Aktuelle Informationen

• Vorträge vergangener Semester

   

  WinterSEMESTER 2024/25
  Datum	Vortragender	Vortragstitel
  22.10.2024	Prof. Dr. Steven Ongena Universität Zürich	Joining Forces: Why Banks Syndicate Credit Banks can grant loans to firms bilaterally or in syndicates. We study this choice by combining bilateral loan data with syndicated loan data. We show that loan size alone does not adequately explain syndication. Instead, banks’ ability to manage risks and firm riskiness drive the choice to syndicate. Banks are more likely to syndicate loans if their risk-bearing capacity is low and if screening and monitoring come at a high cost. Syndicated loans are more expensive and more sensitive to loan risk than bilateral loans. Our findings contradict the hypothesis that reputable borrowers graduate to the syndicated loan market.
  29.10.2024	Prof. Dr. Neslihan Ozkan  Universität Bristol	Politics of Bank Lending: Empirical Evidence from Brown Borrowing This study examines the interplay between banks’ political connections and lending to brown borrowers. A bank’s political connection is captured based on whether a bank is headquartered in the state with a member from the U.S. Senate Banking, Housing, and Urban Affairs Committee. We find that banks headquartered in states with a Banking Committee senator provide cheaper loans to brown borrowers than banks without a Banking Committee senator in their headquarter state. This finding suggests that politically connected banks can play a significant role in delaying the green transition as they extend loans to brown firms at a low rate. In addition, our results show that the effect of a bank’s political connection on the cost of lending to brown borrowers is more pronounced when the senator is senior, when borrowers, lenders, and banking committee senators are from the same state, or when the party of the Senate is Republican, or when there is a competitive re-election race. Overall, we provide novel evidence on how the politics of bank lending can have implications for green transition.
  05.11.2024	Asst. Prof. Dr. Paulo Rodrigues  Maastricht Universität	Solving Dynamic Portfolio and Consumption Problems by Going Forward in Time The standard approach to solving dynamic portfolio and consumption problems numerically uses backward induction, which complicates the solution if decisions at time t depend on past decisions. In contrast, our solution algorithm goes forward in time. We use the insight that the main task in solving dynamic optimization problems consists of finding policy functions that use the current value of state variables as inputs and give the optimal decisions as outputs. Instead of assuming a functional form for these policy functions, we use a neural network for the estimation of the functions.
  12.11.2024 im K322	Assoc. Prof. Jörg Stahl  Católica Lisbon School of Business & Economics	The value of organized networking: Evidence from the World Economic Forum Several studies document a positive impact of social interaction on business activity and economic outcomes. While the literature identifies several ways of forming social ties, there is little evidence on the value of participating in business events that foster networking. In this paper, we analyze the value of having access to one such event - the annual meeting of the World Economic Forum (WEF). We compile a novel dataset of public firms that participate at least once in the meeting between 2013 and 2023. Participants experience positive abnormal equity returns in the days leading to the respective meeting. We identify M&A activity as a channel that can rationalize the value effects. Meeting participants have larger number of deals and higher deal values following the meeting compared to a matched control sample.
  07.01.2025	Dr.Gerrit Liedtke  Universität Bremen	Cross-Asset Trend Spillover: A Novel Factor for Corporate Bond Returns We propose XTREND, a cross-asset trend factor for corporate bond returns that captures spillovers from equity market price and volume data. Using two decades of U.S. data, we apply machine learning techniques to extract information from various technical indicators, including moving averages, oscillators, and volatility measures. The resulting signal reliably predicts corporate bond returns, demonstrating robust performance across credit quality and market conditions. XTREND expands existing bond pricing models, thus, providing a more complete explanation of the cross-section of bond returns. Finally, we find that the XTREND factor is robust across 1.6 million research designs and has a probability far above 50\% to be part of the stochastic discount factor after sampling over one quadrillion models.
  14.01.2025	Prof. Dr. Christian Fieberg HSB Hochschule Bremen	The Devil in the Details: A Multiverse View of Pockets of Predictability The growing complexity of forecasting models increases the number of decision nodes in the research process, raising the risk of overfitting to specific design choices. We illustrate this issue using the recent concept of “pockets of predictability,” which posits that return predictability is time-varying and that short windows of high predictability can be identified ex-ante. In this study, we reassess the robustness and practical applicability of this approach. By analyzing a multiverse of 19,440 variations of the original methodology, we find that its effectiveness depends critically on various seemingly minor methodological decisions. Furthermore, return predictability has declined significantly in recent decades, and the potential economic gains are highly sensitive to trading costs. Overall, strategies based on pockets of predictability should be approached with caution.
  28.01.2025	Prof. Dr. Stefanie Kleimeier  Maastricht Universität	AUFGESCHOBEN bis auf Weiteres!

