• Add to calendar

The Faculty of Law, Economics and Finance is pleased to invite you to the 12th Fintech Conference.

Language

English.

This is a free conference. Registration is mandatory.

Topics/Sessions

• Agentics AI from a Multidisciplinary Perspective
• Deposit and Payments Business
• Artificial Intelligence and Financial Supervision
• AIgentics in Finance II: Identity and Data Protection
• and more!

Speakers

• Professor Caroline Kleiner (Paris)
• Professor Marina Teller (Nice)
• Professor Jean-Louis Schiltz (Luxembourg)
• Professor Dirk Zetzsche (Luxembourg)
• Professor Bob Kieffer (Luxembourg)
• and speakers from HongKong, Cambridge University Judge Business School, University of Côte d’Azur and more featuring speakers affiliated with FinTech

Programme

• 09.00 – 17.30

  To be confirmed

In partnership with

The Department of Finance at the Faculty of Law, Economics and Finance and Banque de Luxembourg are pleased to invite you to the 5th Conference in Sustainable Finance.

The event is organised within the framework of the Chair in Sustainable Finance, which is supported by the Luxembourg Ministry of Finance and the Luxembourg Ministry of Environment, Climate and Biodiversity and the FNR.

Scientific committee

Papers will be selected by the program committee consisting of members of the Department of Finance at the ����Vlog.

Programme

Wednesday, 1 July 2026

• 20.00

  Welcome dinner for presenters and discussants

  • au P’tit Max

Thursday, 2 July 2026

• 08.45 – 09.00

  Welcome (coffee)

Session 1: Implications of Carbon Risks for Firm Valuations

Chair: Denitsa Stefanova (����Vlog)

• 09.00 – 09.30

  Carbon Uncertainty and Asset Prices

  Presenter: Abraham Lioui

  Discussant: Tobias Sichert (Stockholm School of Economics)

  Co-authors: Cathy Yu-Hsuan Chen – George M. Constantinides – Nilesh Hegde

• 09.30 – 10.00

  The Labor Market Effects of Carbon Pricing

  Presenter: Gazi Kabas

  Discussant: Thorsten Martin (Frankfurt School of Finance and Management)

  Co-authors: Andreas Fuster – Vincenzo Pezone – Kasper Roszbach

• 10.00 – 10.30

  Green Q: Measuring and Valuing Green and Brown Capital

  Presenter: Kevin Schneider

  Discussant: Francesca Zucchi (European Central Bank)

  Co-authors: Ilan Cooper – Daniel Kim

• 10.30 – 11.00

  Coffee break

Session 2: Insurance markets

Chair: Benjamin Holcblat (����Vlog)

• 11.00 – 11.30

  Natural Disasters, Property Insurance, and Housing Markets

  Presenter: Nuno Clara

  Discussant: Yasmine van der Straten (Nova School of Business and Economics)

  Co-authors: Michael Boutros – Pierre Mabille

• 11.30 – 12.00

  Insuring Climate Risks in Integrated Markets

  Presenter: Jan Starmans

  Discussant: Adelina Barbalau (University of Alberta)

  Co-authors: Deeksha Gupta – Michael Sockin

• 12.00 – 14.00

  Lunch break

  • il Tocco

Session 3: Carbon Markets & Prices

Chair: Nora Paulus (����Vlog)

• 14.00 – 14.30

  Beyond Brown: Oil Shocks and Carbon Premium [online]

  Presenter: Shaojun Zhang

  Discussant: Valeri Sokolovski (University of Alberta)

  Co-author: Zhan Shi

• 14.30 – 15.00

  Private Equity and Biodiversity Offset Markets

  Presenter: Keyu Zang

  Discussant: Florian Heeb (Leibniz Institute for Financial Research SAFE)

  Co-author: Zhimin Chen

• 15.00 – 15.15

  Coffee break

The value of information and investor behavior

Chair: Patrick Augustin (McGill University)

• 15.15 – 15.45

  Strategic ESG Disclosure When Ratings Reveal Investor Preferences

  Presenter: Jan Schneemeier

  Discussant: Günter Strobl (University of Vienna)

  Co-author: Adelina Barbalau

• 15.45 – 16.30

  Doing Good by Doing Nothing? Passive Ownership and Environmental Performance

  Presenter: Theresa Spickers

  Discussant: Johannes Klausmann (University of Houston)

  Co-authors: Vidhan Goyal – Daniel Schmidt – Daniel Urban

• 16.30 – 17.00

  Tram ride to the Banque de Luxembourg

  • 14 Boulevard Royal
    L- 2449 Luxembourg

  • Tram stop: Hamilius

Keynote Presentations and Panel Discussion: Instruments for Climate Policy in a Fragmented World

