S e ani, Sebas ian
A icle
29 h Annual Mee ing o he Ge man Finance Associa ion
(DGF)
C edi and Capi al Ma ke s – K edi und Kapi al
P o ided in Coope a ion wi h:
Duncke & Humblo , Be lin
Sugges ed Ci a ion: S e ani, Sebas ian (2024) : 29 h Annual Mee ing o he Ge man Finance
Associa ion (DGF), C edi and Capi al Ma ke s – K edi und Kapi al, ISSN 2199-1235, Duncke &
Humblo , Be lin, Vol. 57, Iss. 1/4, pp. 237-250,
h ps://doi.o g/10.3790/ccm.2024.1449501
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/324954
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Duncke & Humblo · Be lin
C edi and Capi al Ma ke s, 57 (2024) 1 – 4: 237 – 250
h ps://doi.o g/10.3790/ccm.2024.1449501
Repo s
29 h Annual Mee ing o he Ge man Finance Associa ion (DGF)
Sebas ian S e ani*
In oduc ion
The 29 h Annual Mee ing o he Ge man Finance Associa ion was held om
Sep embe 28 o 30, 2023, a he Uni e si y o Hohenheim in S u ga . The ob-
jec i e o he con e ence was o p o ide a o um o he p esen a ion and discus-
sion o he la es esea ch indings om all a eas o inance, banking, and insu -
ance.
The e en was o ganized by P o . D . Hans-Pe e Bu gho , P o . D . Thomas
Dimp l, P o . D . Robe Jung, and he DGF 2023 O ganizing Commi ee. A o al
o 256 submissions we e ecei ed by he Ge man Finance Associa ion om
21coun ies. Following a comp ehensi e e iew p ocess in ol ing nume ous e-
iewe s, 97 pape s we e selec ed o p esen a ion in i e sessions, each comp is-
ing six ca ego ies, oge he wi h a pos e session.
In addi ion o he main con e ence, a doc o al semina was held, speci ically
designed o Ph.D. s uden s o p esen hei wo k and engage in discussion wi h
expe ienced esea che s. Concu en wi h he doc o al semina , he second
Woman-in-Finance wo kshop ook place. This e en p o ides a aluable pla -
o m o emale inance esea che s o ne wo k, collabo a e, add ess sha ed
challenges, and d aw inspi a ion om accomplished emale ole models.
The keyno e speech deli e ed by Holge M. Muelle , Nomu a P o esso o Fi-
nance a New Yo k Uni e si y Leona d N. S e n School o Business, add essed
he dissemina ion o local shocks ac oss egions by la ge i ms’ in e nal ne -
wo ks.
I. Doc o ial Semina
On Thu sday mo ning, he Ge man Finance Associa ion con ened a wo k-
shop o ad anced doc o al s uden s in conjunc ion wi h he o hcoming con-
e ence a he Uni e si y o Hohenheim, scheduled o commence on F iday.
* Sebas ian S e ani, M.Sc., Chai o Banking and Financial Se ices (510F), Uni e si y
o Hohenheim, E-Mail: sebas ian.s e a[email p o ec ed]
238 Sebas ian S e ani
C edi and Capi al Ma ke s, 57 (2024) 1 – 4
This one-day e en p o ides doc o al s uden s wi h he oppo uni y o p esen
hei esea ch and engage in discou se wi h leading expe s in he ield ega d-
ing he con en and me hodology o hei wo k. The acul y membe s who pa -
icipa ed in he e en included P o . D . Ral Elsas, P o . D . Joachim G ammig,
P o . D . S e an Ruenzi, P o . D . Ch is ian Schlag, and P o . D . E ik Theissen.
Fu he mo e, he Spa kassen-Finanzg uppe (S i ung ü die Wissenscha )
p o ided sponso ship o he bes doc o al s uden pape , awa ded o he mos
ou s anding p esen a ion du ing he wo kshop.
II. Woman in Finance E en
F om midday on Thu sday, he Ge man Finance Associa ion also hos ed he
second Women-in-Finance E en , building on he success o he p e ious yea ’s
edi ion. The hal -day ga he ing, which p eceded he commencemen o he con-
e ence, cons i u ed an in aluable o um whe ein emale inance esea che s
we e a o ded he oppo uni y o es ablish connec ions, engage in join endea -
ou s, con on sha ed obs acles, and d aw sus enance om he exempla s o ac-
complished emale p o essionals. The e en was held a he BW Bank in S u ga .