  SommerSEMESTER 2024
  Datum	Vortragender	Vortragstitel
  16.04.2024	Prof. Dr. Matthias Efing HEC Paris	Risk Managers in Banks Some bank regulators warn that risk managers (RMs) will collude with banks’ front offices (FOs) and rubberstamp investments if their bonuses depend on the performance of FOs. We show theoretically that positive pay correlation between FOs and RMs can instead be optimal. Based on data for German non-executive bank employees, we show empirically that performance pay is indeed positively correlated between RMs and FOs in practice. These pay correlations tend to be higher in banks with competent directors and in banks with stronger performance during the crisis of 2008, in line with our model predictions.
  07.05.2024	Prof. Dr. Christoph Merkle  Aarhus Universität	Nudging Investors towards Sustainability - A Field Experiment with a Robo - Advisor In a field experiment with a German robo-advisor, we manipulate default investment settings including whether the investment follows sustainability principles or not. 1,629 new customers complete the manipulated onboarding and invest real money. 50% invest sustainably when sustainable investing is the default, but only 22% invest sustainably when the conventional investment is the default. In a survey with a subset of these investors (response rate 30%), we find that beliefs strongly depend on the selected investment. Almost all conventional investors expect higher returns and a better risk-return trade-off from the conventional investment in line with financial theory. However, a majority of sustainable investors believes that the sustainable investment will outperform. While sustainability preferences also predict investment behavior, the strong return focus contradicts the view that investors are willing to forgo substantial returns for a sustainable investment.
  14.05.2024	Prof. Dr. Tim Adam  Humboldt-Universität zu Berlin	Rating-Sensitive Bonds We test whether firms issue rating-sensitive bonds (RSB) as a signal of their credit quality. We find that upon announcement the issuer’s stock and bond prices increase significantly, while the issuer’s CDS spread declines. Firms subject to higher information asymmetries and firms just above the non-investment grade threshold are more likely to issue RSB, especially during periods of market distress. RSB issuers are ex-post more likely to experience a credit rating improvement relative to regular bond issuers. These results are consistent with RSBs being a credible signaling device.
  28.05.2024	Prof. Dr. Steffen Hitzemann  Universität von Houston	Does Sustainable Investing Make Stocks Less Sensitive to Information about Cash Flows? Traditional finance theory asserts that stock prices depend on expected future cash flows. We explore how the growing prominence of non-pecuniary preferences in the form of sustainable investing alters this core financial relationship. Using the setting of earnings announcements, we find that sustainable investing diminishes stock price sensitivity to earnings news by 45%-58%. This decline in announcement-day returns is mirrored by a comparable drop in trading volume. This effect persists beyond the immediate announcement period, implying a lasting alteration in price formation rather than a short-lived mispricing. Our findings suggest that sustainable investing reduces the significance of cash flows in shaping stock prices.
  04.06.2024	Prof. Dr. Mete Kilic  USC Marshall-Universität	Risk and Risk-Free Rates Risk-free interest rates and the VIX index comove negatively on average, as predicted by precautionary savings. But this comovement turns positive on FOMC days. This pattern is consistently observed across a diverse array of risk-free interest rates, including nominal, real, swap, short-term, and long-term rates. Our high-frequency analysis reveals that the positive impact of monetary policy shocks on financial market risk drives this result. We provide an explanation for these findings in a model where levered investors akin to financial intermediaries hold and price a risky asset, such as equity. Upon an unexpected positive monetary policy shock, equilibrium interest rates and levered investors' borrowing costs increase persistently. This raises investors' leverage and the volatility of stochastic discount factor, leading to lower risk appetite and amplified financial market risks.
  09.07.2024	Dr. William Quinn Queen's University Belfast	Who Wins and Loses in a Bubble? Evidence from the British Bicycle Mania How do different types of investors perform during financial bubbles? Using a rich archival source, we explore investor performance during the British bicycle mania of the 1890s. We find that directors and employees of cycle companies reduced their holdings substantially during the crash. Those holding shares after the crash were generally not from groups stereotypically thought of as naïve, but gentlemen living near a stock exchange, who had sufficient time, money, and opportunity to engage in speculation. Our findings suggest that the investors most at risk of losing during a bubble are those prone to familiarity and overconfidence biases.

