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Former Years

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

Former directors of the SGF Conference are:

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

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

SGF Conference 2024

26th Annual Meeting of the Swiss Society for Financial Market Research – Zürich, SIX Convention Point, 
April 5, 2024

Please find the conference program available for download.

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2024 could certainly not have taken place:

Nihat Aktas (Otto Beisheim School of Management) ∙ Brent Ambrose (Penn State Smeall College of Business) ∙ Daniel Andrei (McGill Desautels) ∙ Christian Andres (WHU Otto Beisheim School of Management) ∙ Marc Arnold (University of St.Gallen) ∙ Tanja Artiga-Gonzalez (VU University Amsterdam) ∙ Christoph Basten (University Zürich) ∙ Tobias Berg (Goethe University Frankfurt am Main) ∙ Tony Berrada (University of Geneva) ∙ Christian Biener (University of St.Gallen) ∙ Vincent Bogousslavsky (Boston College) ∙ Alexander Braun (University of St.Gallen) ∙ Ines Chaieb (University of Geneva) ∙ Constantin Charles (London School of Economics) ∙ Jens H. E. Christensen (Federal Reserve Bank of San Francisco) ∙ Ettore Croci (Università Cattolica del Sacro Cuore) ∙ Francois Degeorge (University of Lugano (USI)) ∙ Pasquale Della Corte (Imperial College London) ∙ Francois Derrien (HEC Paris) ∙ Jens Dick-Nielsen (Copenhagen Business School) ∙ Sebastian Doerr (Bank for International Settlements) ∙ Ariadna Dumitrescu (ESADE Ramon Llull University) ∙ Martin Eling (University of St.Gallen) ∙ Jonas Nygaard Eriksen (Aarhus University) ∙ Felix Fattinger (Vienna University of Economics and Business) ∙ Falko Fecht (Deutsche Bundesbank) ∙ Christian Flor (University of Southern Denmark) ∙ Laurent Frésard (University of Lugano (USI)) ∙ Nils Friewald (Norwegian School of Economics (NHH) ∙ Andreas Fuster (EPFL) ∙ Can Gao (University of St.Gallen) ∙ Katrin Gödker (Bocconi University) ∙ Massimo Guidolin (Bocconi University) ∙ Hendrik Hakenes (University of Bonn) ∙ Tobin Hanspal (WU Vienna University of Economics and Business) ∙ Stefan Hirth (Aarhus University) ∙ Daniel Hoechle (Hochschule für Wirtschaft (FHNW) ∙ Fabian Hollstein (Universität des Saarlandes) ∙ Jiekun Huang (University of Illinois) ∙ Gazi Kabas (Tilburg University) ∙ Artashes Karapetyan (Essec Business School) ∙ Karolin Kirschenmann (ZEW – Leibniz Centre for European Economic Research) ∙ Winfried Koeniger (University of St.Gallen) ∙ Jochen Lawrenz (University of Innsbruck) ∙ Jun Li (University of Texas at Dallas) ∙ Peter Limbach (University of Bielefeld) ∙ Loriano Mancini (University of Lugano (USI)) ∙ Jean-Marie Meier (The Wharton School, University of Pennsylvania) ∙ Christoph Meinerding (Deutsche Bundesbank) ∙ Christoph Merkle (Aarhus University) ∙ Daniel Metzger (Rotterdam School of Management, Erasmus University) ∙ Stig Vinther Møller (Aarhus University) ∙ Stefan Morkoetter (University of St.Gallen) ∙ Philippe Mueller (Warwick Business School) ∙ Florian Nagler (Bocconi University) ∙ Martin Nerlinger (University of St.Gallen) ∙ Sven Nolte (Radboud University) ∙ Felix Noth (Leibniz-Institut für Wirtschaftsforschung Halle) ∙ David Oesch (University of Zurich) ∙ Arna Olafsson (Copenhagen Business School) ∙ Vitaly Orlov (University of St.Gallen) ∙ Per Östberg (University of Zurich) ∙ Matthias Pelster (Universität Duisburg-Essen) ∙ Alberto Plazzi (Università della Svizzera Italiana) ∙ Marcel Prokopczuk (University of Hannover) ∙ Ville Rantala (University of Miami) ∙ Lukas Roth (University of Alberta) ∙ Daniel Ruf (University of Cambridge) ∙ Olivier Scaillet (HEC Geneva) ∙ Klaus Schaeck (Bristol University) ∙ Christian Schlag (Goethe University Frankfurt am Main) ∙ Martin Schmalz (Saïd Business School, University of Oxford) ∙ Christoph Schneider (University of Münster) ∙ Ulrich Schüwer (Goethe University Frankfurt am Main) ∙ Andriy Shkilko (Wilfrid Laurier University) ∙ Linus Siming (Free University of Bozen-Bolzano) ∙ Peter Norman Sørensen (University of Copenhagen) ∙ Bogdan Stacescu (BI Norwegian Business School) ∙ Denitsa Stefanova (University of Luxemburg) ∙ Daniel Streitz (Leibniz-Institut für Wirtschaftsforschung Halle (IWH)) ∙ Pascal Towbin (Swiss National Bank) ∙ Chi-Yang Tsou (University of Manchester) ∙ Tereza Tykvová (University of St.Gallen) ∙ Marliese Uhrig-Homburg (Karlsruhe Institute of Technology (KIT)) ∙ Michael Ungeheuer (Aalto University) ∙ Daniel Urban (Erasmus University Rotterdam) ∙ Philip Valta (University of Bern) ∙ Grigory Vilkov (Frankfurt School of Finance and Management) ∙ Petra Vokata (Ohio State University) ∙ Thomas Walther (Utrecht University) ∙ Florian Weigert (University of Neuchâtel) ∙ Darya Yuferova (Norwegian School of Economics) ∙ Remco Zwinkels (VU University Amsterdam)