The a endees pa icipa ed in he o ical and p esen a ion aining wi h Ka in
Sei a h and lis ened o a keyno e add ess by E in Hengel, Ph.D., om B unel
Uni e si y, on he opic o “Gende and he ime cos o pee e iew.” Subse-
quen ly, a panel discussion was held, du ing which insigh s we e p o ided by
E in Hengel, P o . Tabea Buche -Koenen, Anke Dembowski, and P o . Alexand a
Niessen-Ruenzi. The day’s ac i i ies concluded wi h a join dinne , ollowed by a
ecep ion a he main con e ence.
The e en was o ganized by La issa Ginzinge , Leah Zimme e , and Sophia
Koch, wi h suppo om Fonds F auen, Schwäbisch Hall, and he Spa kasse.
III. Con e ence P esen a ions
This sec ion p o ides a ch onological o e iew o he con e ence sessions and
he esea ch p esen a ions o he main con e ence, gi en du ing he espec i e
sessions. Due o space limi a ions, i is no easible o desc ibe all 97 in he sub-
sequen pa . Consequen ly, a selec ion has been made o inclusion in his e-
po .
Session A1: Asse Managemen
Vesa Pu siainen and Te eza Tyk o a om he Uni e si y o S . Gallen p esen -
ed a s udy examining he impac o p i a e equi y acquisi ions on e ail cus om-
29 h Annual Mee ing o he Ge man Finance Associa ion (DGF) 239
C edi and Capi al Ma ke s, 57 (2024) 1 – 4
e beha io . The analysis demons a es ha acquisi ion announcemen s esul in
a no able decline in cus ome isi s o he a ge i m’s ou le s, pa icula ly in
ins ances o p ima y buyou s. This decline, which is obse ed o e e se a e
he acquisi ion is inalized, sugges s ha i is no a ibu able o ope a ional al-
e a ions. The decline in isi s is mo e p onounced in economically disad an-
aged egions and a ies based on egional socio-economic and poli ical cha ac-
e is ics, such as income le els and poli ical o ien a ion.
Session A2: Cen al Banking and Regula ion
A s udy by Cy il Couaillie om he Eu opean Cen al Bank examines he
manne in which banking ins i u ions de e mine and a ain hei a ge capi al
a ios. The s udy demons a es ha banks augmen hei capi al a ge s in e-
sponse o ele a ed egula o y equi emen s. Howe e , hei esponses o igo -
ous e sus ope a ional equi emen s a e analogous, which calls in o ques ion he
e icacy o he Basel III amewo k. The indings indica e ha a ge s a e p ocy-
clical, wi h banks seeking o demons a e sol ency du ing economic down u ns.
Fu he mo e, Couaillie demons a es ha disc epancies be ween ac ual and
a ge capi al a e a signi ican ac o in luencing balance-shee adjus men s. In
pa icula , he shows ha banks u ilize exis ing capi al o co e wo- hi ds o he
gap and adjus hei asse s o b idge he emaining po ion. This disc epancy
was pa icula ly in luen ial in shaping c edi supply du ing he global heal h c i-
sis p ecipi a ed by he co id-19 pandemic.
Session A3: Beha io al Finance
Ma en Laudi (Maas ich Uni e si y), Thomas Pauls (Goe he Uni e si y
F ank u ), and Paul Smee s (Uni e si y o Ams e dam) conduc ed an analysis
o he impac o nega i e ESG news on in es o beha io . The s udy demons a -
ed ha in es o s end o inc ease hei consump ion o di idend income ollow-
ing nega i e ESG news abou a i m, consuming wice as much compa ed o
di idends om i ms wi hou such con o e sies. This heigh ened consump ion
occu s immedia ely on he di idend payou da e, indica ing ha i is an emo-
ional esponse o nega i e news a he han a a ional adjus men .
Session A4: G een Finance
The session o G een Finance was opened by Emily Ko manyos, and Daniel
Wo ing om Goe he Uni e si y F ank u , and Famulok Jakob om he Leib-
niz Ins i u e o Financial Resea ch SAFE. They examined he impac o indi id-
ual in es o s’ ca bon oo p in s on hei p e e ences o ESG in es men s. Thei
240 Sebas ian S e ani
C edi and Capi al Ma ke s, 57 (2024) 1 – 4
s udy demons a ed ha in es o s equen ly u ilize sus ainable asse s as a
means o compensa ing o hei ele a ed ca bon oo p in s, a he han o ea-
sons pe aining o sus ainabili y o e u ns. This beha io is pa icula ly p e a-
len among hose who pe cei e hei en i onmen al impac o exceed ha o
hei pee s, and i is also posi i ely co ela ed wi h eligious belie s his o ically
associa ed wi h o se ing. The indings indica e ha income e ec s do no se e
as he p ima y d i e o hese in es men choices.
