Annual Meeting of the Swiss Society for Financial Market Research (SGF Conference)
SGF Conference 2017
20th Annual Conference of the Swiss Society for Financial Market Research
Zurich, SIX ConventionPoint, March 31, 2017
Conference Program
Keynote Speech by Prof. Dr. Jean-Pierre Danthine, President of the Paris School of Economics.
Please find the conference program available for download.
Conference Reviewers
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)
SGF Conference 2016
19th Annual Conference of the Swiss Society for Financial Market Research
Zurich, SIX ConventionPoint, April 8, 2016
Conference Program
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.
Conference Reviewers
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)
SGF Conference 2015
18th Annual Conference of the Swiss Society for Financial Market Research
Zurich, SIX Swiss Exchange ConventionPoint, April 10, 2015
Conference Program
Keynote Speech by Dr. Andreas Reichlin, Partner and Chief Executive Officer at PPCmetrics AG.
Please find the conference program available for download.
Conference Reviewers
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)
SGF Conference 2014
17th Annual Conference of the Swiss Society for Financial Market Research
Zurich, SIX Swiss Exchange ConventionPoint, April 11, 2014
Conference Program
Keynote Speech by Dr. Zeno Staub, Chief Executive Officer at Vontobel Group.
Please find the conference program available for download.
Conference Reviewers
We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2014 could certainly not have taken place:
Tim R. Adam (Humboldt University Berlin) • Elettra Agliardi (University of Bologna) • Rossella Agliardi (University of Bologna) • Nihat Aktas (WHU - Otto Beisheim School of Management) • Manuel Ammann (University of St.Gallen) • Daniel Andrei (UCLA Anderson School of Management) • Christian Andres (WHU - Otto Beisheim School of Management) • Panagiotis Andrikopoulos (De Montfort University Leicester) • Tanja Artiga Gonzalez (University of St.Gallen) • Katrin Assenmacher-Wesche (Swiss National Bank) • Victoria Atanasov (VU University Amsterdam) • Kremena Bachmann (University of Zurich) • Katrin Baedorf (WHU - Otto Beisheim School of Management) • Ye Bai (The University of Nottingham) • Sven Balder (University of Duisburg-Essen) • Matthias Bank (University of Innsbruck) • Christina Bannier (Frankfurt School of Finance and Management) • Rainer Baule (University of Hagen) • Steven Beach (Radford University) • Tobias Berg (Humboldt University Berlin) • Tony Berrada (University of Geneva) • Wolfgang Bessler (Justus Liebig University Giessen) • André Betzer (University of Wuppertal) • Christian Biener (University of St.Gallen) • Mario Brandtner (Friedrich Schiller University Jena) • Nicole Branger (University of Münster) • Michael Brennan (UCLA Anderson School of Management) • Wolfgang Breuer (RWTH Aachen University) • Thomas Burkhardt (University of Koblenz-Landau) • Giovanni Calice (University of Birmingham) • Ines Chaieb (University of Geneva) • An Chen (Ulm University) • Hsiu-Lang Chen (University of Illinois at Chicago) • Gabriella Chiesa (University of Bologna) • Jens H. E. Christensen (Federal Reserve Bank of San Francisco) • Frank Coggins (University of Sherbrooke) • Mariano Croce (Kenan–Flagler Business School) • Ettore Croci (Università Cattolica del Sacro Cuore) • Julien Cujean (University of Maryland) • Jose Da Fonseca (Auckland University of Technology) • Thomas Dangl (Vienna University of Technology) • Andras Danis (Georgia Institute of Technology) • Peter de Goeij (Tilburg University) • Francois Degeorge (University of Lugano) • Luca Del Viva (ESADE) • Marco Della Seta (University of Lausanne) • Francois Derrien (HEC Paris) • Alexis Derviz (Czech National Bank) • Alexandra Dias (University of Leicester) • Stephan Dieckmann (University of Pennsylvania) • Maik Dierkes (University of