  WinterSEMESTER 2023/2024
  Datum	Vortragender	Vortragstitel
  05.12.2023	Prof. Dr. Steffen Meyer Aarhus Universität	Ambiguity and private investors’ behavior after forced fund liquidations We investigate individual investors' decisions under time-varying ambiguity (VVIX) using a setting of plausibly exogenous forced mutual fund liquidations at a German brokerage. Investors reinvest 87% out of forced liquidations when the refund occurs on a day of low ambiguity and 0% when it occurs on a day of high ambiguity. Instead of reinvesting, investors keep the refund in their cash holdings. The effect reverses approximately six months after the liquidation. If investors reinvest, they decrease their risk-taking under ambiguity. Our results are not driven by rebalancing decisions, experiencing losses, or attention and are robust to alternative measures of ambiguity.
  12.12.2023	Prof. Dr. Daniel Rettl  Universität Georgia	Hedge Fund Activists' Skill Hedge fund activism generates persistent performance, but heterogeneity in performance suggests that some hedge fund activists are more skilled than others. We use a Markov Chain Monte Carlo Bayesian estimation algorithm to isolate a time-invariant activist-specific skill component from cumulative abnormal returns. We find considerable differences in this skill component of cumulative abnormal announcement returns of up to 13 - 20 percentage points between the top and bottom skill quintile of hedge fund activists. Out-of-sample tests confirm that our skill estimates are informative about future performance. Differences in skill are also evident in hedge fund activists' campaign characteristics. The most skilled activists are associated with higher target firm takeover premiums, improved long-term target performance, and more versatile use of campaign tactics.
  23.01.2024	Prof. Dr. Ralf Elsas  LMU - Ludwig-Maximilians-Universität München	Payment for Order Flow and Market Quality: A Field Experiment The success of so-called neo-brokers has re-sparked the regulatory debate about potentially detrimental effects of payment for order flow, culminating in a recent proposal by the Commission of the European Union to ban such arrangements. This study presents results of a field experiment conducted in cooperation with a large German neo-broker. On treatment days, large amounts of retail orders from randomly selected stocks were routed to the main market, Xetra, instead of being executed at a trading venue with payment for order flow. We observe various standard measures of liquidity and informational efficiency before, during and after the treatment, both for the treatment and a control group of similar stocks. Our difference-in-differences analyses allow for clean identification of the causal effect of payment for order flow on stock market quality. We do not observe a significant change in any of the market quality measures we consider. The analysis thus does not lend support to the claim that payment for order flow negatively affects market quality in the main market.
  30.01.2024	Prof.Dr. Harald Hau Universität Geneva	Discretionary Administrative Power and Conflicts of Interest in China’s IPO Approvals China’s IPO approval process co-opts audit firm representatives into the regulatory decision body, which creates conflict of interest and potential channels for corruption. We show evidence that these auditors (i) do not differ in their auditing practise of already listed firm from similar professionals, but (ii) attract more IPO clients that do not comply with the listing requirements, and thus achieve higher revenue growth, (iii) increase their own client’s chance of IPO approval, which (iv) afterwards often underperform. The two-year stock underperformance in term of the abnormal buy and hold return reaches −18 percent for the marginally approved IPOs with conflicted auditors, which is indicative of a misrepresentation of firm prospects at the IPO stage.

  SommerSEMESTER 2023
  Datum	Vortragender	Vortragstitel
  09.05.2023	Prof. Dr. Heiko Jacobs Universität Duisburg-Essen	News, noise, hype? Media sentiment and price run-ups We empirically test competing hypotheses about the role of financial media sentiment in price run-ups. Our global analysis of unusual price increases in long-only as well as long/short stock market segments provides no evidence of media slant. This assessment is further supported, among others, by the analysis of thematically focused articles, by the study of price discovery during media strikes as well as by the analysis of media sentiment in the context of twin stocks. Overall, our findings are consistent with the informative nature of the financial media.
  tba	Dr. Sabine Bernard  Goethe University Frankfurt	tba