Chair: Michael Halling (����Vlog)

• 17.15 – 17.20

  Welcome by the Banque de Luxembourg

• 17.20 – 17.50

  Trade Policy and International Climate Action (Keynote Presentation)

  Farid Farrokhi (Boston College)

• 17.50 – 18.20

  The economics of climate (in)action (Keynote Presentation)

  Christian Gollier (Toulouse School of Economics)

• 18.20 – 19.00

  Panel Discussion on “Instruments for Climate Policy in a Fragmented World”

  Moderator: François Koulischer (����Vlog)

  Panelists:

  • Farid Farrokhi (Boston College)
  • Christian Gollier (Toulouse School of Economics)
  • Claudia Hitaj (Ministry of the Environment, Climate and Biodiversity)
  • Pascal Husting (SteelWatch)

• 19.00

  Networking Cocktail

Contact

In collaboration with

The event is organized within the framework of the Chair in Sustainable Finance, which is supported by the Luxembourg Ministry of Finance and the Luxembourg Ministry of Environment, Climate and Biodiversity.

• Add to calendar

This workshop examines normative limits on algorithmic control and classification—bringing labour and criminal law perspective into dialogue

Abstract

The employment relationship is built on subordination. The contract grants the employer a prerogative to direct, monitor and discipline the worker, which collective rights and the individual protections of modern labour law have historically tempered. That prerogative now extends into a domain where tasks are quantified, predicted and governed by machines. AI does not create a new authority at work but intensifies the old one: algorithmic systems generate assignments, monitor execution and evaluate output, rendering the worker into data in what has been termed the era of the quantified worker. Yet no universal model protects workers in this age.

The dynamics of algorithmic governance are not confined to the workplace. Across criminal justice systems, predictive technologies increasingly classify individuals according to inferred “risks”, propensities, and behavioural forecasts, normalising forms of intervention that precede wrongdoing itself. While algorithmic management transforms workers into datafied objects of optimisation and control, predictive criminal justice systems similarly reduce individuals to probabilistic subjects of suspicion.

Against this backdrop, the workshop will be divided into two parts. The first half of the workshop will turn to the right to refuse work — tracing its origins, history and conceptual foundations, and asking whether it remains viable in the age of AI. Drawing on the intersection of AI and occupational safety and health, it will argue for the right to refuse as a guiding principle under algorithmic management.The second half of the workshop will explore the possibility of a right to freedom from algorithmic classification as a normative limit on AI-driven governance. Grounded in concerns for autonomy, dignity, and democratic accountability, such a right would challenge the legitimacy of decisions that subject individuals to legal consequences on the basis of predictive correlations rather than conduct.

Bringing labour law and criminal law into dialogue, the workshop argues that both the right to refuse work and the right to freedom from algorithmic classification respond to a broader transformation in contemporary governance: the shift from governing conduct to governing prediction. Across distinct legal domains, algorithmic systems increasingly seek to manage individuals through continuous monitoring, evaluation and pre-emptive intervention. In this sense, both rights operate as mechanisms of resistance against emerging forms of automated social control, preserving spaces of autonomy, contestation and human agency within increasingly datafied regimes of power.

����Vlog the speakers

&

Dr Zahra Yusifli, Legal Scholar

Language

English.

This is a free hybrid event. Registration is mandatory.

• Add to calendar

“Intangible Capital Around the World”

With the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg.

Abstract

We estimate the value of intangible capital around the world through the valuation approach of a neoclassical model of investment with two heterogeneous types of capital inputs: physical capital and intangible capital. Using data on public listed firms across 77 countries, we infer the importance of intangible capital for the firm’s market value in each country. We find that intangible capital accounts for over half of firms’ market value globally, with significant cross-country heterogeneity. To understand the drivers of intangible capital accumulation we explore the variation in the economic and legal environment across countries. We find that protection of intellectual property right, cost of contract enforcement significantly influence the cross-country variation in the value of intangible capital.

����Vlog the speaker

is a Professor of Finance at INSEAD. He conducts both theoretical and empirical research on the intersection of finance and macroeconomics. He is an Associate Editor of the Journal of Financial Economics, the Review of Asset Pricing Studies, and Economics Letters, a research fellow of the Center for Economic and Policy Research, a former research associate at the National Bureau of Economic Research, and a former Associate Editor of Management Science. His research is published in academic journals such as Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics, and Review of Economic Dynamics. Professor Belo holds a BSc degree in Economics from Catholic University of Portugal, an MSc in Finance and Economics from the London School of Economics, and a PhD and MBA from the University of Chicago.

