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s/bf-HSG Newsletter June 2013

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

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News Research Executive Education s/bf in the media
News

The university council has elected Prof. Dr. Stefan Morkötter as the new director of the St.Gallen Institute of Management in Asia of the University of St.Gallen. He will resume the management of this institute as of August 2013 in Singapore. The St.Gallen Institute of Management in Asia is the official representation of the University St.Gallen in Asia and aims to promote teaching and research activities related to Asia. We wish Stefan Morkötter all the best for his new position and thank Stefan for his work at the s/bf during the last years.

27.-31.5.2013: We could welcome visiting professor Avanidhar Subrahmanyam, Professor of Entrepreneurial Finance, from the University of California. He taught a Master Seminar «Entrepreneurial Finance for Emerging Entreprises» and gave a research seminar to the institut’s staff.

19.4.2013: Prof. Dr. Angelo Ranaldo served as the president of hiring committee for a new professor in finance at the University of Venice Cà Forscari.

16.4.2013: Prof. Dr. Angelo Ranaldo gave his inaugural lecture with the title: Financial Stability and Systemic Risk: Present and Future Challenges.

17.12.2012: Prof. Dr. Angelo Ranaldo gave a guest lecture at the FINMA on «Liquidity in the FX Market». 

Call for Papers: 7th Winter Conference on Financial Intermediation
Together with the Center for Economic Policy Research (CEPR), the University of Zurich and the Review of Finance, Prof. Dr. Martin Brown is organizing the 7th Winter Conference on Financial Intermediation from 23-26 February 2014 in Lenzerheide. The submission deadline for academic papers is November 1, 2013.

Research 

Selected Working papers:

Smokescreen: How Managers Behave When They Have Something to Hide, T. Artiga González, M. Schmid, D. Yermack, Working Paper, University of St.Gallen and NYU, April 2013.
We study financial reporting and corporate governance in 216 U.S. companies accused of price fixing by antitrust authorities. We document a range of strategies used by these firms when reporting financial results, including frequent earnings smoothing, segment reclassification, and restatements. In corporate governance, cartel firms favor outside directors who are likely to be inattentive monitors due to their status as foreign or «busy». When directors resign, they are often not replaced, and new auditors are rarely engaged. Cartel managers exercise their stock options faster than managers of other firms. While our results are based only upon firms engaged in price fixing, we expect that they should apply generally to all companies in which managers seek to conceal poor performance or personal wrongdoing.

Financial Literacy, Household Investment and Household Debt: Evidence from Switzerland, M. Brown and R. Graf, Working paper on Finance No.13/1, University of St.Gallen, January 2013. 
As in other OECD countries a public concern in Switzerland is the improvement of the financial literacy, in particular among young households. This stands in contrast with a lack of reliable data about the financial literacy among the Swiss population and insufficient knowledge about the relationship of financial literacy of households on the one hand and household investment behavior and level of debt on the other. Based on a representative survey among the German speaking population this study investigates the relationship between household characteristics, financial literacy, and financial behavior in Switzerland. The results show that compared to other countries, the level of financial literacy among the Swiss population is relatively high. However, the level of financial literacy strongly depends on gender, education and income.

Why do Local Housing Prices React so Differently to a Monetary Stimulus?, R. Füss, B.Zhu and J. Zietz, Working Paper, June 2013.
This paper examines why monetary policy can have vastly different effects on local housing prices across metropolitan statistical areas (MSAs). We focus on the period 1995 to 2008, which includes the period of housing price bubbles in several parts of the U.S. Based on a spatial panel data approach we show that MSAs with similar demand conditions, as measured for example by population growth, and similar supply conditions, as measured for example by housing supply elasticities, react similarly to monetary policy at the national level. In a follow-up panel data model we confirm the importance of these MSA-specific characteristics directly through a set of interaction terms between these factors and monetary policy stance and sentiment indicators. It turns out that MSA-specific demand and supply characteristics, such as population growth and inelastic housing supply, are the crucial links that transmit national monetary policy and sentiment into housing price inflation at the local level.

