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.



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 arcorporate 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.

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".


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.
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.

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. 

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.

Digitale Generalversammlungen und Verwaltungsratssitzungen. N. Reiser (2022). Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht, (5), 401-415.


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.

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. 


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.

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December 2022