Connections with UC Berkeley and beyond for Graduate of Zurich Doctoral Program

A discussion with a visiting researcher last summer ultimately led Florian Peters (pictured), who graduated from the Swiss Finance Institute doctoral program at the end of 2007, to follow up his doctoral research at the Department of Economics, University of California, Berkeley.

Florian's doctoral work had initially focused on so-called agency problems that arise when a company takes on significant debt. But more recently he shifted to another issue in corporate finance, namely executive compensation.

"My latest paper investigates whether part of the [rise in] CEO pay can be attributed to an increased risk of getting fired," explains Florian. Results from this work were included in a research presentation at the Swiss Finance Institute 2007 Annual Meeting.

A visit last summer to Zurich by UC Berkeley Assistant Professor Ulrike Malmendier marks the start of Florian's journey to the West Coast. Malmendier, who has published widely on the impact of senior executives on corporate decisions, advised Florian on his recent research work and invited him over to Berkeley earlier this year.

Florian will continue his research at UC Berkeley until the end of the year and start applying for US faculty positions in January 2009.

Singapore MSc in Wealth Management collaboration set to develop further

The Institute just issued a brief press release about the visit, during the first half of this month, of more than 50 graduate students from the Singapore Wealth Management Masters course.

During the visit I spoke with students and with two senior faculty from Singapore Management University.

I will be publishing interviews with Professors Francis Koh (pictured) and Annie Wee in the next edition of the Swiss Finance Institute newsletter, but one point deserves mention here and now.

On the final evening of the 2 week program, Professor Koh mentioned to me that he was keen to see the collaboration with the Institute develop further. Koh mentioned the possibility of a joint research collaboration with the Institute in the field of finance and wealth management.

This is an exciting development and you can be sure I will post news about this collaboration as it arrives. Watch this space!


Press release
Wealth Management Program Brings 52 Singapore Graduate Visitors to Swiss Finance Institute

Photos
Welcome photo gallery

Related postings
A night at the Rosengart Museum

Mutual Exchange of interests in Lucerne

Arrival of Singapore MSc in wealth management participants

Swiss Finance Institute Doctoral Prize Winner Chooses Freely Among Top North American Schools

The job market for academic positions in finance is focused on the annual American Finance Association meeting in January. Newly minted Finance PhDs use the conference, which was held this year in New Orleans, to meet face to face with potential employers.

Sébastien Michenaud was pleasantly surprised to receive a positive response to roughly half his applications. Indeed, he received so many interview offers he could narrow his sights and focus only on the very top Schools in the US and Europe.

Those interviews resulted in no fewer than 7 offers for assistant professorships in North America alone. Sébastien set out on a 4 week interview tour before finally choosing the Jones Graduate School of Management at Rice University in Houston.

How did he decide, given such a wide field of choice? "I preferred [the Rice offer] over the alternatives because of the young, dynamic faculty and the prestige of this small private university".

Last year, Sébastien won the Swiss Finance Institute Doctoral Prize for his work on the impact of financial analysts on corporate decision making. His doctoral work is supervised by Professor François Degeorge, Swiss Finance Institute Research Fellow and professor of Finance at the University of Lugano.

A night at the Rosengart museum

I joined our visitors from the Singapore Masters in Wealth Management faculty for their private tour of the Rosengart Collection, Lucerne, on Friday March 7th.

The collection of classic modernist artists includes 125 works by Paul Klee and more than 50 by Pablo Picasso, including a portrait of Rosengart Foundation Co-founder and President Angela Rosengart, painted by Picasso in 1964.

Tomorrow evening the students will hear a presentation entitled "Art as an investment" by UBS art investment expert and Managing Director, Head of Art Banking, Gold & Numismatics Dr. Karl Schweizer.

Arrival of Singapore Wealth Management MSc participants

Mutual exchange of interests in Lucerne

Mutual exchange of interests in Lucerne

The Swiss study block of the Singapore Masters in Wealth Management MSc is now well under way.

SFI Director of Executive Education Harry Hurzeler began the study block with a presentation on business and marketing strategies in wealth management.

Geoff Marsh of Dansam LTD is currently presenting on the client advisory process.

The students bring great enthusiasm. In addition to course work, they have already had to prepare group presentations and have evaluated and discussed these presentations.

The students have also been enjoying the elements. Snow falls during the middle of the week have turned Lucerne into the image of a traditional Swiss chocolate box.

As they enjoyed a brief outing into the snow during the afternoon coffee break yesterday, the students had a look of surprise that can only be experienced when one has been living in 30 degree heat and high humidity just days before.

This program is about mutual understanding. It is an opportunity to learn from one another and to discuss the demands of professional wealth management.

Arrival of Singapore Wealth Management MSc participants

Arrival of Singapore Wealth Management MSc participants

On March 2nd, more than 50 participants of the Singapore MSc in Wealth Management program arrived in Switzerland for a two week study block jointly organised by Singapore Management University, Singapore-based Wealth Management Institute and the Swiss Finance Institute.

Program Director Professor Francis Koh and Wealth Management Institute CEO Annie Wee have also made the journey to Lucerne, where most of the Swiss program will be held.

The visitors attended a welcome event (see picture) at the Lucerne Culture Centre (KKL) sponsored by Bank Julius Baer.

I'll be reporting on the visit throughout the next two weeks.

Accumulated wealth continues

McKinsey analysts Miklos Dietz, Robert Reibestein and Cornelius Walter recently published a forecast for the future fortunes of the banking industry, and predict further growth.

Despite recent corrections in the financial services sector, the authors believe an ongoing accumulation in wealth will double banking revenues and profits by 2016.

Banking outpaced the effusive energy sector in after tax profits in 2006 ($788B versus $617B).

My eyes are on the shift in the historical trend for global banking profits as a percentage of total corporate profits.

The 70s, 80s and early 90s drew the line at 6%, yet McKinsey's forecast sees a continuation of better times for banking, with a 9%+ share in global profits holding steady for the foreseeable future (insert).