popular lecture series "Fit for Finance"will start again as an intensive course in fall 2023. Participants will learn how financial markets work and what practical implications this has for investment advice, financial analysis, risk management, etc. Due to its thematic focus, the course is an optimal basis for further certificates, especially for the CFA®. Furthermore, participants can choose flexibly between the in-person attendance and online participation. In addition, there is an one-hour online Q&A session on each topic.
In autumn 2023, Prof. Dr. Roland Füss will offer the certificate course "Fit for Real Estate Finance" for the first time. The course will take place on five Wednesdays in November. The participants learn how the real estate markets work and how real estate is valued. Furthermore, both the forms of financing and investment strategies for the real estate market are discussed. Finally, the importance of sustainability and technological transformation to increase value is also highlighted. In addition to imparting theoretical concepts, the special focus of this course is the practical applicability.
"Technology-based ESG Management in the Real Estate Sector". How can institutional investors or property owners increase the sustainability of their real estate investments using PropTech and manage their transformation with ESG data? The day seminar, under the guidance of Prof. Dr. Roland Füss and Dr. Jörg Schläpfer, took place for the first time on May 3, 2023, in Zurich.
Executive Education at the FSI-HSG:
Decentralized Finance (DeFi) is a growing ecosystem offering financial services in a fully decentralized fashion – that is, without intermediaries like banks, brokerages, or exchanges. The course "Introduction to Decentralized Finance (DeFi)"introduces the foundations of DeFi, starting from blockchain technology and smart contracts, and provides a practical overview of the main decentralized applications.
S/BF IN THE MEDIA
- Swiss Payment Monitor, 1/2023. Bargeld ist wieder meistgenutztes Zahlungsmittel. S. Graf, N. Heim, M. Stadelmann, T. Trütsch (2023).
- FSI-HSG, March 2023. Innovations in Sustainable Finance. Sustainable investing has become an important phenomenon in the financial markets. In the podcast, J. Kölbel discusses new ideas in sustainable finance.
- The Financial Times, 29 March 2023. What NFT Mania Can Tell Us About Market Bubbles. A. Barbon, A. Ranaldo.
- The Banker, 6 April 2023. ESG Ratings Are Still Our Best Option. F. Berg, J. Jay, J. Kölbel, R. Rigobon.
Should you have any questions or suggestions regarding the s/bf-HSG Newsletter please send an e-mail to: Besire Morina.
If you wish to subscribe to the newsletter or to unsubscribe, please send an e-mail to: Besire Morina.
June 2023
NEWS
Prof. Dr. Tereza Tykvová was appointed to the Board of Trustees of the Daimler and Benz Foundation. With her research interests – private equity, entrepreneurial finance, and mergers and acquisitions – she is an enrichment to the Board of Trustees, which has an interdisciplinary profile.
Prof. Dr. Kathleen Kürschner Rauck participated in the Women in Economics (WinE) Mentoring and Networking Retreat 2022 in Milan, Italy.
Opening Ceremony of the Center for Financial Services Innovation (FSI-HSG): On 22 November 2022, we celebrated the opening of the FSI-HSG together with around 200 guests in the “SQUARE” at University of St.Gallen. The keynote speech was given by Axel P. Lehmann, Chairman of the Board of Directors of Credit Suisse Group AG. Another highlight of the ceremony was a CEO roundtable in which the importance of innovation in the banking sector was discussed.
Prof. Stefano Ramelli, Ph.D. joined the s/bf-HSG in August 2022. He is a tenure-track Assistant Professor in corporate finance at the School of Finance. His research interests and areas of expertise are corporate finance, financial markets, and the links between sustainability and finance.
On 1 August 2022, four newly appointed professors officially started work at the newly founded Center for Financial Services Innovation: Prof. Andrea Barbon, Ph.D., Assistant Professor for Financial Technology, Prof. Julian Kölbel, Ph.D., Assistant Professor for Sustainable Finance, Prof. Tim Meyer, Ph.D., Assistant Professor for Digital Ecosystems und Platform Economies, Prof. Dr. Nina Reiser, Associate Professor for Financial Market Law.