Münster) • Thomas Dimpfl (University of Tübingen) • Yuan Ding (China Europe International Business School) • Gregor Dorfleitner (University of Regensburg) • Wolfgang Drobetz (University of Hamburg) • Klaus Düllmann (Deutsche Bundesbank) • Brigitte Eierle (University of Bamberg) • Martin Eling (University of St.Gallen) • Oliver Entrop (University of Passau) • Robert Faff (University of Queensland) • Robert Fäßler (University of Bamberg) • Ernst Fehr (University of Zurich) • Ralf Fendel (WHU - Otto Beisheim School of Management) • Stephen Figlewski (NYU Stern School of Business) • Isabel Catalina Figuerola-Ferretti (Carlos III University of Madrid) • Marcel Fischer (Copenhagen Business School) • Daniel Foos (Deutsche Bundesbank) • Günter Franke (University of Konstanz) • Nils Friewald (Vienna University of Economics and Business) • Markus Glaser (LMU Munich) • Peter Gomber (Goethe University Frankfurt) • Katrin Gottschalk (Auckland University of Technology) • Peter Grundke (University of Osnabrück) • Yalin Gündüz (Deutsche Bundesbank) • Marc Gürtler (TU Braunschweig) • Andre Guettler (Ulm University) • Michel Habib (University of Zurich) • Dirk Hackbarth (Boston University) • Andreas Hackethal (Goethe University Frankfurt) • Thomas Hartmann-Wendels (University of Cologne) • Campbell Harvey (Duke University) • Rainer Haselmann (University of Bonn) • Lars Helge Hass (Lancaster University) • Thorsten Hens (University of Zurich) • Norbert Hilber (Zurich University of Applied Sciences) • Stefan Hirth (Aarhus University) • Daniel Hoechle (University of Basel) • Sven Husmann (European University Viadrina Frankfurt) • Lyudmyla Hvozdyk (University College Dublin) • Florian Ielpo (Université Paris 1) • Gerhard Illing (LMU Munich) • Dusan Isakov (University of Fribourg) • Rainer Jankowitsch (Vienna University of Economics and Business) • Bjarne Astrup Jensen (Copenhagen Business School) • Xiaoquan Jiang (Florida International University) • Peter Løchte Jørgensen (Aarhus University) • Madhu Kalimipalli (Wilfrid Laurier University) • Rasa Karapandza (European Business School) • Tobias Kaufmann (University of Bamberg) • Ambrus Kecskes (York University) • Karl Keiber (European University Viadrina Frankfurt) • Alexander Kerl (Justus Liebig University Giessen) • Thomas Kick (Deutsche Bundesbank) • Young Han Kim (Nanyang Technological University) • Axel Kind (University of Basel) • Olga Kolokolova (University of Manchester) • Olaf Korn (Georg-August University Göttingen) • Christian Koziol (University of Tübingen) • Philipp Koziol (Deutsche Bundesbank) • Holger Kraft (Goethe University Frankfurt) • Tim A. Kroencke (University of Mannheim) • Jörg Laitenberger (Martin Luther University Halle-Wittenberg) • Niklas Lampenius (University of Hohenheim) • David Anthony Lesmond (Tulane University) • Lu Liu (Lund University) • Sebastian Lobe (Wissenschaftliche Hochschule Lahr) • Claudio Loderer (University of Bern) • Gunter Löffler (Ulm University) • Jiang Luo (Nanyang Technological University) • Ferdinand Mager (European Business School) • Antje Mahayni (University of Duisburg-Essen) • Janos Mayer (University of Zurich) • Iwan Meier (HEC Montréal) • Peter Meier (Zurich University of Applied Sciences) • Christoph Meinerding (Goethe University Frankfurt) • Christoph Memmel (Deutsche Bundesbank) • Lukas Menkhoff (Leibniz University Hannover) • Christoph Merkle (University of Mannheim) • Felix Meschke (University of Kansas) • Byoung-Kyu Min (University of Neuchâtel) • Dev R. Mishra (University of Saskachewan) • Aksel Mjøs (Norwegian School of Economics) • Stig V. Møller (Aarhus University) • Ted Moorman (Baylor University) • Claus Munk (Copenhagen Business School) • Mads Stenbo Nielsen (Copenhagen Business School) • Ulf Nielsson (Copenhagen Business School) • Alexandra Niessen-Renzi (University of Mannheim) • Thomas Nitschka (Swiss National Bank) • Anna Obizhaeva (University