  WinterSEMESTER 2022/23
  Datum	Vortragender	Vortragstitel
  08.11.2022	Dr. Doron Reichmann  Ruhr-University Bochum	Listen Closely: Using Vocal Cues to Predict Future Earnings In this study, we aim to advance the prediction of firm earnings – an important task for many business applications. While existing earnings prediction models only rely on numerical financial data, we hypothesize and find that vocal cues from manager speech yield substantial predictive power. Our vocal cue models significantly outperform models based on detailed financial data and textual inputs. We further analyze the models' economic value to investment practitioners. We find that investors can use the models' earnings forecasts to implement trading strategies that beat the market by 8.8% on average per year. Moreover, financial analysts can use vocal cues to improve their earnings forecast accuracy by more than 40%. Collectively, our results imply that managers' vocal cues are important information signals for future earnings that investment practitioners currently overhear.
  15.11.2022	Prof. Klaus Schäck University of Bristol	The Lending Channel of Bank Climate Stress Tests We ask how bank climate stress test affects firm outcomes. Using the French Bank Climate Risk Stress Test in 2020 as a natural experiment, we find initial results that stress tested banks reduce credit supply and charge higher interest rates for high emitters in the syndicated loan markets. We propose to examine how high emitters that linked to stress tested banks change their investment. Our results shed light on the debate about the role of banks in promoting a carbon-neutral economy.
  29.11.2022	Prof. Dr. Oliver Spalt Universität Mannheim	The Impact of Institutional Investors on Equity Prices: Evidence From A Reform of U.S. Trust Law We study the equity market implications of a reform in the laws that govern trust investments, implemented in a staggered fashion across U.S. states from 1986 to 2007. The introduction of the prudent investor rule systematically alters the relative attractiveness of stocks within the cross-section of U.S. equities for trust funds. As trust funds account for a substantial fraction of institutional equity holdings in our sample period, our empirical setting provides a rare opportunity to study the impact of a regulatory change on institutional investor holdings and relative prices in the U.S. equity market. We show that in response to the law change, trusts rebalance their portfolios away from “prudent” stocks, which were implicitly advantaged under the old regulatory regime. Stocks bought by trusts after the law change substantially outperform stocks sold by those funds. The return effects are long-lasting and do not revert over the next 12 months. The results in our paper suggest that shocks to institutional investor demand can have a profound and sustained influence on stock prices and that regulatory changes can have large indirect, and potentially unintended, consequences for market prices.
  06.12.2022	Assistenz Prof. Roberto Steri University of Luxembourg	Credit Market Equivalents and the Valuation of Private Firms   We propose to value leveraged buyout investments by credit market equivalents (CME). Our method relies on the observation that portfolio companies held by private equity funds have loans traded in secondary markets. We exploit their market valuations by constructing a stochastic discount factor that prices loan returns of private equity portfolios from deal-level data. We identify a credit factor model to price buyout cash flows to derive their CME valuation. We find no evidence for buyout outperformance after controlling for credit market factors. Our method works whenever credit and private equity markets are sufficiently integrated, for which we provide evidence.
  17.01.2023	Associate Prof. Andras Danis Central European University CEU Wien	Shadow Inflation​   We use cell phone tracking data to document an increase in wait times at U.S.establishments in 2021. The results are consistent with a sudden increase in demand, coupled with severe labor constraints. The results are particularly pronounced in the restaurant industry, and the increase is particularly large at restaurants in non-white neighborhoods. We estimate that the increase in wait time creates an aggregate opportunity cost of up to $5 billion per month for American consumers. If wait time were added as an expense in the CPI consumption basket, inflation would have been up to 2 percentage points higher in the food away from home category. Finally, we show that an increase in wait time can predict future inflation. Our results suggest that wait times in the U.S. have started to increase already in 2020 in some industries,well before the supply chain disruptions of 2021.
  24.01.2023	Assistenz Prof. Ole Wilms Universität Hamburg	Asset Pricing with Disagreement about Climate Risks   This paper presents an asset-pricing model with heterogeneous beliefs regarding the impacts of climate change. Investors disagree on the likelihood of climate-induced disaster risks that could destroy a large fraction of consumption. The model jointly explains several findings that have been established in the empirical literature on climate finance. That is, (i) news about climate change can be hedged in financial markets, (ii) the share of green investors has significantly increased over the past decade, (iii) investors require a positive, although small, climate-risk premium for holding “brown" assets, and (iv) “green" stocks have outperformed brown stocks during the past decade. Furthermore, the model may explain why investments to mitigate climate change have been small in the past. Finally, the model predicts that the marginal gain from carbon reducing investments as well as the carbon premium should increase significantly if the rise in global temperature continues.
  31.01.2023	Assistenz Prof. Rüdiger Weber WU Wien	Is there an Equity Duration Premium?​   Equity duration is a measure of discount-rate sensitivity that is driven by both, stock-specific cash-flow timing and stock-specific discount-rate levels. Established measures of equity duration using market-price information derive their predictive power for returns from using market-implied discount rates. We introduce new measures of pure cash-flow timing which disentangle discount-rate level from cash-flow timing information. Our results indicate an unconditionally flat relationship between timing and average returns. However, it turns out that in recessions (expansion episodes), there is a negative (positive) relation between cash-flow timing and average stock returns.
  07.02.2023	Prof. Dr. Merih Sevilir ESMT Berlin	Auf den Herbst 2023 verschieben!