AWARDS:
- Prof. Julian Kölbel, Ph.D. was awarded an SNSF Starting Grant for his research project on “The Investor Impact Lab: From Pro-Social Preferences to Real Economic Impact”. This grant will enable him to conduct in-depth scientific work on the topic over a period of four years with a maximum budget of CHF 800'000.
- Prof. Vesa Pursiainen, Ph.D., won the Best Paper Award (Investments) at the FMA Annual Meeting 2022 for the paper "Geographic Proximity in Short Selling".
RESEARCH
PUBLICATIONS:
- Low-emission Zones, Modes of Transport and House Prices: Evidence from Berlin’s Commuter Belt. E. Aydin, K. Kürschner Rauck. Transportation (2022).
- Aggregate Confusion: The Divergence of ESG Ratings. F. Berg, J. Kölbel, R. Rigobon, Review of Finance, Volume 26, Issue 6, November 2022, 1315–1344. The paper was published as the lead article in the special issue on sustainable finance and is the most read article in the entire journal.
- Auctions Versus Bookbuilding: The Effects of IPO Regulation in Japan. T. Lehmann, M. Weber. Financial Review, 2022, 1-25, forthcoming.
- Analyst Incentives and Stock Return Synchronicity: Evidence from MiFID II. Y. Li, X. Liu, V. Pursiainen (2022). Financial Analysts Journal, Vol. 78:4, 77-97.
- Gender Differences in Reward-Based Crowdfunding. T.-C. Lin, V. Pursiainen (2022). Journal of Financial Intermediation, forthcoming.
SELECTED WORKING PAPERS:
- Fake News in Social Networks. C. Aymanns, J. Foerster, C.-P. Georg, M. Weber (2022). Research Paper No 22-58, Swiss Finance Institute.
- Retail Customer Reactions to Private Equity Acquisitions. V. Pursiainen, T. Tykvová, School of Finance Working Paper, University of St.Gallen.
SELECTED CONFERENCE PRESENTATIONS:
- Competition and the Reputational Costs of Litigation. F. von Meyerinck, M. Schmid, V. Pursiainen. Western Finance Association (WFA) 2022, Portland, OR, 24-27 June 2022.
- CEO Turnover and Director Reputation. F. von Meyerinck, J. Romer, M. Schmid. China International Conference in Finance (CICF) 2022, Virtual & Shanghai, 6-9 July 2022.
- Low-emission Zones, Modes of Transport and House Prices: Evidence from Berlin’s Commuter Belt. E. Aydin, K. Kürschner Rauck. European Economic Association Annual Congress - Econometric Society European Meeting (EEA-ESEM) 2022, Bocconi-University, Milano, Italy, 22-26 August 2022.
- Retail Customer Reactions to Private Equity Acquisitions. V. Pursiainen, T. Tykvová. 5th Private Markets Conference Lausanne, 6-7 October 2022.
RESEARCH AT THE FSI-HSG:
Digitale Generalversammlungen und Verwaltungsratssitzungen. N. Reiser (2022). Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht, (5), 401-415.
EXECUTIVE EDUCATION
In spring 2023, we will offer the course "Fit for Sustainable Finance" for the second time. Participants will learn how sustainability and financial markets interact and what the practical implications in banking, investment management, risk management, etc. are. Participants have the flexibility to choose between the “on campus” course or the online course. In addition, we offer a one-hour online Q&A session for each topic.
The popular lecture series "Fit for Finance" will again be held as an intensive course in fall 2023. Participants learn how financial markets work and what practical implications can be drawn for investment advice, financial analysis, risk management, etc. The special focus of this course emphasizes practical applicability in addition to teaching theoretical concepts. Due to its thematic focus, the course forms an optimal basis for further certificates, especially the CFA®.
The "Certificate Course on ESG and Sustainable Finance" in cooperation with ESG industry experts from Inrate, LGT Capital Partners, MSCI, radicant, RepRisk, UBS, Vontobel und ZKB was successfully held for the second time in fall 2022. The course combines the latest academic findings with in-depth industry experience on various topics in the field of ESG and Sustainable Finance, such as ESG ratings and data issues, regulatory challenges and certification, the sustainable investment product space, the performance of sustainable investments, and the impact of sustainable investments. Participation in the course is possible both via classroom sessions in Zurich and online. The next edition of the course will take place in November 2023.
