Rüdiger Fahlenbrach

Biographie

Ruediger has been elected director of the European Finance Association (2018-2020). He is Associate Editor of the Review of Finance and former Associate Editor of the Review of Financial Studies (2013-2016) and Financial Management (2012-2016). Ruediger is a research member of the European Corporate Governance Institute. His research has been reported in many large-circulation newspapers such as The New York Times, The Wall Street Journal, The Economist, Le Temps, NZZ, Handelsblatt, Forbes Magazine, USA Today, and Fortune Magazine.

Official source

https://people.epfl.ch/ruediger.fahlenbrach?lang=fr

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Cours enseignés par cette personne (1)

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Domaines de recherche associés (12)

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Publications associées (29)

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Personnes menant des recherches similaires (19)

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CEO networks and the labor market for directors?

Rüdiger Fahlenbrach, Hyemin Kim

Directors at firms with well-connected CEOs are more likely to obtain directorships at firms that are connected to the CEOs. Recommended directors do not become beholden to the CEO. Reciprocity is an important determinant of recommendations because CEOs are more likely to recommend their directors if they received help from their network filling vacant board positions. CEOs also benefit strategically from the additional appointments of their directors. Analyses of appointment announcement returns and director election results show that shareholders are not concerned by such recommendations. The results highlight the importance of CEOs as intermediaries in the director labor market.

ELSEVIER2023

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Central banks are increasingly concerned about climate-related risks and want to ensure that the financial system is resilient to them. As they integrate these risks into financial stability monitoring, they also discuss how to apply environmental criteria to their own policy portfolio management, without compromising their policy mandate. We describe different strategies and assess their relevance for central banks, using the Swiss National Bank's (SNB) equity portfolio as a laboratory. We develop a carbon-conscious screening approach that is likely consistent with its policy mandate. The approach reduces the portfolio's carbon footprint by 20%, with little impact on diversification or performance. Received January 26, 2022; editorial decision March 5, 2023 by Editor Andrew Ellul

OXFORD UNIV PRESS2023

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ICO investors

Rüdiger Fahlenbrach, Marc André Frattaroli

We conduct a detailed analysis of investors in successful initial coin offerings (ICOs). The average ICO has 4700 contributors. The median participant contributes small amounts and many investors sell their tokens before the underlying product is developed. Large presale investors obtain tokens at a discount and flip part of their allocation shortly after the ICO. ICO contributors lack the protections traditionally afforded to investors in early-stage financing. Nevertheless, returns 9 months after the ICO are positive on average, driven mostly by an increase in the value of the Ethereum cryptocurrency.

SPRINGER2020

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