SGF Conference 2023

25th Annual Meeting of the Swiss Society for Financial Market Research – Zürich, SIX Convention Point, 
March 31, 2023

Please find the conference program available for download.

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2023 could certainly not have taken place: 

Nihat Aktas (Otto Beisheim School of Management) ∙ Brent Ambrose (Penn State Smeall College of Business) ∙ Daniel Andrei (McGill Desautels) ∙ Christian Andres (WHU Otto Beisheim School of Management) ∙ Marc Arnold (University of St.Gallen) ∙ Tanja Artiga-Gonzalez (VU University Amsterdam) ∙ Christoph Basten (University Zürich) ∙ Christian Biener (University of St.Gallen) ∙ Alexander Braun (University of St.Gallen) ∙ Adrian Buss (INSEAD) ∙ Ines Chaieb (University of Geneva) ∙ Jens H. E. Christensen (Federal Reserve Bank of San Francisco) ∙ Ettore Croci (Università Cattolica del Sacro Cuore) ∙ Francois Degeorge (University of Lugano) ∙ Francois Derrien (HEC Paris) ∙ Jens Dick-Nielsen  (Copenhagen Business School) ∙ Sebastian Doerr (Bank for International Settlements) ∙ Ariadna Dumitrescu (ESADE Ramon Llull University) ∙ Sebastian Ebert (University of Heidelberg) ∙ Martin Eling (University of St.Gallen) ∙ Jonas Nygaard Eriksen (Aarhus University) ∙ Felix Fattinger (Vienna University of Economics and Business) ∙ Christian Riis Flor (University of Southern Denmark) ∙ Laurent Frésard (University of Lugano) ∙ Nils Friewald (Norwegian School of Economics (NHH)) ∙ Andreas Fuster (EPFL) ∙ Karin Gödker (Bocconi University) ∙ Helmut Gründl (Goethe University Frankfurt am Main) ∙ Massimo Guidolin (Bocconi University) ∙ Yalin Gündüz (Deutsche Bundesbank) ∙ Hendrik Hakenes (University of Bonn) ∙ Tobin Hanspal (Goethe University Frankfurt) ∙ Stefan Hirth (Aarhus University) ∙ Daniel Hoechle (Hochschule für Wirtschaft (FHNW)) ∙ Jiekun Huang (University of Illinois) ∙ Gazi Kabas (University of Zurich & Swiss Finance Institute) ∙ Artashes Karapetyan (Essec Business School) ∙ Karolin Kirschenmann (ZEW) ∙ Renatas Kizys (Southampton Business School, University of Southampton) ∙ Winfried Koeniger (University of St.Gallen) ∙ Lorenz Kueng (University of Lugano (USI), Swiss Finance Institute (SFI), and CEPR) ∙ Hugues Langlois (HEC Paris) ∙ Jochen Lawrenz (Universität Innsbruck) ∙ Jun Li (University of Texas at Dallas) ∙ Peter Limbach (University of Bielefeld) ∙ LorianoMancini (University of Lugano (USI)) ∙ Christoph Meinerding (Deutsche Bundesbank) ∙ Christoph Merkle (Aaarhus University) ∙ Stig Vinther Møller (Aarhus University) ∙ Stefan Morkoetter (University of St.Gallen) ∙ Philippe Mueller (Warwick Business School) ∙ Florian Nagler (Bocconi University) ∙ Sven Nolte (Radboud University) ∙ Felix Noth (Leibniz-Institut für Wirtschaftsforschung Halle) ∙ David Oesch (University of Zurich) ∙ Arna Olafsson (Copenhagen Business School) ∙ Per Östberg (University of Zurich) ∙ Matthias Pelster (Paderborn University) ∙ Ludovic Phalippou (Saïd Business School) ∙ Alberto Plazzi (Università della Svizzera Italiana) ∙ Marcel      Prokopczuk (University of Hannover) ∙ Ville Rantala (University of Miami) ∙ Lukas Roth (University of Alberta) ∙ Daniel Ruf (Goethe Universität Frankfurt am Main) ∙ Olivier Scaillet (HEC Geneva) ∙ Klaus Schaeck (Bristol University) ∙ Christoph Schneider (University of Münster) ∙ Ulrich Schüwer (Goethe University Frankfurt) ∙ Andriy Shkilko (Wilfrid Laurier University) ∙ Linus Siming (Free University of Bozen-Bolzano) ∙ Oliver Spalt (University of Mannheim) ∙ Bogdan Stacescu (BI Norwegian Business School) ∙ Denitsa Stefanova (University of Luxemburg) ∙ Helmut Stix (OeNB) ∙ Daniel Streitz (Leibniz-Institut für Wirtschaftsforschung Halle (IWH)) ∙ Pascal Towbin (Swiss National Bank) ∙ Tereza Tykvová (University of St.Gallen) ∙ Marliese Uhrig-Homburg (Karlsruhe Institute of Technology (KIT)) ∙ Michael Ungeheuer (Aalto University) ∙ Daniel Urban (Erasmus University Rotterdam) ∙ Philip Valta (University of Bern) ∙ Grigory Vilkov (Frankfurt School of Finance and Management) ∙ Thomas Walther (Utrecht University) ∙ Florian Weigert (University of Neuchâtel) ∙ Gregor Weiss (University of Leipzig) ∙ Darya Yuferova (Norwegian School of Economics) ∙ Remco Zwinkels (Vrije Universiteit Amsterdam)