EXECUTIVE EDUCATION AT THE FSI-HSG:
Decentralized Finance (DeFi) is a growing ecosystem offering financial services in a fully decentralized fashion – that is, without intermediaries like banks, brokerages, or exchanges. The course «Introduction to Decentralized Finance (DeFi)» introduces the foundations of DeFi, starting from blockchain technology and smart contracts, and provides a practical overview of the main decentralized applications. Furthermore, it discusses the main uses of blockchain technology in the financial sectors and the potential challenges for the business models of established firms. In-depth case studies and interactive workshops will push participants to think about blockchain-related challenges and opportunities for their own business.
S/BF IN THE MEDIA (A SELECTION)
NZZ, 16 September 2022. Nachhaltige Anlagen: Die Wirkung ist egal. Wichtig ist vor allem das gute Gefühl. Article covering the paper «Do Investors Care About Impact?», co-authored by J. Kölbel.
FuW, 31 October 2022. Stehen wir vor dem Beginn eines neuen Zeitalters? A. Barbon.
Should you have any questions or suggestions regarding the s/bf-HSG Newsletter please send an e-mail to: Besire Morina.
If you wish to subscribe to the newsletter or to unsubscribe, please send an e-mail to: Besire Morina.
December 2022
NEWS
Prof. Dr. Markus Schmid was appointed Associate Editor of Management Review Quarterly, published by Springer.
Prof. Dr. Tereza Tykvová gave her inaugural lecture on "Private Equity: Locusts or Honeybees?" on March 29, 2022.
The Annual Meeting of the Swiss Society for Financial Market Research (SGF) was organized by the s/bf-HSG for the fourth time in 2022. Due to the ongoing Corona pandemic, the event on April 7 and 8, 2022, had to be held again as a web conference. Professors Martin Brown, Roland Füss and Markus Schmid co-chaired the conference. Out of 331 submitted papers of generally very high academic quality, 44 excellent contributions were selected for inclusion in the program. The s/bf-HSG will also organize the 2023 SGF conference, which will be held in Zurich on March 31, 2023.
The SIX Best Paper Award 2022, sponsored by SIX Swiss Exchange, was awarded to Mark Jansen (University of Utah), Fabian Nagel (University of Chicago), Constantine Yannelis (University of Chicago), and Anthony Lee Zhang (University of Chicago) for the paper "Data and Welfare in Credit Markets".
Save the Date: Opening ceremony of the Center for Financial Services Innovation (FSI-HSG). Topic: "Innovation in der Finanzbranche: Disruption oder Evolution". Tuesday, November 22, 2022, in the new teaching building "SQUARE" of the University of St.Gallen.
On April 1, 2022, the Managing Director of the newly founded HSG Center for Financial Services Innovation (FSI-HSG), Dr. Tobias Trütsch, officially started his work. The Center is affiliated with the s/bf-HSG. Before joining the FSI-HSG, Tobias Trütsch worked as a program director of executive programs for politicians and public affairs staff and was head of the Economics Department at the Executive School of the HSG. His research focuses on the economics of payments and money, with particular emphasis on innovative payment products and individual payment behavior.
AWARDS:
- Prof. Vesa Pursiainen was the recipient of the EUROFIDAI Data Award (best paper using daily data) 2021 for the paper "Cultural Biases in Equity Analysis", published in the Journal of Finance.
- Prof. Dr. Kathleen Kürschner Rauck received the Dissertation Award 2021 of the Faculty of Economics and Management, Otto von Guericke University Magdeburg, for her doctoral thesis "Essays on Population and Housing Economics".
- The ZKB Best Paper Award was presented to Nadia Balemi, Roland Füss, and Alois Weigand for their article "COVID-19’s Impact on Real Estate Markets: Review and Outlook", published in Financial Markets and Portfolio Management.
