Presentation

The Laboratory of Excellence for Financial Regulation (LabEx-ReFi) is a research centre dedicated to the evaluation of regulation policies. It aims to improve the understanding of financial systems and regulations’ implications, and to provide public authorities with independent academic expertise and guidelines for action. The LabEx-ReFi has been created as an initiative of CNAM, ENA, University Paris 1 Panthéon-Sorbonne (CES, PRISM and IRJS) and ESCP Europe (the project leader) in the context of the “Grand Emprunt”. Learn more here

COMING EVENTS

Nov
20
Tue
JCR – The Resilience of the Financial System
Nov 20 – Nov 21 all-day

 

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

08.30 – 09.00 Registration and coffee
09.00 – 10.30
Session 3: Macro perspectives: finance, growth and the real economy (Chair Nigel Nagarajan, Adviser to the Director, Directorate Financial system surveillance and crisis management, DG FISMA, European Commission)
1. Taming and Timing Financial Developement to Reduce Crises; Sami ben Naceur – IMF, Bertrand Candelon – UCL Louvain, CORE Louvain Finance, Quentin Lajaunie – U. Paris Dauphine
2. “Finance and Growth” Re-Loaded; Lizethe Méndez – Universidad Autónoma Metropolitana, Steven Ongena – U. Zurich, Swiss Finance Institute, KU Leuven and CEPR
3. Anatomy of a Sovereign Debt Crisis Through Real-Time Macroeconomic Data; Lucia Alessi – European Commission – JRC, Pierluigi Balduzzi – Carroll School of Management, Boston College, Roberto Savona – U. Brescia
4. Redenomination risk and Euro Area government bond markets fragmentation; Leonardo Iania, Angelo Luisi; UCL Louvain, LFIN
10.30 – 11.00 Coffee Break
11:00 – 12:30
Session 4: New challenges ahead: sustainable finance and fintech (Chair Peter Kerstens, Adviser for technological innovation and cyber-security in financial services, DG FISMA, European Commission)
1. Artificial intelligence, financial risk management and systemic risk; Jon Danielsson, Robert Macrae, Andreas Uthemann; Systemic Risk Centre, London School of Economics
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
3. To what extent is the financial system of the Euro Area exposed to climate risk?; Stefano Battiston – UZH, Irene Monasterolo – WU, Veronika Stolbova – ETH Zurich
4. Can Technology Undermine Macroprudential Regulation? Evidence from Peer-to-Peer Credit in China; Fabio Braggion – Tilburg University and CentER, Alberto Manconi – Bocconi University,
Haikun Zhu – Erasmus University Rotterdam
12:30 – 14:00 Poster session and lunch
14:00 – 15:00
Keynote speech: ‘Equity Finance: Match Liability to Power‘ by Prof. Emeritus, Charles Goodhart, London School of Economics
15:00 – 15:15
Closing remarks: Francesca Campolongo, Head of Unit Finance and Economy, Directorate Growth and Innovation, DG JRC, European Commission
15:15 – 15:30 Coffee Break
15:30 – 16:30 Annual meeting of CoPFiR (members only)

Organizers : JRC Unit B1

Contacts JRC-COPFIR@ec.europa.eu

Tel.: +39 0332 789 111

Registration

(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)

Nov
21
Wed
“Financial Regulation and Stability after Brexit”, in Brussels, on 21 November 2018
Nov 21 @ 16 h 00 min – 19 h 30 min

“Financial Regulation and Stability after Brexit“

21 November 2018 (4 pm to 7:30 pm)

In presence of:

Didier Reynders, vice-Prime Minister of Belgium

Michel Barnier, 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.

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

 

For security reasons, please register before the deadline, Monday 19 November 2018.

NB. If you are prevented from coming, we would be grateful if you could inform us as soon as possible at contact@labex-refi.com

Registration

Nov
22
Thu
Cryptofinance Seminar, FinTech – Bitcoin prices and market attention with Marco Patacca
Nov 22 @ 18 h 00 min – 19 h 00 min

 

Organisateurs:

Cyril Gunspan (ESILV,De Vinci)

Ricardo Pérez-Marco (CNRS, IMJ-PRG, Labex MME-DIILabex 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

Focus

Il y a 10 ans la crise.

La régulation financière et ses nouveaux enjeux

in partnership with

  and   

September 20, 2018, Paris

Program here



35th Annual Conference of the French Finance Association (AFFI)

in partnership with

  and   

May 22-24, 2018, Paris

website conference here

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’avenir

Conférence 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

Member of the ECB’s Executive Board

 

PRESENTATION

Le jeudi 23 novembre 2017 à 19h

Learn more here 

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 OxfordDIW (Berlin), Policy Network (London), and the Université Sorbonne Nouvelle – Paris 3 (CERVEPAs, Paris).

Learn more here 

International Advisory Board Workshop

This 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

RECENT PUBLICATIONS

Paper in a Peer Reviewed Journal

Kahalé Nabil (ESCP Europe, Labex Refi) (2017)

Superreplication of Financial Derivatives via Convex Programming.


Management Science

Laern more here

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.


Management Science

Laern more here

Paper in a Peer Reviewed Journal

Capelle-Blancard G. (Labex Refi) & O. Havrylchyk (Labex Refi), 2017

Incidence of bank levy and market power


Review of finance

21(3), 1023-1046

Laern more here

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,


Review of finance

21(1), 363-385.

Laern more here

Edited Book

FINANCIAL REGULATION IN THE EU

From Resilience to Growth

Edited by
Raphaël Douady
Clément Goulet
Pierre-Charles Pradier

Learn more here

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 it

Journal of Banking & Finance

Volume 75, February 2017, Pages 152-166.

Laern more here

LABEX REFI IN THE MEDIA

France balks at reforms that will standardise banking rules

A 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 relance

Learn more here

by Christian de Boissieu, Président du conseil scientifique du LabEx ReFi

La déferlante actuelle pourrait accroître la multibancarisation

Selon 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

© 2017 Labex Refi - admin by G. Dimopoulos & S. Dehmej - website by follow media - Mentions légales