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Event Announcements/ News


Centre for Responsible Banking & Finance's Dr Ross Brown, together with Dr Neil Lee from London School of Economics, has authored a report examining the funding issues facing high growth SMEs. The work, Funding issues confronting high growth SMEs in the UK, was undertaken for the Institute of Chartered Accountants Scotland (ICAS) and found many high growth SMEs were reluctant to give up equity or borrow in case this diminishes their autonomy. It contains important policy implications for both the supply and, the often neglected, demand-side of SME funding. News of the work, which was published in June 2014, has been widely disseminated in media including The Herald and the Financial Times.
See University of St Andrews Press Release: "Debt-averse businesses are holding back economic recovery".


May 2014: Dr Ross Brown, University of St Andrews School of Management, has been awarded a research contract with colleagues from the University of Stirling to investigate funding issues within employee-owned businesses. The research is funded by Cooperative Development Scotland and will involve a major programme of interviews with current and potential employee owned firms, banks and intermediaries.


Mr Ian WalkerWith the MX (Masters Extra) Programme of the School of Management, University of St Andrews, the RBF hosted the following seminar:

'Responsible enterprises in emerging markets'
Mr Ian Walker
Managing Director, Johnson & Johnson
Tuesday 2 April 2014, 3:30pm
Location: Lecture Room 3, The Gateway, North Haugh, University of St Andrews.


With the Financial Institutions and Markets thematic research group of the School of Management, University of St Andrews, the RBF hosted the following seminars:

'Issues on Spurious Regressions'
Professor Christos Agiakloglou
University of Piraeus
Wednesday 6 November 2013, 3:15pm
Location: Boardroom, The Gateway, North Haugh, University of St Andrews.

'Rethinking Capital Structure Arbitrage: a Price Discovery Perspective'
Dr Davide Avino
University College Dublin
Wednesday 23 October 2013, 4pm
Location: Seminar Room 6, The Gateway, North Haugh, University of St Andrews.

Find further details at www.st-andrews.ac.uk/management/news/events/seminars/.


Ludovine A Tarsia with her URIP poster‌Research Intern presents findings

Honours student Ludovine A Tarsia presented her research at a University-wide poster presentation event for the Undergraduate Research Internship Programme (URIP). Under the URIP scheme, the University of St Andrews funds 20 undergraduates to carry out research over ten weeks during the summer vacation.

Supervised by RBF's Dr Kais Bouslah and Dr José Liñares-Zegarra, Ludovine's research, titled "Redefining Economic Development: The Role of Noneconomic Factors", was completed in summer 2013. At the event showcasing undergraduate research excellence, Ludovine's presentation was skillful and engaging. Our photo right shows Ludovine with her poster.

The abstract of the research is below.
The poster can be viewed at URIP Poster - Redefining Economic Development (PDF, 1,204 KB).

Redefining Economic Development: The Role of Noneconomic Factors

Abstract

The concept of economic development is used in the literature interchangeably with that of economic growth. In this research, we first introduce a clear-cut distinction between economic growth and economic development. We then construct a model in order to test the impact of noneconomic factors on economic development, as measured by Total Factor Productivity (TFP). The model is tested using data on economic and noneconomic drivers of growth across 104 countries covering the period 1990-2012. The noneconomic factors are categorised into four "systems", based on different aspects of socio-institutional order: "political systems", "labour and education systems", "cultural systems" and "social wellbeing systems”". Our results suggest that the "pure" –i.e. income-independent—components of "social wellbeing" and "labour and education" systems have a statistically significant impact on TFP. However, the "pure" components of "political" and "cultural" systems seem to have a limited impact on TFP. Overall, the results could help policy makers to make informed decision about how to prioritise areas of reform with respect to augmenting levels of economic development.


With the Financial Institutions and Markets thematic research group of the School of Management, University of St Andrews, the RBF hosted the following seminar:
'Money, Payments and Liquidity'
Professor Charles Kahn

University of Illinois at Urbana-Champaign
Wednesday 2 October 2013, 4pm
Location: Boardroom, Gateway, North Haugh, University of St Andrews.
Find further details at www.st-andrews.ac.uk/management/news/events/seminars/


ESG Finance Week 2013 logoEnvironmental, Social and Governance (ESG) Finance Week
26 June – 3 July 2013
St Andrews, Scotland

Jointly organised by RBF and Responsible Investor, ESG Finance Week 2013 delivers training and career development for ESG professionals looking to apply their skills in investment, and investment professionals requiring a rigorous background in ESG. There are two training courses to select from, with the ESG Finance Lab 'big ideas' weekend sandwiched between the two courses:

  • Training: Financial Analytics for ESG Professionals, 26-28 June.
  • Lectures & Debates: The ESG Finance Lab, 29-30 June.
  • Training: ESG Analytics for Financial Professionals, 1-3 July.

Download the ESG Finance Week 2013 pdf brochure.


