34th Workshop of the Austrian Working Group on Banking and Finance (AWG)

Co-organized with Prof. Michael Hanke (University of Liechtenstein).

Hosted at the University of Liechtenstein, Vaduz, November 22–23, 2019.

The Austrian Working Group on Banking and Finance (AWG / BWG) holds its annual workshop at rotating institutions in German-speaking Europe. The 34th edition was the first time the workshop was held in Liechtenstein. Researchers from Germany, Austria, Switzerland, and Liechtenstein presented and discussed current working papers in banking and finance over two days. Each paper received a 15–20 minute presentation and a 5–7 minute discussant response.

Programme

Friday, 22 November 2019

• Downside Risk Optimization vs Mean-Variance Optimization — Andrea Rigamonti (Free University of Bozen-Bolzano). Discussant: W. Schadner.
• Fear and Laughing of the Market: Trending Pessimism, Fragile Optimism — Wolfgang Schadner (University of St. Gallen). Discussant: A. Rigamonti.
• What Flows Around Comes Around: Mean Reversion and Portfolio Flows — Florian Mair (Vienna University of Economics and Business) & Alexander Thoma (University of Zürich). Discussant: M. Summer.
• Systematic Systemic Stress Tests — Thomas Breuer (University of Applied Sciences Vorarlberg) & Martin Summer (OeNB). Discussant: F. Mair.
• Drivers of the EUR/CHF Exchange Rate — Piotr Kotlarz (University of Liechtenstein).
• On the Valuation and Analysis of Risky Debt: A Theoretical Approach Using a Multivariate Extension of the Merton Model — Ines Wöckl (University of Graz).
• Thou Shalt Not Trade — A Study Analyzing Violations of No-Trade Predictions in Experimental Asset Markets — Thomas Stöckl (Management Center Innsbruck).
• Cognitive Skills and Economic Preferences in the Fund Industry — Michael Razen (University of Innsbruck).
• Earnings Autocorrelation and the Post-Earnings-Announcement Drift — Stefan Palan (University of Graz).

Evening: Conference dinner at Gasthof Lingg, Feldkirch

Saturday, 23 November 2019

• Losing Funds, or Losing Face? Reputational and Accountability Mechanisms in the Credit Rating Industry — Matthias Herrmann-Meng (University of Liechtenstein).
• Reference Points in Refinancing Decisions — Virginia Gianinazzi (Università della Svizzera Italiana & Swiss Finance Institute).
• Information Management against Excessive Stock Trading: More or Less? Or Both? — Moritz Mosenhauer (Management Center Innsbruck).
• Gold, Platinum, and Industry Stock Returns — Quynh Thi Thuy Pham (WHU – Otto Beisheim School of Management).
• The Trilemma of Exiting Expansive Monetary Policy in the Euro Area — Sebastian Lang (University of St. Gallen).
• The Impact of ESG Ratings on the Value of M&A Transactions — Hendrik Kimmerle (University of Liechtenstein).