Conference Agenda
Overview and details of the sessions of this conference. Please select a date or room to show only sessions at that day or location. Please select "Show Presentations" and "List View" or a single session for detailed view (with abstracts, discussants, downloads). PDF downloads are accessible to registered participants only (after Login).
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Session Overview |
| Date: Thursday, 18/Sept/2025 | |
| 8:30am - 2:00pm |
Registration Thursday Location: Building 2 |
| 9:00am - 5:00pm |
Doctoral Seminar Location: Building 2, Room 6 Chair: Erik Theissen |
| 10:30am - 4:00pm |
Women-in-Finance Event Location: Building 2, Room 4+5 |
| 7:00pm - 11:00pm |
Get-together Location: Hagen City Hall Fingerfood and drinks are served. There will be a registration desk for the conference. |
| Date: Friday, 19/Sept/2025 | ||||||
| 8:30am - 4:00pm |
Registration Friday Location: Building 2 |
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| 9:00am - 9:20am |
Welcome Address Location: Building 2, Room 1-3 |
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| 9:30am - 11:00am |
A1: Asset Pricing Empirical 1 Location: Building 3, Room 2 EG Chair: Jan Harren In Search of the Causal Greenium 1: Vienna University of Economics and Business (WU), Austria; 2: Reykjavik University, Iceland 10:00am - 10:30am The aggregated equity risk premium 1: RPTU Kaiserslautern-Landau; 2: Penn State University 10:30am - 11:00am The fed and the wall street put 1: University of Muenster, Germany; 2: University of Southern California, USA; 3: International Monetary Fund, USA |
A2: Corporate Finance Empirical 1 Location: Building 3, Room 3 EG Chair: Christoph Schneider Dictionaries for post-bankruptcy success prediction: A machine learning approach RWTH Aachen University, Germany 10:00am - 10:30am Tech openness: Corporate culture in times of AI-transformation University of Mannheim, Germany 10:30am - 11:00am The outsized role of tax havens in mergers and acquisitions 1: University of Texas at Dallas; 2: U.S. Securities and Exchange Commission; 3: University of Münster, Germany |
A3: Sustainable Finance 1 Location: Building 3, Room D 005 Chair: Olaf Korn Flooded friends - peer effects in insurance decisions Goethe University Frankfurt, Germany 10:00am - 10:30am Determinants and forecasting of corporate greenwashing behavior 1: Department of Finance, University of Regensburg; 2: Centre for European Research in Microfinance (CERMi), Belgium; 3: Department of Climate Finance, University of Augsburg; 4: Centre for Climate Resilience, University of Augsburg; 5: Swiss Institute of Banking and Finance, University of St. Gallen 10:30am - 11:00am The influence of uncertain environmental impact on risk taking in asset allocation University of Göttingen, Germany |
A4: Financial Intermediation 1 Location: Building 3, Room D 006 Chair: Oliver Rehbein Probability of Default, Leverage and Dynamics 1: Universität Konstanz, Germany; 2: European Central Bank, Frankfurt; 3: University of Groningen, Netherlands 10:00am - 10:30am Taxation and bank liquidity creation 1: University of South Carolina, USA; 2: University of St Andrews, United Kingdom; 3: University of Cologne, Germany 10:30am - 11:00am When the Dam almost Breaks: Disasters and Credit Risk 1: Vienna University of Economics and Business, Austria; 2: Deutsche Bundesbank; 3: Goethe University |
A5: Behavioral Finance 1 Location: Building 3, Room F 009 Chair: Wolfgang Breuer Ambiguity, prudence, and optimal portfolio choice: beyond robust mean-variance analysis Vienna University of Economics and Business, Austria 10:00am - 10:30am A new Measure of Overconfidence: Deducing the Board Perspective on CEO Optimism and Miscalibration 1: University of Groningen, Netherlands, The; 2: Erasmus University Rotterdam 10:30am - 11:00am The choice for and the effect of CEO interviews after earnings announcements RWTH Aachen University, Germany |
