Présentation
Le LabEx ReFi est un laboratoire de recherche pluridisciplinaire dédié à l’évaluation des politiques de régulation. Il vise à (i) faire progresser la connaissance du fonctionnement des systèmes financiers et de leur régulation et à (ii) “conseiller” et “guider” en toute indépendance l’action des pouvoirs publics dans la mise en œuvre des politiques de régulation en apportant une expertise et une rigueur académique. Le LabEx ReFi a été constitué à l’initiative du Cnam, de l’Ena, de l’Université Paris I Panthéon Sorbonne et d’ESCP Europe (« porteur » du projet) dans le cadre du grand emprunt. En savoir plus ici
ÉVÉNEMENTS A VENIR
1st Annual Conference of the JRC Community of Practice in Financial Research
The Resilience of the Financial System
Brussels, 20-21 November 2018
Berlaymont, Room Walter Hallstein (WHALL)
PROGRAMME
20 November
12:30 – 14:00
Registration, Joint Research Centre roadshow and welcome lunch
14:00 – 14:15
Opening: Vladimir Šucha, Director-General, Joint Research Centre, European Commission
14:15 – 14:30
Address: John Berrigan, Deputy Director-General, Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
14:30 – 14:45 Best Policy-relevant Research Paper Award
14:45 – 15:45
Session 1: Bank regulation 10 years after Lehman (Chair Kristian Kjeldsen, Head of Financial Stability, Single Resolution Board)
1. The Interdependence of Bank Capital and Liquidity; Elena Carletti – Bocconi U., Itay Goldstein- U. Pennsylvania, Agnese Leonello – European Central Bank
2. Bank funding and risk taking; Alessandro Ferrari, Carmen García Galindo, Matic Petricek, Andreas Winkler; European University Institute.
3. Optimal Bailouts, Bank’s Incentive and Risk; Marcella Lucchetta – U. Venice , Michele Moretto – U. Padova, Bruno M. Parigi – U. Padova and CESifo.
15:45 – 16.15 Coffee Break
16.15 – 17:15
Session 2: Understanding and measuring systemic risk (Chair Luis Delgado Sancho, Director (Acting), Directorate Growth and Innovation, DG JRC, European Commission)
1. Smart Systemic-Risk Scores; Sylvain Benoit; Université Paris-Dauphine, PSL Research University
2. Interconnected Banks and Systemically Important Exposures; Alan Roncoroni – U. Zurich, Stefano Battiston – U. Zurich, Marco D’Errico – European Systemic Risk Board, Grzegorz Halaj – Bank of Canada, and Christoffer Kok – European Central Bank
3. Bank sectoral concentration and (systemic) risk: Evidence from a worldwide sample of banks; Thorsten Beck – Cass Business School and CEPR, Olivier De Jonghe – National Bank of Belgium and Tilburg University, Klaas Mulier – Ghent University and National Bank of Belgium
17.15 – 18.30
Policy panel (Moderator Peter Grasmann, Director (Acting), Financial system surveillance and crisis management)
– Cornelia Holthausen, Deputy Director General, Directorate General Market
Operations, European Central Bank
– Maria J. Nieto, Senior Advisor, Financial Stability, Banco de España
– Kasper Roszbach, Research Director, Norwegian Central Bank
– Misa Tanaka, Head of Research, Bank of England
20:00 Conference Dinner (on invitation) at Restaurant l’Atelier, 28, rue Franklin
21 November
2. Being Stranded on the Carbon Bubble? Climate Policy Risk and the Pricing of Bank Loans; Manthos D. Delis – Montpellier Business School, Kathrin de Greiff – U. Zurich and Swiss Finance
Institute, Steven Ongena – U. Zurich, Swiss Finance Institute, KU Leuven and CEPR
Haikun Zhu – Erasmus University Rotterdam
Organizers : JRC Unit B1
Contacts JRC-COPFIR@ec.europa.eu
Tel.: +39 0332 789 111
(Deadline: 15 November 2018)
Webstream Day 1
Meeting number: 848 392 091
Meeting password: FP2XeukE
Meeting link: https://ecwacs.webex.com/ecwacs/j.php?MTID=me190742b178513e54b6950fd01ae7210
Host key: 604158
Day 2
Meeting number: 849 919 584
Meeting password: QXvuhXR5
Meeting link: https://ecwacs.webex.com/ecwacs/j.php?MTID=m2d76074b61297e47975b8c4a903df5a5
Host key: 381900
Lear more about Labex ReFi events (here)
re)
“Financial Regulation and Stability after Brexit“
21 November 2018 (4 pm – 7:30 pm)
In presence of:
Didier Reynders, Deputy Prime Minister and Minister of Foreign Affairs and European Affairs
Michel Barnier, European Union Chief Negotiator
Palais d’Egmont, Brussels
The Brexit negotiations are in a difficult phase and it is hard to predict what relationship the UK will have with the EU in the future. The UK is most likely to exit the Single Market on 29 March 2019 or 31 December 2020. Financial institutions based in the UK will thus lose their passporting rights to the European market. This conference will examine some of the most important issues raised by this profound regime change.
