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December 2017

Passively managed index funds are on the rise. But do institutional investors actually have the capacity and interest to monitor the corporations they are invested in?

November 2017

Is using the Capital Asset Pricing Model (CAPM) inappropriate or even unethical? What’s the alternative?
Swiss Finance Institute Appoints new Members and new Vice Chairman of its Foundation Board
Evoluzione dei prezzi immobiliari in Svizzera in varie fasi del mercato
Real estate represents 44 percent of Swiss household wealth. A negative price correction in the real estate sector would not only heavily impact Swiss private households, but also the domestic banking sector and ultimately the entire Swiss economy.
Entwicklung der Schweizer Immobilienpreise in unterschiedlichen Marktphasen
Évolution des prix immobiliers suisses à différentes phases de marché

October 2017

This prize distinguishes an unpublished research paper expected to make an outstanding contribution to the field of finance.
Das Swiss Finance Institute (SFI) verschreibt sich seit 12 Jahren der Mission Theorie und Praxis zusammenzubringen. In diesem Rahmen fand auch die 12. Jahreskonferenz in Zürich statt. Unter dem Titel «The New Contours of Banking»
How will the future shape of banking look and how will tech companies change the banking landscape? These questions were addressed at our 12th Annual Meeting, which took place yesterday in Zurich.
Vom Enron-Skandal bis hin zum Bernie Madoff-Betrug: Unternehmensbetrug und Fehlverhalten von Managern haben in den letzten Jahrzehnten die Börsen und das Anlegervertrauen erschüttert.
Da Enron a Bernie Madoff, il mondo delle imprese ha assistito a grossi scandali societari nel corso degli ultimi anni.
D’Enron à Bernard Madoff, le monde de l’entreprise a connu plusieurs scandales majeurs ces dernières années.
From Enron to Bernie Madoff, the corporate world has witnessed some major corporate scandals over the last few years.

September 2017

Lesen Sie das vollständige Inteview
Schätzen Sie die Berufsaussichten in der Schweizer Finanzbranche ein.
Being a major client of a central broker can improve your performance—and you don’t even need to deploy superior investment skills.
Wie kann die Digitalisierung genutzt werden, um die Effizienz im Bereich Operations zu steigern? In welchen Bereichen wird die IT den Menschen ersetzen, unterstützen oder gar keine Rolle spielen? Führungskräfte aus verschiedenen Banken beschäftigten sich

August 2017

Head of Continuing Education Dr. Gabriela Maria Payer to leave Swiss Finance Institute by end of 2017

July 2017

Modern economies run on the back of a monetary and financial system through which most transactions ultimately settle in central-bank money.

June 2017

Wie funktioniert die Vergabe von Zentralbankengeld an Geschäftsbanken und welche Risiken entstehen dabei
Philippe Bacchetta, SFI@UNIL, was keynote speaker at a recent lecture organized by the Czech think tank IDEA (Institute for Democracy & Economic Analysis) and the Swiss Embassy in Prague.
It is a little appreciated fact that money is issued against collateral.
Corporate Governance―Best Practice, Boards und Boni
Central banks are sometimes said to have a policy to “channel liquidity where it is needed.”
Philipp Krüger, SFI@UNIGE, presented his research recently at the Shanghai Green Finance Conference.
It is a little appreciated fact that money is issued against collateral.
Our managing director, Professor François Degeorge, explains the importance of research for our institute and the Swiss financial center in an interview with MarketPlus.
Mario Draghi famously asserted that the ECB “will do whatever it takes to preserve the euro”.

May 2017

We are delighted to announce that Dr. Romeo Cerutti, General Counsel and Member of the Executive Board of Credit Suisse Group AG and Credit Suisse AG, will succeed Olivier Steimer, Chairman of the Board of Directors of Banque Cantonale Vaudoise, as Chairm
Until recently the efficient market hypothesis reigned supreme in finance.
Our managing director, Prof. François Degeorge, will speak about “The Exit Strategy: Accounting for the Role of Secondary Buyouts and their Impact on the Private Equity Value”
Swiss Finance Institute (SFI) today announces that Adrian Nösberger, CEO of Schroder & Co Bank AG (Switzerland), will join the institute’s Foundation Board.
You may be forgiven for never having heard of collateral frameworks.
Financial markets could have predicted the result of the Brexit referendum once only a little over 5 percent of the voting results were in, but failed miserably to do so.