  SommersEMESTER 2022
  Datum	Vortragender	Vortragstitel
  03.05.2022	Prof. Dr. Stefanie Kleimeier  Open University & Maastricht University	Contracts, Collateral and Culture: Gender Effects in Retail Loans​   We analyze gender differences in interest rates using unusually rich data on retail loans from a bank in Vietnam—a country where women traditionally make financial decisions. After ruling out gender differences in information, credit risk, and default rates, women pay marginally lower interest rates. The gender gaps differ between loans with and without an exogenous collateralization requirement suggesting that the micro context of loan negotiations matters. In support of the pivotal role of the contracting environment,we exploit historical differences between South and North Vietnam and show that women pay comparably lower rates in the more matriarchal cultural context.

  WINTERSEMESTER 2020/21
  Datum	Vortragender	Vortragstitel
  10.11.2020	Bjoern Imbierowicz Deutsche Bundesbank	How Are Banks Special? – Let Me Count the Ways Die Veranstaltung wird digital als Zoom-Meeting stattfinden.
  22.12.2020	David Schreindorfer Arizona State University, Tempe, USA	Persistent Crises and Levered Asset Prices Die Veranstaltung wird digital als Zoom-Meeting stattfinden.
  Sommersemester 2020
  Datum	Vortragender	Vortragstitel
  28.04.2020	Dr. Thomas Post Associate Professor of Finance, Open University & Maastricht University	Household Finance 0.5 or 2.0? Eliciting Individuals’ Financial Decision-Making Approaches
  26.05.2020	André Uhde Universität Paderborn	Tax avoidance through securitization

  WIntersemester 2019/20
  Datum	Vortragender	Vortragstitel

  SOMMersemester 2019
  Datum	Vortragender	Vortragstitel
  02.07.2019	Sebastian Gehricke University of Otago, Dunedin, New Zealand	Modeling VXX under jump diffusion with stochastic long-term mean Achtung! Die Veranstaltung findet bereits um 12:15 Uhr im J 253 statt.
  09.07.2019	Toni Ahnert Bank of Canada, Ottawa, Ontario, Canada	Bank Competition, Bank Runs and Opacity
  Wintersemester 2018/19
  Datum	Vortragender	Vortragstitel
  18.12.2018	Oliver Entrop Universität Passau	Optimal Early Exercise Strategies under Transaction and Decision Costs
  15.01.2019	Sven Klingler BI Oslo, Department of Finance	How Safe are Safe Haven?

