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| SFI Connection | |
| | Swiss Finance Institute Connection
The Swiss Finance Institute (SFI) publishes the Connection, a quarterly knowledge transfer publication. The aim of Connection is to present ongoing research carried out by SFI faculty members on finance topics of current interest.
2012
N°2012-0003
Focus on investments
6th Annual Meeting of the Swiss Finance Institute
Executive summaries:
- Internationally diversified equity mutual and institutional funds show little persistence in performance. Yet this does not hold their investors back from chasing returns.
- Financial crisis contagion is an elusive concept. An empirical investigation of the role of equity mutual funds in transmitting asset price shocks helps clarify the picture.
- Hedge fund return data have special, yet challenging, features. Performance evaluation tools taking these features into account reveal new insights on hedge fund investments.
- Q&A on interdisciplinary investigations of economic behavior, with Ernst Fehr, University of Zurich.
- Interview with Peter Bossaerts, Caltech and SFI@EPFL.
Archives
2011
N°2011-0002
Focus on corporate governance
Snooping into the boardroom
Executive summaries:
- Private equity sponsors of leveraged buyout firms redesign several CEO contract characteristics. This has important implications for CEO contract design in public firms, too.
- Takeover threat affects a firm’s choice regarding the dispersion of its shareholder base. A wide shareholder base compensates for the lack of other anti-takeover measures.
- Stock prices of Swiss public firms reacted negatively to the Abzocker-Initiative. This shareholder reaction can be traced to the costs implied by the proposed reform.
- Q&A on the Swiss Code of Best Practice for Corporate Governance, with Meinrad Vetter, economiesuisse.
- Interview with Yola Biedermann, Ethos.
N°2011-0001
Focus on the financial crisis
Research insights on the 2007/8 financial crisis
Executive summaries:
- Risk panics need not necessarily be caused by fundamental changes in the economy. Investors’ perceptions of relevant economic variables also play an important role.
- Equity injections and asset buyouts are the two most common bailout methods. Which method works better may ultimately depend on the quality of the bank’s assets.
- Lehman Brothers’ default triggered a cascade of defaults among financial firms. Effective credit ratings represent an important channel of contagion between interlinked firms.
- Understanding FX liquidity risk may help policy makers assess the effectiveness of their decisions and their macroprudential tools in an appropriate and timely manner.
- Interview with Professor Jean-Charles Rochet.
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