RESEARCH
PUBLICATIONS:
- Is There a Value Premium in Cryptoasset Markets? L. J. Liebi (2022), Economic Modelling, 109. 105777.
- Regional Social Capital and Moral Hazard in Crowdfunding. T.-C. Lin, V. Pursiainen (2022), Journal of Business Venturing, 37.
- The Disutility of Stock Market Losses: Evidence from Domestic Violence. T.-C. Lin, V. Pursiainen (2022), Review of Financial Studies, forthcoming.
- Estimating Forward-Looking Stock Correlations from Risk Factors. W. Schadner, J. Traut (2022), Mathematics, 10(10), 1649.
SELECTED WORKING PAPERS:
- Agency Costs of Dry Powder in Private Equity Funds. M. Lambert, A. Scivoletto, T. Tykvová, School of Finance Working Paper, University of St.Gallen.
- FX Liquidity Risk and Carry Trade Premia. P. Söderlind, F. Somogyi, School of Finance Working Paper 2022/02, University of St.Gallen.
SELECTED CONFERENCE PRESENTATIONS:
- CEO Turnover and Director Reputation. F. von Meyerinck, J. Romer, M. Schmid. American Finance Association (AFA) Annual Meetings 2022, (Virtual) Boston, 6-9 January 2022.
- Industry Conditions and Value Creation in M&As. T. Tykvová. FMARC 2022, 19-21 June 2022.
EXECUTIVE EDUCATION
In spring 2022, we offered the intensive course "Fit for Sustainable Finance" for the first time. The special focus of this course is on practical applicability in addition to the teaching of theoretical concepts. Participants learn how sustainability and financial markets interact and which practical implications in banking, investment management, risk management, etc. are associated with this. Furthermore, participants can choose flexibly between the in-person attendance and online participation. In addition, there is an one-hour online Q&A session on each topic.
The popular lecture series "Fit for Finance" will start again as an intensive course in fall 2022. Participants will learn how financial markets work and what practical implications this has for investment advice, financial analysis, risk management, etc. Due to its thematic focus, the course forms an optimal basis for further certificates, especially for the CFA®.
The "Workshop on ESG and Sustainable Investing" in cooperation with ESG industry experts from Inrate, Pictet, Vontobel and ZKB was successfully held for the first time in spring 2022. The course combines the latest academic findings with in-depth industry experience on various topics in the field of ESG and Sustainable Finance, such as ESG ratings and data issues, regulatory challenges and certification, the sustainable investment product space, the performance of sustainable investments, and the impact of sustainable investments. Participation in the course is possible both via classroom sessions in Zurich and online.
S/BF IN THE MEDIA (A SELECTION)
- LSE Business Review, 19 January 2022. Investor Experience and Information do not Discourage Asset Price Bubbles. A. Kopányi-Peuker, M. Weber.
- Swiss Money Map 2022: A Cash Atlas for Switzerland is a joint project of Dr. Tobias Trütsch (Managing Director FSI-HSG) and Prof. Dr. Martin Brown (Director of the Study Center Gerzensee and adjunct Professor of Financial Economics at the University of St.Gallen).
The use of cash has been declining in Switzerland for some time. Nevertheless, cash remains an important means of payment and store of value. For this reason, it is important for many Swiss people to be able to withdraw and deposit cash easily. The newly published HSG study "Swiss Money Map" shows how and where to access cash.
Video: Swiss Money Map 2022: Ein Bargeldatlas für die Schweiz - YouTube
Study: T. Trütsch (2022). Swiss Money Map 2022: A Spatial Analysis of Cash Access Points in Switzerland, University of St.Gallen.
Should you have any questions or suggestions regarding the s/bf-HSG Newsletter please send an e-mail to: Beatrix Kobelt.
If you wish to subscribe to the newsletter or to unsubscribe, please send an e-mail to: Beatrix Kobelt.
