Working Paper Series School of Finance

Find all the working papers from members of the School of Finance.

Since 7 February 2022 HSG joins the faculty of the Swiss Finance Institute (s:fi). Here you can find all s:fi research paper, which hosts the latest research ideas.

Overview of sfi working papers published by members of the School of Finance

2022
22-85	Fake News in Social Networks Christoph Aymanns; Jakob Foerster; Co-Pierre Georg; Matthias Weber
22-84	Non-Fungible Tokens Andrea Barbon; Angelo Ranaldo
22-73	Betting on Homes Roland Füss, Marcel Fischer; Daniel Ruf, Simon Stehle

Working Paper Series School of Finance

2022
2022/04	The Low-Carbon Rent Premium of Residential Buildings Angelika Brändle, Roland Füss, Jörg Schläpfer, Alois Weigand
2022/03	Collateral choice Benedikt Ballensiefen
2022/02	FX Liquidity Risk and Carry Trade Premia Paul Söderlind; Fabricius Somogyi
2022/01	Demand for Long-term Care Insurance: Time Preferences Matter, Risk Preferences Don't Immanuel Lampe
2021
2021/18	Bankruptcy Prediction of Privately Held SMEs Using Feature Selection Methods Florentina Paraschiv, Markus Schmid, Ranik Raaen WahlstrØm
2021/17	Non-Standard Errors Holzmeister Felix, Angelo Ranaldo, Andrea Barbon
2021/16	Constrained Dealers and Market Efficiency Wenqian Huang, Angelo Ranaldo, Andreas Schrimpf, Fabricius Somogyi
2021/15	Dollar Dominance in FX Trading Fabricius Somogyi
2021/14	The Role of Leveraged ETFs and Option Market Imbalances on End-of-Day Price Dynamics Andrea Barbon, Heiner Beckmeyer, Andrea Buraschi, Mathis Moerke
2021/13	Insider Trading in Family Firms: Impact of Family Ties and Management Involvement Stefan Morkötter, Tobias H. Schori, Thomas Zellweger
2021/12	The Role of the End Time in Experimental Asset Markets Anita Kopanyi-Peuker; Matthias Weber
2021/11	Is There A Value Premium In Cryptoasset Markets? Luca J. Liebi
2021/10	Quantitative Easing and the Safe Asset Illusion Alexander Bechtel, Jens Eisenschmidt, Angelo Ranaldo, Alexia Ventula Veghazy
2021/09	Intertemporal Prospect Theory Immanuel Lampe, Matthias Weber
2021/08	Measuring Financial Investor Presence Through Term Structure Anomalies Zeno Adams, Solène Collot, Davide Rossi
2021/07	Inflation and Individual Investors' Behavior: Evidence from the German Hyperinflation Fabio Braggion, Felix von Meyerinck, Nic Schaub
2021/06	CEO Turnover and Director Reputation Felix von Meyerinck, Jonas Romer, Markus Schmid
2021/05	Diversifying estimation errors: An efficient averaging rule for portfolio optimization Roland Füss, Christian Koeppel, Felix Miebs
2021/04	The Value of Choice in Mandatory Health Insurance Christian Biener, Lan Zou
2021/03	Information asymmetry and the pricing of privately placed debt Kilian R. Dinkelaker, Andreas-Walter Mattig, Stefan Morkötter
2021/02	IPO Underpricing and Aftermarket Price Accuracy: Auctions vs. Bookbulidng in Japan Timo Lehmann, Matthias Weber
2021/01	Does Quantitative easing Mitigate the Sovereign-Bank Nexus? Alexander Bechtel, Jens Eisenschmidt, Angelo Ranaldo
2020
2020/07	Competition and the Reputational Costs of Litigation Felix von Meyerinck, Vesa Pursiainen, Markus Schmid
2020/06	A Comperative Analysis of Parsimonious Yield Curve Models with Focus on the Nelson-Siegel, Svensson and Bliss Models Ranik Raaen Wahlstrom, Florentina Paraschiv, Michael Schürle
2020/05	Gamma Fragility Andrea Barbon, Andrea Buraschi
2020/04	"Not in my Backyard!" The 2015 Refugee Crisis in Germany Kathleen Kürschner Rauck
2020/03	Money Market Disconnect Benedikt Ballensiefen, Angelo Ranaldo, Hannah Winterberg
