s/bf-HSG News June 2023

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. Manuel Ammann was elected as the
Rector of the University of St. Gallen by the Senate and University Council in December. He will assume the new position in February 2024.

Prof. Dr. Markus Schmid was appointed as the new academic director of the Center for Financial Services Innovation. He will replace the current academic director, Prof. Dr. Manuel Ammann, as of February 1, 2024.

Prof. Dr. Markus Schmid was appointed Research Member of the European Corporate Governance Institute (ECGI) in Brussels.

Prof. Dr. Tereza Tykvová was appointed as Senior Editor for Global Finance Journal.

Save the Date: The 5th HSG Forum for Banking & Finance on the topic of "Impact Investing" will take place on Monday, November 27, 2023, at the Zunfthaus zur Saffran in Zurich.

The Annual Meeting of the Swiss Society for Financial Market Research (SGF) was organized by the s/bf-HSG for the fifth time in 2023. For the first time in three years, the event could be held on-site at the SIX ConventionPoint in Zurich. Professors Martin Brown (Study Center Gerzensee), Roland Füss, Vesa Pursiainen, and Markus Schmid served as the co-chairs. Out of 345 submitted papers of generally high academic quality, 40 outstanding contributions were selected for inclusion in the program. The s/bf-HSG will also organize the SGF Conference 2024, which will take place on April 5, 2024, in Zurich.

The SIX Best Paper Award 2023, sponsored by SIX Swiss Exchange, was awarded to Tobias Sichert (Stockholm School of Economics) and David Schreindorfer (Arizona State University) for their paper "Volatility and the Pricing Kernel".

Prof. Vesa Pursiainen, Ph.D., received the Foundation for the Advancement of Finnish Securities Markets Article Award 2023 for "Cultural Biases in Equity Analysis", published in the Journal of Finance.



Stress Testing Banks' Digital Capabilities: Evidence from the COVID-19 Pandemic. A. Kwan, C. Lin, M. Tai, V. Pursiainen, Journal of Financial and Quantitative Analysis, forthcoming.


NFT Bubbles. A. Barbon, Ranaldo A, Research Pater No. 23-20, Swiss Finance Institute (3/2023).

CEO Turnover and Director Reputation. F. von Meyerinck, J. Romer, M. Schmid. Paris December 2022 Finance Meeting, Paris, 15 December 2022.
Who Pays for Sustainability? An Analysis of Sustainability-Linked Bonds. J. Kölbel. The American Finance Association Annual Meeting 2023, in New Orleans, LA. 6-8 January 2023.
Nudging Civilian Evacuation During War: Evidence from Ukraine. M. Weber. Thurgau Experimental Economics Meeting 2023. The Thurgau Institute of Economics at the University of Konstanz, Kreuzlingen, CH, 29-31 March 2023.
Retail Customer Reactions to Private Equity Acquisitions. T. Tykvová. PERC Spring Symposium 2023, Said Business School, University of Oxford, Oxford, UK, 11-12 May 2023. 


The "Certificate Course on ESG and Sustainable Finance" of Prof. Dr. Markus Schmid in cooperation with ESG industry experts from  LGT Capital Partners, MSCI, radicant, RepRisk, UBS, Vontobel and ZKB will take place for the third time in November 2023. 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 in-person in Zurich and online. For in-person participants, there is a networking reception on each of the five event days.

In spring 2023, we offered the intensive course "Fit for Sustainable Financefor the second time. The special focus of this course is on practical applicability in addition to the teaching of theoretical concepts. Participants learn how sustainability and financial markets interact and which practical implications in banking, investment management, risk management, etc. are associated with this.

The popular lecture series "Fit for Finance"will start again as an intensive course in fall 2023. Participants will 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 is an optimal basis for further certificates, especially for the CFA®. Furthermore, participants can choose flexibly between the in-person attendance and online participation. In addition, there is an one-hour online Q&A session on each topic.

In autumn 2023, Prof. Dr. Roland Füss will offer the certificate course "Fit for Real Estate Finance" for the first time. 
The course will take place on five Wednesdays in November. The participants learn how the real estate markets work and how real estate is valued. Furthermore, both the forms of financing and investment strategies for the real estate market are discussed. Finally, the importance of sustainability and technological transformation to increase value is also highlighted. In addition to imparting theoretical concepts, the special focus of this course is the practical applicability.

"Technology-based ESG Management in the Real Estate Sector". How can institutional investors or property owners increase the sustainability of their real estate investments using PropTech and manage their transformation with ESG data? The day seminar, under the guidance of Prof. Dr. Roland Füss and Dr. Jörg Schläpfer, took place for the first time on May 3, 2023, in Zurich.

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.


Swiss Payment Monitor, 1/2023. Bargeld ist wieder meistgenutztes Zahlungsmittel. S. Graf, N. Heim, M. Stadelmann, T. Trütsch (2023).
- FSI-HSG, March 2023. 
Innovations in Sustainable Finance. Sustainable investing has become an important phenomenon in the financial markets. In the podcast, J. Kölbel discusses new ideas in sustainable finance.
The Financial Times, 29 March 2023. What NFT Mania Can Tell Us About Market Bubbles. A. Barbon, A. Ranaldo.

The Banker, 6 April 2023. ESG Ratings Are Still Our Best Option. F. Berg, J. Jay, J. Kölbel, R. Rigobon.

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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Besire Morina.


June 2023