Juni 2022
NEWS
The 3rd HSG Forum for Banking & Finance 2021 on the topic of "Climate Change and Financial Markets: Managing Risks, Seizing Opportunities" could be held live and with around 100 guests at the Kunsthaus in Zurich on 27 October 2021. The HSG Forum for Banking & Finance is a flagship event of the s/bf-HSG, which promotes an exchange of ideas between academia, practice and politics. Professors Angelo Ranaldo and Rolf Wüstenhagen were the scientific directors of this edition. Dr. Andréa M. Maechler, member of the Governing Board of the Swiss National Bank, spoke in her keynote about the consequences of climate change for central banks. Afterwards, in two panel discussions moderated by Prof. Dr. Sebastian Utz and Prof. Dr. Martin Nerlinger, nine renowned representatives from the fields of sustainability and finance discussed the impact of climate change on financial institutions and markets. Details on research in the field of Climate Finance and on the event can be found on our website.
The newly founded HSG Centers for Financial Services Innovation (FSI-HSG) will be affiliated with the s/bf-HSG starting in 2022. Prof. Dr. Manuel Ammann takes over as academic director of the center. The FSI-HSG is intended to develop future-oriented know-how at the interface between finance, management, and law. Credit Suisse is funding seven assistant professorships at the University of St.Gallen, which are associated with the FSI-HSG. The focus of the center is current interdisciplinary questions in the areas of FinTech, sustainable finance, digital ecosystems and platform economies, regulation of financial services and markets, entrepreneurship, and private markets. The FSI-HSG will conduct research projects, seminars, and workshops, collaborate with practice partners and develop teaching and training content.
Prof. Martin Brown has been appointed as the new Director of the Study Centre Gerzensee and will leave the University of St.Gallen at the end of March 2022 after 11 years. Link to the press release.
The chair of Prof. Dr. Angelo Ranaldo will no longer be part of the s/bf-HSG Institute as of 1 January 2022, but will be an independent chair of the School of Finance with the focus on "Finance and Systemic Risk".
Prof. Dr. Angelo Ranaldo was awarded a SNF grant for four years on “Cryptocurrencies”. The research project will start in 2022.
AWARDS:
- Benedikt Ballensiefen was awarded the SFI Doctoral Prize for the best discussant at the SFI Research Days and his paper on "Safe Asset Carry Trade", co-authored with Prof. Dr. Angelo Ranaldo, won the 2021 BME Award for the best paper on fixed income markets.
- Prof. Dr. Vesa Pursiainen received the Li Ka Shing Prize for his doctoral thesis at the University of Hong Kong.
- The UniCredit Foundation has selected Fabricius Somogyi’s research paper on “Dollar Dominance in FX Trading” as one of the winners of the 8th Econ Job Market Best Paper Award.
RESEARCH
PUBLICATIONS:
COVID-19’s Impact on Real Estate Markets: Review and Outlook. N. Balemi, R. Füss, A. Weigand (2021), Financial Markets and Portfolio Management, in press.
Connected VCs and Strategic Alliances: Evidence from Biotech Companies. L. Brinster, T. Tykvová, Journal of Corporate Finance, 2021, 66, 101835.
The Predictability of House Prices: “Human Against the Machine”. K. Birkeland, A. D’Silva, R. Füss, A. Oust (2021), International Real Estate Review, Vol. 24(2), 139-183.
Unsecured and Secured Funding. M. Di Filippo, A. Ranaldo, J. Wrampelmeyer (2021), Journal of Money, Credit and Banking, accepted.
Bank Systemic Risk Exposure and Office Market Interconnectedness. R. Füss, D. Ruf, Journal of Banking and Finance, forthcoming.
Determining Land Values from Residential Rents. R. Füss, J. Koller, A. Weigand (2021), MDPI Open Access Journals, 10(336).
Experience Does Not Eliminate Bubbles: Experimental Evidence. A. Kopányi-Peuker, M. Weber. The Review of Financial Studies, Volume 34, Issue 9, Sept. 2021, 4450-4485. 16 October 2020.
IPO Withdrawals: Are Corporate Governance and VC Characteristics the Guiding Light in the Rough Sea of Volatile Markets? A. Reiff, T. Tykvová, Journal of Corporate Finance, 2021, 67, 101908.
Short-term Stock Price Reversals After Extreme Downward Price Movements. A. Rif, S. Utz, Quarterly Review of Economics and Finance, 81, 123-133.