April 2017

Donald Trump’s election as president of the USA caught observers off guard, with an impact on stock markets that was both immediate and significant.
Investment barriers are not burdensome in major developed markets during quiet times, but they may be prohibitive in markets that are not well developed, are undergoing a financial/currency/political crisis, or have defaulted in the recent past.
ine effektive Unternehmensführung erfordert eine integrierte Sicht des Zusammenspiels von Aktionären, Verwaltungsrat, Vergütung und Value Reporting.
Following the most recent financial crisis, extensive new regulations have been introduced to regulate bankers’ pay. Yet, very little is known about how bank-employee remuneration affects banks’ risk-taking, profitability, and financial-market stability.
Local currency debt is significant in developed markets and increasingly important in emerging markets.

March 2017

Prof. Paul Embrechts, Senior Chair at SFI@ETHZ, was recently awarded an Honorary Degree of Doctor of Science (Honoris Causa) by City, University of London.
The US stock market has risen substantially since Donald Trump was elected 45th President of the United States.

February 2017

Activist shareholders play a central role in modern corporate governance to the extent that they were recently dubbed by The Economist as ‘capitalism’s unlikely heroes’.
Professor Antonio Mele, SFI@USI, featured recently in a television debate on Teleticino’s successful current affairs program “I conti in tasca”.
LPX AG, service provider in the field of listed alternatives, has elected Prof. Karl Schmedders, SFI@UZH, Vice President of its Board of Directors.
The European Corporate Governance Institute (ECGI), an international non-profit association focusing on corporate governance, has appointed Ruediger Fahlenbrach, Professor of Finance at EPFL and holder of an SFI senior chair, as a research member.
Hedge funds sponsored by financial institutions, such as banks, face being regulated out of existence.
Prof. Alexander Wagner, SFI@UZH, brought psychology to finance in his recent TEDx talk on honesty in corporations.
In the following interview with SFI, Alessio Ruzza (SFI@USI) shares valuable insights on presenting a poster at a major conference.

January 2017

Professors Marc Chesney and Alexander Wagner, SFI@UZH, research presented at AEA/AFA in Chicago.
Prof. Rajna Gibson Brandon, SFI@UNIGE, and Prof. Alexander Wagner, SFI@UZH, research presented at AEA/AFA in Chicago.
In their paper “Which Swiss gnomes attract money? Efficiency and reputation as performance drivers for wealth management banks”, Urs Birchler, René Hegglin, Michael Reichenecker, and Alexander Wagner provide a detailed empirical analysis of Swiss banks.
Prof. Alexander Wagner, SFI@UZH, presented his paper “In no (un)certain terms: Managerial style in communicating earnings news”, co-authored with Michal Dzieliński and Richard Zeckhauser
What considerations motivate credit reallocation following funding shocks and financial crises? New research reveals three elements that drive the nature and timing of the restructuring of domestic credit portfolios.
Prof. Boris Nikolov, SFI@UNIL, will be presenting his paper Dynamic Financial Constraints: Which Frictions Matter for Corporate Policies?
Swisscanto Invest by Zürcher Kantonalbank had a project that had been waiting in the wings for some time.
What are the recommendations for boards of directors and what are the recent trends in board composition?
SFI Prof. Martin Hoesli (UNIGE) and Jean-Christophe Delfim (UNIGE) analyze the risk factors of Non-Listed European Real Estate Funds in the most recent edition of the International Banker Magazine.

