– Weimer School Fellow, Homer Hoyt Institute, North Palm Beach, Florida, USA, February 2019 – present.
Upon taking over the position as Dean of the School of Finance of the University of St.Gallen, Prof. Paul Söderlind, Ph.D. stepped down as Managing Director of the Swiss Institute of Banking and Finance. Prof. Dr. Markus Schmid was appointed as his successor and took over the Managing Director position of the s/bf-HSG as of February 1, 2019.
Prof. Dr. Roland Füss was appointed as
– Visiting Professor, NTNU Business School, Norwegian University of Science and Technology (NTNU), October 2018 – present.
Prof. Dr. Angelo Ranaldo is invited to visit the Bank of England for one week in July 2019 as part of the ‘One Bank Visitor Programme’. The Bank of England introduced this programme to actively promote the collaboration between Bank staff and high-level researchers. It specifically focuses on visitors with a strong track-record in research relevant to its policy tasks as a central bank and supervisory authority.
On Wednesday, May 15, 2019, the 1st HSG Forum for Banking & Finance took place on the subject of "Below zero: the challenges of low interest rates for financial institutions and investors". Five renowned speakers discussed the impact of current low interest rates on the behavior of private investors, institutional investors and commercial banks under the moderation of Prof. Dr. Martin Brown on. More than 60 guests and supporters of the Swiss Institute of Banking and Finance took part in the event. The HSG Forum for Banking & Finance is a flagship event of the s/bf-HSG, which promotes exchange between researchers, practitioners and policy makers concerning the development of the financial sector.
For the first time, the s/bf organized the Annual Conference of the Swiss Society for Financial Market Research (SGF). The conference was hosted by the SIX Exchange and took place on April 5 in Zurich. Martin Brown, Roland Füss, and Markus Schmid acted as co-chairs of the conference. The conference received nearly 300 submissions of generally very high academic quality and chose 50 excellent papers for inclusion in the program. Paper selection was based on a pre-screening by the School of Finance’s assistant professors and a review by at least two reviewers (using a total of 86 reviewers) and one track chair. The s/bf-HSG will also organize the 2020 SGF conference, to be held in Zurich on April 3, 2020.
The article “Financial Crises, Price Discovery, and Information Transmission: A High-Frequency Perspective” by R. Füss, F. Mager, M. Stein, and L. Zhao, published in Financial Markets and Portfolio Management, has received the Best Paper Award at this year’s SGF conference.
The article “Settling the Staggered Board Debate” by Y. Amihud, M. Schmid, and S. Davidoff Solomon, published in the University of Pennsylvania Law Review, was selected as one of the Top 10 Corporate and Securities Articles of 2018 by Corporate Practice Commentator.
The paper “Liquidity Risk and Funding Cost” by A. Bechtel, A. Ranaldo, and J. Wrampelmeyer has been accepted for the 46th Annual Meeting of the European Finance Association (EFA). This conference is the most important European conference in finance and taking place from 21–24 August 2019 at Nova School of Business and Economics in Carcavelos, Portugal.
The paper “Illiquidity Spirals in Over-the-Counter Markets” by C. Aymanns, C. Georg and B. Golub has been accepted at the SFS Cavalcade North America 2019, one of the top global finance conferences.
Do Staggered Boards Matter for Firm Value? Y. Amihud, M. Schmid, S. Davidoff Solomon. Journal of Applied Corporate Finance 30(4), 2018, 61-77.
Option-implied Value-at-Risk and the Cross-Section of Stock Returns. M. Ammann, A. Feser. Review of Derivatives Research, March 2019.
Robust Estimation of Risk-Neutral Moments. M. Ammann, A. Feser. The Journal of Futures Markets, forthcoming.
OTC Premia. G. Cenedese, A. Ranaldo, M. Vasios. Journal of Financial Economics, forthcoming.
Financial Crises, Price Discovery, and Information Transmission: A High-Frequency Perspective. R. Füss, R. Mager, M. Stein, L. Zhao (2018). Financial Markets and Portfolio Management, Vol. 32, No. 4, 333-365 (Lead article).
Cash Holdings and the Performance of European Mutual Funds. F. Graef, P. Vogt, V. Vonhoff, F. Weigert. Finance Research Letters, May 2019.
Monetary Policy under Behavioral Expectations: Theory and Experiment. C. Hommes, D. Massaro, M. Weber (2019). European Economic Review, forthcoming.
Verbal Interventions and Exchange Rate Policies: The Case of Swiss Franc Cap. N. Mirkov, I. Pozdeev, P. Söderlind. Journal of International Money and Finance, 93, 42-54, 2019.
SELECTED WORKING PAPERS:
Cycles of Declines and Reversals following Overnight Market Declines. F. Abdi. School of Finance Working Paper 2018/29, University of St.Gallen, and NYU Stern School of Business Working Paper.
Liquidity Risk and Funding Cost. A. Bechtel, A. Ranaldo, J. Wrampelmeyer. School of Finance Working Paper 2019/03, University of St. Gallen.
Local House Price Comovement. M. Fischer, R. Füss, S. Stehle (2018), Working Paper, University of Konstanz and University of St.Gallen, Konstanz and St.Gallen.
As California Goes, So Goes the Nation? The Impact of Board Gender Quotas on Firm Performance and the Director Labor Market. F. von Meyerinck, A. Niessen-Ruenzi, M. Schmid, S. Davidoff Solomon. School of Finance Working Paper2019/04, University of St.Gallen.
The popular seminar series “Fit for Finance” will take place again next autumn. The seminar series will have a new format as intensive course with a limited number of 36 participants. In addition to conveying theoretical concepts, the course focuses on teaching practically relevant material. The participants will learn how financial markets work and what practical implications this may have for investment advice, financial analysis, risk management, etc. The course provides an optimal basis for further certifications, especially for the CFA®.
S/BF IN THE MEDIA (A SELECTION)
NZZ, May 23, 2019. Initiative würde freie Mieten verteuern, Press release on the study «Immobilieninvestitionen und Regulierung aus ökonomischer Sicht: Eine Evaluierung der Volksinitiative ‘Mehr bezahlbare Wohnungen’”.
Handelszeitung, April 12, 2019. Tops und Flops: Viele Schweizer IPO sind enttäuschend, Coverage of research by M. Schmid.
HSG#2minutes, March 19, 2019. Matthias Weber has given an expert video interview on Monetary Policy and Economic Integration in Currency Unions.
Barron’s, March 8, 2019. Are Gender Quotas for Corporate Boards Bad for Stocks? Coverage of research by F. von Meyerinck and M. Schmid.
Grayling, December 3, 2018. New Paper finds Non-centrally Cleared Interest Rates Swaps are More Expensive, Article on the research paper “OTC Premia” by G. Cenedese, A. Ranaldo and M. Vasios, in Global Risk Regulator: Final report suggests OTC derivatives reforms working.
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