Skip to main content

WINNER OF THE RESEARCH CONFERENCE 2008

The 2008 WHU Finance Award was conferred to Torsten Schöneborn and Alexander Schied from TU Berlin, Germany. His paper entitled "Competing players in illiquid markets" was acknowledged by the jury as the best submission to 2008´s Research Conference. Thus, the work was awarded with a prize money of € 1000.
About Torsten Schöneborn's and Alexander Schied's paper:
"The paper provides the analysis of strategic trading of distressed liquidity traders, i.e. the oprimal liquidation strategy under time restrictions. The paper is of interest for asset managers who have to unwind huge asset positions due to liquidity reasons. It delivers astonishing results: little competition (quantified by the count of competitors) is bad for the distressed liquidity trader. The paper formulates policy implications for asset managers as concnerns the disclosure of liquidity needs. The paper is written such that one understands the paper during the first read. The paper is very straightforward and immediately publishable and thus internationally competitive. It is simply excellent."

The 2nd prize witz a prize money of € 500 was awarded to Matthias Bank and Jochen Lawrenz from the University of Innsbruck, Austria for his work entitled "Demand deposits as commitment device and the optimal debt mix of banks in a continuous-time framework".
About Matthias Bank's and Jochen Lawrenz's paper:
"The goal of the paper is to present a theory for the optimal capital structure of banks. This is a challenging research question because the standard arguments in the literature, which explain optimal capital structures of non-financial firms, do not apply to banks. A major difference is - for example - the fact that banks can collect deposits which exhibit fundamentally different characteristics than the available financing instruments for non-financial firms. By incorporating the properties of both deposits and bonds into a continuous-time model, the authors provide a convincing motivation for the fact that the optimal capital structure of banks is a mix of deposits and bonds This paper is an outstanding piece of work because it applies a sophisticated model in a comprehensible way that allows to considerably contribute to the literature in the followin three ways: Firstly, while most related papers are not able to explain an optimal capital structure of banks, the paper drives the optimal amount of bank's debt. Secondly, the authors not only allow for one financing instrument but for a financing mix with deposits and bonds. Thirdly, important theoretical implications are gained from a numerical analysis that can be evaluated in a further study."

The 3rd prize (EUR 500) was granted to Aurélien Alfonsi, Alexander Schied and Antje Schulz from the TU Berlin, Germany for their paper "Optimal execution strategies in limit order books with general shape functions".
About Aurélien Alfonsi's, Alexander Schied's and Antje Schulz's paper:
"The paper is a high quality work. it is indicated to be work in progress although it is already at a very elaborate level. The referee considers it to be internationally competitive and publishable upon completion. The paper is of both interest and importance for institutional asset managers who have to transact large blocks of shares."

Comments

Post a Comment

Popular posts from this blog

The Cracks Are No Longer Hairline

For decades, Washington treated support for Israel as something beyond debate. It was political scripture. Republicans defended it. Democrats defended it. Presidents came and went, wars came and went, thousands died, settlements expanded, Gaza burned, and the checks kept arriving. Questioning the arrangement was once political suicide. Now the walls are cracking. This week, more than half of House Democrats either voted to end U.S. aid to Israel or refused to oppose doing so. The amendment failed, but something far more important succeeded. The illusion collapsed. For years, American politicians insisted that criticism of Israeli government policy belonged only to "the fringe." Apparently the fringe has become half the Democratic caucus. History has an unusual sense of humor. The same establishment that spent years dismissing students, academics, humanitarian workers, doctors, journalists, and millions of protesters as naïve, radical, or antisemitic now finds itself strugglin...
Post a Comment
Read more

When the Soup Kitchens Begin to Die

There is a special kind of cruelty in watching not only a society collapse, but also the last institutions keeping it alive. For nearly three years, Gaza's humanitarian lifeline has increasingly been reduced to a queue for a single meal. Parents no longer ask their children what they would like to eat. They ask whether there will be anything to eat at all. Childhood has become measured not in birthdays, classrooms, or family gatherings, but in ration lines, empty cooking pots, and the uncertain arrival of humanitarian assistance. Now even those fragile lifelines are disappearing. The gradual closure and scaling back of World Central Kitchen (WCK) operations reflects a convergence of financial pressures, operational insecurity, and restrictions affecting humanitarian access. According to World Central Kitchen and the Israeli human rights organization B'Tselem, kitchens that once produced approximately one million meals each day have been progressively reduced, leaving only a han...
Post a Comment
Read more

Blood on Every Flag: The Global Architecture of Gaza’s Genocide.

  “This Is Not Just Israel’s War — It’s the West’s Genocide Too” “I think it is without doubt that Israel has committed war crimes.” — Matthew Miller , Former U.S. State Department Spokesperson ( source ) This rare moment of candor from a former U.S. official pierces through the fog of political posturing. But let’s be clear: It is not only Israel that has committed war crimes. It is the United States . It is the United Kingdom. It is Germany . It is France . These nations — and their allies — are not merely complicit. They are co-perpetrators of a genocide. 🇺🇸 United States: Chief Financier of Bloodshed $14+ billion in emergency military aid approved for Israel since October 2023 ( source ) 4 vetoes at the UN Security Council blocking ceasefire resolutions ( source ) Full diplomatic cover , even after Israel bombed aid convoys and hospitals “We stand with Israel. Full stop.” — President Joe Biden , October 2023 ( source ) 🇬🇧 United Kingdom: Arming At...
Post a Comment
Read more

Morgan Stanley's ex-terrorism specialist ( Valentina Soria) joins UBS in London

  by Alex McMurray   "(Valentina)  Soria, an Italian based in London, joins UBS as its global head of cyber threat intelligence and adversarial threat modelling. She was at Morgan Stanley for six and a half years, starting as the EMEA cyber threat intelligence lead and rising to head of global threat intelligence. Prior to that she was head of intelligence at the Bank of England. She leaves at a tumultuous time for the US bank as other senior  London officials are reportedly included  in its 3000 person job cuts." SOURCE:  https://www.efinancialcareers.com/news/2023/05/morgan-stanley-ubs-intelligence
Post a Comment
Read more

When the President Sounds the Alarm, But the Government Looks Away.

A President's Moral Warning Israeli presidents traditionally avoid political confrontation. Their role is largely ceremonial and symbolic, intended to unify rather than divide. Yet Herzog chose to speak openly about something many observers have documented for years: the erosion of moral restraints. His language was unusually severe. Warning of what he called " a terrible process of brutalization " within Israeli society, Herzog lamented that " there are segments among us that are barely shocked by violence anymore " while " certain other segments treat it lightly." Perhaps most alarming was his warning that extremist conduct is no longer confined to society's fringes. Such behavior, he said, is " threatening to enter the mainstream ." The significance of the speech lies not merely in what was said, but in who said it. When a country's ceremonial head of state feels compelled to warn that brutality is becoming normalized, the ...
Post a Comment
Read more