of Maryland) • Gianluca Oderda (Ersel Asset Management SGR) • Andreas Oehler (University of Bamberg) • David Oesch (University of St.Gallen) • Per Oestberg (University of Zurich) • Chayawat Ornthanalai (University of Toronto) • Xuhui Pan (Tulane University) • Sandra Paterlini (European Business School) • Andreas Pfingsten (University of Münster) • Stefan Pichler (Vienna University of Economics and Business) • Christian Pierdzioch (Helmut Schmidt University) • Alexander Popov (European Central Bank) • Peter Posch (Ulm University) • Joerg Prokop (University of Oldenburg) • Marcel Prokopczuk (Zeppelin University) • Stefano Puddu (University of Neuchâtel) • Margarethe Rammerstorfer (Vienna University of Economics and Business) • Andreas W. Rathgeber (University of Augsburg) • Christian Rauch (Goethe University Frankfurt) • Peter Raupach (Deutsche Bundesbank) • Marc Oliver 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) • Astrid Salzmann (RWTH Aachen University) • Tilman Sayer (Fraunhofer ITWM) • Olivier Scaillet (University of Geneva) • Andrea Schertler (University Lüneburg) • Felix Schindler (Centre for European Economic Research) • Christian Schlag (Goethe University Frankfurt) • Karl Schmedders (University of Zurich) • Hato Schmeiser (University of St.Gallen) • Markus Schmid (University of St.Gallen) • Judith C. Schneider (University of Münster) • Hendrik Scholz (University of Erlangen-Nürnberg) • David Schroeder (Birbeck University of London) • Denis Schweizer (WHU - Otto Beisheim School of Management) • Peter Schwendner (Zurich University of Applied Sciences) • Norman Seeger (VU University Amsterdam) • Ralf Seiz (University of St.Gallen) • Andriy Shkilko (Wilfrid Laurier University) • Richard Sias (University of Arizona) • Paul Söderlind (University of St.Gallen) • Leopold Sögner (Vienna University of Technology) • Elvira Sojli (Erasmus University Rotterdam) • Georg Stadtmann (European University Viadrina Frankfurt) • Richard Stehle (Humboldt University Berlin) • Olaf Stotz (Frankfurt School of Finance and Management) • Günter Strobl (Frankfurt School of Finance and Management) • Laurens Swinkels (Erasmus University Rotterdam) • Alexander Szimayer (University of Hamburg) • Wing Wah Tham (Erasmus University Rotterdam) • Erik Theissen (University of Mannheim) • Alireza Tourani-Rad (Auckland University of Technology) • Monika Trapp (University of Cologne) • Siegfried Trautmann (Johannes Gutenberg University of Mainz) • Tereza Tykvova (University of Hohenheim) • Marliese Uhrig-Homburg (Karlsruhe Institute of Technology) • Marc Umber (Frankfurt School of Finance and Management) • Sebastian Utz (University of Regensburg) • Philip Valta (HEC Paris) • Mark van Achter (Erasmus University Rotterdam) • Robert Vermeulen (De Nederlandsche Bank) • Grigory Vilkov (Goethe University Frankfurt) • Heinrich von Wyss (University of St.Gallen) • Alexander F. Wagner (University of Zurich) • Niklas Wagner (University of Passau) • Urs Wälchli (University of Bern) • Christian Walkshaeusl (University of Regensburg) • Martin Wallmeier (University of Fribourg) • Andreas Walter (Justus Liebig University Giessen) • Ashley Wang (The Federal Reserve) • Yaw-Huei Wang (National Taiwan University) • Alexander Weill (University of St.Gallen) • Laurent Weill (University of Strasbourg) • Stefan Weisheit (University of Bamberg) • Gregor Weiss (TU Dortmund) • Simone Westerfeld (Fachhochschule Nordschweiz) • Marco Wilkens (University of Augsburg) • Maximilian Wimmer (University of Regensburg) • Yvonne Zahr (University of Bamberg) • Stefan Zeisberger (University of Zurich) • Shan Zhao (Grenoble Ecole de Management)
SGF Conference 2013
16th Annual Conference of the Swiss Society for Financial Market Research
Zurich, SIX Swiss Exchange ConventionPoint, April 12, 2013
Conference Program
Keynote Speech by Dr. Andreas Schlatter, Head of UBS Global Asset Management Switzerland.