A6: Derivatives 1 Location: Building 11, Room D 0002/3 Chair: Fabian Hollstein Measuring Option Liquidity 1: Universität Stuttgart, Germany; 2: LMU Munich School of Management, Germany; 3: Karlsruhe Institute of Technology, Germany 10:00am - 10:30am Good and bad variance premia and expected carbon returns University of Münster, Germany 10:30am - 11:00am How do investors trade option anomalies? 1: Saarland University, Germany; 2: University of Liverpool, UK |
| 11:00am - 11:30am |
Coffee Break 1 Location: Building 2 |
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| 11:30am - 1:00pm |
B1: Asset Pricing Theoretical 1 Location: Building 3, Room 2 EG Chair: Nicole Branger Can inflation and monetary policy predict asset prices? University of Luxembourg, Luxembourg 12:00pm - 12:30pm Portfolio Selection and Asset Pricing with Ambiguity: a two-stage Evaluation Approach 1: University of Southern Denmark, Denmark; 2: Danish Finance Institute 12:30pm - 1:00pm Intermediary asset pricing with heterogeneous intermediaries in a production economy 1: University of Muenster, Germany; 2: Goethe University Frankfurt, Germany |
B2: Corporate Governance Location: Building 3, Room 3 EG Chair: Moritz Wiedemann Algorithms leave but insiders arrive: evidence from the tick size pilot Uni Mannheim, Germany 12:00pm - 12:30pm Watchdog or mouthpiece? The role of financial news media in corporate communication 1: University of Duisburg-Essen, Germany; 2: TU Dortmund University, Germany 12:30pm - 1:00pm Green stewards: Responsible institutional investors foster green capex Rotterdam School Of Management, Erasmus University |
B3: Banking Supervision and Regulation Location: Building 3, Room D 005 Chair: Andrea Modena Bank dividend restrictions and banks' institutional investors ESCP Business School, Spain 12:00pm - 12:30pm Stock market responses to capital buffer announcements during the COVID pandemic: Evidence from a new global dataset Technische Hochschule Mittelhessen 12:30pm - 1:00pm Coordinating dividend taxes and capital regulation 1: University of Mannheim; 2: University of Turin and Collegio Carlo Alberto; 3: University of Bologna |
B4: Empirical Finance 1 Location: Building 3, Room D 006 Chair: Hannes Mohrschladt Relative visibility and attraction in asset pricing Banken und Finanzen, University of Innsbruck, Austria 12:00pm - 12:30pm Satispricing Erasmus University Rotterdam, Netherlands, The 12:30pm - 1:00pm Strategic communication with a myopically loss averse investor 1: University of Münster; 2: University of Potsdam |
B5: Financial Econometrics Location: Building 3, Room F 009 Chair: Moritz Dauber Nonlinearities and Pricing Complexity in the Cross-Section of Stock Returns 1: Vienna University of Economics and Business; 2: Goethe-University Frankfurt; 3: Goethe-University Frankfurt and Leibniz Institute SAFE 12:00pm - 12:30pm Roy sorting: climate and status quo strategies 1: University of Kassel; 2: Steyler Ethik Bank; 3: University College Dublin and the European Commission’s Platform for Sustainable Finance; 4: University of California-Berkeley and NBER 12:30pm - 1:00pm Common factors in currency characteristics University of Innsbruck, Austria |
B6: Market Microstructure Location: Building 11, Room D 0002/3 Chair: Ryan Riordan Liquidity mechanisms in decentralized finance: Design, fragmentation, and arbitrage in real-world asset markets 1: LMU Munich School of Management, Germany; 2: International Real Estate Business School, University of Regensburg; 3: Department of Finance, University of Regensburg; 4: International Real Estate Business School, University of Regensburg 12:00pm - 12:30pm SOFR so good: Transaction costs and resilience in the post-Libor swap market Copenhagen Business School, Denmark 12:30pm - 1:00pm Fragmented liquidity and predictable jumps 1: HEC Montreal, Canada; 2: LMU Munich, Germany |
| 1:00pm - 2:00pm |
P1: Poster 1 Location: Building 2, Room 4+5 Out of sync: latency arbitrage on European markets LMU Munich, Germany |
