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Per Östberg
SFI Faculty Member
Assistant Professor of Finance
  +41 44 634 29 56
  per.oestberg@sfi.ch   http://ostberg.ch/
Per Östberg is Associate Professor of Finance at the University of Zurich and has been an SFI Faculty Member since 2010. He obtained his PhD in Finance from the Stockholm School of Economics. Prof. Östberg is a regular speaker at finance conferences and seminars worldwide and has served on the program committees of several conferences.
Research Interests:
His research interests include financial markets, household finance, and corporate finance.
Recent Research:
One of Prof. Östberg’s latest coauthored research projects focuses on the recent European sovereign debt crisis. Using high-frequency data, the authors document that episodes of market turmoil in the European sovereign bond market are usually associated with large decreases in trading volume. The response, in trading volume, to market stress is related to transaction costs. Low transaction cost turmoil episodes are associated with volume increases, when investors rebalance their portfolios, while high transaction cost turmoil periods are associated with abnormally low volume, during which the market freezes. Results show that investors tended to rebalance their portfolios in the pre-crisis period, while during the crisis reductions in the risk-bearing capacity of financial intermediaries resulted in increased transaction costs and market freezes. Overall, the results suggest that the recent sovereign debt crisis was not associated with large-scale investor rebalancing.