21st Annual Conference of the Swiss Society for Financial Market Research
Zurich, SIX ConventionPoint, April 6, 2018

Keynote Speech by Professor Dr. Claudio Loderer, Professor at the Institute of Financial Management at the University of Bern.

Please find the conference program available for download.

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2018 could certainly not have taken place:

Tim Adam (Humboldt University Berlin) • Nihat Aktas (WHU - Otto Beisheim School of Management) • Manuel Ammann (University of St.Gallen) • Steffen Andersen (Copenhagen Business School) • Daniel Andrei (University of California at Los Angeles) • Christian Andres (WHU - Otto Beisheim School of Management) • Marc Arnold (University of St.Gallen) • Victoria Atanasov (University of Mannheim) • Matthias Bank (University of Innsbruck) • Itzhak Ben-David (Ohio State University) • Tobias Berg (Frankfurt School of Finance & Management) • André Betzer (University of Wuppertal) • Yasser Boualam (University of North Carolina - Chapel Hill) • Mario Brandtner (Friedrich-Schiller-Universität Jena) • Alexander Braun (University of St.Gallen) • Adrian Buss (INSEAD) • Barbara Casu (City University of London) • Claire Célérier (University of Toronto) • Ines Chaieb (University of Geneva) • An Chen (Ulm University) • Wan-Chien Chiu (Tsinghua University) • Jens H. E. Christensen (Federal Reserve Bank of San Francisco) • Ettore Croci (Università Cattolica del Sacro Cuore) • Stine Louise Daetz (Copenhagen Business School) • Thomas Dangl (Vienna University of Technology) • François Degeorge (University of Lugano) • Hans Degryse (KU Leuven) • Luca Del Viva (ESADE Business School) • Alexis Derviz (Czech National Bank) • Jens Dick-Nielsen (Copenhagen Business School) • Maik Dierkes (Leibniz University Hannover) • Wolfgang Drobetz (University of Hamburg) • Eric Duca (Colegio Universitario de Estudios Financieros (CUNEF)) • Ariadna Dumitrescu (ESADE Ramon Llull University) • Sebastian Ebert (Frankfurt School of Finance & Management) • Sadok El Ghoul (University of Alberta) • Martin Eling (University of St.Gallen) • Jonas Nygaard Eriksen (Aarhus University) • Rui Fan (Swansea University) • Falko Fecht (Frankfurt School of Finance & Management) • Erik Fernau (University of Mannheim) • Marcel Fischer (University of Konstanz) • Christian Riis Flor (University of Southern Denmark) • David Florysiak (University of Southern Denmark) • Till Förstemann (Deutsche Bundesbank) • Nils Friewald (Norwegian School of Economics) • Roland Füss (Universität St.Gallen) • Emilia Garcia-Appendini (University of Zurich) • Nadine Gatzert (University Erlangen-Nürnberg) • Jasmin Gider (University of Bonn) • Olesya V. Grishchenko (Federal Reserve Board) • Peter Grundke (Osnabrück University) • Patrick Grüning (Bank of Lithuania) • Yalin Gündüz (Deutsche Bundesbank) • Marc Gürtler (Braunschweig Institute of Technology) • Dirk Hackbarth (Boston University) • Tobin Hanspal (Goethe University Frankfurt) • Christian Hilpert (University of Hamburg) • Stefan Hirth (Aarhus University) • Daniel Hoang (Karlsruhe Institute of Technology) • Daniel Hoechle (FHNW School of Business) • Fabian Hollstein (Leibniz University Hannover) • Jiekun Huang (University of Illinois) • Gbenga Ibikunle (University of Edinburgh) • Dusan Isakov (University of Fribourg) • Heiko Jacobs (University Duisburg-Essen) • Stephan Jank (Deutsche Bundesbank) • Bjarne Astrup Jensen (Copenhagen Business School) • Artashes Karapetyan (BI Norwegian Business School) • Ambrus Kecskes (York University) • Thomas Kick (Deutsche Bundesbank) • Young Han (Andy) Kim (Sungkyunkwan University) • Renatas Kizys (University of Portsmouth) • Patrick Konermann (BI Norwegian Business School) • Philipp Koziol (European Central Bank) • Tim Alexander Kroencke (Universität Basel) • Hugues Langlois (HEC Paris) • Christine Laudenbach (Goethe-Universität