P2: Poster 2 Location: Building 2, Room 4+5 Multi-market coupling model: a residual demand approach Karlsruhe Insitute of Technology (KIT), Germany |
P3: Poster 3 Location: Building 2, Room 4+5 Analyst vs. machine learning: differences in implied cost of capital estimations Technical University of Munich, Germany |
P4: Poster 4 Location: Building 2, Room 4+5 Look at my watch! Continuous information and momentum in the market for luxury watches University of Regensburg, Germany |
P5: Poster 5 Location: Building 2, Room 4+5 Greener pensions, greener choices: linking investments to sustainable behavior 1: Leibniz Institute for Financial Research SAFE, Germany; 2: Aarhus BSS, Aarhus University, Denmark |
P6: Poster 6 Location: Building 2, Room 4+5 Bitcoin ordinals and inscriptions: An analysis of Bitcoin’s evolving network dynamics Ulm University, Germany |
| 1:00pm - 2:00pm |
Lunch Break Location: Building 4 (Mensa) |
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| 2:00pm - 3:30pm |
C1: Asset Pricing Empirical 2 Location: Building 3, Room 2 EG Chair: Patrick Schwarz Do investors learn from prices? Evidence from the securities lending market 1: Frankfurt School of Finance and Management, Germany; 2: Bocconi University, Italy 2:30pm - 3:00pm Price pressure during central bank asset purchases: Evidence from covered bonds WU Vienna, Austria 3:00pm - 3:30pm Rewriting CRSP's history: Impact of altered monthly returns on asset pricing 1: HEC Liege, Belgium; 2: University of Konstanz, Germany; 3: Reykjavik University, Iceland |
C2: Digital Finance Location: Building 3, Room 3 EG Chair: Thomas Walther Economic limits of bitcoin’s environmental promises: pathway or pitfall for the green transformation? Witten/Herdecke University, Germany 2:30pm - 3:00pm Banking for boomers - A field experiment on technology adoption in financial services 1: Johannes Gutenberg University Mainz, Germany; 2: Catholic University Eichstaett-Ingolstadt, Germany 3:00pm - 3:30pm Certainly! Generative AI and its Impact on Academic Writing (in Finance) 1: Utrecht University School of Economics, The Netherlands; 2: Faculty of Business and Economics, Technische Universität Dresden, Germany; 3: University of Manchester Alliance Manchester Business School, United Kingdom |
C3: Information and Market Efficiency 1 Location: Building 3, Room D 005 Chair: Stefan Scharnowski The expected returns on machine-learning strategies 1: RPTU Kaiserslautern-Landau, Germany; 2: Technische Universität München; 3: Smeal College of Business, Penn State University 2:30pm - 3:00pm Dealer quid pro quo in the municipal bond market 1: University of Georgia; 2: Florida State University 3:00pm - 3:30pm Hidden Liquidity - Evidence from the Introduction of Iceberg Orders University of Mannheim, Germany |
C4: Financial Intermediation 2 Location: Building 3, Room D 006 Chair: Matthias Muck Same same but different: The risk profile of corporate bond ETFs 1: Karlsruhe Institute of Technology, Germany; 2: Schulich School of Business York University, Canada 2:30pm - 3:00pm ESG favoritism in mutual fund families 1: WU (Vienna University of Economics and Business), Austria; 2: Vienna Graduate School of Finance; 3: NYU Stern; 4: NYU Shanghai 3:00pm - 3:30pm Unmasking global investors: An examination of the shifting dynamics in sovereign bond trading 1: Universität Münster; 2: Universität Bamberg; 3: Deutsche Finanzagentur |
C5: Financial Forecasting Location: Building 3, Room F 009 Chair: Tobias Lorenz Neumaier Determinants of the carbon futures term structure 1: Technische Universität Chemnitz, Germany; 2: Technische Universität Dresden, Germany 2:30pm - 3:00pm Are there fences in the global factor zoo? 1: Universität Liechtenstein, Liechtenstein; 2: Universität St. Gallen, Schweiz 3:00pm - 3:30pm The Devil in the Details: A Multiverse View of Pockets of Predictability 1: Gabelli School of Business, Fordham University; 2: HSB Hochschule Bremen - City University of Applied Science; 3: University of Bremen; 4: MBS School of Business, Poznan University of Economics and Business, and Monash University |
