Welcome to the Geneva Finance Research Institute (GFRI).

GFRI research is multidisciplinary and encourages synergies between the Geneva School of Economics and
Management (GSEM
), the Faculties of Law, Psychology and Science of Education.  GFRI collaborates in particular with the Center for Banking and Financial Law and the National Center for Research in Affective Sciences, both located at the University of Geneva.


GFRI also engages in knowledge transfer activities such as conferences, seminars and public debates on finance topics related to Portfolio Management and Corporate Governance.

GFRI is delighted to announce its Finance Seminar Series supported by Geneva Financial Center:

Sep 4, 2014

Prof. Michael Hasler, University of Toronto 12.15-13.45, room PS02

Sep 18, 2014

Prof. Redouane Elkamhi, University of Toronto, 12.15-13.45, room PS02

Sep 25, 2014

Prof. Peter Christoffersen, CANCELLED

Oct 2, 2014

Prof. Cornelia Woll, Sciences Po, 12.15-13.45, room PS02

Oct 9, 2014

Prof. Markus Glaser, University of Munich, 12.15-13.45, room PS02

Oct 15, 2014

Prof. David Ling, University of Florida,10.15-11.45, room PS02

Nov 20, 2014

Dr. Guillaume Rousselet, Banque de France, 12.15-13.45, room PS02

Dec 11, 2014

Dr. Thomas Kick, Bundesbank,12.15-13.45, room PS02

Mar 12, 2015

Prof. Steven Ongena, University of Zurich, 12.15-13.45, room PS02


Latest News

Date added: Aug 18, 2014 Structured Debt Ratings: Evidence on Conflicts of Interest

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.

Date added: Jul 15, 2014 Will Central Banks avoid the next financial crisis?

Dr. Michel Girardin's video presentation at the CFA Society Switzerland

Date added: Jul 10, 2014 AGEFI Live TV

Interview with Michel Girardin on economic growth & performance

Date added: Jul 4, 2014 Perspectives et problématiques de la gestion d'actifs L’Industry Forum du Swiss Finance Institute se tiendra le 29 août prochain


Le vendredi 29 août 2014 aura lieu à Lugano un atelier consacré aux perspectives et problématiques de la gestion d'actifs organisé par le Swiss Finance Institute en collaboration avec l’USI (Université de la Suisse italienne) dans le cadre du congrès annuel 2014 de l’European Finance Association. Quatre «interventions fortes» de la part de quatre personnalités du milieu sont prévues: le Dr Burkhard Varnholt (Head Investment Solutions Group & Chief Investment Officer Julius Baer) traitera du thème «The Rise of a New World Order», le professeur Tim Jenkinson (Saïd Business School, Oxford University) répondra à la question «Do Investment Consultants Add Value?», le professeur Narayan Naik (London Business School) abordera les «Hit-rates and Win-loss Ratios of Long-only Active Managers» tandis que le Dr Frank Hatheway (Senior Vice President andChief Economist, NASDAQ OMX Group) s'intéressera au «Blurring of the Lines: Convergence betweenPrivate and Public Equity». L'après-midi se tiendra une table ronde intitulée «The Risk-adjusted Price of Delegation in Asset Management» à laquelle participeront le Dr Andreas Schlatter (Head of Global Asset Management Switzerland, UBS), Anne Richards (Chief Investment Officer, Aberdeen) et le Dr Francesco Sandrini (Pioneer Investments). Le professeur Robert J. Shiller, prix Nobel d'économie, professeur de finance à Yale, considéré comme l'un des plus éminents observateurs indépendants du paysage financier de ces dernières années, sera l'intervenant phare de l'atelier.

Inscriptions à l'adresse: http://www.efa2014.org/sfi-industry-forum

Date added: Jun 20, 2014 Prof. Gibson Brandon
Date added: May 5, 2014 Best Paper Award - Prof. Tony Berrada
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).
Date added: Apr 7, 2014 Geneva Lectures on Sustainable Finance

The Geneva Finance Research Institute (GFRI) and the Institute of Environmental Sciences (ISE) of the University of Geneva are organizing a lecture series on sustainable finance, which is aimed at Masters students. The lecture series addresses key concepts, challenges and structures relating to sustainable finance. You can find more information at http://www.unige.ch/environnement/home/actualites2014/sustainablefinance.html

Date added: Feb 19, 2014 Call for paper Geneva Summit Sustainable Finance
Date added: Jan 23, 2014 Prof. Harald Hau & Mr. Matthias Efing
received the prize for the Best Paper on financial markets at the Paris December 2013 Finance Meeting of the EUROFIDAI (Institut Européen des données financières).
Date added: Oct 21, 2013 Prof. Olivier Scaillet has been elected Associate Editor at the Annals of Computational and Financial Econometrics
Date added: Sep 9, 2013 Prof. Olivier Scaillet

has received the Management Science Distinguished Service Award for 2013 for outstanding service to the journal "Management Science".

Date added: Jul 30, 2013 GFRI launches a new Master Program in Finance

Date added: Jul 5, 2013 Prof. Olivier Scaillet has been elected Fellow of SoFiE
Date added: Jun 27, 2013 Prof. Rajna Gibson Brandon's interview
Date added: Jun 18, 2013 Corrupted credit ratings: Standard & Poor’s lawsuit and the evidence with Matthias Efing & Harald Hau
Date added: May 16, 2013 Radio Interview with Prof. Olivier Scaillet
Radio Interview (in French) with Prof. Olivier Scaillet on "High Frequency Trading" on RTS.
Click here to listen
Date added: May 13, 2013 Doctoral Award for Mr. Matthias Efing
Mr. Matthias Efing received the Swiss Finance Institute Best Paper Doctoral Award for his paper "Bank Capital Regulation with an Opportunistic Rating Agency".
Date added: Mar 8, 2013 Distinguished CESifo Affiliate Award
Mr. Matthias Effing was awarded with the "Distinguished CESifo Affiliate Award" for his paper "Bank Capital Regulation with an Opportunistic Rating Agency" at the area conference "Macro, Money and International Finance" at the CESifo institute in Munich on February, 22 2013.
Date added: Mar 8, 2013 Research Challenge 2013
Mr. Joao Pedro De Oliveira, Mr. Lorena Garzoni, Mr. Stéphane Murset & Mr. Yu Shi from the University of Geneva have received the "Best Presentation Award" from Swiss Universities at the CFA Institute Research Challenge 2013
Date added: Jan 18, 2013 Radio Interview with Mr. Adrien Treccani
Mr. Adrien Treccani radio interview on Bitcoins.
Click here to listen

view all