Frankfurt) • Jochen Lawrenz (University of Innsbruck) • Jun Li (University of Texas at Dallas) • Roberto Liebscher (Katholische Universität Eichstätt-Ingolstadt) • Peter Limbach (University of Cologne) • Tse-Chun Lin (University of Hong Kong) • Florian Lindner (University of Innsbruck) • Sebastian Lobe (University of Maine) • Benjamin Loos (Universität Mannheim) • Thomas Mählmann (Katholische Universität Eichstätt-Ingolstadt) • Loriano Mancini (University of Lugano (USI)) • Simone Manganelli (European Central Bank) • Christoph Meinerding (Deutsche Bundesbank) • Christoph Merkle (Kühne Logistics University) • Steffen Meyer (Leibniz University Hannover) • Stig Vinther Møller (Aarhus University) • Stefan Morkoetter (University of St.Gallen) • Florian Nagler (Bocconi University) • Mads Stenbo Nielsen (Copenhagen Business School) • Alexandra Niessen-Ruenzi (University of Mannheim) • Sven Nolte (University of Münster) • Ingmar Nolte (Lancaster University) • Felix Noth (Leibniz-Institut für Wirtschaftsforschung Halle) • David Oesch (University of Zurich) • Steven Ongena (University of Zurich) • Per Östberg (University of Zurich) • Loriana Pelizzon (Goethe University Frankfurt) • Matthias Pelster (Paderborn University) • Andreas Pfingsten (University of Münster) • Dennis Philip (Durham University) • Ilaria Piatti (University of Oxford) • Alberto Plazzi (Università della Svizzera Italiana) • Thorsten Poddig (University of Bremen) • Marcel Prokopczuk (Leibniz University Hannover) • Buhui Qiu (University of Sydney) • Otto Randl (WU Vienna University of Economics and Business) • Andreas W. Rathgeber (University of Augsburg) • Alejandro Rivera (University of Texas at Dallas) • Martin Rohleder (University of Augsburg) • Jakub Rojcek (LGT Capital Partners) • Astrid Salzmann (RWTH Aachen University) • Olivier Scaillet (HEC Geneva) • Andrea Schertler (University Lüneburg) • Christian Schlag (Goethe University Frankfurt am Main) • Maik Schmeling (City University of London) • Judith C. Schneider (University of Münster) • Jan Schnitzler (VU Amsterdam) • Hendrik Scholz (University of Erlangen-Nürnberg) • Malte Schumacher (University of Zurich) • Denis Schweizer (Concordia University) • Andriy Shkilko (Wilfrid Laurier University) • Linus Siming (Audencia Business School) • Esad Smajlbegovic (Erasmus University Rotterdam) • Leopold Sögner (Vienna University of Technology) • Peter Norman Sørensen (Copenhagen Business School) • Bogdan Stacescu (BI Norwegian Business School) • Denitsa Stefanova (University of Luxemburg) • Sebastian Stöckl (University of Liechtenstein) • Daniel Streitz (Copenhagen Business School) • Oleksandr Talavera (Swansea University) • Erik Theissen (University of Mannheim) • Julian Thimme (Goethe University) • Tereza Tykvova (University of Hohenheim) • Marliese Uhrig-Homburg (Karlsruhe Institute of Technology) • Michael Ungeheuer (Aalto University) • Daniel Urban (Technische Universität München) • Gyuri Venter (Copenhagen Business School) • Grigory Vilkov (Frankfurt School of Finance & Management) • Bertrand Villeneuve (Universite Paris-Dauphine) • Alexander Wagner (University of Zurich) • Niklas Wagner (University of Passau) • Urs Wälchli (Rochester-Bern Executive Programs) • Christian Walkshaeusl (University of Regensburg) • Andreas Walter (Justus Liebig University Giessen) • Songtao Wang (Shanghai Jiao Tong University) • Florian Weigert (University of St.Gallen) • Gregor Weiss (University of Leipzig) • Alex Weissensteiner (Free University of Bolzano Bozen) • Paul Whelan (Copenhagen Business School) • Dominik Wied (University of Cologne) • Marco Wilkens (University of Augsburg) • Jianfeng Yu (Tsinghua University ) • Darya Yuferova (Norwegian School of Economics) • Shan Zhao (Grenoble Ecole de Management) • Hao Zhou (Tsinghua University ) • Alexandre Ziegler (University of Zurich) • Remco Zwinkels (VU Amsterdam)