Conferencepresentation:
Home Price Dynamics Untied from Observable Fundamentals and their Linkages. R. Füss, B.Zhu and J. Zietz, American Economic Association (AEA), 4.-6. Januar 2013, San Diego, CA, USA.


Publications: 

  • Hedge Fund Liquidity and Performance: Evidence from the Financial Crisis. M. Schmid and N. Schaub, Journal of Banking and Finance 37(3), 2013, 671-692.
  • Variance Risk Premiums in Foreign Exchange Markets. M. Ammann and R. Buesser. Journal of Empirical Finance, forthcoming.
  • Information Asymmetry and Foreign Currency Borrowing by Small Firms. M. Brown with S. Ongena & P. Yesin, Comparative Economic Studies, forthcoming.
  • Financial Literacy and Retirement Planning in Switzerland. M. Brown with R. Graf, Numeracy, forthcoming.
  • Spillover Effects among Financial Institutions: A State-Dependent Sensitivity Value-at-Risk (SDSVaR) Approach. Z. Adams, R. and R.Gropp, 2013: Journal of Financial and Quantitative Analysis, forthcoming.
  • Come sarebbe l’Italia con 1,000 imprese quotate. E. García Appendini and M. Geranio, Economia & Management, forthcoming.
  • On the Predictability of Stock Prices: a Case for High and Low Prices. A. Ranaldo. Journal of Banking and Finance, Elsevier, forthcoming.
Excecutive Education

The autumn’s seminar series «Fit for Finance» will be offered again this fall. «Fit for Finance» consists of a series of lectures and workshops aiming at practitioners wanting to refresh their knowledge on financial topics. The lectures give participants a summary of basic concepts of financing and findings in current research. The workshops offer the possibility to apply some of the new skills.  

Already for the second time, we offer this year a follow-up seminar, «Fit for Finance Advanced», for all of our «Fit for Finance»-alumni. This course was well received last year. The follow-up seminar admits a total of 50 participants and was fully booked. The course «Fit for Finance Advanced» deepens the participants’ knowledge on current issues in asset management. In particular, the areas portfolio management and investment strategy are extensively covered. As in the basic seminar, the advanced course merges theoretical topics and its practical applications.

s/bf in the media (a selection)
  • Handelszeitung, Nr. 24, 13.6.2013, p.48. Rendite in der Agglo. R. Füss and J. Vollrath.
  • Financial Times, 16.5.2013. How Managers Conceal the Profits of Price Fixing (covering a new research paper by T. Artiga Gonzalez, M. Schmid and D. Yermack).
  • NZZ, 15.5.2013, p. 11. Derivative Produkte: 5 Fragen an 4 Experten. M. Ammann.
  • L'Agefi, 17.4.2013. Les caisses de pensions face à leur rôle d’actionnaires (covering M. Schmid).
  • The Wall Street Journal – Risk and Compliance Journal. 3.4.2013. New Research Wins Plaudits for Pinpointing Antitrust Red Flags (covering a new research paper by T. Artiga Gonzalez, M. Schmid and D. Yermack).
  • NZZ, 10.1.2013. Schweizer Haushalte haben relativ gute Finanzkenntnisse. M. Brown und R. Graf.
  • SonntagsZeitung, 6.1.2013, p. 52. Die Zeitbombe der Nullzinsen. M. Ammann.
  • SonntagsZeitung, 18.11.2012, p. 55. Mehr Eigenkapital - erwünscht aber nicht gewollt. M. Ammann. 

Should you have any questions or suggestions regarding the s/bf-HSG Newsletter please send an e-mail: Beatrix Kobelt 

If you wish to subsricbe the newsletter or to end your subscription, please use the following link:  http://www3.sbf.unisg.ch/org/sbf/web_ui.nsf/webNewsletter?openform&id=1


28.06.2013

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