Schedule

These are the upcoming presentations at the Research Seminar:

2025-11-03, Monday, 11:40-12:40 (Budapest time)
Institute of Finance - Room E.279.1. (Corvinus Building E, second floor)

Dr. ⁠Julien Penasse: Measuring macroeconomic tail risk

Abstract: This paper estimates consumption and GDP tail risk dynamics over the long run (1900–2020). Our predictive approach circumvents the scarcity of large macroeconomic crises by exploiting a rich information set covering 42 countries. This flexible approach does not require asset price information and can thus serve as a benchmark to evaluate the empirical validity of rare disaster models. Our estimates covary with asset prices and forecast future stock returns, in line with theory. A calibration disciplined by our estimates supports the prediction that macroeconomic tail risk drives the equity premium. I will also use this opportunity to place the paper in the context of my broader research agenda, highlighting a few ongoing projects that build upon this framework.

Joint work with Roberto Marfè

• Read Dr. ⁠Julien Penasse’s publications: https://www.uni.lu/fdef-en/people/julien-penasse/ 

• Consult the schedule of upcoming seminars: https://sites.google.com/view/finance-seminars/schedule

Please note that this Microsoft Teams link is provided only for those unable to attend the seminar in person at Corvinus University of Budapest, Institute of Finance, E.279.1. The seminar will generally be held offline.

2025-12-01, Monday, 2:00-3:00 (Budapest time)
Institute of Finance - Room E.279.1. (Corvinus Building E, second floor)

Dr. Samuel Alexandre Vigne: Biodiversity Finance: Puzzles, Tensions, and a Research Agenda

Abstract: Biodiversity loss is a systemic financial risk whose channels are more complex and less analytically tractable than climate change. Where climate finance has agreed on standardized measures, disclosure regimes, and increasingly on climate risk's role in the pricing of assets, biodiversity finance remains fragmented, under-identified, and conceptually fragile. This paper does not attempt yet another encyclopedic survey. Instead, it distills the issues of this emerging field into four recurring tensions that block intellectual and practical progress: (i) measurement and taxonomy, (ii) pricing and transmission, (iii) systemic and corporate finance, and (iv) policy, disclosure, and market infrastructure. We frame each as a puzzle, articulate the contradictions, and end with explicit, conceptual Research Questions (RQs). The throughline is clear: until measurement can join markets, biodiversity finance will remain a narrative without prices, a policy ambition without plumbing, and a systemic threat without identification.

• Read Dr. Samuel Alexandre Vigne’s publications: https://businessschool.luiss.it/en/samuel-a-vigne-2/ 

• Consult the schedule of upcoming seminars: https://sites.google.com/view/finance-seminars/schedule 

Please note that this Microsoft Teams link is provided only for those unable to attend the seminar in person at Corvinus University of Budapest, Institute of Finance, E.279.1. The seminar will generally be held offline. 

Visit our Previous Talks page to see the presentations from previous editions.