SGF Conference 2022

24th Annual Meeting of the Swiss Society for Financial Market Research – Virtual Conference
April 7 and 8, 2022

Please find the conference program available for download.

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2022 could certainly not have taken place: 

Christoph Basten (University of Zurich) ∙  Tobias Berg (Frankfurt School of Finance & Management) ∙  Yasser Boualam (University of North Carolina – Chapel Hill) ∙  Yalin Gündüz (Deutsche Bundesbank) ∙  Hendrik Hakenes (University of Bonn) ∙  Karolin Kirschenmann (ZEW) ∙  Stig Vinther Møller (Aarhus University) ∙  Felix Noth (Leibniz-Institut für Wirtschaftsforschung Halle) ∙  Loriana Pelizzon (SAFE Goethe University Frankfurt) ∙  Marcel Prokopczuk (University of Hannover) ∙  Christian Biener (University of St.Gallen) ∙  Adrian Buss (INSEAD) ∙  Ines Chaieb (University of Geneva) ∙  Hans Degryse (KU Leuven) ∙  Jens Dick-Nielsen (Copenhagen Business School) ∙  Ariadna Dumitrescu (ESADE Ramon Llull University) ∙  Martin Eling (University of St.Gallen) ∙  Jonas Nygaard Eriksen (Aarhus University) ∙  Falko Fecht (Frankfurt School of Finance & Management) ∙  Nils Friewald (Norwegian School of Economics (NHH)) ∙  Massimo Guidolin (Bocconi University) ∙  Thomas Kick (Deutsche Bundesbank) ∙  Hugues Langlois (HEC Paris) ∙  Jochen Lawrenz (Universität Innsbruck) ∙  Jun Li (University of Texas at Dallas) ∙  Christoph Meinerding (Deutsche Bundesbank) ∙  Florian Nagler (Bocconi University) ∙  Alberto Plazzi (Università della Svizzera Italiana) ∙  Klaus Schaeck (Bristol University) ∙  Christian Schlag (Goethe University Frankfurt am Main) ∙  Andriy Shkilko (Wilfrid Laurier University) ∙  Esad Smajlbegovic (Erasmus University Rotterdam) ∙  Daniel Streitz (Copenhagen Business School) ∙  Ngoc-Khanh Tran (Virginia Tech’s Pamplin College) ∙  Songtao Wang (Shanghai Jiao Tong University) ∙ Florian Weigert (University of Neuchâtel) ∙  Gregor Weiss (University of Leipzig) ∙  Darya Yuferova (Norwegian School of Economics) ∙  Nihat Aktas (Otto Beisheim School of Management) ∙  Christian Andres (WHU Otto Beisheim School of Management) ∙  Marc Arnold (University of St.Gallen) ∙  Heiko Jacobs (University Duisburg-Essen) ∙  Stephan Jank (Deutsche Bundesbank) ∙  Renatas Kizys (Southampton Business School, University of Southampton) ∙  Per Östberg (University of Zurich) ∙  Lukas Roth (University of Alberta) ∙  Linus Siming (Free University of Bozen-Bolzano) ∙  Erik Theissen (University of Mannheim) ∙  Ettore Croci (Università Cattolica del Sacro Cuore) ∙  Francois Degeorge (University of Lugano) ∙  Christian Riis Flor (University of Southern Denmark) ∙  Andreas Fuster (SNB) ∙  Benjamin Guin (Bank of England) ∙  Christian Hilpert (Sun Yat-sen University) ∙  Stefan Hirth (Aarhus University) ∙  Daniel Hoechle (Hochschule für Wirtschaft (FHNW) ) ∙  Ambrus Kecskes (York University) ∙  Philipp Krueger (University of Geneva) ∙  Peter Limbach (University of Bielefeld) ∙  Christoph Merkle (Aarhus University) ∙  Alexandra Niessen-Ruenzi (University of Mannheim) ∙  David Oesch (University of Zurich) ∙  Matthias Pelster (Paderborn University) ∙  Christoph Schneider (Tilburg University) ∙  Oliver Spalt (University of Mannheim) ∙  Bogdan Stacescu (BI Norwegian Business School) ∙  Daniel Urban (Erasmus University Rotterdam) ∙  Philip Valta (University of Bern) ∙  Thomas Walther (Utrecht University) ∙  Shan Zhao (City University of Hong Kong) ∙  Winfried Koeniger (University St.Gallen) ∙  Sven Nolte (Radboud University) ∙  Peter Norman Sørensen (University of Copenhagen) ∙  Helmut Stix (OenB) ∙  Michael Ungeheuer (Aalto University) ∙  Andreas Walter (Justus Liebig University Giessen) ∙  Gianluca Marcato (University of Reading) ∙  Daniel Ruf (Goethe Universität Frankfurt am Main)