Session A5: Co po a e Finance
An analysis by Fabio Gi a di om Goe he Uni e si y F ank u , in oduces a
consump ion-based asse p icing model o assess he ma ke p ice o unce ain-
y in he e m s uc u es o U.S. T easu y and S&P 500 equi y yields. His model,
which inco po a es compensa ion o mpu, e ec i ely cap u es he essen ial
cha ac e is ics o he da a se and demons a es he impac o unce ain y on
sho - and long- e m payo alua ions.
Session A6: Asse P icing
In a heo e ical con ex , Lu z K uschwi z and And eas Lö le om F eie Uni-
e si ä Be lin, add ess he equi y p emium puzzle by p oposing a no el ap-
p oach ha in eg a es s ochas ic di idend-p ice a ios in o he Lucas Model.
The au ho s con end ha adi ional models, which ely on de e minis ic a ios,
a e incompa ible wi h empi ical da a. Thei inno a i e heo y, which is consis -
en wi h no a bi age and ans e sali y p inciples, o e s a po en ial solu ion o
he disc epancies be ween heo e ical p edic ions and eal-wo ld obse a ions
in consump ion beha io .
Session B1: Risk Managemen
A esea ch pape p esen ed by Tim Philippi and Jö g Schille o he Uni e si y
o Hohenheim, examines he ade-o be ween p emium subsidies and disas e
elie paymen s. The analysis is based on a go e nmen ’s ole in ensu ing a sub-
sis ence le el o wel a e o i s ci izens while minimizing i s o al ans e ex-
pendi u es. The go e nmen can choose be ween ex-pos disas e elie paymen s
o ex-an e p emium subsidies o main ain his subsis ence le el. The s udy con-
cludes ha when insu ance ma ke s a e e icien , go e nmen in e en ion is
unnecessa y. Howe e , in he p esence o ma ke ic ions ha impede isk ans-
e o insu e s, he go e nmen aces a choice be ween wo equilib ia: elying
solely on disas e elie paymen s o o e ing su icien ly high p emium subsidies
o encou age indi iduals o choose insu ance o e elying on disas e elie .
29 h Annual Mee ing o he Ge man Finance Associa ion (DGF) 241
C edi and Capi al Ma ke s, 57 (2024) 1 – 4
Session B2: Cen al Banking and Regula ion
Ped o J. Cuad os-Solas (CUNEF Uni e sidad), Ca los Sal ado (Uni e sidad
de Valencia), and Nu ia Suá ez (Uni e sidad Au ónoma de Mad id) examines
he impac o supe iso y design on so e eign isk. Using he Single Supe iso-
y Mechanism (SSM) in Eu ope, he s udy inds ha so e eign isk, as indica ed
by so e eign a ings, is lowe in coun ies whe e la ge banks a e supe ised a
he sup ana ional le el han in coun ies wi h only na ional supe ision. This
e ec is in luenced by he cha ac e is ics o he banking sec o and he ins i u-
ional amewo k o he coun y. The au ho s iden i y bank s abili y as he key
channel linking supe ision o so e eign isk. Thei esul s a e obus o he use
o c edi de aul swap (CDS) sp eads as an al e na i e measu e o so e eign isk
and o changes in p uden ial policy.
Session B3: Beha io al Finance
The esea ch by Ca ina Fleische , Holge K a , and Fa ina Weiss om Goe he
Uni e si y in es iga es he gende e enue gap in he sale o pe sonal belong-
ings. U ilizing a dis inc i e da a se om a widely iewed ele ision p og am,
whe ein i ems a e sold ia an English auc ion and selle s can impac ou comes
h ough pos -auc ion nego ia ions. The s udy e eals ha women, on a e age,
ea n 7.3 % less han men a e con olling o a ious ac o s. The analysis
demons a es ha women end o a e be e when selling i ems ha align wi h
adi ional emale oles o i ems wi h easily de e mined alues. Fu he mo e,
he obse ed pe o mance disc epancy is in luenced by bo h he cha ac e is ics
o he selle s and he composi ion o he deale eams. No ably, emale eams
ha e been shown o signi ican ly ou pe o m indi idual emale selle s.
Session B4: Digi al Finance
Rachel J. Nam om Goe he Uni e si y p esen ed he esea ch pape “Open
Banking and Cus ome Da a Sha ing: Implica ions o Fin ech Bo owe s” a he
con e ence. The pape examines he impac o open banking on he ou come o
loan applica ions. The indings indica e ha bo owe s wi h highe isk p o iles
a e mo e likely o sha e hei da a, esul ing in highe loan app o al a es and
lowe in e es a es. These e ec s a e e iden ac oss all c edi isk p o iles, wi h
he mos no able bene i s obse ed in bo owe s wi h bo h lowe and highe
c edi sco es.