Complete event
| ·4 pm to 4:30 pm | Opening Address Didier Reynders vice-Prime Minister of Belgium and Minister of Foreign Affairs announced by Yvon Englert, Rector of the Université Libre de Bruxelles (ULB) Panels introduced by: Kim Oosterlinck, Professor of Finance, ULB Solvay Brussels School and CEPR Ariane Szafarz, Professor of Finance, ULB, Solvay Brussels School
|
| ·4:30 pm to 5:15 pm | Panel 1: “Equivalence vs. mutual recognition and trade in services: the consequences of Brexit for the European financial sector” Speakers: Marie-Anne Barbat-Layani, CEO of the French Banking Federation Baroness Kishwer Falkner of Margravine, Chair EU Financial Affairs Sub-Committee, House of Lords John Kay, Oxford University and The Financial Times Stéphane Puel, Lawyer at the Paris Bar, Managing Partner, Gide Loyrette Nouel Moderator: Alain Pietrancosta, Professor – Sorbonne Law School, LabEx ReFi, Legal High Advisory Committee for the French Marketplace
|
| 5:15 pm to 5:45 pm | Coffee break |
| ·5:45 pm to 6:30 pm | Panel 2: “Euro fixed-income markets after Brexit: liquidity, supervision and monetary policy” Speakers: Baroness Kishwer Falkner of Margravine, Chair EU Financial Affairs Sub-Committee, House of Lords Hugues Pirotte, Professor of Finance, ULB Solvay Brussels School Sébastien Raspiller, Assistant Secretary Financial Sector Department, Directorate General of the Treasury [France] Georges Ugeux, President Galileo Global Advisors Moderator: Jean-Paul Laurent, Professor, Université Paris 1 Panthéon-Sorbonne, LabEx ReFi
|
| ·6:30 pm to 7:30 pm | Michel Barnier Chief Negotiator – Task Force for the Preparation and Conduct of the Negotiations with the United Kingdom under Article 50 TEU announced by Christian de Boissieu, Professor of economics, LabEx ReFi, Université Paris I Panthéon-Sorbonne, Board member of the Autorité des Marchés Financiers |
| ·7:30 pm | Cocktail |
Complete event
For any particular request please send an email to
epoulle@escpeurope.eu
NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at contact@labex-refi.com
Organisateurs:
Cyril Gunspan (ESILV,De Vinci)
Ricardo Pérez-Marco (CNRS, IMJ-PRG, Labex MME-DII, Labex ReFi)
Université Paris Diderot
8 Place Aurélie Nemours,
Bâtiment Sophie Germain, Amphi Alan Turing.
75013 Paris
Marco Patacca
Léonard de Vinci
« Bitcoin prices and market attention »
Abstract
In this work we measure market attention by applying several filters on time series for the trading volume or the SVI Google searches index. We analyze relative impact of these measures either on the mean or on the variance of Bitcoin returns by fitting non linear econometric models to historical data from January 1, 2012 to December 31, 2017; two non-overlapping subsamples are also considered. Outcomes confirm our conjecture that market attention has an impact on Bitcoin returns. Specifically, trading volume related measures affect both the mean and the conditional variance of Bitcoin returns while internet searches volume mainly affects the conditional variance of returns. Motivated by these evidences we propose a continuous time model for Bitcoin price, we obtain an approximate formula for the likelihood and we fit the model to historical data.
