Am Dienstag, den 01.12.2015, findet ein Vortrag  im Rahmen des  Finance and Insurance Seminars statt:

Ruediger Fahlenbrach
Associate Professor of Finance
École Politechnique Fédérale de Lausanne
Swiss Finance Institute

Thema:
“How Do Investors and Firms React to an unexpected Currency Appreciation Shock?“

Abstract:
The Swiss National Bank surprisingly announced in January 2015 that it would no longer hold the Swiss franc at a fixed exchange rate of 1.2 Swiss francs per Euro, a peg it had defended for more than three years. The Swiss franc appreciated by approximately 15% immediately after the announcement. We find large negative announcement returns for Swiss firms with significant foreign currency exposure. We use the removal of the currency peg as a laboratory to study how firms respond to exogenous foreign currency shocks. The evidence suggests a drop in profitability of affected firms. Firms decreased their capital expenditures and moved production abroad.

Das Seminar beginnt um 16:15 h, J 253, Universitätsstr. 14-16.

Über eine rege Teilnahme freuen wir uns sehr.

Prof. Dr. Nicole Branger
Prof. Dr. Nadja Günster
Prof. Dr. Thomas Langer
Prof. Dr. Andreas Pfingsten
Jun.-Prof. Dr. Judith Schneider
Jun.-Prof. Dr. Zoe Tsesmelidakis
Jun.-Prof. Dr. Weiqi Zhang