2020/02	The Convenience of Electronic Payments and Consumer Cash Demand - Causal Evidence from the Staggered Introduction of Contactless Debit Cards Martin Brown, Nicole Hentschel, Hannes Mettler, Helmut Stix
2020/01	Network-Constrained Covariate Coefficient and Connection Sign Estimation Harald Binder, Martin Schumacher, Jonas Striaukas, Matthias Weber

2019
2019/16	The Behavioral Economics of Currency Unions: Economic Integration and Monetary Policy Akvile Bertasiute, Domenico Massaro, Matthias Weber
2019/15	Risk-Neutral Momentum and Market Fear Wolfgang Schadner
2019/14	The Role of Daytime Stock Auctions in Intraday Return Seasonality Ekaterina Serikova
2019/13	Sentiment Risk Premia in the Cross Section of Global Equity Roland Füss, Massimo Guidolin, Christian Koeppel
2019/12	Judgment Day: Algorithmic Trading around the Swiss Franc Cap Removal Francis Breedon, Louisa Chen, Angelo Ranaldo, Nicholas Vause
2019/11	Analyst changes and credit ratings Kilian R. Dinkelaker, Andreas-Walter Mattig, Stefan Morkoetter
2019/10	Environmental Hazards and Risk Management in the Financial Sector Miriam Breitenstein, Duc K. Ngyen, Thomas Walther
2019/09	Safe Asset Carry Trade Benedikt Ballensiefen, Angelo Ranaldo
2019/08	Credit Variance Risk Premiums Manuel Ammann, Mathis Moerke
2019/07	Loss aversion and the demand for index insurance Immanuel Lampe, Daniel Würtenberger
2019/06	Local House Price Comovements Marcel Fischer, Roland Füss, Simon Stehle
2019/05	Credit Default Swap Regulation in Experimental Bond Markets . Matthias Weber, John Duffy, Arthur Schram
2019/04	As California goes, so goes the nation? Board gender quotas and the legislation of non-economic values. Felix von Meyerinck, Alexandra Niessen-Ruenzi, Markus Schmid, Steven Davidoff Solomon
2019/03	Liquidity Risk and Funding Cost Alexander Bechtel, Angelo Ranaldo, Jan Wrampelmeyer
2019/02	Robust Estimation of Risk-Neutral Moments Manuel Ammann, Alexander Feser
2019/01	Multivariate Crash Risk Fousseni Chabi-Yo, Markus Huggenberger, Florian Weigert
2018
2018/30	Office Market Interconnectedness and Systemic Risk Exposure Roland Füss, Daniel Ruf
2018/29	Cycles of Declines and Reversals following Overnight Market Declines Farshid Abdi
2018/28	Informed Corporate Credit Market Before Monetary Policy Surprises: Explaining Pre-FOMC Stock Market Movements. Farshid Abdi, Botao Wu
2018/27	Have Hedge Funds Solved the Idiosyncratic Volatility Puzzle? Turan G. Bali, Florian Weigert
2018/26	In Military We Trust: The Effect of Managers' Military Background on Mutual Fund Flows Alexander Cochardt, Stephan Heller, Vitaly Orlov
2018/25	Unobserved Hedge Fund Performance Vikas Agarwal, Stefan Ruenzi, Florian Weigert
2018/24	Modeling and Forecasting Commodity Market Volatility with Long-term Economic and Financial Variables Duc Khuong Nguyen, Thomas Walther
2018/23	Liquidity in the Global Currency Market Angelo Ranaldo, Paolo Santucci de Magistris
2018/22	Experience Does not Eliminate Bubbles: Experimental Evidence Anita Kopanyi-Peuker, Matthias Weber
2018/21	Managerial Networks and Shareholder Value: Evidence from Sudden Deaths Kirsten Tangaa Nielsen, Felix von Meyerinck
2018/20	Asymmetric Information Risk in FX Markets Angelo Ranaldo, Fabricius Somogyi
2018/19	Communication, Credit Provision and Loan Repayment: Evidence from a Person-to-Person Lending Experiment Martin Brown, Jan Schmitz, Christian Zehnder
2018/18	OTC Premia Gino Cenedese, Angelo Ranaldo, Michalis Vasios