SGF Conference 2021

23rd Annual Meeting of the Swiss Society for Financial Market Research – Virtual Conference
March 25 and 26, 2021

Keynote Speech by Professor Dr. Thorsten Hens (University of Zurich and Swiss Finance Institute).

Please find the conference program available for download.

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2021 could certainly not have taken place:

Aktas Nihat (WHU Otto Beisheim School of Management) · Christian Andres (WHU Otto Beisheim School of Management) ·  Marc Arnold (University of St.Gallen) · Andrea Barbon (University of St.Gallen) · Christoph Basten (University Zürich) · Tobias Berg (Frankfurt School of Finance & Management) · Christian Biener (University of St. Gallen) · Yasser Boualam (University of North Carolina – Chapel Hill) · Alexander Braun (University of St. Gallen) ·  Adrian Buss (INSEAD) · Ines Chaieb (University of Geneva) · Ettore Croci (Università Cattolica del Sacro Cuore) · Douglas Cumming (Florida Atlantic University) · Francois Degeorge (University of Lugano) · Hans Degryse (KU Leuven) · Jens Dick-Nielsen (Copenhagen Business School) · Ariadna Dumitrescu (ESADE Ramon Llull University) · Martin Eling (University of St. Gallen) · Jonas Nygaard Eriksen (Aarhus University) · Rüdiger Fahlenbrach (EPFL Lausanne and SFI) · Falko Fecht (Frankfurt School of Finance & Management) · Christian Riis Flor (University of Southern Denmark) · Nils Friewald (Norwegian School of Economics, NHH) · Andreas Fuster (Swiss National Bank) ·  Xavier Giroud (Columbia Business School) ·  Massimo Guidolin (Bocconi University) · Benjamin Guin (Bank of England) · Yalin Gündüz (Deutsche Bundesbank) · Robert Gutsche (University of St.Gallen) · Hendrik Hakenes (Bonn University) · Christian Hilpert (Sun Yat-sen University) · Stefan Hirth (Aarhus University) · Daniel Hoechle (Hochschule für Wirtschaft, FHNW) · Heiko Jacobs (University Duisburg-Essen) · Stephan Jank (Deutsche Bundesbank) · Ambrus Kecskes (York University) · Thomas Kick (Deutsche Bundesbank) · Karolin Kirschenmann (ZEW Mannheim) · Renatas Kizys (Southampton Business School, University of Southampton) ·  Winfried Koeniger (University St. Gallen) · Holger Kraft (Goethe University Frankfurt) ·  Tim Kroencke (University of Neuchatel) · Philipp Krueger (University of Geneva) · Hugues Langlois (HEC Paris) · Jochen Lawrenz (Universität Innsbruck) · Jun Li (University of Texas at Dallas) · Peter Limbach (University of Cologne and Centre for Financial Research) ·  Christoph Meinerding (Deutsche Bundesbank) ·  Albert Menkveld (Vrije Universiteit Amsterdam) · Christoph Merkle (Aarhus University) · Felix v. Meyerinck (University of St.Gallen) · Stig Vinther Møller (Aarhus University) · Florian Nagler (Bocconi University) · Alexandra Niessen-Ruenzi (University of Mannheim) ·  Sven Nolte (Radboud University) · Felix Noth (Leibniz-Institut für Wirtschaftsforschung Halle) · David Oesch (University of Zurich) · Steven Ongena (University of Zurich and SFI) · Vitaly Orlov (University of St.Gallen) · Per Östberg (University of Zurich) · Michaela Pagel (Columbia Business School) · Loriana Pelizzon (SAFE Goethe University Frankfurt) · Matthias Pelster (Paderborn University) · Marcel Prokopczuk (Leibniz University Hannover) · Vesa Puriainen Puriainen (University of St.Gallen) · Kathleen Kürschner Rauck (University of St.Gallen) · Lukas Roth (University of Alberta) · Stefan Ruenzi (University of Mannheim) · Daniel Ruf (Goethe Universität Frankfurt am Main) · Klaus Schaeck (Bristol University) · Christian Schlag (Goethe University Frankfurt am Main) · Christoph Schneider (University of Münster) · Andriy Shkilko (Wilfrid Laurier University) · Linus Siming (Free University of Bozen-Bolzano) · Esad Smajlbegovic (Erasmus University Rotterdam) · Peter Norman Sørensen (University of Copenhagen) · Oliver Spalt (University of Mannheim) · Bogdan Stacescu (BI Norwegian Business School) · Sascha Steffen (Frankfurt School) · Helmut Stix (Oesterreichische Nationalbank) · Daniel Streitz (Copenhagen Business School) · Erik Theissen (University of Mannheim) · Ngoc-Khanh Tran (Virginia Tech’s Pamplin College) · Stefan Trautmann (University of Heidelberg) · Fabio Trojani (University of Geneva and SFI) · Michael Ungeheuer (Aalto University) · Daniel Urban (Erasmus University Rotterdam) · Sebastian Utz Utz (University of St.Gallen) · Philip Valta (University of Bern) · Andrea Vedolin (Boston University) · Alexander Wagner (University of Zurich) · Andreas Walter (Justus Liebig University Giessen) · Thomas Walther (Utrecht University) · Songtao Wang (Shanghai Jiao Tong University) · Matthias Weber (University of St.Gallen) · Florian Weigert (University of Neuchâtel) · Gregor Weiss (University of Leipzig) · Darya Yuferova (Norwegian School of Economics) · Shan Zhao (City University of Hong Kong)