The pape was awa ded as he Bes Pape in Digi al Finance, sponso ed by
Bö se S u ga and S u ga Financial.
242 Sebas ian S e ani
C edi and Capi al Ma ke s, 57 (2024) 1 – 4
Session B5: Co po a e Managemen
In his session, a s udy shows he in luence o di ision manage s’ human cap-
i al on he dis ibu ion o in e nal capi al wi hin i ms by And eas Benz (Uni e -
si y o Hohenheim), Pe e Deme jian (Geo gia S a e Uni e si y), Daniel Hoang
(Uni e si y o Hohenheim), and Ma in Ruckes (KIT). The s udy in oduces a
no el measu e o di ision-manage abili y. I e eals ha manage s who a e
mo e capable ecei e signi ican ly la ge capi al alloca ions han hei less skilled
pee s. This inding emains consis en e en a e conside ing asso a i e ma ch-
ing and is mo e p onounced in i ms wi h supe io go e nance. The esea ch
also demons a es ha highe -abili y manage s a e appoin ed o la ge di isions,
indica ing ha i ms en us hem wi h g ea e capi al alloca ions in bo h ela-
i e and absolu e e ms. The alloca ion o addi ional capi al o hese high-abili y
manage s is shown o c ea e alue a he i m le el, suppo ing he concep o
e icien und ans e s o p oduc i e manage s.
Session B6: Asse P icing
A esea ch by B ad Cannon om Bingham on Uni e si y and Hannes
Moh schlad om he Uni e si y o Müns e examines he con a ian ading
beha io o e ail in es o s. The s udy, p esen ed a he con e ence, e eals ha
while e ail in es o s ypically sell s ocks a e ecen high e u ns, he con a i-
an beha io obse ed in hese ades is speci ic o posi ions wi h un ealized cap-
i al gains and e e ses o s ocks wi h un ealized losses. The esea che s asc ibe
his phenomenon o he p ominence o po olio posi ions and ading s a e-
gies such as ake-gain and s op-loss o de s. Addi ionally, he s udy in es iga es
he impac o his ading beha io on asse p ices, demons a ing ha condi-
ional con a ian selling in luences sho - e m e u n e e sals and inc eases
s ock e u n ola ili y. U ilizing s ock spli s as a na u al expe imen , he au ho s
p esen causal e idence o subs an ia e hei indings.
Session C1: Ma ke E iciency
The pape “Paymen o O de Flow and Ma ke Quali y: A Field Expe i-
men ”, au ho ed by Ral Elsas (LMU Munich School o Mangemen ), Lu z Jo-
hanning (WHU – O o Beisheim School o Managemen ), and E ik Theissen
(Uni e si y o Mannheim), examines he in luence o paymen o o de low
(PFOF) on s ock ma ke quali y. The s udy was conduc ed in collabo a ion wi h
a majo Ge man neo-b oke . I in ol ed e ou ing la ge olumes o e ail o de s
o andomly selec ed s ocks o he p ima y ma ke , Xe a, on designa ed ea -
men days, ins ead o p ocessing hem h ough a PFOF ading enue. The e-
29 h Annual Mee ing o he Ge man Finance Associa ion (DGF) 243
C edi and Capi al Ma ke s, 57 (2024) 1 – 4
sea che s e alua ed a ange o s anda d liquidi y and in o ma ional e iciency
me ics be o e, du ing, and a e he ea men pe iod o bo h he ea men
s ocks and a con ol g oup o simila s ocks. A di e ence-in-di e ences analysis
was employed o asce ain he causal e ec s o PFOF on ma ke quali y. The
indings did no co obo a e he hypo hesis ha PFOF nega i ely a ec s ma ke
quali y, he eby o e ing aluable insigh s in o he ongoing deba e o e PFOF
p ac ices.
Thei wo k was awa ded he DGF Bes Pape Awa d 2023 sponso ed by he
Ge man Finance Associa ion.
Session C2: Cen al Banking and Regula ion
The esea ch conduc ed by Philipp Klein, Alexande Ni schke, and And eas
P ings en om he Uni e si y o Müns e , which examines he unc ion o Syn-
he ic Capi al Relie T ades (SCRTs) wi hin he amewo k o sus ainable i-
nance. The s udy employs a no el da ase o SCRTs o in es iga e he ac o s
in luencing banks’ issuance o hese ades and hei subsequen impac on bank
pe o mance and loan supply. The indings indica e ha an inc ease in o al
capi al a ios does no mo i a e banks o issue SCRTs. Con e sely, a highe a io
o non-pe o ming loans has a nega i e impac on issuance. Subsequen o issu-
ance, SCRTs a e associa ed wi h a no able inc ease in he supply o syndica ed
g een loans, al hough he o e all supply o syndica ed loans emains unal e ed.