Please find the conference program available for download.
Conference Reviewers
We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2013 could certainly not have taken place:
Manuel Ammann (University of St. Gallen) • Christian Andres (WHU - Otto Beisheim School of Management) • Panagiotis Andrikopoulos (De Montfort University Leicester) • Martin Angerer (University of Liechtenstein) • Katrin Assenmacher-Wesche (Swiss National Bank) • Sven Balder (University of Duisburg-Essen) • Matthias Bank (University of Innsbruck) • Christina Bannier (Frankfurt School of Finance & Management) • Rainer Baule (University of Hagen) • Tobias Berg (Humboldt University Berlin) • Wolfgang Bessler (Justus Liebig University Giessen) • André Betzer (University of Wuppertal) • Nicole Branger (University of Münster) • Alexander Braun (University of St. Gallen) • Michael Brennan (UCLA Anderson School of Management) • Wolfgang Breuer (RWTH Aachen University) • Hans-Peter Burghof (University of Hohenheim) • Thomas Burkhardt (University of Koblenz-Landau) • Min Byoung-Kyu (University of Neuchâtel) • Ines Chaieb (University of Geneva) • An Chen (University of Ulm) • Gabriella Chiesa (University of Bologna) • Jens H. E. Christensen (Federal Reserve Bank of San Francisco) • Mariano Croce (UNC Kenan-Flagler Business School) • Thomas Dangl (Vienna University of Technology) • Andras Danis (Georgia Tech) • Francois Degeorge (University of Lugano) • Francois Derrien (HEC Paris) • Alexis Derviz (Czech National Bank) • Stephan Dieckmann (University of Pennsylvania) • Maik Dierkes (University of Münster) • Thomas Dimpfl (University of Tübingen) • Gregor Dorfleitner (University of Regensburg) • Wolfgang Drobetz (University of Hamburg) • John Duca (Federal Reserve Bank of Dallas) • Fabian Echterling (University of Bamberg) • Brigitte Eierle (University of Bamberg) • Jean-Francois Emmenegger (University of Fribourg) • Oliver Entrop (University of Passau) • Carsten Erner (University of Münster) • Robert Fäßler (University of Bamberg) • Robert Faff (University of Queensland) • Ralf Fendel (WHU Otto Beisheim School of Management) • Isabel Catalina Figuerola-Ferretti (Carlos III University of Madrid) • Daniel Foos (Deutsche Bundesbank) • Nils Friewald (Vienna University of Economics and Business) • Michael Frömmel (Ghent University) • Mathieu Gatumel (CERAG - University of Grenoble) • Markus Glaser (LMU Munich) • Peter Gomber (University of Frankfurt) • Yalin Gündüz (Deutsche Bundesbank) • Marc Gürtler (TU Braunschweig) • André Güttler (European Business School) • Michel Habib (University of Zurich) • Andreas Hackethal (Goethe University Frankfurt am Main) • Lars Helge Hass (Lancaster University) • Thorsten Hens (University of Zurich) • Michael Herold (University of Bamberg) • Steffi Höse (TU Dresden) • Florian Ielpo (Centre d'Economie de la Sorbonne) • Gerhard Illing (LMU München) • Dusan Isakov (University of Fribourg) • Sandrine Jacob Leal (ICN Business School) • Rainer Jankowitsch (Vienna University of Economics and Business) • Christoph Kaserer (TU München) • Karl Keiber (Europa University Viadrina Frankfurt (Oder)) • Young Han Kim (Nanyang Technological University) • Axel Kind (University of Basel) • Christian Klein (University of Hohenheim) • Olaf Korn (Georg-August University Göttingen) • Christian Koziol (University of Tübingen) • Philipp Koziol (Deutsche Bundesbank) • Holger Kraft (Goethe University Frankfurt am Main) • Jörg Laitenberger (Martin Luther