Regularized Regression When Covariates are Linked on a Network: the 3CoSE Algorithm. M. Weber, J. Striaukas, M. Schumacher, H. Binder. Journal of Applied Statistics, published online 7 October 2021.
Active First Movers Vs. Late Rree-riders? An Empirical Analysis of UN PRI Signatories’ Commitment. T. Bauckloh, S. Schaltegger, S. Utz, S. Zeile, B. Zwergel. Journal of Business Ethics, accepted.
SELECTED WORKING PAPERS:
The Role of Leveraged ETFs and Option Market Imbalances on End-of-Day Price Dynamics. A. Barbon, H. Beckmeyer, A. Buraschi, M. Mörke, School of Finance Working Paper 2021/14, University of St.Gallen.
Constrained Dealers and Market Efficiency. W. Huang, A. Ranaldo, A. Schrimpf, F. Somogyi, School of Finance Working Paper 2021/16, University of St.Gallen.
The Role of the End Time in Experimental Asset Markets. A. Kopányi-Peuker, M. Weber. School of Finance Working Paper 2021/12, University of St.Gallen.
Raining Cryptos. L. Liebi School of Finance Working Paper 2021/11, University of St.Gallen.
SELECTED CONFERENCE PRESENTATIONS:
Is There a Value Premium in Cryptoasset Markets? L. Liebi. European Financial Management Association, 30 July 2021.
Quantitative Easing and Safe Asset Illusion. A. Bechtel, J. Eisenschmidt, A. Ranaldo, A. Ventula Veghazy, The EFA 2021, 48th Annual Meeting, 25-27 August 2021.
Investor Performance in the Housing Market. R. Füss. 27th Annual Meeting of the German Finance Association (DGF), 30 September - 2 October 2021, University of Innsbruck. Unpublished working paper.
Competition and the Reputational Cost of Litigation. F. von Meyerinck, V. Pursiainen, M. Schmid, Corporate Finance Day, Rotterdam School of Management, Rotterdam, 1 October 2021.
Retail Customer Reactions to Private Equity Acquisitions. V. Pursiainen, T. Tykvová. Accepted for presentation at Paris December Finance Meeting 2021.
Dollar Dominance in FX Trading. F. Somogyi. Accepted for presentation at the 2022 American Finance Association Annual Meeting.
EXECUTIVE EDUCATION
In spring 2022, we will offer the intensive course "Fit for Sustainable Finance" for the first time. The special focus of this course is on practical applicability in addition to the teaching of theoretical concepts. Participants will learn how sustainability and financial markets interact and which practical implications in banking, investment management, risk management, etc. are linked to this. Participants have the flexibility to choose between the face-to-face course or the online course. In addition, there is a one-hour online Q&A session on each topic.
The popular lecture series "Fit for Finance" will again be held as an intensive course in fall 2022. The special focus of this course emphasizes practical applicability in addition to teaching theoretical concepts. Participants learn how financial markets work and what practical implications this has for investment advice, financial analysis, risk management, etc. Due to its thematic focus, the course forms an optimal basis for further certificates, especially the CFA®.
Prof. Markus Schmid will offer a “Workshop on ESG and Sustainable Investing” in cooperation with ESG industry experts from Inrate, Pictet, Vontobel, and ZKB. This course will take place in Spring 2022 and is intended to serve as an in-depth introduction to ESG and sustainable finance that combines both rigorous academic evidence and hands-on industry experience. Participation in the course is possible via face-to-face events in Zurich as well as online.
S/BF IN THE MEDIA (A SELECTION)
NZZ am Sonntag, 22 August 2021. Die Chefs sind viel zu rasch wieder weg, article about a research paper of M. Schmid.
California Corporate & Securities Law, 18 November 2021. Study Finds "A Robust and Significantly Negative Stock Market Reaction" To California's Gender Quota Mandate, article about a research paper of F. von Meyerinck and M. Schmid.
Numerous media contributions from “Monitoring Consumption Switzerland”.
Should you have any questions or suggestions regarding the s/bf-HSG Newsletter please send an e-mail to: Beatrix Kobelt.
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December 2021