Research Conference - Understanding investment funds: Developments and risks in the EU fund industry
Hybrid event: ESMA (201-203 rue de Bercy, 75012 Paris, France) and online
Register by Friday, 14 November, using the links below:
ESMA's Research Conference on “Understanding investment funds: Developments and risks in the EU fund industry” will take place on Tuesday, 25 November, in Paris.
The conference will bring together securities market policymakers and supervisors, academics, and industry professionals to discuss and analyse market developments and risks in the EU fund industry, from the perspective of investor protection, financial stability and implications for financing the European economy.
Topics
- Financial stability
- Innovation developments
- ESG investment
- Costs of investing in UCITS and AIFs
Agenda
09.15 - 09.30 Welcome and introductory remarks, Natasha Cazenave (ESMA)
09.30 - 10.00 Keynote speech: Regulation and supervision in a brave new world, Thorsten Beck (EUI)
10.00 - 11.30 Session 1: Financial stability, chaired by Christian Weistroffer (ECB)
- Paper: Passing on the hot potato, the use of ETFs by open-ended funds to manage redemption requests
Authors: Lennart Dekker, Luis Molestina Vivar, Christian Weistroffer - Paper: Dilution and Strategic Complementarity in Fixed-Income Funds: Evidence from European UCITS
Authors: Christof Stahel - Paper: Beyond the Surface: Open-Ended Funds’ Investor Base and their Portfolio Allocation
Authors: Valerio Della Corte, Raffaele Gallo, Taneli Makinen, Francesco Palazzo
12:00 - 13:30 Session 2: Innovation developments, chaired by Marie Briere (Amundi and Institut Louis Bachelier)
- Paper: Implications of AI usage for financial stability: Evidence from AI-driven investment funds identified by generative AI
Authors: Victor Pak-Ho Leung, Joe Ho-Yeung Wong, Siru Lu - Paper: ETFs as a disciplinary device
Authors: Yuet Chau, Karamfil Todorov, Eyub Yegen - Paper: What if bitcoin is a risk-free asset in the end
Authors: Giulio Anselmi, Giorgio Alessandro Motta
14:15 - 15:45 Session 3: ESG investment, chaired by Tessa Sprokkel (AFM)
- Paper: Smoke and Mirrors in ESG Reporting. Does ownership matter?
Authors: Marina Brogi and Valentina Lagasio - Paper: ESG and Mutual Funds competition
Authors: Ariadna Dumitrescu, Javier Gil-Bazo - Paper: Disclosures or Distractions? Investor response to SFDR PAI indicators
Authors: Franco Fiore, Andreas Knetsch, Carmelo Latino, Loriana Pelizzon, Pallavi Rajan, Katia Vozian
16:00 - 17:00 Panel discussion: Costs of UCITS and AIFs
Chaired by Antonio Barattelli (ESMA)
Panellists:
- Tania De Renzis (ESMA)
- Sebastien Commain (Better Finance)
- Vera Jotanovic (EFAMA)
- Ariadna Dumitrescu (ESADE Business School)
17.00 - 17.15 Closing remarks, Claudia Guagliano (ESMA)