The Annual Meeting of the Swiss Society for Financial Market Research was first held in 1998. It is currently organized by the Swiss Institute of Banking and Finance (s/bf-HSG), University of St. Gallen.

Former directors of the SGF Conference are:

Michael Herold (SGF Conference 2014 - 2018)
Matthias Muck (SGF Conference 2006 - 2013)
Markus Rudolf (SGF Conference 1998 - 2006)

Past conferences were supported by an academic board with Markus Rudolf and Matthias Muck as honorary members. The Swiss Society for Financial Market Research would like to thank all former board members for their commitment.

19th Annual Conference of the Swiss Society for Financial Market Research
Zurich, SIX ConventionPoint, April 8, 2016

Keynote Speech by Prof. Dr. Erwin W. Heri, Professor of Financial Theory at the University of Basel and SFI Adjunct Professor.

Please find the conference program available for download.

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2016 could certainly not have taken place:

Tim R. Adam (Humboldt University Berlin) • Vikas Agarwal (Georgia State University) • Elettra Agliardi (University of Bologna) • Nihat Aktas (WHU - Otto Beisheim School of Management) • Daniel Andrei (University of California, Los Angeles) • Christian Andres (WHU - Otto Beisheim School of Management) • Panagiotis Andrikopoulos (Coventry University) • Martin Angerer (University of Liechtenstein) • Marc Arnold (University of St.Gallen) • Tanja Artiga Gonzalez (VU University Amsterdam) • Katrin Assenmacher-Wesche (Swiss National Bank) • Victoria Atanasov (University of Mannheim) • Benjamin R. Auer (University of Leipzig) • Sven Balder (University of Duisburg-Essen) • Markus Baltzer (Deutsche Bundesbank) • Matthias Bank (University of Innsbruck) • Christina Bannier (University of Mainz) • Rainer Baule (University of Hagen) • Dirk G. Baur (Kühne Logistics University) • Faten Ben Slimane (University Paris-Est Marne-la-Vallée) • Tobias Berg (University of Bonn) • Theo Berger (University of Bremen) • Tony Berrada (University of Geneva) • Wolfgang Bessler (Justus Liebig University Giessen) • André Betzer (University of Wuppertal) • Hamid Boustanifar (BI Norwegian Business School) • Mario Brandtner (Friedrich-Schiller-University Jena) • Nicole Branger (University of Münster) • Alexander Braun (University of St.Gallen) • Michael Brennan (University of California, Los Angeles) • Hans-Peter Burghof (University of Hohenheim) • Paul Calluzzo (Queen’s University) • Jerry Cao (Singapore Management University) • Hsiu-Lang Chen (University of Illinois at Chicago) • Wan-Chien Chiu (University of Glasgow) • Jaewon Choi (University of Illinois at Urbana-Champaign) • Jens H. E. Christensen (Federal Reserve Bank of San Francisco) • Mariano M. Croce (Kenan–Flagler Business School) • Ettore Croci (Catholic University of the Sacred Heart) • Julien Cujean (University of Maryland) • Thomas Dangl (Vienna University of Technology) • Jon Danielsson (London School of Economics) • Hubert De La Bruslerie (University Paris Dauphine) • François Degeorge (University of Lugano) • Luca Del Viva (ESADE Business School) • François Derrien (HEC Paris) • Alexis Derviz (Czech National Bank) • Maik Dierkes (Leibniz University Hannover) • Thomas Dimpfl (University of Tübingen) • Wolfgang Drobetz (University of Hamburg) • Klaus Düllmann (European Central Bank) • Philippe Dupuy (Grenoble Ecole de Management) • Martin Eling (University of St.Gallen) • Carsten Erner (University of California, Los Angeles) • Rüdiger Fahlenbrach (Ecole Polytechnique Fédérale de Lausanne) • Marcel Fischer (University of Konstanz) • Daniel Foos (Deutsche Bundesbank) • Till Förstemann (Deutsche Bundesbank) • Günter Franke (University of Konstanz) • Nils Friewald (Norwegian School of Economics) • Alex Frino (Macquarie Graduate School of Management) • Michael Frömmel (Ghent University) • Louis Gagnon (Queen’s University) • Emilia Garcia-Appendini (University of St.Gallen) • Monika Gehde-Trapp (University of Hohenheim) • Javier Gil-Bazo (Pompeu Fabra University) • Markus Glaser (LMU Munich) • Felix Goltz (EDHEC Business School) • Peter Gomber (Goethe University Frankfurt) • Katrin Gottschalk (Auckland University of Technology) • Joachim Grammig (University of Tübingen) • Peter Grundke (Osnabrück University) • Patrick Grüning (Bank of Lithuania) • Yalin Gündüz (Deutsche Bundesbank) • Swasti Gupta-Mukherjee (Loyola University Chicago) • Marc Gürtler (TU Braunschweig) • Umit Gurun (University of Texas at Dallas) • Andre Güttler (Ulm University) • Michael Halling (Stockholm School of Economics) • Nikolaus Hautsch (University of Vienna) • Alexander Hillert (University of Mannheim) • Stefan Hirth (Aarhus University) • Daniel Hoang (Karlsruhe Institute of Technology) • Daniel Hoechle (Zurich University of Applied Sciences) • Dashan Huang (Singapore Management University) • Sven Husmann (European University Viadrina Frankfurt (Oder)) • Lyudmyla Hvozdyk (University of Essex) • Florian Ielpo (Pantheon-Sorbonne University) • Dusan Isakov (University of Fribourg) • Heiko Jacobs (University of Mannheim) • Stephan Jank (Frankfurt School of Finance & Management) • Rainer Jankowitsch (Vienna University of Economics and Business) • Bjarne A. Jensen (Copenhagen Business School) • Xiaoquan Jiang (Florida International University) • Robert Jung (University of Hohenheim) • Vasileios Kallinterakis (University of Liverpool) • Jun-Koo Kang (Nanyang Technological