C6: Derivatives 2 Location: Building 11, Room D 0002/3 Chair: Fanchen Meng Pieces of the index option return puzzle: Some new evidence FernUniversität in Hagen, Germany 2:30pm - 3:00pm Long-run and short-run idiosyncratic stock volatilities and cross-section of option returns University of Sydney, Australia 3:00pm - 3:30pm How option traders take sides on return predictability Karlsruhe Institut für Technologie, Germany |
| 3:30pm - 4:00pm |
Coffee Break 2 Location: Building 2 |
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| 4:00pm - 5:00pm |
Keynote Speech Location: Building 2, Room 1-3 Michael Weber (Mitch Daniels School of Business at Purdue University): "The Role of Subjective Expectations for Economic Decisions and Trading" |
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| 5:15pm | Bus shuttle to the conference dinner |
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| 5:15pm - 6:15pm |
Introduction to the Immersive Collaboration Hub Location: Building 6 |
DGF General Assembly Location: Building 2, Room 4+5 |
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| 5:45pm - 6:45pm |
Guided tour of the historic sites of Hohensyburg Location: Spielbank Hohensyburg The tour will start and end near the dinner location and will take approximately one hour. |
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| 6:15pm | Bus shuttle to the conference dinner |
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| 7:00pm - 11:00pm |
Conference Dinner Location: Spielbank Hohensyburg |
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| 10:00pm | Bus shuttle to the main campus and Hagen city centre |
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| 11:00pm | Bus shuttle to the main campus and Hagen city centre |
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| Date: Saturday, 20/Sept/2025 | ||||||
| 8:30am - 11:00am |
Registration Saturday Location: Building 2 |
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| 9:00am - 10:30am |
D1: Asset Pricing Theoretical 2 Location: Building 3, Room 2 EG Chair: Julian Thimme Tracing the learning curve: On cryptocurrency prices, volatility, and eventual adoption University of Oxford, United Kingdom 9:30am - 10:00am Three reasons to price carbon under uncertainty: Accuracy of simple rules 1: Tilburg University, The Netherlands; 2: University of Oxford, United Kingdom; 3: University of Amsterdam, The Netherlands 10:00am - 10:30am Understanding asset pricing factors Karlsruher Institut für Technologie, Germany |
D2: Household Finance Location: Building 3, Room 3 EG Chair: Alexander Klos Divorce and Financial Well-Being 1: University of Konstanz, Germany; 2: Copenhagen Business School, Denmark 9:30am - 10:00am If I were you: Advisor gender and client risk tolerance University of Marburg, Germany 10:00am - 10:30am Gambling with Dividends 1: Kiel University; 2: University of Mannheim |
D3: Sustainable Finance 2 Location: Building 3, Room D 005 Chair: Felix von Meyerinck The carbon cost of competitive pressure 1: University of St.Gallen and Swiss Finance Institute; 2: University of Bath; 3: Durham University 9:30am - 10:00am Mutual funds’ appetite for sustainability in European Auto ABS Leibniz Institute for Financial Research SAFE, Germany 10:00am - 10:30am Insurers' coal underwriting policies 1: Universität Zürich, Switzerland; 2: Swiss Finance Institute |
D4: Financial Intermediation 3 Location: Building 3, Room D 006 Chair: Valeriya Dinger Natural bank reliance International Monetary Fund, Washington DC, USA 9:30am - 10:00am Once a Trader, Always a Trader: The role of traders in fund management 1: University of Kansas, USA; 2: University of Stuttgart, Germany 10:00am - 10:30am Covered but exposed: currency risk in collateralized bank funding 1: Universität Osnabrück, Germany; 2: Norges Bank, Norway; 3: American University, US |