  • Vorträge vergangener Semester

    SOMMERSEMESTER 2018
    Datum	Vortragender	Vortragstitel
    29.05.2018	Theresa Spickers Ludwig-Maximilians-Universität München Fakultät für Betriebswirtschaft Institut für Kapitalmärkte und Finanzwirtschaft	Firms’ self-assessed climate risk and asset pricing
    Wintersemester 2017/18
    Datum	Vortragender	Vortragstitel
    19.12.2017	Lars Norden Brazilian School of Public and Business Administration (EBAPE), Getulio Vargas Foundation (FGV) Rio de Janeiro	Does Uniqueness in Banking Matter?
    30.01.2018	Olav Korn Georg-August-Universität Göttingen	Stock Illiquidity and Option Returns
    Sommersemester 2017
    Datum	Vortragender	Vortragstitel
    23.05.2017	Florian S. Peters University of Amsterdam (UvA)	Optimism Propagation
    13.06.2017	Bryan Foltice Butler University	Exponential Growth Bias Matters: Evidence and Implications for Financial Decision Making of College Students in the U.S.A.
    20.06.2017	Valeri Sokolovski Stockholm School of Economics  from June 2017 HEC Montreal	Crowds, Crashes, and the Carry Trade
    04.07.2017	Christian Leuz  University of Chicago  Booth School of Business	Who Falls Prey to the Wolf of Wall Street? Investor Participation in Market Manipulation
    11.07.2017	Markus Dertwinkel-Kalt  University of Cologne	Concentration Bias in Intertemporal Choice
    18.07.2017	Elisabeth Kempf  University of Chicago  Booth School of Business	Canary in a Coalmine: Securities Lending Predicting the Performance of Securitized Bonds
    Wintersemester 2016/17
    Datum	Vortragender	Vortragstitel
    18.10.2016	Christine Laudenbach  Goethe Universität Frankfurt am Main	Personal reminders and commitment: debt management as a natural experiment
    15.11.2016	Tobin Hanspal  Copenhagen Business School	Once Bitten, Twice Shy: The Role of Inertia and Personal Experiences in Risk Taking
    13.12.2016	Gesa-Kristina Petersen  LMU München	What we say is who we are - How fund manager profiles and their strategies predict fund investment and performance
    24.01.2017	Valeriya Dinger  University of Osnabrück	Systemic Effects of Bank Equity Issues: Competition, Stabilization and Contagion
    31.01.2017	Olesya V. Grishchenko  Board of Governors of the Federal Reserve System, Washington, D.C.	The term structure of interest rates with short-term and long-term risks
    07.02.2017	Philipp Krueger  University of Geneva	The Sustainability Footprint of Institutional Investors
    Sommersemester 2016
    Datum	Vortragender	Vortragstitel
    03.05.2016	Matthias Sutter  Universität zu Köln	Where to look for the morals in markets?
    24.05.2016	Karl Schmedders  Universität Zürich	Asset Pricing with Heterogeneous Agents and Long-Run Risk
    07.06.2016	Philipp Illeditsch  Wharton	Disagreement about Inflation and the Yield Curve
    14.06.2016	Milica Mormann  University of Miami	Visual Finance: The Role of Salience and Attention in Financial Decision Making
    19.07.2016	Dirk Simons  Universität Mannheim	Do Mandatory Liquidity Disclosures Foster or Forestall Coordination Failures?
    Wintersemester 2015/16
    Datum	Vortragender	Vortragstitel
    27.10.2015	Thorsten Hens  Universität Zürich	Designing Risk Profiler in the Laboratory
    17.11.2015	Harald Scheule  University of Technology Sydney	Credit risk in mortgage portfolios
    01.12.2015	Ruediger Fahlenbrach  École polytechnique fédérale de Lausanne	How Do Investors and Firms React to an unexpected Currency Appreciation Shock?
    Sommersemester 2015
    Datum	Vortragender	Vortragstitel
    07.04.2015	Stefanie Kleimeier  Universität Maastricht	The Resurgence of Cultural Borders in International Finance during the Financial Crisis: Evidence from Eurozone Cross-Border Depositing
    21.04.2015	Jürgen Eichberger  University of Heidelberg	Ambiguity and Games
    05.05.2015	Martin Hibbeln  Technische Universität Braunschweig	Informational Synergies in Consumer Credit
    19.05.2015	Paul Ehling  BI Norwegian Business School	Disagreement and the Cross Section of Stock Returns
    23.06.2015	Stefan Zeisberger  Stony Brook University, New York	All's Well that Ends Well? On the Importance of How Returns are Achieved
    27.07.2015	Michael Weber  University of Chicago	The Term Structure of Equity Returns: Risk or Mispricing?
    Wintersemester 2014/15