Howe e , hese g een loans a e iskie , esul ing in highe non-pe o ming loan
a ios o banks. I is no ewo hy ha SCRTs do no a ec o al capi al a ios,
indica ing ha capi al a bi age, which was p e alen be o e he Global Finan-
cial C isis, is no longe easible. The s udy highligh s ha SCRTs can enhance
g een lending, po en ially add essing he g een inance gap, while mi iga ing ad-
e se e ec s.
Session C3: En i onmen al, Social Go e nance
The pape “Ma ke -Based G een Fi ms” o Ma hias Reine , and Oli e Rehbe-
in om Fo dham Uni e si y, along wi h Kon ad Adle , and Jing Zeng om
TUDo mund Uni e si y, in oduce a no el me hod o assessing he g eenness
o i ms using ma ke da a. The au ho s de elop a model ha demons a es how
abno mal s ock e u ns a ound signi ican clima e news e en s e lec a i m’s
exposu e o clima e isk, o i s “g eenness”. Applying his model o S&P
500 i ms, he au ho s u ilize ma ke eac ions o clima e- ela ed news o sco e
i ms acco ding o hei le el o g eenness. This ma ke -based measu e is an
e ec i e means o cap u ing u u e emissions and in eg a ing di e se ma ke
in o ma ion. The esul s a e in acco dance wi h exis ing measu es, such as
244 Sebas ian S e ani
C edi and Capi al Ma ke s, 57 (2024) 1 – 4
CO2 emission in ensi ies and ex -based assessmen s. Howe e , no co ela ion
was obse ed wi h sel - epo ed me ics, which may be less eliable.
Session C4: C yp ocu encies
A concep ual amewo k and esea ch by Ch is oph Be sch om he Riks-
bank shows he ac o s ha in luence bo h he up ake and agili y o s able-
coins. This amewo k o e s aluable insigh s o isk assessmen , egula o y
s a egies, and he gene a ion o new es able hypo heses. The analysis demon-
s a es ha while he b oade adop ion o s ablecoins may esul in a des abiliz-
ing composi ion e ec , his can be o se by posi i e ne wo k e ec s. Howe e ,
hese ne wo k e ec s may simul aneously diminish he u ili y o adi ional
bank deposi s as a paymen me hod, po en ially leading o an o e -adop ion o
s ablecoins. Fac o s such as inc eased issue e enue om ees and seignio age,
along wi h conges ion e ec s, a e demons a ed o enhance s abili y. Fu he -
mo e, he de elopmen o a s ablecoin lending ma ke is iden i ied as bene icial
o bo h s abili y and adop ion, p o ided i emains ee om specula i e in lu-
ences. The inclusion o a mo al haza d p oblem o e s u he insigh s in o e -
ec i e ese e managemen and disclosu e p ac ices.
Session C5: Me ge s and Acquisi ion
The session was begun by he pape o Nils Lohmeie , and Ch is oph Schneide
om Uni e si y o Müns e . The s udy examines how bidde o e alua ion in-
luences paymen me hods in me ge s and acquisi ions (M&As). The s udy e-
eals ha bidde s o en use s ock paymen s oppo unis ically, le e aging a ge
sha eholde s’ amilia i y biases. By employing he S ambaugh, Yu, and Yuan
(2015) misp icing sco e, he au ho s ind ha o e alued bidde s a e mo e like-
ly o use s ock o paymen . Using an ins umen al a iable app oach, hey
demons a e ha bidde misp icing causally a ec s he p opo ion o s ock used
in paymen s. The esea ch also shows ha a ge sha eholde s, mo e amilia
wi h he bidde , a e p one o accep o e alued s ock, despi e nega i e ma ke
eac ions. Addi ionally, a ge s o such oppo unis ic bidde s do no ecei e
highe o e p emiums and ace long- e m unde pe o mance o he bidde ’s
sha es. The indings sugges ha beha io al biases in sha eholde decision-mak-
ing can pe pe ua e s ock ma ke ine iciencies in co po a e acquisi ions.
Session C6: Asse P icing
A esea ch “Risk A e sion and Real Economic Ac i i y: A Mac o-Finance
Pe spec i e” by Jü g Fausch om Hochschule Luze n explo es how ime- a ying