University Halle-Wittenberg) • Niklas Lampenius (University Hohenheim) • Thomas Langer (University of Münster) • Gabriele M. Lepori (Copenhagen Business School) • Sebastian Lobe (University of Regensburg) • Claudio Loderer (University of Bern) • Gunter Löffler (University of Ulm) • Otto Loistl (Vienna University of Economics and Business) • Ferdinand Mager (European Business School) • Antje Mahayni (University of Duisburg-Essen) • Marcel Fischer (Copenhagen Business School) • Iwan Meier (HEC Montréal) • Peter Meier (Zurich University of Applied Sciences) • Christoph Memmel (Deutsche Bundesbank) • Christoph Merkle (University of Mannheim) • Tobias Michalak (University of Bochum) • Mads Stenbo Nielsen (Copenhagen Business School) • Alexandra Niessen-Ruenzi (University of Mannheim) • Thomas Nitschka (Swiss National Bank) • Lars Norden (Erasmus University Rotterdam) • Andreas Oehler (Otto-Friedrich University Bamberg) • David Oesch (University of St. Gallen) • Pietro Perotti (University of Graz) • Andreas Pfingsten (University of Münster) • Stefan Pichler (Vienna University of Economics and Business) • Christian Pierdzioch (Helmut Schmidt University) • Marcel Prokopczuk (Zeppelin University Friedrichshafen) • Stefano Puddu (University of Neuchâtel) • Christian Putz (University of Bamberg) • Peter Raupach (Deutsche Bundesbank) • Marc Oliver Rieger (University of Trier) • Klaus Röder (University of Regensburg) • Daniel Rösch (Leibniz University Hannover) • Martin Ruckes (Karlsruhe Institute of Technology (KIT)) • Stefan Ruenzi (University of Mannheim) • Astrid Salzmann (RWTH Aachen University) • Olivier Scaillet (HEC Geneva) • Klaus Schäfer (University of Bayreuth) • Andrea Schertler (University of Groningen) • Felix Schindler (Center for European Economic Research) • Christian Schlag (Goethe University Frankfurt am Main) • Markus Schmid (University of St. Gallen) • Alexander Schmidt (Goethe University Frankfurt am Main) • Bryan P. Schmutz (Roger Williams University) • Hendrik Scholz (University of Erlangen-Nürnberg) • Denis Schweizer (WHU Otto Beisheim School of Management) • Norman Seeger (University of St. Gallen) • Volker Seiler (University of Paderborn) • Ralf Seiz (University of St. Gallen) • Oleg Shibanov (London Business School) • Paul Söderlind (University of St. Gallen) • Leopold Sögner (Vienna University of Technology) • Georg Stadtmann (European University Viadrina Frankfurt (Oder)) • Richard Stehle (Humboldt University Berlin) • Olaf Stotz (Frankfurt School of Finance & Management) • Laurens Swinkels (Erasmus University Rotterdam) • Erik Theissen (University of Mannheim) • Alireza Tourani-Rad (Auckland University of Technology) • Tereza Tykvova (Center for European Economic Research) • Marliese Uhrig-Homburg (Karlsruhe Institute of Technology (KIT)) • Mark van Achter (Rotterdam School of Management, Erasmus University) • Grigory Vilkov (Goethe University Frankfurt am Main) • Urs von Arx (Suisse Federal Institute of Technology Zurich) • Rico von Wyss (University of St. Gallen) • Niklas Wagner (University of Passau) • Urs Wälchli (University of Bern) • Martin Wallmeier (University of Fribourg) • Andreas Walter (Justus Liebig University Giessen) • Laurent Weill (University of Strasbourg) • Stefan Weisheit (University of Bamberg) • Gregor Weiss (TU Dortmund) • Simone Westerfeld (University of St. Gallen) • Marco Wilkens (University of Augsburg) • Yvonne Zahr (University of Bamberg) • Stefan Zeisberger (University of Zurich)