D5: Behavioral Finance 2 Location: Building 3, Room F 009 Chair: Lukas Grahl Inside the mind of retail short sellers Duisburg-Essen University, Germany 9:30am - 10:00am Investment decision biases in HNWIs 1: Universtiät Witten/Herdecke, Germany; 2: Esslingen University, Germany 10:00am - 10:30am Ambiguity and earnings announcements Aarhus University, Denmark |
D6: Derivatives 3 Location: Building 11, Room D 0002/3 Chair: Samia Badidi Arbitrage Opportunities 1: Leibniz Universität Hannover, Germany; 2: Macquarie University Sydney, Australia 9:30am - 10:00am Inferring the trade direction in option auctions Universität Münster, Germany 10:00am - 10:30am Forecast dispersion and the price impact of macroeconomic news Tilburg University, Netherlands, The |
| 10:30am - 11:00am |
Coffee Break 3 Location: Building 2 |
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| 11:00am - 12:30pm |
E1: International Finance Location: Building 3, Room 2 EG Chair: Ingomar Krohn FX dealer constraints and external imbalances 1: Ruhr University Bochum, Germany; 2: TU Dresden, Germany 11:30am - 12:00pm Swap line dollar supply University of St.Gallen, Switzerland 12:00pm - 12:30pm Uncovered interest parity in high frequency 1: Bank of Canada, Canada; 2: Warwick Business School; 3: Chinese University of Hong Kong |
E2: Corporate Finance Empirical 2 Location: Building 3, Room 3 EG Chair: Alexander Schandlbauer Exporting carbon emissions? Evidence from space 1: Aarhus University, Denmark; 2: University of Mannheim, Germany 11:30am - 12:00pm Venture capital and scientists' selection into entrepreneurship Imperial College London, United Kingdom 12:00pm - 12:30pm Who worries about the stock market: Evidence from hospitalizations 1: University of Southern Denmark, Denmark; 2: Terry College of Business, University of Georgia; 3: Rockwool Foundation Research Unit and IZA Institute of Labor Economics |
E3: Information and Market Efficiency 2 Location: Building 3, Room D 005 Chair: Thomas Hartmann-Wendels Proximity-powered attention: Exploring spatial spillover in investor attention Technische Universität Dortmunnd, Germany 11:30am - 12:00pm Revisiting political event portfolios 1: Technical University of Darmstadt; 2: University of Liechtenstein 12:00pm - 12:30pm Leasing vs. Debt: The Impact of IFRS 16 on Firm Financing Decisions and Managerial Incentives Forschungsinstitut für Leasing an der Universität zu Köln, Germany |
E4: Empirical Finance 2 Location: Building 3, Room D 006 Chair: S. Sarah Zhang Counterfactuals matter - the relative Dispostion Effect 1: University of Mannheim, Germany; 2: LMU Munich, Germany Evaluating the Effectiveness of EU Securitization Regulation on the Performance of the SME Securitization Market Technical University of Munich, Germany Racial disparities in the U.S. mortgage market: Evidence from data privacy legislation University of Manchester, United Kingdom |
E5: Risk Management Location: Building 3, Room F 009 Chair: Elissa Ana Maria Iorgulescu "Ethereum blockchain: Economic failure of proof-of-stake consensus mechanism" Nottingham Business School, Nottingham Trent University, United Kingdom 11:30am - 12:00pm From Silicon Valleys to Risky Peaks: the Impact of Tech Mergers on the Risk Commonality in US Capital Markets Osnabrueck University, Germany 12:00pm - 12:30pm Does options trading matter for risk management? Insights from the 1936 options ban on US futures markets University of Münster, Germany |
E6: Experimental Finance Location: Building 11, Room D 0002/3 Chair: Lars Hornuf Ranking concerns or reference points: The impact of communicating expected payoffs in experimental studies Universität Duisburg-Essen, Germany 11:30am - 12:00pm Will AI replace or enhance human intelligence in investment management? 1: University of Texas at Dallas, United States of America; 2: Wilfrid Laurier University, Canada 12:00pm - 12:30pm Making GenAI smarter: Evidence from a portfolio allocation experiment 1: Dresden University of Technology; 2: Catholic University Eichstaett-Ingolstadt |
| 12:30pm | Takeaway lunch Location: Building 2 |
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