2018/17	Risk Factor Exposure Variation and Mutual Fund Performance Manuel Ammann, Sebastian Fischer, Florian Weigert
2018/16	Oil Price Changes and U.S. Real GDP Growth: Is this Time Different? Lanouar Charfeddine, Tony Klein, Thomas Walther
2018/15	Exogenous Drivers of Cryptocurrency Volatility - A Mixed Data Sampling Approach to Forecasting Thomas Walther, Tony Klein
2018/14	The Impact of Regulatory Stress Testing on Bank's Equity and CDS Performance. Lukas Ahnert, Pascal Vogt, Volker Vonhoff, Florian Weigert
2018/13	Buy Low, Sell High? Do Private Equity Fund Managers have Market Abilities? Tim Jenkinson, Stefan Morkoetter, and Thomas Wetzer
2018/12	Bitcoin is not the New Gold: A Comparison of Volatility, Correlation, and Portfolio Performance Tony Klein, Hien Pham Thu, Thomas Walther
2018/11	Local Banks, Credit Supply, and House Prices Kristian Blickle
2018/10	Illiquidity Spirals in Coupled Over-The-Counter Markets Christoph Aymanns, Co-Pierre Georg, Benjamin Golub
2018/09	Immigration and the Displacement of Incumbent Households Zeno Adams, Kristian Blickle
2018/08	Judgement Day: Algorithmic Trading Around the Swiss Franc Cap Removal Francis Breedon, Louisa Chen, Angelo Ranaldo, Nicholas Vause
2018/07	Cash Holdings and the Performance of European Mutual Funds. Frank Graef, Pascal Vogt, Volker Vonhoff, Florian Weigert
2018/06	Should Investors Care Where Private Equity Managers Went To School? Florian Fuchs, Roland Füss, Tim Jenkinson, Stefan Morkoetter
2018/05	Models of Financial Stability and Their Application in Stress Tests Christoph Aymanns, Doyne Farmer, Alissa M. Kleinnijenhuis, Thomas Wetzer
2018/04	Fake News in Social Networks Christoph Aymanns, Jakob Foerster, Co-Pierre Georg
2018/03	Internationalization and Firm Valuation: New Evidence from First Offshore Bond Issuances of US Firms Nebosja Dimic, Vitaly Orlov
2018/02	Solvency Risk Premia and the Carry Trade Vitaly Orlov
2018/01	Momentum and Crash Sensitivity Stefan Ruenzi, Florian Weigert
2017
2017/18	The Impact of the Morningstar Sustainability Rating on Mutual Fund Flows Manuel Ammann, Christopher Bauer, Sebastian Fischer, Philipp Müller
2017/17	Does Unobservable Heterogeneity Matter for Portfolio-Based Asset Pricing Tests?* Daniel Hoechle, Markus Schmid, Heinz Zimmermann
2017/16	Get the Balance Right: A Simultaneous Equation Model to Analyze Growth, Profitability, and Safety Martin Eling, Ruo Jia, Philipp Schaper
2017/15	Winning a Deal in Private Equity: Do Educational Networks Matter? Florian Fuchs, Roland Fuess, Tim Jenkinson, Stefan Morkoetter
2017/14	Do Local Governments Tax Homeowner Communities Differently? Roland Fuess, Oliver Lerbs, Alois Weigand
2017/13	Settling the Staggered Board Debate Yakov Amihud, Markus Schmid, Steven Davidoff Solomon
2017/12	Investor Attention and Sentiment: Risk or Anomaly? Melk Bucher
2017/11	Numeracy and the Quality of On-the-Job Decisions: Evidence from Loan Officers Martin Brown, Karolin Kirschenmann, Thomas Spycher
2017/10	Has Crude Oil Become a Financial Asset? Evidence from Ten Years of Financialization Zeno Adams, Maria Kartsakli
2017/09	Credit Scoring vs. Expert Judgment - A Randomized Controlled Trial Thomas Gietzen
2017/08	Monetary Policy and Currency Returns: the Foresight Saga Dmitry Borisenko, Igor Pozdeev
2017/07	Cultural Preferences and the Choice between Formal and Informal Financing Mascia Bedendo, Emilia Garcia-Appendini, Linus Siming
2017/06	The Long-Term Performance of IPO's, Revisited Daniel Hoechle, Larissa Karthaus, Markus Schmid