    Datum	Vortragender	Vortragstitel
    21.10.2014	Sébastien Pouget  University of Toulouse	Testing asset pricing theory on six hundred years of stock returns
    04.11.2014	Jennifer Coats  Colorado State University	The Effect of Ambiguity on Risk Management Choices: An Experimental Study
    16.12.2014	Carsten Erner  UCLA Anderson School of Management	Consumer Financial Well-Being
    27.01.2015	Michael Viehs  University of Oxford	Carbon Disclosure and Cost of Debt
    03.02.2015	Jasmin Gider  University of Bonn	Deterring Illegal Insider Trading
    Sommersemester 2014
    Datum	Vortragender	Vortragstitel
    08.04.2014	Erik Kole  Erasmus University Rotterdam	How to Identify and Forecast Bull and Bear Markets?
    22.04.2014	Tobias Berg  University of Bonn	Playing the Devil’s Advocat: The Causal Effect of Risk Management on Loan Quality
    06.05.2014	Andreas Richter  LMU Munich	Endogenous Information and Adverse Selection under Loss Prevention
    13.05.2014	Guillermo Baquero  European School of Management and Technology, Berlin	The Convexity and Concavity of the Flow-Performance Relationship for Hedge Funds
    20.05.2014	Jeroen Derwall  Maastricht University	Does Insider Trading Add Credibility to Firm Product Innovation?
    27.05.2014	Tim Kroencke  University of Mannheim	Asset Pricing without Garbage
    17.06.2014	Christoph Merkle  University of Mannheim	Financial Loss Aversion Illusion
    01.07.2014	Giuliano Curatola  Goethe University Frankfurt	Loss aversion, habit formation and the term structure of equity and interest rates
    Wintersemester 2013/14
    Datum	Vortragender	Vortragstitel
    22.10.2013	Kolja Loebnitz	Liquidity-Adjusted Capital Requirements and Their Model-Free Properties
    29.10.2013	Christian Koziol  University of Tübingen	The Risk with Low Volatility Stocks
    12.11.2013	Sarah Qian Wang  University of Warwick	Credit Default Swaps and Corporate Cash Holdings
    19.11.2013	Arvid O. I. Hoffmann  Maastricht University	Technical Analysis and Individual Investors
    26.11.2013	Hendrik Hakenes  University of Bonn	Regulatory Capture by Sophistication
    03.12.2013	Stefan Ruenzi  University of Mannheim	Extreme Dependence and Asset Pricing: Returns and Liquidity
    21.01.2014	Ulrich Schmidt  Kiel Universitity	Overconfidence and Risk Taking of Ethiopian Farmers
    04.02.2014	Paulo Rodrigues  Maastricht University	Values and investments: Evidence from institutional trading responses to news components
    Sommersemester 2013
    Datum	Vortragender	Vortragstitel
    27.05.2013	Alex Stomper  Humboldt-Universität zu Berlin	The Politics of Related Lending
    03.06.2013	Stefan Zeisberger  University of Zurich	Do Investors Overreact to Small but Frequent Losses? An Experimental Analysis
    17.06.2013	Norman Seeger  VU University Amsterdam	Out-of-Sample Performance of Jump-Diffusion Models for Equity Indices: What the Financial Crisis was Good for
    15.07.2013	Stefan Ankirchner  Bonn University	Hedging Forward Positions: Basis Risk vs. Liquidity Costs
    Wintersemester 2012/13
    Datum	Vortragender	Vortragstitel
    30.10.2012	Antje Mahayni  University of Duisburg-Essen	Optimizing Proportional Portfolio Insurance Strategies - From Theory to Practice
    13.11.2012	Thomas Post  Maastricht University	What Makes Investors Optimistic, What Makes Them Afraid?
    27.11.2012	Rainer Haselmann  University of Bonn	Capital Regulation and Banks' Lending Behavior
    03.12.2012	Ralf Meisenzahl  Federal Reserve Board	The Real Effects of Credit Line Drawdowns
    08.01.2013	Ralf Elsas  LMU Munich	From Underleverage to Excess Debt: The Changing Environment of Corporate Debt
    22.01.2013	Joachim Grammig  University of Tübingen	Creative Destruction and Asset Prices
    Wintersemester 2011/12
    Datum	Vortragender	Vortragstitel
    11.10.2011	Matthias Muck  University of Bamberg	Optimal Exercise Strategies for Open-End Turbo Certificates
    22.11.2011	Antoon Pelsser  Maastricht University	Robustness, Model Ambiguity and Pricing
    13.12.2011	André Betzer  University of Wuppertal	Strategic Trading and Trade Reporting by Corporate Insiders
    17.01.2012	Maik Schmeling  Leibniz Universität Hannover	Order Flow, Private Information, and Currency Risk Premia
    31.01.2012	Monika Trapp  University of Cologne	Fund manager allocation