December 2016

Eigenkapital ist nicht einfach das einst einbezahlte Gründungskapital. Wir erklären, was sich hinter dem Begriff verbirgt, und warum Eigenkapital bei Banken eine so wichtige Rolle spielt.
Human capital’s contribution to a firm’s value is extremely important. The ability to create value (skill) and the willingness to work hard (effort) both play a role.
Want to find out more about shareholders’ role, impact, and views? Read the SFI White Paper at
Damir Filipović (EPFL and Swiss Finance Institute) has developed a new MOOC on Interest Rate Models, which is now online on Coursera.
Wenn jemand Arbitrage betreibt, kann er einen risikolosen Gewinn einstreichen. Dafür müssen aber gewisse Voraussetzungen erfüllt sein. Wir erklären, wie Arbitrage funktioniert.
Prof. Alberto Plazzi, SFI@USI, was interviewed recently by RSI La1, the national news program in Ticino, about whether Switzerland should follow Sweden in seriously considering a move toward an e-currency to replace cash.
Cashflow und Gewinn einer Firma sind zwei verschiedene Dinge. Wir erklären, wie der Cashflow hergeleitet wird und ob sich Privatanleger auf die Kennzahl verlassen sollten.
What considerations motivate credit reallocation following funding shocks and financial crises? New research reveals three elements that drive the nature and timing of the restructuring of domestic credit portfolios.

November 2016

Prof. Rajna Gibson Brandon, SFI@UNIGE, along with co-authors Hemmens and Trépanier are studying the effects words used by the media have on stock returns.
Leverage bezeichnet eine finanzielle Hebelwirkung: Nicht nur Gewinne, sondern auch Verluste werden dabei multipliziert. Was sind dabei die Chancen und Gefahren für Anleger?
In our interview with Prof. Philippe Bacchetta, SFI Chair from the University of Lausanne, Prof. Bacchetta discusses the impact of negative sentiment on the global economy.
Hedge-Funds kämpfen mit einem schlechten Image. Sie sind kaum reguliert und gewisse Fonds haben immense Verluste eingefahren. Doch was genau zeichnet ein Hedge-Funds aus?
In this second part of his interview with SFI Prof. Wagner speaks about his research into the impact on the market of the types of words that managers use.
Swiss Finance Institute (SFI) today announces that Prof. François Degeorge is to be the institute’s new Managing Director.
Professors Felix Kübler and Karl Schmedders give their insights on Computation and the Classroom to the Becker-Friedman Institute at the University of Chicago.
How is valuation carried out in practice? How influential, if at all, is higher-level finance education? A new, survey-based research publication reveals some answers—and the importance of the “sociological hypothesis”.

October 2016

Swaps sind grosse Transaktionen, die zwischen Finanzinstituten abgeschlossen werden. Doch wie läuft das genau ab, und können auch Privatanleger Swaps abschliessen? SFI Prof. Damir Filipovic (EPFL) erklärt den Begriff kurz im Finanzlexikon der NZZ.
Mit Optionen kann man auf steigende oder fallende Kurse wetten. Das Finanzinstrument kommt in verschiedenen Formen daher. Als Anleger gilt es, genau hinzuschauen. SFI Prof. Norman Schürhoff (UNIL) erklärt den Begriff kurz im Finanzlexikon der NZZ.
In life insurance, replicating portfolios (RPs) serve multiple purposes including compliance with Solvency II. A new paper reveals how one major insurer has made one particular RP optimization approach an integral part of its risk management efforts.

September 2016

Private Equity steht für ausserbörsliches Eigenkapital. Doch was genau versteht man unter diesem Begriff, und kann ein Privatanleger in Private Equity investieren? SFI Professor Semyon Malamud (EPFL) erklärt den Begriff kurz im Finanzlexikon der NZZ.
SFI Prof. François Degeorge (SFI & University of Lugano), Prof. Jens Martin (University of Amsterdam), and Prof. Ludovic Phalippou (Saïd Business School) take a look on secondary buyouts in the most recent edition of the International Banker Magazine.
How does sustainability relate to finance?
Following Prof. Kjell Nyborg's presentation on "Central Bank Collateral Policy and Financial Fragility" at the Riksbank Macroprudential Conference in June, he was invited to present at the European Systemic Risk Board (ESRB) in July.
Prof. Philippe Bacchetta, SFI@UNIL, featured recently in the HEC Lausanne Impact magazine. Prof. Bacchetta and his co-author, Eric van Wincoop, investigate the reasons for a financial crisis becoming global.
Prof. Kjell Nyborg,SFI@UZH, presented at the Riksbank Macroprudential Conference, June 2016. The conference provides a regular forum for discussion between policy makers, representatives of the private sector & prominent academics from all over the world.

