Finance & Insurance Seminar
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Aktuelle Informationen
Das Finance & Insurance Seminar findet während der Vorlesungszeit am Dienstag von 16.15 Uhr bis 17.45 Uhr (im Raum JUR 253)statt. Die Einladung zur Veranstaltung enthält das jeweilige Veranstaltungsformat, in Präsenz, via Zoom oder hybrid. Das Seminar ist gemeinsam organisiert von Nicole Branger, Nadja Guenster, Thomas Langer, Andreas Pfingsten und Christoph Schneider.
Bei Fragen zur Veranstaltung wenden Sie sich bitte an Alvia Runge, alvia.runge@wiwi.uni-muenster.de.
Im Sommersemester 2024 findet das F&I Seminar als Präsenzveranstaltung statt, in JUR 253. Zusätzlich wird ein Zoom Meeting angeboten.
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
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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 EarningsIn 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 WilmsUniversität 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
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SOMMersemester 2019
DatumVortragender
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
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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?
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Vorträge vergangener Semester
SOMMERSEMESTER 2018
Datum
Vortragender
Vortragstitel
29.05.2018
Ludwig-Maximilians-Universität München
Fakultät für Betriebswirtschaft
Institut für Kapitalmärkte und FinanzwirtschaftFirms’ 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 JaneiroDoes Uniqueness in Banking Matter?
30.01.2018
Olav Korn
Georg-August-Universität GöttingenStock 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 UniversityExponential 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 MontrealCrowds, Crashes, and the Carry Trade
04.07.2017
Christian Leuz
University of Chicago
Booth School of BusinessWho Falls Prey to the Wolf of Wall Street? Investor Participation in Market Manipulation
11.07.2017
Markus Dertwinkel-Kalt
University of CologneConcentration Bias in Intertemporal Choice
18.07.2017
Elisabeth Kempf
University of Chicago
Booth School of BusinessCanary 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 MainPersonal reminders and commitment: debt management as a natural experiment
15.11.2016
Tobin Hanspal
Copenhagen Business SchoolOnce Bitten, Twice Shy: The Role of Inertia and Personal Experiences in Risk Taking
13.12.2016
Gesa-Kristina Petersen
LMU MünchenWhat 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 OsnabrückSystemic 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 GenevaThe Sustainability Footprint of Institutional Investors
Sommersemester 2016
Datum
Vortragender
Vortragstitel
03.05.2016
Matthias Sutter
Universität zu KölnWhere to look for the morals in markets?
24.05.2016
Karl Schmedders
Universität ZürichAsset Pricing with Heterogeneous Agents and Long-Run Risk
07.06.2016
Philipp Illeditsch
Wharton14.06.2016
Milica Mormann
University of MiamiVisual Finance: The Role of Salience and Attention in Financial Decision Making
19.07.2016
Dirk Simons
Universität MannheimDo Mandatory Liquidity Disclosures Foster or Forestall Coordination Failures?
Wintersemester 2015/16
Datum
Vortragender
Vortragstitel
27.10.2015
Thorsten Hens
Universität ZürichDesigning Risk Profiler in the Laboratory
17.11.2015
Harald Scheule
University of Technology SydneyCredit risk in mortgage portfolios
01.12.2015
Ruediger Fahlenbrach
École polytechnique fédérale de LausanneHow Do Investors and Firms React to an unexpected Currency Appreciation Shock?
Sommersemester 2015
Datum
Vortragender
Vortragstitel
07.04.2015
Stefanie Kleimeier
Universität MaastrichtThe Resurgence of Cultural Borders in International Finance during the Financial Crisis: Evidence from Eurozone Cross-Border Depositing
21.04.2015
Jürgen Eichberger
University of HeidelbergAmbiguity and Games
05.05.2015
Martin Hibbeln
Technische Universität BraunschweigInformational Synergies in Consumer Credit
19.05.2015
Paul Ehling
BI Norwegian Business SchoolDisagreement and the Cross Section of Stock Returns
23.06.2015
Stefan Zeisberger
Stony Brook University, New YorkAll's Well that Ends Well? On the Importance of How Returns are Achieved
27.07.2015
Michael Weber
University of ChicagoThe Term Structure of Equity Returns: Risk or Mispricing?