2017/05	Best Land Use with Negative Externalities: Determining Land Values from Residential Rents Roland Fuess, Jan A. Koller
2017/04	Illuminating the Dark Side of Financial Innovation: The Role of Investor Information Manuel Ammann, Marc Arnold, Simon Straumann
2017/03	Culture and Financial Literacy Martin Brown, Caroline Henchoz, Thomas Spycher
2017/02	Agglomeration Effects and Liquidity Gradients in Local Rental Housing Markets Daniel Ruf
2017/01	Contract Nonperformance Risk and Ambiguity in Insurance Markets Christian Biener, Andreas Landmann, Maria Isabel Santana
2016
2016/22	Prediction of Extreme Price Occurrences in the German Day-ahead Electricity Market Lars Ivar Hagfors, Hilde Horthe Kamperud, Florentina Paraschiv, Marcel Prokopczuk, Alma Sator, Sjur Westgaard
2016/21	Asset Pricing and Extreme Event Risk: Common Factors in ILS Fund Returns Semir Ben Ammar, Alexander Braun, Martin Eling
2016/20	Currency Strategies and Sovereign Ratings Nina Karnaukh
2016/19	The Forward Premium in Short-Term Rates Angelo Ranaldo, Matthias Rupprecht
2016/18	Liquidity Constraints, Wealth Transfers and Home Ownership Kristian Blickle, Martin Brown
2016/17	Pricing of Catastrophe Risk and the Implied Volatility Smile Semir Ben Ammar
2016/16	Unsecured and Secured Funding Mario di Filippo, Angelo Ranaldo, Jan Wrampelmeyer
2016/15	Immigration, Real Estate Prices and the Consumption Decisions of Native Households Zeno Adams, Kristian Blickle
2016/14	Verbal Interventions and Exchange Rate Policies: The Case of Swiss Franc Cap Nikola Mirkov, Igor Pozdeev, Paul Söderlind
2016/13	Are Correlations Constant? Empirical and Theoretical Results on Popular Correlation Models in Finance Zeno Adams, Roland Füss, Thorsten Glück
2016/12	The Impact of Credit Information Sharing on Interest Rates Thomas Gietzen
2016/11	A Structural Model for Electricity Forward Prices Fred Espen Benth, Florentina Paraschiv
2016/10	Can Group Incentives Alleviate Moral Hazard? The Role of Pro-Social Preferences Christian Biener, Martin Eling, Andreas Landmann, Shailee Pradhan
2016/09	Uniform-Price Auctions for Swiss Government Bonds: Origin and Evolution Angelo Ranaldo, Enzo Rossi
2016/08	Social Norms and Strategic Default Martin Brown, Jan Schmitz, Christian Zehnder
2016/07	Estimation and Application of Fully Parametric Multifactor Quantile Regression with Dynamic Coefficients Florentina Paraschiv, Derek W. Bunn, Sjur Westgaard
2016/06	Characteristics-based Portfolio Choice with Leverage Constraints Manuel Ammann, Guillaume Coqueret, Jan-Philip Schade
2016/05	Experience and Brokerage in Asset Markets: Evidence from Art Auctions Brunella Bruno, Emilia Garcia-Appendini, Giacomo Nocera
2016/04	A Simple Estimation of Bid-Ask Spreads from Daily Close, High, and Low Prices Farshid Abdi, Angelo Ranaldo
2016/03	The Structure of the Global Reinsurance Market: An Analysis of Efficiency, Scale, and Scope Christian Biener, Martin Eling, Ruo Jia
2016/02	The Roles of Industry Idiosyncrasy, Cost Efficiency, and Risk in Internationalization: Evidence from the Insurance Industry Christian Biener, Martin Eling, Ruo Jia
2016/01	Funding Illiquidity Matthias Rupprecht, Jan Wrampelmeyer
2015
2015/26	The Economic Drivers of Differences in House Price Inflation Rates across MSAs Roland Füss, Joachim Zietz
2015/25	Announcement Effects of Contingent Convertible Securities: Evidence from the Global Banking Industry Manuel Ammann, Kristian Blickle, Christian Ehmann
2015/24	Testing Competing Factor Pricing Models Paul Söderlind
