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 22, 2016

Prof. Lily Fang, INSEAD,12.15-13.45, room PS06

Sep 29, 2016

Dr. Giovanni Favara, CANCELED

Oct 6, 2016

Prof. Johan Hombert, HEC Paris, 12.15-13.45, room PS06

Oct 13, 2016

Prof. Chen Lin, Hong Kong University,12.15-13.45, room PS06

Oct 25, 2016

Prof. Arvind Krishnamurthy, Stanford University 12.15-13.45, room PS06

Nov 3, 2016

Prof. Henri Servaes, LBS, 12.15-13.45, room PS06

Nov 10, 2016

Prof. Marcin Kacperczyk, Imperial College, 12.15-13.45, room PS06

Nov 17, 2016

Prof. Daniel Metzger, Stockhom School of Economics,12.15-13.45, room PS06

Nov 24, 2016

Prof. Roberto Marfé, Collegio Carlo Alberto 12.15-13.45, room PS06

Dec 1, 2016

Prof. Adonis Antoniades, NUS Business School,12.15-13.45, room PS06


Latest News

Date added: Sep 26, 2016 Video: Prof. Harald Hau @ European Systematic Risk Board on Derivative Reform Conference

Prof. Harald Hau gave a presentation entiltled "Stop or go? The reform agenda in OTC derivatives markets"

at the first European Systematic Risk Board on Derivative Reform Conference

Date added: Sep 21, 2016 New Publication by Prof. Olivier Scaillet

Prof. Scaillet's research paper “A specification test for nonparametric instrumental variable regression” has been accepted for publication in Annals of Economics and Statistics special issue on “Inverse Problems in Econometrics”.

Date added: Aug 31, 2016 New Publication by Prof. Olivier Scaillet

Prof. Olivier Scaillet’s research paper "Jumps in High-Frequency Data: Spurious Detections, Dynamics, and News " with Adrien Treccani and Pierre Bajgrowicz is published in Management Science.

Date added: Aug 30, 2016 New Publication by Prof. Olivier Scaillet

Prof. Olivier Scaillet’s research paper "ON ILL-POSEDNESS OF NONPARAMETRIC INSTRUMENTAL VARIABLE REGRESSION WITH CONVEXITY CONSTRAINTS" has been accepted for publication in The Econometrics Journal.

Date added: Aug 29, 2016 Best Paper Prize for Prof. Martiin Hoesli

Prof. Martin Hoesli won the prize for the Best Paper in the Innovative/Thinking Out of the Box category for his paper titled "High Frequency House Price Indexes with Scarce Data" (co-authored with Steven C. Bourassa) presented in April 2016 at the American Real Estate Society (ARES) meetings in Denver, Colorado.

Date added: Aug 24, 2016 New Publication by Prof. Rajna Gibson Brandon accepted in Scientific Reports

We are pleased to inform you that Prof. Gisbon Brandon’s neuro-finance paper titled "Prefrontal connections express individual differences in intrinsic resistance to trading off honesty values against economic benefits" by Azade Dogan, Yosuke Morishima, Felix Heise, Carmen Tanner, Rajna Gibson, Alexander F. Wagner, and Philippe Tobler has just been accepted for publication in Scientific Reports. Scientific Reports is an online, open access journal from the publishers of Nature. It publishes scientifically valid primary research from all areas of the natural and clinical sciences.  The impact factor of Scientific Reports in 2015 was 5.228.

Date added: Aug 15, 2016 Matthias Efing is winner of the ESRB prize for his job market paper.

Matthias Efing is winner of the ESRB prize for his job market paper. The ESRB awards an annual prize to recognise outstanding research conducted by young scholars on a topic related to the ESRB’s mission. The annual prize was established in 2014 in memory of Ieke van den Burg, who was a member of the ESRB ASC (2011-14) and of the European Parliament (1999-2009). Ms van den Burg was dedicated to the notion that finance should serve society, and this prize is administered by the ASC in that spirit.

Date added: Aug 15, 2016 Our MOOC- Online Course in the top 6 worldwide

Our online courses entered the highly selective "Top Specialization" within Coursera, entering the top 6 amongst 562 Courses devoted to Business on Coursera's platform, and the only non-US University amongst these "Gold medals".

further information about the Online Course and registration available here.

Date added: Jul 6, 2016 new academic publication by Prof. Scaillet and Prof. Trojani

The research paper "Comments on : Nonparametric Tail Risk, Stock Returns and the Macroeconomy" by Lorenzo Camponovo, Olivier Scaillet and Fabio Trojani has been accepted for a forthcoming publication in the Journal of Financial Econometrics.