Wintersemester 2014/15
Datum
Vortragender
Vortragstitel
21.10.2014
Sébastien Pouget
University of ToulouseTesting asset pricing theory on six hundred years of stock returns
04.11.2014
Jennifer Coats
Colorado State UniversityThe Effect of Ambiguity on Risk Management Choices: An Experimental Study
16.12.2014
Carsten Erner
UCLA Anderson School of ManagementConsumer Financial Well-Being
27.01.2015
Michael Viehs
University of OxfordCarbon Disclosure and Cost of Debt
03.02.2015
Jasmin Gider
University of BonnDeterring Illegal Insider Trading
Sommersemester 2014
Datum
Vortragender
Vortragstitel
08.04.2014
Erik Kole
Erasmus University RotterdamHow to Identify and Forecast Bull and Bear Markets?
22.04.2014
Tobias Berg
University of BonnPlaying the Devil’s Advocat: The Causal Effect of Risk Management on Loan Quality
06.05.2014
Andreas Richter
LMU MunichEndogenous Information and Adverse Selection under Loss Prevention
13.05.2014
Guillermo Baquero
European School of Management and Technology, BerlinThe Convexity and Concavity of the Flow-Performance Relationship for Hedge Funds
20.05.2014
Jeroen Derwall
Maastricht UniversityDoes Insider Trading Add Credibility to Firm Product Innovation?
27.05.2014
Tim Kroencke
University of MannheimAsset Pricing without Garbage
17.06.2014
Christoph Merkle
University of MannheimFinancial Loss Aversion Illusion
01.07.2014
Giuliano Curatola
Goethe University FrankfurtLoss 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 TübingenThe Risk with Low Volatility Stocks
12.11.2013
Sarah Qian Wang
University of WarwickCredit Default Swaps and Corporate Cash Holdings
19.11.2013
Arvid O. I. Hoffmann
Maastricht UniversityTechnical Analysis and Individual Investors
26.11.2013
Hendrik Hakenes
University of BonnRegulatory Capture by Sophistication
03.12.2013
Stefan Ruenzi
University of MannheimExtreme Dependence and Asset Pricing: Returns and Liquidity
21.01.2014
Ulrich Schmidt
Kiel UniversitityOverconfidence and Risk Taking of Ethiopian Farmers
04.02.2014
Paulo Rodrigues
Maastricht UniversityValues and investments: Evidence from institutional trading responses to news components
Sommersemester 2013
Datum
Vortragender
Vortragstitel
27.05.2013
Alex Stomper
Humboldt-Universität zu Berlin03.06.2013
Stefan Zeisberger
University of ZurichDo Investors Overreact to Small but Frequent Losses? An Experimental Analysis
17.06.2013
Norman Seeger
VU University Amsterdam15.07.2013
Stefan Ankirchner
Bonn UniversityWintersemester 2012/13
Datum
Vortragender
Vortragstitel
30.10.2012
Antje Mahayni
University of Duisburg-EssenOptimizing Proportional Portfolio Insurance Strategies - From Theory to Practice
13.11.2012
Thomas Post
Maastricht UniversityWhat Makes Investors Optimistic, What Makes Them Afraid?
27.11.2012
Rainer Haselmann
University of BonnCapital Regulation and Banks' Lending Behavior
03.12.2012
Ralf Meisenzahl
Federal Reserve BoardThe Real Effects of Credit Line Drawdowns
08.01.2013
Ralf Elsas
LMU MunichFrom Underleverage to Excess Debt: The Changing Environment of Corporate Debt
22.01.2013
Joachim Grammig
University of TübingenCreative Destruction and Asset Prices
Wintersemester 2011/12
Datum
Vortragender
Vortragstitel
11.10.2011
Matthias Muck
University of BambergOptimal Exercise Strategies for Open-End Turbo Certificates
22.11.2011
Antoon Pelsser
Maastricht UniversityRobustness, Model Ambiguity and Pricing
13.12.2011
André Betzer
University of WuppertalStrategic Trading and Trade Reporting by Corporate Insiders
17.01.2012
Maik Schmeling
Leibniz Universität HannoverOrder Flow, Private Information, and Currency Risk Premia
31.01.2012
Monika Trapp
University of CologneFund manager allocation