2015/23	The Role of Spatial and Temporal Structure for Residential Rent Predictions Roland Füss, Jan Koller
2015/22	Do Private Equity Funds Always Pay Less? A Synergy-Related Explanation Based on Add-on Acquisitions Stefan Morkötter, Thomas Wetzer
2015/21	Econometric Analysis of 15-Minute Intraday Electricity Prices Rüdiger Kiesel, Florentina Paraschiv
2015/20	Pre-Trade Transparency and Return Co-movements in Commercial Real Estate Markets Roland Füss, Daniel Ruf
2015/19	Does Foreign Information Predict the Returns of Multinational Firms Worldwide Christian Finke, Florian Weigert
2015/18	State Space Geometry of Asset Pricing: An Introduction Igor Pozdeev
2015/17	Something in the Air: Information Density, News Surprises, and Price Jumps Roland Füss, Markus Grabellus, Ferdinand Mager, Michael Stein
2015/16	Asset Pricing of Financial Institutions: The Cross-Section of Expected Stock Returns in the Property/Liability Insurance Industry Semir Ben Ammar, Martin Eling, Andreas Milidonis
2015/15	Conflicts of Interest and the Role of Financial Advisors in M&A Transactions: Empirical Evidence from the Private Equity Industry Stefan Morkoetter, Thomas Wetzer
2015/14	The Value of Creditor Governance: Debt Renegotiations In and Outside Distress Marc Arnold, Ramona Westermann
2015/13	Multivariate Dynamic Copula Models: Parameter Estimation and Forecast Evaluation Matthias D. Aepli, Karl Frauendorfer, Roland Füss, Florentina Paraschiv
2015/12	Electricity Market Coupling in Europe: Status Quo and Future Challenges Steffen Mahringer, Roland Füss, Marcel Prokopczuk
2015/11	All Good Things Come to an End: CEO Tenure and Firm Value Peter Limbach, Markus Schmid, Meik Scholz
2015/10	Competing with Superstars Manuel Ammann, Philipp Horsch, David Oesch
2015/9	The Exposure of Mortgage Borrowers to Interest Rate Risk, Income Risk and House Price Risk – Evidence from Swiss Loan Application Data Martin Brown, Benjamin Guin
2015/8	Tail Risk in Hedge Funds: A Unique View from Portfolio Holdings Vikas Agarwal, Stefan Ruenzi, Florian Weigert
2015/7	Sharing a Director with a Peer Tatjana Berg, Philipp Horsch, Markus Schmid
2015/6	The Exposure of Microfinance Institutions to Financial Risk Thomas Gietzen
2015/5	Competition in the Credit Rating Industry: Benefits for Investors and Issuers Stefan Morkoetter, Roman Stebler, Simone Westerfeld
2015/4	Internal Control and Strategic Communication within Firms - Evidence from Bank Lending Martin Brown, Matthias Schaller, Simone Westerfeld, Markus Heusler
2015/3	Insurability of Cyber Risk: An Empirical Analysis Christian Biener, Martin Eling, Jan Hendrik Wirfs
2015/2	The Determinants of Efficiency and Productivity in the Swiss Insurance Industry Christian Biener, Martin Eling, Jan Hendrik Wirfs
2015/1	Does Female Management Influence Firm Performance? Evidence From Luxembourg Banks Regina M. Reinert, Florian Weigert, Christoph H. Winnefeld
2014
2014/23	Sovereign Risk and the Pricing of Corporate Credit Default Swaps Matthias Haerri, Stefan Morkoetter, Simone Westerfeld
2014/22	Sophisticated vs. Simple Systemic Risk Measures David Pankoke
2014/21	Systemic Risk in the Insurance Sector: Review and Directions for Future Research Martin Eling, David Pankoke
2014/20	Costs and Benefits of Financial Regulation – An Empirical Assessment for Insurance Companies Martin Eling, David Pankoke
2014/19	The Impact of Financial Advice on Trade Performance and Behavioral Biases Daniel Hoechle, Stefan Ruenzi, Nic Schaub, Markus Schmid
2014/18	Ambiguity and Reality Fabio Trojani, Christian Wiehenkamp, Jan Wrampelmeyer