University) • Julia Kapraun (WHU - Otto Beisheim School of Management) • Christoph Kaserer (TU Munich) • Ambrus Kecskés (York University) • Karl Keiber (European University Viadrina Frankfurt (Oder)) • Alexander Kerl (Justus Liebig University Giessen) • Thomas Kick (Deutsche Bundesbank) • Rüdiger Kiesel (University Duisburg-Essen) • Young Han Kim (Sungkyunkwan University) • Axel Kind (University of Konstanz) • Michael Koetter (Frankfurt School of Finance & Management) • Olga Kolokolova (The University of Manchester) • Patrick Konermann (University of Münster) • Olaf Korn (Göttingen University) • Philipp Koziol (European Central Bank) • Holger Kraft (Goethe University Frankfurt) • Tim A. Kroencke (University of Basel) • Ruth Kümmerle (WHU - Otto Beisheim School of Management) • David A. Lesmond (Tulane University) • Peter Limbach (Karlsruhe Institute of Technology) • Lu Liu (Lund University) • Gunter Löffler (Ulm University) • Jiang Luo (Nanyang Technological University) • Ferdinand Mager (European Business School) • Antje Mahayni (University of Duisburg-Essen) • Ian Marsh (City University London) • Christoph Meinerding (Goethe University Frankfurt) • Christoph Memmel (Deutsche Bundesbank) • Christoph Merkle (University of Mannheim) • Felix Meschke (The University of Kansas) • Byoung-Kyu Min (University of Sydney) • Aksel Mjøs (Norwegian School of Economics) • Vito Mollica (Macquarie University) • Ted C. Moorman (Baylor University) • Stefan Morkoetter (University of St.Gallen) • Claus Munk (Copenhagen Business School) • Alexandra Niessen-Ruenzi (University of Mannheim) • Thomas Nitschka (Swiss National Bank) • Felix Noth (Halle Institute for Economic Research) • Anna Obizhaeva (University of Maryland) • Andreas Oehler (University of Bamberg) • David Oesch (University of Zurich) • Steven Ongena (University of Zurich) • Chayawat Ornthanalai (University of Toronto) • Natalie Packham (Frankfurt School of Finance & Management) • Xuhui Pan (Tulane University) • Shams Pathan (The University of Queensland) • Fabiana Penas (Tilburg University) • Pietro Perotti (University of Bath) • Franziska Peter (University of Tübingen) • Dimitris Petmezas (University of Surrey) • Andreas Pfingsten (University of Münster) • Ilaria Piatti (University of Oxford) • Stefan Pichler (Vienna University of Economics and Business) • Thorsten Poddig (University of Bremen) • Peter Posch (TU Dortmund) • Jörg Prokop (University of Oldenburg) • Marcel Prokopczuk (Leibniz University Hannover) • Andreas W. Rathgeber (University of Augsburg) • Alon Raviv (Bar Ilan University) • Marc O. Rieger (University of Trier) • Petra Ritzer-Angerer (University of Bamberg) • Klaus Röder (University of Regensburg) • Martin Rohleder (University of Augsburg) • Daniel Rösch (University of Regensburg) • Martin Ruckes (Karlsruhe Institute of Technology) • Stefan Ruenzi (University of Mannheim) • Jesus M. Salas (Lehigh University) • Astrid Salzmann (RWTH Aachen University) • Olivier Scaillet (University of Geneva) • Andrea Schertler (University of Lüneburg) • Dirk Schiereck (TU Darmstadt) • Felix Schindler (Centre for European Economic Research) • Christian Schlag (Goethe University Frankfurt) • Hato Schmeiser (University of St.Gallen) • Markus Schmid (University of St.Gallen) • Thomas Schmid (University of Hong Kong) • Judith C. Schneider (University of Münster) • Hendrik Scholz (University of Erlangen-Nürnberg) • Andreas Schrimpf (Bank for International Settlements) • David Schroeder (Birbeck University of London) • Denis Schweizer (Concordia University) • Peter Schwendner (Zurich University of Applied Sciences) • Leopold Sögner (Vienna University of Technology) • Oliver Spalt (Tilburg University) • Richard Stehle (Humboldt University Berlin) • Michael Stein (University of Duisburg-Essen) • Oscar A. Stolper (Philipps-University Marburg) • Günter Strobl (Frankfurt School of Finance & Management) • Zheng Sun (University of California, Irvine) • Laurens Swinkels (Erasmus University Rotterdam) • Alexander Szimayer (University of Hamburg) • Erik Theissen (University of Mannheim) • Tereza Tykvová (University of Hohenheim) • Marliese Uhrig-Homburg (Karlsruhe Institute of Technology) • Marc P. Umber (Frankfurt School of Finance & Management) • Sebastian Utz (University of Regensburg) • Philip Valta (University of Geneva) • Mark van Achter (Erasmus University Rotterdam) • Robert Vermeulen (De Nederlandsche Bank) • Thanos Verousis (University of Bath) • Grigory Vilkov (Frankfurt School of Finance & Management) • Alexander Wagner (University of Zurich) • Niklas Wagner (University of Passau) • Urs Wälchli (University of Bern) • Thomas Walker (Concordia University) • Christian Walkshaeusl (University of Regensburg) • Andreas Walter (Justus Liebig University Giessen) • Ashley Wang (Federal Reserve System) • Florian Weigert (University of St.Gallen) • Laurent Weill (University of Strasbourg) • Gregor Weiss (University of Leipzig) • Christian Westheide (University of Mannheim) • Paul Whelan (Copenhagen Business School) • Marco Wilkens (University of Augsburg) • Maximilian Wimmer (University of Mannheim) • Han Xia (University of Texas at Dallas) • Stefan Zeisberger (University of Zurich) • Chen Zhou (De Nederlandsche Bank)

20th Annual Conference of the Swiss Society for Financial Market Research
Zurich, SIX ConventionPoint, March 31, 2017

Keynote Speech by Prof. Dr. Jean-Pierre Danthine, President of the Paris School of Economics.