SGF Conference 2019

22nd Annual Meeting of the Swiss Society for Financial Market Research
Zurich, SIX ConventionPoint, April 5, 2019

Keynote Speech by Professor Dr. Heinz Zimmermann, Chair of Financial Market Theory at the University of Basel.

Please find the conference program available for download.

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2019 could certainly not have taken place:

Zeno Adams (University of St.Gallen) • Nihat Aktas (WHU Otto Beisheim School of Management) • Daniel Andrei (McGill University) • Victoria Atanasov (University of Mannheim) • Christoph Aymanns (University of St.Gallen) • Christoph Basten (University of Zurich) • Tobias Berg (Frankfurt School of Finance & Management) • Christian Biener (University of St.Gallen) • Kristian Blickle (Federal Reserve Bank of New York) • Tabea Bucher-Koenen (ZEW Mannheim) • Adrian Buss (INSEAD) • Claire Célérier (University of Toronto) • Ines Chaieb (University of Geneva) • Jens H. E. Christensen (Federal Reserve Bank of San Francisco) • Ettore Croci (Università Cattolica del Sacro Cuore) • Francois Degeorge (Università della Svizzera Italiana & SFI) • Hans Degryse (KU Leuven) • Maik Dierkes (Leibniz Universität Hannover) • Ariadna Dumitrescu (ESADE Ramon Llull University) • Sebastian Ebert (Frankfurt School of Finance and Management) • Martin Eling (University of St.Gallen) • Ruediger Fahlenbrach (EPFL & SFI) • Falko Fecht (Frankfurt School of Finance & Management) • Marcel Fischer (University of Konstanz) • Christian Riis Flor (University of Southern Denmark) • David Florysiak (University of Southern Denmark) • Laurent Frésard (Università della Svizzera Italiana & SFI) • Nils Friewald (Norwegian School of Economics) • Andreas Fuster (Swiss National Bank) • Jasmin Gider (University of Bonn) • Olesya V. Grishchenko (Federal Reserve Board) • Benjamin Guin (Bank of England) • Tobin Hanspal (Goethe University Frankfurt & SAFE) • Andrea Hasler (George Washington University) • Martin Hoesli (University of Geneva & SFI) • Jiekun Huang (University of Illinois) • Ambrus Kecskes (York University) • Karolin Kirschenmann (ZEW Mannheim) • Micheal Koetter (Halle Institute for Economic Reserach) • Hugues Langlois (HEC Paris) • Christine Laudenbach (Goethe University Frankfurt) • Jochen Lawrenz (University of Innsbruck ) • Jun Li (University of Texas) • Peter Limbach (University of Cologne & CFR) • Thomas Mählmann (Catholic University of Eichstätt-Ingolstadt) • Loriano Mancini (Università della Svizzera Italiana & SFI) • Simone Manganelli (European Central Bank) • Christoph Meinerding (Deutsche Bundesbank) • Christoph Merkle (Kühne Logistics University) • Felix von Meyerinck (University of St.Gallen) • Stefan Morkoetter (University of St.Gallen) • Philippe Mueller (Warwick Business School) • Florian Nagler (Bocconi University) • Alexandra Niessen-Ruenzi (University of Mannheim) • David Oesch (University of Zurich) • Steven Ongena (University of Zurich & SFI) • Vitaly Orlov (University of St.Gallen) • Florentina Paraschiv (NTNU Business School) • Loriana Pelizzon (Goethe University Frankfurt & SAFE) • Matthias Pelster (Paderborn University) • Ludovic Phalippou (Saïd Business School) • Alberto Plazzi (Università della Svizzera Italiana & SFI) • Marcel Prokopczuk (Leibniz University Hannover) • Alejandro Rivera (University of Texas at Dallas) • Lukas Roth (University of Alberta) • Olivier Scaillet (University of Geneva & SFI) • Klaus Schaeck (Bristol University) • Nic Schaub (University of St.Gallen) • Christian Schlag (Goethe University Frankfurt & SAFE) • Christoph Schneider (Tilburg University) • Ulrich Schüwer (University of Bonn) • Denis Schweizer (Concordia University) • Andriy Shkilko (Wilfrid Laurier University) • Esad Smajlbegovic (Erasmus University Rotterdam) • Peter Norman Sørensen (University of Copenhagen) • Bogdan Stacescu (BI Norwegian Business School) • Denitsa Stefanova (University of Luxemburg) • Daniel Streitz (Copenhagen Business School) • Erik Theissen (University of Mannheim) • Tereza Tykvová (University of Hohenheim) • Michael Ungeheuer (Aalto University) • Sebastian Utz (University of St.Gallen) • Philip Valta (University of Bern) • Andrea Vedolin (Boston University) • Gyuri Venter (Copenhagen Business School) • Thomas Walther (University of St.Gallen) • Songtao Wang (Shanghai Jiao Tong University) • Matthias Weber (University of St.Gallen) • Florian Weigert (University of St.Gallen) • Darya Yuferova (Norwegian School of Economics) • Shan Zhao (Grenoble Ecole de Management)