June 2016

Prof. Ines Chaieb, SFI@UNIGE, Prof. Olivier Scaillet, SFI@UNIGE, and Hugues Langlois, HEC Paris, obtained a EUR 10’000 research grant from INQUIRE-EUROPE. Their project, entitled "A Test for Time-varying Market Integration in Large International Equity Ma
SFI Prof. Tony Berrada, SFI@UNIGE, and co-authors show that risk perceptions are inclined to after-effects.
Prof. Semyon Malamud, SFI@EPFL, was recently interviewed by l'AGEFI regarding the impact of passive investments on the economy.
Prof. Alexander Wagner, SFI@UZH, carried out a live experiment at the Manifesta 11, the European Biennial of Contemporary Art, event hosted at the University of Zurich (UZH) from June 11 to July 10 under the topic of "What People do for Money." 
SFI Professor Alexander Wagner, University of Zurich, presented a paper on Structured Products at the Conference on Regulating Financial Markets, organized by Deutsche Bundesbank, SAFE, ZEW, and CEPR in Frankfurt from May 30 to May 31. 
Prof. Semyon Malamud, EPFL, received a Lamfalussy Fellowship from the European Central Bank (ECB) aimed at promising young economists in academia, central banks and research institutions.
Swiss industrials have benefited from the “Cost-Differential Frontier calculator” developed by Professor Norman Schürhoff, SFI@UNIL, and Professor Suzanne de Treville, UNIL.
SFI Prof. Boris Nikolov, UNIL, is attending the Financial Intermediation Research Society Conference being held in Lisbon from 1-3 June. He will be discussing the paper Corporate Investment and Financing Dynamics by Hackbarth and Sun.

May 2016

In a recent article in l'Hebdo magazine on women in top management positions, Switzerland came an appalling 42nd of the 59 countries in the study, with only 9.1% of females in top management positions.
Collin-Dufresne was asked to provide analytical tools and identify factors that are crucial to evaluate the fund's relative equity and fixed-income allocations, which combined make up more than 97% of the fund.  
SFI Prof. Fabio Trojani presented at the Swiss Asset Management Day 2016, an event hosted by the Department for Economic Affairs Canton Schwyz and SFI. 
In a recent article in the University of Zurich's magazine, SFI Prof. Kjell Nyborg is interviewed about his current research on how central banks provide liquidity (money) to banks and the wide range of assets central banks accept as collateral

April 2016

In a recent interview in the Swiss Review, SFI Prof. Philippe Bacchetta, SFI@UNIL, gives his view on the fine line the SNB is walking between negative inflation and abandonment of the fixed FX rate.
Alexander Wagner presented his paper "Has the Pricing of Stocks Become More Global?", co-authored with Ivan Petzev and Andreas Schrimpf, at the Swiss Society for Financial Market Research Conference on April 8.
SFI Prof. Pierre Collin-Dufresne, SFI@EPFL, was guest speaker at the 2016 Risks Forum held in Paris from March 21 to March 22, 2016 by the Institut Louis Bachelier. The focus of the forum was "New Challenges Facing the Investment Management Industry" .
Will fossil fuel producing companies be able to use their reserves if the 1.5°C increase in temperature threshold agreed under the recent COP 21 Paris Climate Agreement is to be respected?
SFI Prof. Paul Schneider, SFI@USI, and co-authors win the 2015 Jack Treynor Prize awarded by the Q Group for their research on “Low Risk Anomalies?”

March 2016

SFI Prof. Boris Nikolov, SFI@UNIL, presented his paper “Agency Conflicts Around the World” at the School of Economics and Management at Lund University, Sweden on March 22nd.
How do social norms affect bank lending decisions? Given the commonly high cost of equity capital for “sin firms”, for instance, are higher interest rates for bank loans also the norm for these firms?
In 2013, the UNEP Inquiry into the Design of a Sustainable Financial System was set up by the United Nations Environment Programme to advance policy options in order to deliver sustainable development.
One of the fastest growing areas of sustainable finance is sustainability-themed investment. Sustainability-themed investments typically address a specific sustainability issue such as clean technology, or cleantech.
On the investment side, there are at least five classifications of sustainable finance: screening; integration; sustainability-themed investing; impact or community investing; and corporate engagement or shareholder activism.

February 2016

June 2014

Mario Draghi famously asserted that the ECB “will do whatever it takes to preserve the euro”.