Please find the conference program available for download.

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2016 could certainly not have taken place:

Tim R. Adam (Humboldt University Berlin) • Elettra Agliardi (University of Bologna) • Nihat Aktas (WHU - Otto Beisheim School of Management) • Daniel Andrei (University of California, Los Angeles) • Christian Andres (WHU - Otto Beisheim School of Management) • Panagiotis Andrikopoulos (Coventry University) • Martin Angerer (University of Liechtenstein) • Marc Arnold (University of St.Gallen) • Tanja Artiga Gonzalez (VU University Amsterdam) • Katrin Assenmacher-Wesche (European Central Bank) • Victoria Atanasov (University of Mannheim) • Emanuele Bajo (University of Bologna) • Guido Baltussen (Erasmus School of Economics)• Matthias Bank (University of Innsbruck) • Rainer Baule (University of Hagen) • Renaud Beaupain (IÉSEG School of Management) • Tobias Berg (Frankfurt School of Finance & Management) • Theo Berger (University of Bremen) • André Betzer (University of Wuppertal) • Christian Biener (University of St.Gallen) • Hamid Boustanifar (BI Norwegian Business School) • Nicole Branger (University of Münster) • Alexander Braun (University of St.Gallen) • Martin Brown (University of St.Gallen) • Claire Célérier (University of Toronto) • Ines Chaieb (University of Geneva and Swiss Finance Institute) • An Chen (Ulm University) • Gabriella Chiesa (University of Bologna) • Wan-Chien Chiu (University of Glasgow) • Jens H. E. Christensen (Federal Reserve Bank of San Francisco) • M. Max Croce (University of North Carolina-Chapel Hill) • Ettore Croci (Catholic University of the Sacred Heart) • Julien Cujean (University of Maryland) • Zhi Da (University of Notre Dame) • Thomas Dangl (Vienna University of Technology) • Andras Danis (Georgia Institute of Technology) • Hans Degryse (University of Leuven) • Luca Del Viva (ESADE) • François Derrien (HEC Paris) • Maik Dierkes (Leibniz University Hannover) • Andreas Dietrich (Lucerne University of Applied Sciences and Arts) • Lora Dimitrova (University of Exeter) • Thomas Dimpfl (University of Tübingen) • Wolfgang Drobetz (Hamburg University) • Klaus Düllmann (European Central Bank) • Martin Eling (University of St.Gallen) • Erik Fernau (University of Mannheim) • Marcel Fischer (Copenhagen Business School) • Christian Riis Flor (University of Southern Denmark) • Andy Fodor (Ohio University) • Daniel Foos (Deutsche Bundesbank) • Till Förstemann (Deutsche Bundesbank) • Günter Franke (University of Konstanz) • Nils Friewald (Norwegian School of Economics) • Emilia Garcia-Appendini (University of St.Gallen) • Monika Gehde-Trapp (University of Hohenheim) • Jasmin Gider (University of Bonn) • Markus Glaser (LMU Munich) • Michael Goedde-Menke (University of Münster) • Peter Grundke (Osnabrück University) • Helmut Gründl (Goethe University Frankfurt) • Patrick Grüning (CEFER, Bank of Lithuania and Vilnius University) • Andre Guettler (Ulm University) • Yalin Gündüz (Deutsche Bundesbank) • Swasti Gupta-Mukherjee (Loyola University Chicago) • Michel Habib (University of Zurich) • Nikolaus Hautsch (University of Vienna) • Patrick Herbst (University of Stirling) • Peter Hieber (Ulm University) • Alexander Hillert (Goethe University Frankfurt) • Christian Hilpert (Hamburg University) • Stefan Hirth (Aarhus University) • Daniel Hoang (Karlsruhe Institute of Technology) • Daniel Hoechle (ZHAW) • Arvid Hoffmann (University of Adelaide) • Fabian Hollstein (Leibniz University Hannover) • Dashan Huang (Singapore Management University) • Sven Husmann (European University Viadrina Frankfurt (Oder)) • Dusan Isakov (University of Fribourg) • Heiko Jacobs (University of Mannheim) • Stephan Jank (Frankfurt School of Finance & Management) • Bjarne A. Jensen (Copenhagen Business School) • Ambrus Kecskés (York University) • Karl Ludwig Keiber (European University Viadrina Frankfurt (Oder)) • Thomas K. Kick (Deutsche Bundesbank) • Rüdiger Kiesel (University Duisburg-Essen) • Young Han (Andy) Kim (Sungkyunkwan University) • Axel Kind (University of Konstanz) • Olga Kolokolova (The University of Manchester) • Olaf Korn (Göttingen University) • Holger Kraft (Goethe University Frankfurt) • Tim A. Kroencke (University of Basel) • Hugues Langlois (HEC Paris) • Christine Laudenbach (Goethe University Frankfurt) • Thorsten Lehnert (University of Luxembourg) • David A. Lesmond (Tulane University) • Geng Li (Board of Governors of the Federal