SGF Conference 2018

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

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

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

SGF Conference 2017

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

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

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

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

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

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)

15th SGF Conference, 2012

Zurich, SIX Swiss Exchange ConventionPoint, March 30, 2012

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2012 could certainly not have taken place:

Tim Adam (Humboldt-Universität zu Berlin) • Manuel Ammann (University of St. Gallen) • Panagiotis Andrikopoulos (De Montfort University Leicester) • Katrin Assenmacher-Wesche (Swiss National Bank) • Rainer Baule (University of Siegen) • Steven Beach (Radford University) • Wolfgang Bessler (Justus Liebig University Giessen) • André Betzer (University of Wuppertal) • Michael Borss (WHU – Otto Beisheim School of Management) • Nicole Branger (University of Münster) • Wolfgang Breuer (RWTH Aachen University) • Hans-Peter Burghof (University of Hohenheim) • Thomas Burkhardt (University of Koblenz-Landau) • Thomas Dangl (Vienna University of Technology) • Francois Derrien (HEC Paris) • Alexis Derviz (Czech National Bank) • Alexandra Dias (University of Leicester) • Stephan Dieckmann (University of Pennsylvania) • Gregor Dorfleitner (University of Regensburg) • Wolfgang Drobetz (University of Hamburg) • John Duca (Federal Reserve Bank of Dallas) • Martin Eling (University of St. Gallen) • Oliver Entrop (University of Passau) • Carsten Erner (University of Münster) • Robert Faff (University of Queensland) • Ralf Fendel (WHU – Otto Beisheim School of Management) • Isabel Catalina Figuerola-Ferretti (Carlos III University of Madrid) • Nils Friewald (Vienna University of Economics and Business) • Michael Frömmel (Ghent University) • Markus Glaser (LMU Munich) • Marc Gürtler (Technische Universität Braunschweig) • André Güttler (EBS Business School) • Thorsten Hens (University of Zurich) • Ulrich Hommel (EBS Business School) • Steffi Höse (Technische Universität Dresden) • Sven Husmann (European University Viadrina Frankfurt (Oder)) • Gerhard Illing (LMU München) • Dusan Isakov (University of Fribourg) • Rainer Jankowitsch (Vienna University of Economics and Business) • Xiaoquan Jiang (Florida International University) • Robert Jung (University of Erfurt) • Tobias Kaufmann (University of Bamberg) • Kerstin Kehrle (University of Zürich) • Karl Keiber (European University Viadrina Frankfurt (Oder)) • Axel Kind (University of Basel) • Olaf Korn (Göttingen University) • Christian Koziol (Universität Hohenheim) • Holger Kraft (Goethe-University Frankfurt am Main) • Jörg Laitenberger (Martin Luther University Halle-Wittenberg) • Sebastian Lobe (Universität Regensburg) • Claudio Loderer (University of Bern) • Gunter Löffler (University of Ulm) • Otto Loistl (Vienna University of Economics and Business) • Antje Mahayni (University of Duisburg-Essen) • Jan Mahrt-Smith (University of Toronto, Rotman School of Management) • Marcel Marekwica (Copenhagen Business School) • Peter Meier (Zurich University of Applied Sciences) • Iwan Meier (HEC Montréal) • Frank Mirsberger (University of Bamberg) • Claus Munk (University of Aarhus) • Ulf Nielsson (Copenhagen Business School) • Thomas Nitschka (Swiss National Bank) • Andreas Oehler (University of Bamberg) • Andreas Pfingsten (University of Münster) • Stefan Pichler (Vienna University of Economics and Business) • Alexander Popov (European Central Bank ECB) • Peter Posch (University of Ulm) • Stefan Prigge (HSBA Hamburg School of Business Administration) • Marcel Prokopczuk (University of Reading) • Andreas W. Rathgeber (UMIT) • Peter Raupach (Deutsche Bundesbank) • Ryan Riordan (Karlsruhe Institute of Technology (KIT)) • Klaus Röder (Universität Regensburg) • Daniel Rösch (Leibniz Universität Hannover) • Martin Ruckes (Karlsruhe Institute of Technology (KIT)) • Markus Rudolf (WHU Otto Beisheim School of Management) • Stefan Ruenzi (University of Mannheim) • Ralf Sabiwalsky (Freie Universität Berlin) • Olivier Scaillet (HEC Geneva) • Klaus Schäfer (University of Bayreuth) • Andrea Schertler (University of Groningen) • Christian Schlag (Goethe University Frankfurt am Main) • Hendrik Scholz (University of Erlangen-Nürnberg) • Denis Schweizer (WHU – Otto Beisheim School of Management) • Oliver Schwindler (HF Analytics) • Norman Seeger (University of St. Gallen) • Ralf Seiz (University of St. Gallen) • Arjen Siegmann (VU University Amsterdam) • Leopold Sögner (Vienna University of Technology) • Georg Stadtmann (European University Viadrina Frankfurt (Oder)) • Richard Stehle (Humboldt-Universität zu Berlin) • Olaf Stotz (Frankfurt School of Finance & Management) • Edward W. Sun (BEM Management School Bordeaux) • Laurens Swinkels (Erasmus University Rotterdam) • Erik Theissen (University of Mannheim) • Siegfried Trautmann (Gutenberg-University, Mainz) • Marliese Uhrig-Homburg (Karlsruhe Institute of Technology (KIT)) • Mark van Achter (Rotterdam School of Management, Erasmus University) • Grigory Vilkov (Goethe University Frankfurt am Main) • Thomas Volmer (University of Bamberg) • 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) • Thomas Walker (Concordia University) • Andreas Walter (Justus Liebig University Giessen) • Gabrielle Wanzenried (Lucerne University of Applied Sciences and Arts) • Stefan Weisheit (University of Bamberg) • Frank Westerhoff (University of Bamberg) • Marco Wilkens (University of Augsburg) • Eliza Wu (University of Technology Sydney) • Yvonne Zahr (University of Bamberg) • Stefan Zeisberger (University of Zurich)

14th SGF Conference, 2011

Zurich, SIX Swiss Exchange ConventionPoint, April 08, 2011

We would like to thank our distinguished reviewers. Without their support, the SGF Conference 2011 could certainly not have taken place:

Manuel Ammann (University of St. Gallen) • Henry Aray (University of Granada) • Katrin Assenmacher-Wesche (Swiss National Bank) • Katrin Baedorf (WHU – Otto Beisheim School of Management) • Matthias Bank (University of Innsbruck) • Christina Bannier (Frankfurt School of Finance & Management) • Giovanni Barone-Adesi (University of Lugano) • Rainer Baule (University of Siegen) • Steven Beach (Radford University) • Wolfgang Bessler (Justus Liebig University Giessen) • André Betzer (University of Wuppertal) • Nicole Branger (University of Münster) • Wolfgang Breuer (RWTH Aachen University) • Thomas Burkhardt (University of Koblenz-Landau) • Thomas Dangl (Vienna University of Technology) • Francois Derrien (HEC Paris) • Stephan Dieckmann (The Wharton School – University of Pennsylvania) • Gregor Dorfleitner (University of Regensburg) • Wolfgang Drobetz (University of Hamburg) • John Duca (Federal Reserve Bank of Dallas) • Martin Eling (Ulm University) • Jean-Francois Emmenegger (University of Fribourg) • Oliver Entrop (Passau University) • Robert Faff (UQ Business School – University of Queensland) • Ralf Fendel (WHU – Otto Beisheim School of Management) • Isabel Catalina Figuerola-Ferretti (Charles III University of Madrid) • Nils Friewald (Vienna University of Economics and Business) • Michael Frömmel (Ghent University) • Manfred Frühwirth (Vienna University of Economics and Business) • Markus Glaser (University of Konstanz) • Michel Habib (University of Zurich) • Andreas Hackethal (Goethe Business School – Frankfurt University) • Thomas Hartmann-Wendels (University of Cologne) • Campbell Harvey (Duke University) • Thorsten Hens (University of Zurich) • Michael Herold (University of Bamberg) • Kurt Hess (University of Waikato Management School) • Steffi Höse (Dresden University of Technology) • Christian Hott (Swiss National Bank) • Dusan Isakov (University of Fribourg) • Christoph Kaserer (Technical University Munich) • Karl Keiber (European University Viadrina Frankfurt (Oder)) • Axel Kind (University of Basel) • Olaf Korn (Göttingen University) • Christian Koziol (University of Hohenheim) • Holger Kraft (Goethe University Frankfurt) • Jörg Laitenberger (Martin Luther University of Halle-Wittenberg) • Thomas Langer (University of Münster) • Markus Leippold (University of Zurich) • Sebastian Lobe (University of Regensburg) • Otto Loistl (Vienna University of Economics and Business) • Antje Mahayni (University of Duisburg-Essen) • Marcel Marekwica (Copenhagen Business School) • Matija Denise Mayer-Fiedrich (Helmut Schmidt University – University of the Federal Armed Forces Hamburg) • Iwan Meier (HEC Montréal) • Frank Mirsberger (University of Bamberg) • Claus Munk (Aarhus University) • Thomas Nitschka (Swiss National Bank) • Lars Norden (Rotterdam School of Management – Erasmus University Rotterdam) • Andreas Oehler (University of Bamberg) • Andreas Pfingsten (University of Münster) • Stefan Pichler (Vienna University of Economics and Business) • Thorsten Poddig (University of Bremen) • Alexander Popov (European Central Bank) • Peter Posch (Ulm University) • Marcel Prokopczuk (Henley Business School – University of Reading) • Peter Raupach (German Federal Bank) • Peter Reichling (Otto-von-Guericke University Magdeburg) • Marc Oliver Rieger (University of Trier) • Klaus Röder (University of Regensburg) • Daniel Rösch (University of Hannover) • Stefan Ruenzi (University of Mannheim) • Edith Rüger-Muck • Ralf Sabiwalsky (Free University of Berlin) • Olivier Scaillet (HEC Geneva) • Klaus Schäfer (University of Bayreuth) • Christian Schlag (Frankfurt University) • Hendrik Scholz (University of Erlangen-Nürnberg) • Denis Schweizer (WHU – Otto Beisheim School of Management) • Oliver Schwindler (HF-Analytics GmbH) • Norman Seeger (University of St.Gallen) • Ralf Seiz (University of St.Gallen) • Paul Söderlind (University of St.Gallen) • Leopold Sögner (Vienna University of Technology) • Georg Stadtmann (European University Viadrina Frankfurt (Oder)) • Richard Stehle (Humboldt University Berlin) • Edward W. Sun (Karlsruhe Institute of Technology) • Erik Theissen (University of Mannheim) • Fabio Trojani (University of Lugano) • Marliese Uhrig-Homburg (Karlsruhe Institute of Technology) • Grigory Vilkov (Frankfurt University) • Thomas Volmer (University of Bamberg) • Urs von Arx (Swiss Federal Institute of Technology Zurich ) • Rico von Wyss (University of St.Gallen) • Niklas Wagner (Passau University) • Urs Wälchli (University of Bern) • Andreas Walter (Justus Liebig University Giessen) • Stefan Weisheit (University of Bamberg) • Marco Wilkens (Augsburg University) • Rudi Zagst (Technical University Munich) • Yvonne Zahr (University of Bamberg)

13th SGF Conference, 2010

Zurich, SIX Swiss Exchange ConventionPoint, March 19, 2010

12th SGF Conference, 2009

Geneva, Pictet & Cie, April 03, 2009

11th SGF CONFERENCE 2008

Zurich, SWX Swiss Exchange, April 11, 2008

10th SGF CONFERENCE 2007

Zurich, SWX Swiss Exchange, March 30, 2007

9th SGF CONFERENCE 2006

Zurich, SWX Swiss Exchange, April 7, 2006

8th SGF CONFERENCE 2005

Zurich, SWX Swiss Exchange, April 8, 2005

7th SGF CONFERENCE 2004

Zurich, SWX Swiss Exchange, April 2, 2004

6th SGF CONFERENCE 2003

Rüschlikon, Swiss Re Centre for Global Dialogue, April 4, 2003.

5th SGF CONFERENCE 2002

Basel, UBS Center, March 22, 2002

4th SGF CONFERENCE 2001

Bern, University of Bern, March 9, 2001

3rd SGF CONFERENCE 2000

Zurich, CS Forum, April 7, 2000

2nd SGF CONFERENCE 1999

St. Gallen, University of St. Gallen, April 9, 1999