2014/17	Non-Interest Income and Bank Performance: Does Ring-Fencing Reduce Bank Risk? Anthony Saunders, Markus Schmid, Ingo Walter
2014/16	Shareholder Voting and Merger Returns Laura Sophie Henning, David Oesch, Markus Schmid
2014/15	Do Mutual Funds Outperform During Recessions? International (Counter-) Evidence Christopher Fink, Katharina Raatz, Florian Weigert
2014/14	Credit Booms and Busts in Emerging Markets: The Role of Bank Governance and Risk Managment Alin Marius Andries, Martin Brown
2014/13	Financialization in Commodity Markets: Disentangling the Crisis from the Style Effect Zeno Adams, Thorsten Glück
2014/12	The Euroization of Bank Deposits in Eastern Europe Martin Brown, Helmut Stix
2014/11	Trade Credit and Financial Distress Emilia Garcia-Appendini, Judit Montoriol-Garriga
2014/10	Idiosyncratic Shocks and Industry Contagion: Evidence from a Quasi-experiment Emilia Garcia-Appendini
2014/9	Precious Metals Under the Microscope: A High-Frequency Analysis Massimiliano Caporin, Angelo Ranaldo, Gabriel G. Velo
2014/8	Individual Investor Activity and Performance Magnus Dahlquist, José Vincente Martinez, Paul Söderlind
2014/7	The Treat of Exclusion and Relational Contracting Martin Brown, Marta Serra-García
2014/6	Neglected Risk: Evidence from Structured product Counterparty Exposure Marc Arnold, Dustin Schuette, Alexander Wagner
2014/5	Real Effects of Investment Banking Relationships: Evidence from the Financial Crisis David Oesch, Dustin Schuette, Ingo Walter
2014/4	Corporate Transparency and Bond Liquidity Flako Fecht, Roland Füss, Philipp B. Rindler
2014/3	Evidence of Adverse Selection in the Group Insurance Market Martin Eling, Ruo Jia, Yi Yao
2014/2	Banks' Loan Screening Incentives with Credit Risk Transfer: An Alternative to Risk Retention Marc Arnold
2014/1	Is Board Industry Experience a Corporate Goverance Mechanism? Wolfgang Drobetz, Felix von Meyerinck, David Oesch, Markus Schmid
2013
2013/29	Management Influence on Investors: Evidence from Shareholder Votes on the Frequency of Say on Pay Fabrizio Ferri, David Oesch
2013/28	Hysteresis in Potential Output and Monetary Policy Daniel Kienzler, Kai D. Schmid
2013/27	Regional Inflation and Financial Dollarization Martin Brown, Ralph De Haas, Vladimir Sokolov
2013/26	Extreme Downside Liquidity Risk Stefan Ruenzi, Michael Ungeheuer, Florian Weigert
2013/25	Crash Aversion and the Cross-Section of Expected Stock Returns Worldwide Florian Weigert
2013/24	Crash Sensitivity and the Cross-Section of Expected Stock Returns Fousseni Chabi-Yo, Stefan Ruenzi, Florian Weigert
2013/23	Electricity Spot and Derivatives Pricing when Markets are Interconnected Roland Füss, Steffen Mahringer, Marcel Prokopczuk
2013/22	Monetary Policy Effects on Long-term Rates and Stock Prices Angelo Ranaldo, Samuel Reynard
2013/21	The Impact of the Regulation of Centrally Cleard Credit Risk Transfer and Capital Requirements on Banks' Lending Discipline Marc Arnold
2013/20	Financing Asset Sales and Business Cycles Marc Arnold, Dirk Hackbarth, Tatjana-Xenia Puhan
2013/19	Deposit Withdrawals from Distressed Commercial Banks: Client Relationships Matter Martin Brown, Benjamin Guin, Stefan Morkoetter
2013/18	Stylized Facts and Dynamic Modeling of High-frequency Data on Precious Metals Massimiliano Caporin, Angelo Ranaldo, Gabriel G. Velo
2013/17	Electricity Derivatives Pricing with Forward-Looking Information Roland Füss, Steffen Mahringer, Marcel Prokopczuk
2013/16	The Euro Interbank Repo Market Loriano Mancini, Angelo Ranaldo, Jan Wrampelmeyer