Reserve System) • Peter Limbach (University of Cologne) • Lu Liu (Stockholm University) • Sebastian Lobe (University of Maine) • Gunter Löffler (Ulm University) • Benjamin Loos (University of Mannheim) • Eva Lütkebohmert (University of Freiburg) • Ferdinand Mager (European Business School) • Antje Mahayni (University of Duisburg-Essen) • Loriano Mancini (Swiss Finance Institute) • Iwan Meier (HEC Montréal) • Christoph Meinerding (Goethe University Frankfurt) • Christoph Memmel (Deutsche Bundesbank) • Christoph Merkle (University of Mannheim) • Ouarda Merrouche (University Paris Nanterre) • Steffen Meyer (Leibniz University Hannover) • Stig Vinther Møller (Aarhus University) • Stefan Morkoetter (University of St.Gallen) • Sebastian Müller (German Graduate School of Management and Law) • Claus Munk (Copenhagen Business School) • Vikram Nanda (University of Texas at Dallas) • Alexandra Niessen-Ruenzi (University of Mannheim) • Thomas Nitschka (Swiss National Bank) • Giacomo Nocera (Audencia Business School) • Felix Noth (Halle Institute for Economic Research) • David Oesch (University of Zurich) • Per Oestberg (University of Zurich) • Steven Ongena (University of Zurich, Swiss Finance Institute, KU Leuven and CEPR) • Sandra Paterlini (European Business School Wiesbaden) • Thomas Quistgaard Pedersen (Aarhus University) • Andreas Pfingsten (University of Münster) • Ilaria Piatti (University of Oxford) • Alberto Plazzi (USI Lugano and Swiss Finance Institute) • Thorsten Poddig (University of Bremen) • Marcel Prokopczuk (Leibniz University Hannover and University of Reading) • Otto Randl (WU Vienna University of Economics and Business) • Andreas W. Rathgeber (University of Augsburg) • Marc Oliver Rieger (University of Trier) • Maria Rodriguez Moreno (University of Navarra) • Martin Rohleder (University of Augsburg) • Daniel Rösch (University of Regensburg) • Stefan Ruenzi (University of Mannheim) • Astrid Salzmann (RWTH Aachen University) • Olivier Scaillet (HEC Geneva) • Andrea Schertler (Leuphana University of Lüneburg) • Christian Schlag (Goethe University Frankfurt) • Karl Schmedders (University of Zurich and Swiss Finance Institute) • Markus Schmid (University of St.Gallen) • Thomas Schmid (University of Hong Kong) • Judith C. Schneider (University of Münster) • Hendrik Scholz (University of Erlangen-Nürnberg) • Denis Schweizer (Concordia University) • Peter Schwendner (ZHAW) • Ivan Shaliastovich (University of Wisconsin) • Andriy Shkilko (Wilfrid Laurier University) • Stephan Siegel (University of Washington) • Linus Siming (Audencia Business School) • Leopold Sögner (Institute for Advanced Studies, Vienna) • Denitsa Stefanova (University of Luxembourg) • Michael Stein (University of Duisburg-Essen) • Laurens Swinkels (Erasmus University Rotterdam) • Alexander Szimayer (Hamburg University) • Alberto Teguia (Swiss Finance Institute @ EPFL) • Natalia Tente (Deutsche Bundesbank) • Erik Theissen (University of Mannheim) • Bruce Tuckman (New York University) • Günseli Tümer-Alkan (VU University Amsterdam) • Marliese Uhrig-Homburg (Karlsruhe Institute of Technology) • Sebastian Utz (University of Regensburg) • Philip Valta (University of Bern) • Mark van Achter (Erasmus University Rotterdam) • Sjoerd van Bekkum (Erasmus School of Economics) • Jos van Bommel (University of Luxembourg) • Joris Van Toor (TIAS School for Business and Society) • Gyuri Venter (Copenhagen Business School) • Robert Vermeulen (De Nederlandsche Bank) • Alexander F. Wagner (University of Zurich and Swiss Finance Institute) • Niklas Wagner (University of Passau) • Urs Wälchli (Rochester-Bern Executive Programs) • Thomas Walker (Concordia University) • Christian Walkshaeusl (University of Regensburg) • Andreas Walter (Justus Liebig University Giessen) • Ashley Wang (Federal Reserve Board) • Gabrielle Wanzenried (Lucerne University of Applied Sciences and Arts) • Florian Weigert (University of St.Gallen) • Simone Westerfeld (University of St.Gallen) • Christian Westheide (University of Mannheim) • Paul Whelan (Copenhagen Business School) • Marco Wilkens (University of Augsburg) • Maximilian Wimmer (University of Mannheim) • Stefan Zeisberger (Radboud University) • Andreas Ziegler (University of Kassel)

18th Annual Conference of the Swiss Society for Financial Market Research
Zurich, SIX Swiss Exchange ConventionPoint, April 10, 2015

Keynote Speech by Dr. Andreas Reichlin, Partner and Chief Executive Officer at PPCmetrics AG.

