We are delighted to invite you to the upcoming 2nd Geneva Summit on Sustainable Finance. The event will take place in Geneva on November 27th, 2014 from 8.30 am to 5.30 pm. Mr. Yngve Slyngstad (CEO of Norges Bank Investment Management) will be the Keynote speaker. Norges Bank Investment Management (NBIM) is the asset management unit of the Norwegian central bank (Norges Bank). NBIM manages the Government Pension Fund Global, often referred to as the Norwegian oil fund. The Government Pension Fund Global is the largest sovereign wealth fund with a market value of about USD 870 billion. The fund owns about 1.3% of the world’s listed companies and 2.5% of Europe’s listed companies.
Please visit the website at http://www.geneva-summit-on-sustainable-finance.ch/ for more information and registration.
Full details and application form available here
Structured Debt Ratings: Evidence on Conflicts of Interest by Matthias Efing and Harald Hau.
forthcoming in the Journal of Financial Economics.
Abstract: We test if issuers of asset- and mortgage-backed securities receive rating favors from agencies with which they maintain strong business relationships. Controlling for issuer fixed effects and a large set of credit risk determinants, we show that agencies publish better ratings for those issuers that provide them with more bilateral securitization business. Such rating favors are larger for very complex structured debt deals and for deals issued during the credit boom period. Our analysis is based on a new deal-level rating statistic that accounts for the full distribution of tranche ratings below the AAA cut-off point of a structured debt deal.
Dr. Michel Girardin's video presentation at the CFA Society Switzerland
Interview with Michel Girardin on economic growth & performance
Prof. Tony Berrada's paper "Asset Pricing with Regime-Dependent Preferences and Learning", coauthored with J. Detemple and M. Rindisbacher, has won the Best Paper Award in the 2014 Mathematical Finance Days competition at the" Institut de Finance Mathématique de Montréal" (IFM2).