2013/15	Understanding FX Liquidity Nina Karnaukh, Angelo Ranaldo, Paul Söderlind
2013/14	Price Dynamics in Electricity Markets Florentina Paraschiv
2013/13	Investors' Behavior under Changing Market Volatility Agustin Daviou, Florentina Paraschiv
2013/12	Extreme Spillover Between Shadow Banking and Regular Banking Florentina Paraschiv, Minzi Qin
2013/11	Spot-Forward Model for Electricity Prices Fleten Stein-Erik, Florentina Paraschiv, Michael Schürle
2013/10	Mortgage Relationships Martin Brown, Matthias Hoffmann
2013/9	Des Price Fixing Benefit Corporate Managers? Tanja Artiga González, Markus Schmid, David Yermack
2013/8	The Determinants of Microinsurance Demand Martin Eling, Shailee Pradhan, Joan T. Schmit
2013/7	Common Risk Factors of Infrastructure Firms Semir Ben Ammar, Martin Eling
2013/6	Basis Risk, Procyclicality, and Systemic Risk in the Solvency II Equity Risk Module Martin Eling, David Pankoke
2013/5	Regulation in Microinsurance Markets: Principles, Practice, and Directions for Future Development Christian Biener, Martin Eling, Joan T. Schmit
2013/4	Variance Risk Premiums in Foreign Exchange Markets Manuel Ammann, Ralf Buesser
2013/3	Announcements of Interest Rate Forecasts: Do Policymakers Stick to Them? Nikola Mirkov, Gisle James Natvik
2013/2	Microfinance Banks and Financial Inclusion Martin Brown, Benjamin Guin, Karolin Kirchenmann
2013/1	Financial Literacy, Household Investment and Household Debt: Evidence from Switzerland Martin Brown, Roman Graf
2012
2012/20	Medium-Term Planning for Thermal Electricity Production Raimund M. Kovacevic, Florentina Paraschiv
2012/19	Adjustment Policy of Deposit Rates in the Case of Swiss non-Maturing Savings Accounts Florentina Paraschiv
2012/18	Modeling non-Maturing Savings Volums Florentina Paraschiv
2012/17	Is Director Industry Experience Valuable? Felix von Meyerinck, David Oesch, Markus Schmid
2012/15	Time Stamp Errors and the Stock Price Reaction to Analyst Recommendation and Forecasts Revisions Daniel Hoechle, Nic Schaub, Markus Schmid
2012/14	Risk Spillovers in International Equity Portfolios Matteo Bonato, Massimiliano Caporin, Angelo Ranaldo
2012/13	On the Predictability of Stock Prices: A Case for High and Low Prices Massimiliano Caporin, Angelo Ranaldo, Paolo Santucci de Magistris
2012/12	Limits to Arbitrage During the Crisis: Funding Liquidity Constraints and Covered Interest Parity Tommaso Mancini Griffoli, Angelo Ranaldo
2012/11	Forecasting Realized (Co)Variances with a Bloc Structure Wishart Autoregressive Model Matteo Bonato, Massimiliano Caporin, Angelo Ranaldo
2012/10	Fragmentation in European Equity Markets and Market Quality - Evidence from the Analysis of Trade-Throughs Alexander Kohler, Rico von Wyss
2012/9	Where does Information Processing in a Fragmented Market Take Place? - Evidence from the Swiss Stock Market after MiFID Alexander Kohler, Rico von Wyss
2012/8	Central Bank Reserves and the Yield Curve at the ZLB Nikola Mirkov, Barbara Sutter
2012/7	Contagious Bank Runs: Experimental Evidence Martin Brown, Stefan T. Trautmann, Razvan Vlahu
2012/6	Foreign Bank Ownership and Household Credit Thorsten Beck, Martin Brown
2012/5	Long-term Unemployment over the Business Cycle, Skill Loss, and Monetary Policy Daniel Kienzler
2012/4	Do Newspaper Articles Predict Aggregate Stock Returns? Manuel Ammann, Roman Frey, Michael Verhofen
2012/3	Information or Insurance? On the Role of Loan Officer Discretion in Credit Assessment Martin Brown, Matthias Schaller, Simone Westerfeld, Markus Heusler