Please find the conference program available for download.

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2015 could certainly not have taken place:

Tim R. Adam (Humboldt University Berlin) • Elettra Agliardi (University of Bologna) • Nihat Aktas (WHU - Otto Beisheim School of Management) • Manuel Ammann (University of St.Gallen) • Daniel Andrei (University of California, Los Angeles) • Christian Andres (WHU - Otto Beisheim School of Management) • Panagiotis Andrikopoulos (Coventry University) • Martin Angerer (University of Liechtenstein) • Marc Arnold (University of St.Gallen) • Tanja Artiga Gonzalez (University of St.Gallen) • Hossein Asgharian (Lund University) • Katrin Baedorf (WHU - Otto Beisheim School of Management) • Sven Balder (University of Duisburg-Essen) • Markus Baltzer (Deutsche Bundesbank) • Rainer Baule (University of Hagen) • Faten Ben Slimane (University Paris-Est Marne-la-Vallée) • Karen Benson (University of Queensland) • Tatjana Berg (University of St.Gallen) • Tobias Berg (University of Bonn) • Theo Berger (University of Bremen) • Tony Berrada (University of Geneva) • Wolfgang Bessler (Justus Liebig University Giessen) • André Betzer (University of Wuppertal) • Christian Biener (University of St.Gallen) • Martin T. Bohl (University of Münster) • Hamid Boustanifar (BI Norwegian Business School) • Mario Brandtner (Friedrich Schiller University Jena) • Nicole Branger (University of Münster) • Alexander Braun (University of St.Gallen) • Michael Brennan (University of California Los Angeles) • Wolfgang Breuer (RWTH Aachen University) • Paul Calluzzo (Queen’s University) • Jerry Cao (Singapore Management University) • Ines Chaieb (University of Geneva) • An Chen (University of Ulm) • Gabriella Chiesa (University of Bologna) • Wan-Chien Chiu (University of Glasgow) • Jaewon Choi (University of Illinois at Urbana-Champaign) • Jens H. E. Christensen (Federal Reserve Bank of San Francisco) • Gjergji Cici (The College of William & Mary) • Mariano Croce (Kenan–Flagler Business School) • Ettore Croci (Catholic University of the Sacred Heart) • Julien Cujean (University of Maryland) • Thomas Dangl (Vienna University of Technology) • Andras Danis (Georgia Institute of Technology) • Hubert De La Bruslerie (University Paris Dauphine) • Francois Degeorge (University of Lugano) • Luca Del Viva (ESADE Business School) • Marco Della Seta (University of Lausanne) • Francois Derrien (HEC Paris) • Thomas Dimpfl (University of Tübingen) • Wolfgang Drobetz (University of Hamburg) • Klaus Düllmann (Deutsche Bundesbank) • Philippe Dupuy (Grenoble Ecole de Management) • Anders G. Ekholm (Hanken School of Economics) • Martin Eling (University of St.Gallen) • Yonca Ertimur (University of Colorado at Boulder) • Ralf Fendel (WHU - Otto Beisheim School of Management) • Stephen Figlewski (NYU Stern School of Business) • Damir Filipovic (Swiss Finance Institute) • Marcel Fischer (Copenhagen Business School) • Daniel Foos (Deutsche Bundesbank) • Till Förstemann (Deutsche Bundesbank) • Günter Franke (University of Konstanz) • Nils Friewald (Vienna University of Economics and Business) • Michael Gallmeyer (University of Virginia) • Emilia Garcia-Appendini (University of St.Gallen) • Markus Glaser (LMU Munich) • Michael Goedde-Menke (University of Münster) • Felix Goltz (EDHEC Business School) • Peter Gomber (Goethe University Frankfurt) • Reint Gropp (Goethe University Frankfurt) • Helmut Gründl (Goethe University Frankfurt) • Marc Gürtler (TU Braunschweig) • Andre Güttler (University of Ulm) • Andreas Hackethal (Goethe University Frankfurt) • Hendrik Hakenes (University of Bonn) • Michael Hanke (University of Liechtenstein) • Achim Hauck (University of Portsmouth) • Stefan Hirth (Aarhus University) • Daniel Hoang (Karlsruhe Institute of Technology) • Daniel Hoechle (Zurich University of Applied Sciences) • Oliver Hossfeld (Deutsche Bundesbank) • Dusan Isakov (University of Fribourg) • Heiko Jacobs (University of Mannheim) • Stephan Jank (Frankfurt School of Finance & Management) • Bjarne A. Jensen (Copenhagen Business School) • Xiaoquan Jiang (Florida International University) • Brandon Julio (London Business School) • Madhu Kalimipalli (Wilfrid Laurier University) • Vasileios Kallinterakis (University of