Finance & Insurance Seminar

  • Aktuelle Informationen

    The Finance & Insurance Seminar takes place during the lecture period onTuesdays from 16.15 pm to 17.45 pm (im Room JUR 253) The format of each session—whether in-person, via Zoom, or hybrid—will be specified in the event invitation. The seminar is jointly organised by Nicole Branger, Nadja Guenster, Thomas Langer, Andreas Pfingsten and Christoph Schneider.

    If you have any questions about the event, please contact Alvia Runge,alvia.runge@wiwi.uni-muenster.de.

    In the Wintersemester 2024/2025, the F&I Seminar will take place as a face-to-face event, in JUR 253. A Zoom meeting will also be offered.

    WinterSEMESTER 2024/2025

    Datum

    Vortragender

    Vortragstitel

    22.10.2024

    Prof. Dr. Steven Ongena

    University of Zurich

    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

     Bristol University

    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 University

    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

     Bremen University

    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-Bremen University of Applied Sciences

    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 University

    POSTPONED until further notice!

    SummerSEMESTER 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 University

    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-University of 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

     Houston University

    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-University

    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.
    Summer Term 2023

    Date

    Speaker

    Topic

    09.05.2023

    Prof. Dr. Heiko Jacobs

     University 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

     

    Winter Term 2022/23

    Date

    Speaker

    Topic

    08.11.2022

    Dr. Doron Reichmann

     Ruhr-University Bochum

    Listen Closely: Using Vocal Clues 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 Schaeck

    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

    Assistant 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

    Assistant 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

    Assistant Prof. Ruediger 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

    Postpone to autumn 2023!

     

     

    Summer Term 2022

    Date

    Speaker

    Topic

    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.

    WINTERTERM 2020/21

    Date

    Speaker

    Topic

    10 November 2020

    Dr. Bjoen Imbierowicz

    Deutsche Bundesbank, Frankfurt

    How Are Banks Special? – Let Me Count the Ways

    The event will be organized as a digital Zoom-Meeting.

     

    22 December 2020

    David Schreindorfer

    Arizona State University, Tempe, USA

    Persistent Crises and Levered Asset Prices

    The event will be organized as a digital Zoom-Meeting.

     

    Summerterm 2020

    Date

    Speaker

    Topic

    28 April 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

    25 May 2020

    André Uhde

    Paderborn Univeristy

    Tax avoidance through securitization

     

     

         

    Winterterm 2019/20

    Date

    Speaker

    Topic

         

    Summerterm 2019

    Date

    Speaker

    Topic

    02.07.2019

    Sebastian Gehricke

    University of Otago, Dunedin, New Zealand

    Modeling VXX under jump diffusion with stochastic long-term mean

    Attention Please!

    Starting time 12:15 in J 253.

    09.07.2019

    Toni Ahnert

    Bank of Canada, Ottawa, Ontario, Canada

    Bank Competition, Bank Runs and Opacity

    Winterterm 2018/19

    Date

    Speaker

    Topic

    18.12.2018

    Oliver Entrop

    University of 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?
    • Lectures from Previous Semesters

      Summer Term 2018

      Date

      Speaker

      Topic

      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

      Winter Term 2017/18

      Date

      Speaker

      Topic

      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

      Summer Term 2017

      Date

      Speaker

      Topic

      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

      Winter Term 2016/17

      Date

      Speaker

      Topic

      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

      Summer Term 2016

      Date

      Speaker

      Topic

      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?

      Winter Term 2015/16

      Date

      Speaker

      Topic

      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?

      Summer Term 2015

      Date

      Speaker

      Topic

      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?

      Winter Term 2014/15

      Date

      Speaker

      Topic

      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

      Summer Term 2014

      Date

      Speaker

      Topic

      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

      Winter Term 2013/14

      Date

      Speaker

      Topic

      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

      Summer Term 2013

      Date

      Speaker

      Topic

      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

      Winter Term 2012/13

      Date

      Speaker

      Topic

      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

      Winter Term 2011/12

      Date

      Speaker

      Topic

      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