The SUERF/UniCredit & Universities Foundation Research Prize was inaugurated in 2013, and rewards outstanding papers, up to two prizes, submitted on a specific topic. The prize is open to papers completed within 12 months of the entry deadline by authors and co-authors who are citizens or residents/students in the EEA, Switzerland or other countries in which UniCredit is present, aged under 35 by the closing date of the competition. The winning papers are presented at a joint workshop. www.unicreditanduniversities.eu
Deadline for submissions: 15 October 2017
Sovereign debt markets have undergone fundamental changes since the financial, economic and Euro Area sovereign debt crises. Sovereign debt to GDP ratios have soared as a result of massive government spending in support of financial systems and the real economy, and so far in most countries no substantial return to lower ratios is visible. Sovereign bonds have lost their previous – alleged - status as risk-free assets. The bail-in of private holders of Greek debt marked a watershed. Contagion among sovereigns became very visible during the crisis. Default by several European sovereigns was averted only by massive involvement of the Eurosystem. Central banks worldwide have become dominant players on the demand side in the context of QE, affecting both the level and slope of risk-free sovereign yield curves as well as risk premiums. The composition of private holders of sovereign debt has as a result changed markedly. The effects from eventual tapering of central bank QE on sovereign yields are uncertain. Resulting risks to, and precautionary measures to ensure, sovereign debt sustainability in some countries are so far open issues. Will public debt to GDP ratios be eventually brought back to pre-crisis levels, and how? Will highly indebted governments be able/willing to pay back outstanding debt? Is debt repudiation unavoidable in some cases? Which form might it take? The preferential treatment of sovereign debt in bank and other regulatory frameworks is under discussion. In the Euro Area, alternative schemes to pool some parts of sovereign debt in one or the other way are being discussed. Ultra-low nominal yield and the risk of future valuation losses may have changed the role and assessment of sovereign issues in institutional investors’ portfolios. Ageing and its consequences for state and individual finances may affect both the supply and the demand for sovereign debt.
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2016 Prize Winners
The 4th SUERF/UniCredit & Universities Foundation Research Prize was awarded to two outstanding papers (each of EUR 3,000) submitted to a Call for Papers on the topic of “Asset management at crossroads”. Heiko Jacobs (University of Mannheim) with the paper "Beta and Biased Beliefs" and Mancy Luo (Ph.D. candidate in finance at Tilburg University) with the paper "Financial Product Design and Catering: Evidence from the Global Mutual Fund Industry were awarded at a SUERF/UniCredit & Universities Foundation workshop held in Vienna on 26 January 2017, at WU University (Vienna University of Economics and Business).
2015 Prize Winners
Given the technical complexity of the issue, "The future of retail banking", the Scientific Committee has selected only one prize. The winner is Miguel Faria-e-Castro with the paper "Central Bank Interventions, Demand for Collateral, and Sovereign Borrowing Costs" co-authored by Matteo Crosignani e Luis Fonseca. The winning paper will receive €5,000 gross and will be presented during the annual UniCredit & Foundation Award ceremony in June 2016, in Milan.
2014 Prize Winners
Ettore Panetti, Banco de Portugal, and Elena Mattana, Université catholique de Louvain-CORE, were awarded for their paper on "A dynamic quantitative macroeconomic model of bank runs". Roberto Robatto, University of Wisconsin Madison, was awarded for his paper on "Financial crises and systemic bank runs in a dynamic model of banking".
2013 Prize Winners
Jean-Edouard Colliard, ECB, was awarded for his paper on "Monitoring the supervisors: optimal regulatory architecture in a banking union". Lena Tonzer, European University Institute and Manuel Buchholz, IWH Halle and University of Tübingen, were awarded for their paper on "Sovereign credit risk co-movements in the Eurozone: Simple interdependence or contagion?".