Informations détaillées sur cet événement : Lien page de l’organisateur
A LA UNE
“Financial Regulation and Stability after Brexit“
21 November 2018 (4 pm – 7:30 pm)
In presence of:
Didier Reynders, Deputy Prime Minister and Minister of Foreign Affairs and European Affairs
Michel Barnier, European Union Chief Negotiator
Palais d’Egmont, Brussels
The Brexit negotiations are in a difficult phase and it is hard to predict what relationship the UK will have with the EU in the future. The UK is most likely to exit the Single Market on 29 March 2019 or 31 December 2020. Financial institutions based in the UK will thus lose their passporting rights to the European market. This conference will examine some of the most important issues raised by this profound regime change.
Learn more here
Il y a 10 ans la crise.La régulation financière et ses nouveaux enjeux |
35th Annual Conference of the French Finance Association (AFFI) |
International Conference on Public Authority and Finance
The End of Cash: a Challenge to Public Authority? New York, April 26 & 27, 2018 Location: School of International and Public Affairs (SIPA) Columbia University New York. in association with final Capstone Workshop Presentation. Learn more here |
Économie financière : leçons du passé, questions d’avenirConférence en l’honneur de Christian de Boissieu Le 21 septembre 2017 à l’Université Paris 1 Panthéon-Sorbonne Panthéon, appartement Décanal (le matin) & Péristyle de la Sorbonne (l’après-midi) Learn more here
|
Conference with Benoît Cœuré |
International Conference on Public Authority and Finance
Paris, September 1 and 2, 2017 The Laboratory of Excellence on Financial Regulation is pleased to announce a call for papers for its International Conference on Public Authority and Finance, to be held in Paris on September 1 and 2, 2017. This conference is being organised by: Labex ReFI (Paris). It is partnered by the Centre on Corporate Governance, Columbia Law School (New York), the Blavatnik School of Government, University of Oxford, DIW (Berlin), Policy Network (London), and the Université Sorbonne Nouvelle – Paris 3 (CERVEPAs, Paris). Learn more here |
International Advisory Board WorkshopThis workshop is organized in conjunction with the International Advisory Board annual Meeting. Please find here the composition of the IAB.
Organized by Pr Gerard Hertig and Pr Christophe Moussu Learn more here |
PUBLICATIONS RECENTES
|
Paper in a Peer Reviewed Journal Kahalé Nabil (ESCP Europe, Labex Refi) (2017)Superreplication of Financial Derivatives via Convex Programming. |
Paper in a Peer Reviewed Journal Oleg Chuprinin, Sérgio Gaspar (Labex Refi), Massimo Massa, (2017)Adjusting to the Information Environment: News Tangibility and Mutual Fund Performance. |
Paper in a Peer Reviewed Journal Capelle-Blancard G. (Labex Refi) & O. Havrylchyk (Labex Refi), 2017Incidence of bank levy and market power
|
|
Paper in a Peer Reviewed Journal FOUQUAU, J. (Labex Refi), PORTES, R. and A. L. DELATTE (2017)Regime-Dependent Sovereign Risk Pricing during the Euro Crisis,
|
Edited Book FINANCIAL REGULATION IN THE EUFrom Resilience to Growth Edited by
|
Paper in a Peer Reviewed Journal Alexandre Garel (Labex Refi) and Arthur Petit-Romec (Labex Refi) (2017)Bank capital in the crisis: It’s not just how much you have but who provides itJournal of Banking & FinanceVolume 75, February 2017, Pages 152-166.
Laern more here |
LE LABEX REFI DANS LA PRESSE
France balks at reforms that will standardise banking rulesA one-size-fits-all approach to regulation will affect Europe more than the US Laern more here by Catherine Lubochinsky, professor of economics at Université Paris 2 Panthéon-Assas and Labex ReFi member
|
Il faut faire une politique de relanceLearn more here by Christian de Boissieu, Président du conseil scientifique du LabEx ReFi |
La déferlante actuelle pourrait accroître la multibancarisationSelon la chercheuse Jézabel Couppey-Soubeyran, l’arrivée d’Orange et d’autres acteurs oblige les établissements historiques à modifier leur activité, dans la banque de détail notamment. Laern more here by Jézabel Couppey-Soubeyran, Maître de conférences en économie à Paris-I Panthéon-Sorbonne, Membre du LabEx ReFi Jézabel Couppey-Soubeyran est l’auteure de Blablabanque
|