Language

English.

This is a free event. Registration is mandatory.

Cold lunches are provided to registered participants only.

• Add to calendar

Monotone Comparative Statics in Multi-Asset Portfolio Choice

Abstract

Arrow (1965) and Pratt (1964) laid the bedrock of portfolio theory by showing how risk aversion governs portfolio choice with one risky and one safe asset. Extending these insights to two risky assets proved elusive: Cass and Stiglitz (1972) and Hart (1975) showed that almost any portfolio response is possible, leaving a long-standing gap in our understanding. This paper closes that gap. It explains several empirical facts that are difficult to reconcile within the mean–variance framework. Mean–variance analysis is nested as a special case.

����Vlog the speaker

Language

English

This is a free seminar. Registration is mandatory.

• Add to calendar

AI Lecture Series: Lecture 8

The Faculty of Law, Economics and Finance, in collaboration with the Interdisciplinary Centre for Security, Reliability and Trust (SnT) and the National Centre of Excellence in Research and Innovation (NCER FutureFinTech) is pleased to invite you, as part of the AI Lecture Series, to this lecture.

Abstract

Using AI for streamlining regulatory compliance solutions in financial organisations: the pros, the cons and other cogs

As financial markets become increasingly digital, globally interconnected and heavily regulated within and across jurisdictions, financial institutions are looking towards Artificial Intelligence (AI) to strengthen regulatory compliance capabilities. This lecture will explore how AI-enabled tools can be used to develop, test and maintain compliance solutions across regulated finance, including banking, trading venues, clearing and settlement systems, payment infrastructures and RegTech platforms.

Drawing on industry practices, this lecture will explore potential cases of AI use in compliance environments, these include: AI-assisted development, AI-assisted rule mapping, automated coverage analysis, regulatory change management and conformance automation frameworks. If implemented efficiently, AI-enabled compliance architectures can help connect regulatory obligations, internal rule books, testing artefacts and audit evidence into continuously traceable systems.

The session will analyse the main benefits of AI adoption in compliance functions, including faster delivery, quicker interpretation of regulatory texts, automation of repetitive control activities, improved monitoring and reporting, scalability across jurisdictions, enhanced fraud and anomaly detection and more adaptive governance processes. AI can also help organisations reduce operational burden and improve responsiveness to rapidly evolving regulations such as DORA, MiFID II, Reg SCI and AML/KYC obligations.

At the same time, the lecture will critically evaluate the limitations and risks associated with the use of AI in regulated finance. These include model opacity (“black box” decision-making), explainability challenges, hallucinations in generative AI systems, data privacy concerns, bias in automated decisions, cybersecurity vulnerabilities, vendor concentration risk and difficulties in establishing deterministic audit trails for probabilistic AI models. Regulatory bodies increasingly emphasise that accountability for compliance cannot be delegated to AI systems or external vendors – which calls for strong governance, human oversight and robust validation frameworks.

The lecture will conclude by discussing emerging heuristics for efficient AI adoption in financial compliance, including “human-in-the-loop” governance, use of explainable AI, model risk management, traceability-by-design and continuous testing methodologies. Students will gain insight into how financial institutions can balance innovation with operational resilience, accountability and regulatory trust in an era of accelerating AI adoption.

����Vlog the speaker

is a co-founder & co-CEO of Exactpro, an independent provider of software testing services for financial sector organisations. Among other things Iosif is responsible for the AI Testing strategy and trading systems reliability research. He holds a MSc degree in Theoretical Physics.

Language

English.

This is a free event. Registration is mandatory.

Presentation

Download the presentation: Using AI for Streamlining Regulatory Compliance Solutions in Financial Organisations.

In collaboration with

• Add to calendar

AI Lecture Series: Lecture 7

The Faculty of Law, Economics and Finance, in collaboration with the Interdisciplinary Centre for Security, Reliability and Trust (SnT) and the National Centre of Excellence in Research and Innovation (NCER FutureFinTech) is pleased to invite you, as part of the AI Lecture Series, to this lecture.

Abstract

This lecture presents recent research on legal judgment prediction and the creation of the underlying dataset, namely the Cambridge Law Corpus. The focus is on predicting claim success in the UK Employment Tribunal, whether judge identity matters for outcome prediction and the practicalities of creating large datasets for AI research.

