NEWS

Prof. Dr. Angelo Ranaldo was awarded a SNF grant for the project on "FX Trading Volume and Illiquidity". In addition, the research commission of the University of St.Gallen supplements this grant with a success bonus to facilitate the start of this basic research.

Prof. Dr. Angelo Ranaldo was on sabbatical leave during the spring semester 2018. The main reason for his sabbatical leave was that the European Central Bank (ECB) has awarded him the 2018 Duisenberg Fellowship. In this framework, Prof. Ranaldo permanently visited the ECB from March to June 2018. He carried out two research projects. First, jointly with Stefano Corradin Ph.D. (Senior Economist at ECB), analyzing the Euro wholesale funding market using unique and confidential data accessible only at the ECB in Frankfurt. The second project is a joint work with Dr. Jens Eisenschmidt (ECB) and Alexander Bechtel (Ph.D. candidate and research assistant at Prof. Dr. Angelo Ranaldo’s chair). In this project they analyze how Quantitative Easing (in particular the ECB Public Asset Purchase Program) affects securities and money markets.

From February 2019 Benedikt Ballensiefen (Ph.D. student in the PiF-Program) will stay for a one or two year period at World Bank in Washington to work on his dissertation.


RESEARCH

PUBLICATIONS:
An Experimental Study of Bond Market Pricing. M. Weber, J. Duffy, A. Schram. Journal of Finance, 73(4), August 2018, 1857–1892.
Momentum and Crash Sensitivity. S. Ruenzi, F. Weigert. Economics Letters, Volume 165, 2018, 77-81.
Borrowing Constraints, Home Ownership and Housing Choice: Evidence from Intra‐Family Wealth Transfers. K. Blickle, M. Brown (2018). Journal of Money, Credit & Banking, Oktober 2018.
Financial Advice and Bank Profits. D. Hoechle, S. Ruenzi, N. Schaub, M. Schmid. Review of Financial Studies. Volume 31, November 2018, 4447-4492.

SELECTED WORKING PAPER:
Heterogeneous Information Content of Global FX Trading. A. Ranaldo, F. Somogyi. School of Finance Working Paper University of St.Gallen 2018/20.
OTC Premia. G. Cenedese, A. Ranaldo, M. Vasios. School of Finance Working Paper University of St.Gallen 2018/18.


EXECUTIVE EDUCATION

The seminar series "Fit for Finance" will be held again in spring 2019. In addition to conveying theoretical concepts, the course focusses 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)

• Beyond Beta, June 2018. ETF Streampublication. "A wolf in sheep’s clothing". Interview with A. Ranaldo and R. Rainer Haeberle.
• Handelsblatt, 7.6.2018. Vollgeld ist ein Irrglaube. M. Brown.
• Ökonomenstimme, 21.6.2018. Die Widerrufsfrist bei Konsumentenkrediten: Ein kaum genutztes Instrument des Konsumentenschutzes. M. Brown and T. Spycher.
• The Banker, 4.7.2018. Swiss ‘no’ does not end international debate on monetary reform. M. Brown.
• Radio RSI, 17.10.2018. 10-year’s anniversary of the bankruptcy of Lehman and Brothers. Interview with A. Ranaldo.
• Kicker Fussballmagazin (Gastbeitrag), 15.10.2018. Lässt Löw die Kurse wackeln. F. Weigert.
• Ökonomenstimme, 22.10.2018. Banken profitieren von engen Kundenbeziehungen: Sparer halten "ihrer" Bank auch in Krisenzeiten die Treue. M. Brown, B. Guin and S. Morkötter.