2012/2	An Alternative Three-factor Model for International Markets: Evidence from the European Monetary Union Manuel Ammann, Sandro Odoni, David Oesch
2012/1	International Financial Transmission of the US Monetary Policy Nikola Mirkov
2011 – No. 139 to 173
No. 173	The Sources of Risk Spillovers among U.S. REITs: Financial Characteristics and Regional Proximity Zeno Adams, Roland Füss, Felix Schindler
No. 172	A Jackknife-Type Estimator for Portfolio Revision Roland Füss, Felix Miebs, Fabian Trübenbach
No. 171	Did the 2007-08 Financial Crisis Change Risk Perception? Roland Füss, Thomas Gehrig, Philipp B. Rindeler
No. 170	Bank Funding, Securitization and Loan Terms: Evidence from Foreign Currency Lending Martin Brown, Karolin Kirschenmann, Steven Ongena
No. 169	The US Term Premia around the FOMC Decisions Nikola Mirkov
No. 168	Corporate Taxes, Internal Borrowing, and the Lending Capacity within Multinational Firms Peter Egger, Christian Keuschnigg, Valeria Merlo, Georg Wamser
No. 167	The Design of Capital Income Taxation: Reflections on the Mirrlees Review Christian Keuschnigg
No. 166	Use of Banking Services in Emerging Markets - Household-Level Evidence Thorsten Beck, Martin Brown
No. 165	Debt Enforcement and Relational Contracting Martin Brown, Marta Serra-García
No. 164	Foreign Banks and Foreign Currency Lending in Emerging Europe Martin Brown, Ralph De Haas
No. 163	Stock vs. Mutual Insurers: Who Does and Who Should Charge More? Alexander Braun, Przemyslaw Rymaszewski, Hato Schmeiser
No. 162	Is There Really No conglomerate Discount? Manuel Ammann, Daniel Hoechle, Markus Schmid
No. 161	Product Market Competition, Corporate Governance, and Firm Value: Evidence from the EU-Area Manuel Ammann, David Oesch, Markus Schmid
No. 160	Can a Transaction Tax or Capital Gains Tax smooth House Prices? Nicole Aregger, Martin Brown, Enzo Rossi
No. 159	Model Uncertainty and its Impact on Solvency Measurement in Property-Liability Insurance Hato Schmeiser, Caroline Siegel, Joël Wagner
No. 158	A Proposal for a Capital Market-Based Guaranty Scheme for the Financial Industry Hato Schmeiser, Joël Wagner, Alexandra Zemp
No. 157	Insurance Guaranty Funds and Their Relation to Solvency Regulation Przemyslaw Rymaszewski, Hato Schmeiser
No. 156	Risk Comparison of Different Bonus Distribution Approaches in Participating Life Insurance Alexandra Zemp
No. 155	How Do Price Presentation Effects Influence Consumer Choice? The Case of Investment Guarantees in Unit-Linked Life Insurance Products Nadine Gatzert, Carin Huber, Hato Schmeiser
No. 154	A Note on the Merits of Pooling Claims Nadine Gatzert, Hato Schmeiser
No. 153	The Impact of Introducing Insurance Guaranty Schemes on Pricing and Capital Structures Hato Schmeiser, Joël Wagner
No. 152	Disposition Effect and Mutual Fund Performance Manuel Ammann, Alexander Ising, Stephan Kessler
No. 151	What Drives the Performance of Convertible-Bond Funds Manuel Ammann, Axel Kind, Ralf Seiz
No. 150	Hedge Fund Characteristics and Performance Persistence Manuel Ammann, Otto Huber, Markus Schmid
No. 149	Corporate Governance and Firm Value: International Evidence Manuel Ammann, David Oesch, Markus Schmid
No. 148	Feasible Momentum Strategies in the US Stock Market Manuel Ammann, Marcel Moellenbeck, Markus Schmid

Since 7 February 2022 HSG joins the faculty of the Swiss Finance Institute (SFI).

Here you can find all sfi: research paper, which hosts the latest research ideas from sfi. These papers are in progress, under submission or forthcoming.