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