����Vlog the speaker

is Professor of Law at the University of Cambridge and Professorial Fellow (Privileges) at Newnham College. He serves as Deputy Chair of the Faculty of Law and Co-Director of the Centre for Corporate and Commercial Law (3CL). He is Global Distinguished Professor of Law at the University of Notre Dame, Research Member of the European Corporate Governance Institute (ECGI), Principal Legal AI Advisor at Thomson Reuters and Associate Director of the TR Imperial Frontier AI Lab.

Language

English.

This is a free hybrid event. Registration is mandatory.

Lunch will be offered from 11:30.

In collaboration with

• Add to calendar

“Identification in (Endogenously) Nonlinear SVARs Is Easier Than You Think”

With the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg.

Abstract

We study identification in structural vector autoregressions (SVARs) in which the endogenous variables enter nonlinearly on the left-hand side of the model, a feature we term endogenous nonlinearity, to distinguish it from the more familiar case in which nonlinearity arises only through exogenous or predetermined variables. This class of models accommodates asymmetric impact multipliers, endogenous regime switching, and occasionally binding constraints. We show that, under weak regularity conditions, the model parameters and structural shocks are (nonparametrically) identified up to an orthogonal transformation, exactly as in a linear SVAR. Our results have the powerful implication that most existing identification schemes for linear SVARs extend directly to our nonlinear setting, with the number of restrictions required to achieve exact identification remaining unchanged. We specialise our results to piecewise affine SVARs, which provide a convenient framework for the modelling of endogenous regime switching, and their smooth transition counterparts. We illustrate our methodology with an application to the nonlinear Phillips curve, providing a test for the presence of nonlinearity that is robust to the choice of identifying assumptions, and finding significant evidence for state-dependent inflation dynamics.

����Vlog the speaker

‘s research is in macroeconometrics, and he is especially concerned with the challenges for inference, and the opportunities for identification, created by strongly dependent time series. In particular, he has worked on: nonlinear generalisations of cointegration; nonparametric estimation and inference; and on the robustness of inferences to departures from exact unit roots (in SVARs). He is also interested in problems of identification and inference in structural macroeconomic models. His work has been published in the Annals of Statistics, the Journal of Econometrics, and Econometric Theory.

Language

English.

This is a free event. Registration is mandatory.

Cold lunches are provided to registered participants only.

• Add to calendar

“Incident-Driven ESG Engagement”

With the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg.

Abstract

Using proprietary engagement records from a large European asset manager, we study how ESG shocks shape institutional monitoring. We find that salient negative ESG incidents are a key trigger for engagement because they deteriorate public sentiment, heighten investors’ reputational concerns, and reveal information about previously hidden ESG weaknesses. Investors respond not only to incidents at focal firms but also to incidents at peer firms, consistent with both reactive monitoring following realized ESG failures and preemptive monitoring based on shared risk exposures within product markets. We further show that incident-driven engagement is more informed and more effective: it mitigates subsequent sentiment deterioration, reduces future ESG incidents, attenuates declines in institutional ownership, and is associated with higher firm value. More intensive engagement is also significantly more likely to succeed. Taken together, our findings speak to the fundamental question of what initiates institutional engagement and underscore its role as an important channel of external corporate governance.

����Vlog the speaker

is a Professor of Finance.

Language

English.

This is a free event. Registration is mandatory.

Cold lunches are provided to registered participants only.

In collaboration with

• Add to calendar

“Creative Destruction in the Healthcare Sector: Hospital Closures and Patient Outcomes”

With the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg.

Abstract

Since 1975, the US has seen the net closure of over 800 hospitals, with more ex-pected following the recent $1 trillion reduction in federal healthcare spending. This trend underscores the need to better understand how closures impact patient outcomes. Using confidential patient-level data, we track patients who are displaced from closed hospitals and forced to seek treatment elsewhere, measuring their outcomes pre- and post- closure. We find patients at closing hospitals who subsequently switch to another facility experience better health outcomes, relative to patients who do not lose their hospital. Patients displaced by closures tend to receive treatment at higher quality hospitals characterized by stronger financial performance and higher staffing ratios, suggesting that market exit by inefficient providers may reallocate patients toward better-performing institutions. While average displaced patients find higher quality care, elderly patients in rural areas experience elevated mortality rates, suggesting limited accessibility to substitute providers. Overall, our findings reveal heterogeneous effects of hospital closures: while they may enhance care quality and efficiency for most patients, they pose risks to patient health in immobile populations.

����Vlog the speaker

is Professor of Finance at ESMT Berlin. At the same time, she is the head of the Department of Laws, Regulations and Factor Markets at IWH Halle Institute for Economic Research.

Language

English.

This is a free event. Registration is mandatory.

Cold lunches are provided to registered participants only.

In collaboration with