Date added: Jul 5, 2016 Le Brexit met à rude épreuve les résistances d’un système financier très malade
Date added: Jun 20, 2016 Prof. Scaillet Invited Speaker at the 9th Annual SoFiE Conference

Prof. Olivier Scaillet was Invited Speaker at the 9th Annual SoFiE Conference held at City University of Hong Kong on 15-17 June 2016.

Date added: Jun 17, 2016 Prof. Martin Hoesli Keynote Speaker at the European Real Estate Society (ERES)

Prof. Martin Hoesli was keynote speaker at the European Real Estate Society (ERES) annual conference held at the University of Regensburg (Germany) from the 8 to 11 June 2016.

Full conference program

Date added: Jun 14, 2016 Pictures : Master in Wealth Management Signing Ceremony with the Swiss Finance Institute

Please find below the link to the pictures taken during the Signing Ceremony for the Master in Wealth Management with the Swiss Finance Institute, hosting a Key Note speech by Mr. Patrick Odier, at the University of Geneva on the 1st of June 16.


Date added: Jun 13, 2016 Massive Open Online Course: Investment Management Specialization

Date added: Jun 9, 2016 Michel Girardin TV Interview on Brexit
Date added: Apr 18, 2016 Prof. Valta forthcoming publication in the Journal of Financial Economics

Prof. Philip Valta ‘s research paper Debt Enforcement, Investment, and Risk Taking Across Countries (with Erwan Morellec, Giovanni Favara, and Enrique Schroth) has been accepted for publication at the Journal of Financial Economics.

Date added: Apr 18, 2016 Video Presentation: Prof. Fabio Trojani

Prof. Fabio Trojani presenting his research "From Data Science to Hedge Fund Performance" at the 5th Swiss Asset Management Day on 7 April 2016

Date added: Apr 13, 2016 Prof. Tony Berrada forthcoming publication in "Current Biology"

"Variance after-effects distort risk perception in humans" by E. Payzan-LeNestour, B. W Balleine, T. Berrada & J. Pearson is forthcoming in Current Biology.


In many contexts, decision-making requires an accurate representation of outcome variance—otherwise known as “risk” in economics. Conventional economic theory assumes this representation to be perfect, thereby focusing on risk preferences rather than risk perception per se [1-3], but see [4]. However, humans often misrepresent their physical environment. Perhaps the most striking of such misrepresentations are the many well-known sensory after-effects, which most commonly involve visual properties, such as color, contrast, size, and motion. For example, viewing downward motion of a waterfall induces the anomalous biased experience of upward motion during subsequent viewing of static rocks to the side [5]. Given that after-effects are pervasive, occurring across a wide range of time horizons [6] and stimulus dimensions (including properties such as face perception [7,8], gender [9], and numerosity [10]), and some evidence exists that neurons show adaptation to variance in the sole visual feature of motion [11], we were interested to assess whether after-effects distort variance perception in humans. We found that perceived variance is decreased after prolonged exposure to high variance and increased after exposure to low variance within a number of different visual representations of variance. We demonstrate these after-effects occur across very different visual representations of variance, suggesting these effects are not sensory but operate at a high (cognitive) level of information processing. These results suggest, therefore, that variance constitutes an independent cognitive property and that prolonged exposure to extreme variance distorts risk perception—a fundamental challenge for economic theory and practice.



The theme of the event was “The Role of Finance in Promoting Sustainable Development.” As in previous years, the conference was a platform for sustainable finance related research relevant to academics, investment practitioners, think-tanks, policy-makers, non-governmental organizations, and civil society at large.

The conference featured a keynote presentation by Mr. Tidjane Thiam, CEO of Credit Suisse and it has generated 1200 registrations.

Press articles covering the conference:

- Geneva Summit on Sustainable Finance CS Chef fordert Umdenken, NZZ, 23.03.16 [Download]
- Très attendu hier à Genève, l’Agefi, 23.03.16 [Download]
- La finance durable a rassemblé plus de 1000 participants à Genève, Le Temps,23.03.16 [Download]
- Tidjane Thiams Mantra, Finews, 23.03.16. [Download]
- Rayonnement international et audience en nette hausse, l’Agefi 17.03.16 [Download
- La finance durable est érigée en vedette à Genève, Tribune de Genève, 21.03.16  [Download]

Date added: Mar 7, 2016 LATSIS SYPOSIUM 2016

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