Liverpool) • Rasa Karapandza (European Business School) • Philipp Kaufmann (University of Münster) • Ambrus Kecskes (York University) • Karl Keiber (European University Viadrina Frankfurt) • Alexander Kerl (Justus Liebig University Giessen) • Thomas Kick (Deutsche Bundesbank) • Rüdiger Kiesel (University Duisburg-Essen) • Young Han Kim (Nanyang Technological University) • Alexandros Kontonikas (University of Glasgow) • Olaf Korn (Georg August University Göttingen) • Christian Koziol (University of Tübingen) • Philipp Koziol (European Central Bank) • Holger Kraft (Goethe University Frankfurt) • Tim A. Kroencke (University of Mannheim) • Ruth Kümmerle (WHU - Otto Beisheim School of Management) • Wan-Ni Lai (Kedge Business School) • David A. Lesmond (Tulane University) • Peter Limbach (Karlsruhe Institute of Technology) • Lu Liu (Lund University) • Gunter Löffler (University of Ulm) • Marcos López de Prado (Guggenheim Partners) • Jiang Luo (Nanyang Technological University) • Ferdinand Mager (European Business School) • Antje Mahayni (University of Duisburg-Essen) • Semyon Malamud (Swiss Finance Institute) • Peter Meier (Zurich University of Applied Sciences) • Christoph Meinerding (Goethe University Frankfurt) • Christoph Memmel (Deutsche Bundesbank) • Lukas Menkhoff (University of Kiel) • Byoung-Kyu Min (University of Neuchâtel) • Aksel Mjøs (Norwegian School of Economics) • Stefan Morkoetter (University of St.Gallen) • Claus Munk (Copenhagen Business School) • Mads S. Nielsen (Copenhagen Business School) • Alexandra Niessen-Ruenzi (University of Mannheim) • Thomas Nitschka (Swiss National Bank) • Andreas Oehler (University of Bamberg) • David Oesch (University of St.Gallen) • Per Oestberg (University of Zurich) • Natalie Packham (Frankfurt School of Finance & Management) • Christos Pantzalis (University of South Florida) • Jung C. Park (Auburn University) • Shams Pathan (University of Queensland) • Nicola Pavanini (University of Zurich) • Pietro Perotti (University of Bath) • Dimitris Petmezas (University of Surrey) • Andreas Pfingsten (University of Münster) • Ludovic Phalippou (University of Oxford) • Ilaria Piatti (University of Oxford) • Christian Pierdzioch (Helmut Schmidt University) • Peter Posch (TU Dortmund University) • Uday Rajan (University of Michigan) • Andreas W. Rathgeber (University of Augsburg) • Alon Raviv (Brandeis University) • Martin Rohleder (University of Augsburg) • Martin Ruckes (Karlsruhe Institute of Technology) • Stefan Ruenzi (University of Mannheim) • Astrid Salzmann (RWTH Aachen University) • Zacharias Sautner (Frankfurt School of Finance & Management) • Olivier Scaillet (HEC University of Geneva) • Andrea Schertler (University Lüneburg) • Karl Schmedders (University of Zurich) • Hato Schmeiser (University of St.Gallen) • Markus Schmid (University of St.Gallen) • Thomas Schmid (Technische Universität München) • Judith C. Schneider (University of Münster) • David Schroeder (Birbeck University of London) • Norman Seeger (VU University Amsterdam) • Michael Semenischev (University of Münster) • Leopold Sögner (Vienna University of Technology) • Richard Stehle (Humboldt University Berlin) • Oscar A. Stolper (Philipps-Universität Marburg) • Günter Strobl (Frankfurt School of Finance and Management) • Zheng Sun (University of California at Irvine) • Alexander Szimayer (University of Hamburg) • Erik Theissen (University of Mannheim) • Serafeim Tsoukas (University of Glasgow) • Tereza Tykvova (University of Hohenheim) • Marliese Uhrig-Homburg (Karlsruhe Institute of Technology) • Robert Vermeulen (De Nederlandsche Bank) • Thanos Verousis (University of Bath) • Patrick Verwijmeren (Erasmus University Rotterdam) • Vikrant Vig (London Business School) • Alexander Wagner (University of Zurich) • Urs Wälchli (University of Bern) • Andreas Walter (Justus Liebig University Giessen) • Ashley Wang (The Federal Reserve) • Florian Weigert (University of St.Gallen) • Laurent Weill (University of Strasbourg) • Simone Westerfeld (Fachhochschule Nordschweiz) • Christian Westheide (University of Mannheim) • Paul Whelan (Imperial College) • Marco Wilkens (University of Augsburg) • Stefan Zeisberger (University of Zurich) • Lu Zheng (University of California at Irvine) • Chen Zhou (De Nederlandsche Bank)