s/bf-HSG News December 2022

With this newsletter we would like to inform you about the latest news and developments at the Swiss Institute of Banking and Finance.

NEWS           RESEARCH    EXECUTIVE EDUCATION S/BF IN THE MEDIA

NEWS

Prof. Dr. Tereza Tykvová has become a member of 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 by Axel P. Lehmann, Chairman of the Board of Directors of Credit Suisse Group AG, and the subsequent bank CEO roundtable discussed the importance of innovation in the banking sector. 

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., Assistent Professor for Financial Technology, Prof. Dr. Julian Kölbel, Assistent Professor for Sustainable Finance, Prof. Tim Meyer, Ph.D., Assistent Professor for Digital Ecosystems und Platform Economies, Prof. Dr. Nina Reiser, Associate Professor for Financial Market Law.


AWARDS:
Prof. Dr. Julian Kölbel has secured 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 five years with a maximum budget of CHF 1.8 million.
- Prof. Vesa Pursiainen 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. BergJ. KölbelR. 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.
Gender Differences in Reward-Based Crowdfunding. T.-C. Lin, V. Pursiainen (2022). Journal of Financial Intermediation, 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.
Auctions Versus Bookbuilding: The Effects of IPO Regulation in Japan. T. Lehmann, M. Weber. Financial Review, 2022, 1-25, forthcoming.

SELECTED WORKING PAPERS:
Retail Customer Reactions to Private Equity Acquisitions. V. Pursiainen, T. Tykvová, School of Finance Working Paper, University of St.Gallen. 
Fake News in Social Networks. C. Aymanns, J. Foerster, C.-P. Georg, M. Weber (2022). Research Paper No 22-58, Swiss Finance Institute. 

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. 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. 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.
The 19 June 2020 revision of the provisions on the limited by shares company contains various facilitations for the use of technical means in the conduct of general meetings and board meetings. What are the concrete options available and what are the practical implications of these innovations? What do banks need to consider from a prudential perspective? After an overview of the digitization in the mentioned revision, this article first focuses on the use of electronic means at general meetings, followed by an analysis of the use of corresponding instruments at board meetings. Subsequently, this paper examines the question of whether and, if so, which regulatory barriers must be observed by banks. After a presentation of the need for action for existing limited by shares companies, the article concludes with an assessment of the innovations examined. 


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 course is planned for 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 about the paper «Do Investors Care About Impact?», co-authored by Professor J. Kölbel. The article explains how investors are willing to pay for some impact, but do not pay more for more impact. As a result, the article shows, providers of green financial products have limited incentives to offer products with a lot of impact. Instead, the market may reach a light-green equilibrium, unless investors can rely on aids such as labels.


Should you have any questions or suggestions regarding the s/bf-HSG Newsletter please send an e-mail to: Besire Morina Fetahaj.

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December 2022