With the Financial Institutions and Markets thematic research group of the School of Management, University of St Andrews, the RBF hosted the following seminar:
'Corporate Social Responsibility and Firm Value: Disaggregating the effects on cash flow, risk and growth'
(with Rajesh Tharyan and Julie Whittaker), and
'Stock Market Valuation of Corporate Social Responsibility Indicators'
(with Julie Whittaker and Xiaojuan Yan)
Professor Alan Gregory

University of Exeter Business School
Wednesday 22 May 2013, Time 3:15
Location: Lecture Room 2, Gateway, North Haugh, University of St Andrews.
Find further details at www.st-andrews.ac.uk/management/news/events/seminars/


With the Financial Institutions and Markets thematic research group of the School of Management, University of St Andrews, the RBF hosted the following seminar:
Title: 'Are Covered Bonds a Substitute for Mortgage-Backed Securities?'
Professor Santiago Carbó-Valverde
Bangor Business School
Wednesday 1 May 2013, Time 3:15
Location: Boardroom, Gateway, North Haugh, University of St Andrews.
Find further details at www.st-andrews.ac.uk/management/news/events/seminars/


"Environmental, social, and governance (ESG) data" by Hoepner: cover title and image clipRBF Deputy Director interviewed about benefits of ESG investment

Dr Andreas Hoepner has published a white paper with the Global Financial Institute (DGFI). The paper, "Environmental, social, and governance (ESG) data: Can it enhance returns and reduce risks?", with an April 2013 video of Andreas being interviewed about ESG issues, can be found on the DGFI website.



ESRC logoFinancial Modelling Post-2008: Where Next? Seminar 2
Empirical modelling: distributional assumptions/efficiency – 2008 crisis
21 - 22 March 2013

Location: School of Management, University of St Andrews
The Gateway, North Haugh
St Andrews, Fife, KY16 9RJ.
Google map of KY16 9RJ.

This ESRC research seminar was organised by RBF Director Professor John Wilson. It was the second in a four seminar series in which leading experts present papers on two key themes absolutely central in financial modelling: distributional assumptions and efficiency. The conference series ties these two key themes to the events of the 2008 financial crisis, and attempts to shed light on how financial modelling can possibly be re-interpreted in light of the 2008 crisis.

More details: www.esrc.ac.uk/news-and-events/events/21496/seminar-2-financial-modelling-post-2008-where-next.aspx


PRI logoPRI Academic Network / German Network event
13 – 14 December 2012
Frankfurt, Germany

The PRI Academic and PRI German Network Conference addressed many relevant responsible investment topics such as ESG integration, ESG engagement, ESG KPIs, ESG voting policies, Integrated Reporting, ESG analytics, ESG investment training, ESG ratings, ESG in sovereign/corporate debt, corporate governance and sustainability issues in the German market, carbon disclosure, green real estate, ESG in boardrooms or sustainability issues in financial markets.
This event was supported by RBF.
Find details in the Conference invitation (PDF, 85 KB).


Emerging Scholars in Banking and Finance 2012
11-12 December 2012
City University London

Cass Business School hosted the third Emerging Scholars in Banking and Finance Conference.
RBF members featured as contributors again this year.


Scottish Doctoral Training Centre PhD Workshop in Quantitative Methods

The Centre for Responsible Banking and Finance (RBF) organised a PhD workshop on Quantitative Methods in the School of Management at the University of St Andrews, UK on 29 October 2012. The workshop was sponsored by the Scottish Graduate School of Social Sciences and the School of Management at the University of St Andrews.

The workshop was attended by more than 40 PhD students from eleven universities around the UK. The workshop featured sessions on methodological advancements in panel data, stock return predictability and event studies.

Workshop in Quantitative Methods October 2012 event leaflet (pdf).


Media Coverage

Friday 25 May 2012
RBF Deputy Director Dr Andreas Hoepner gives his views on ESG and alpha.
Environmental, social and corporate governance (ESG), and alpha | Analysis | Top1000Funds.com
Amanda White

Friday 27 April 2012
"ESG Leadership Forum: The Future of Sustainable Investing" Webcast

Thursday 8 March 2012
Gender diversity at board level – a financially significant issue? | Guardian Sustainable Business | guardian.co.uk
Mark Robertson

In recognition of International Women's Day (IWD), 8 March 2012 - celebrated and commemorated around the world - RBF researchers joined with colleagues at Leuphana Universität Lüneburg to put together a "Research Snapshot" focussing on how to address gender inequality at board level. See the Snapshot here: Women on Boards of Directors - Do they add value? (PDF, 424 KB).


Events (co-)organised by RBF

ESG Finance Week logoEnvironmental, Social and Governance (ESG) Finance Week
11 – 18 July 2012
St Andrews, Scotland

Jointly organised by RBF and Responsible Investor this event consisted of three parts:

  • The first – ESG Analytics for Finance Professionals - aimed at finance professionals, asset owners and marketers who need to understand more about ESG research and market developments as increasing numbers of clients place sustainability in their investment requirements.
  • The second - Financial Analytics for ESG Professionals – aimed at those professionals whose experience has tended to be in the ESG fields but who are seeking a more developed financial framework for their work.
  • Sandwiched between the two training courses - the 'big ideas' weekend: The ESG Finance Lab, a weekend of blue-skies-thinking presentations and discussions inspired by the TED conference phenomenon. A number of excellent speakers were in St Andrews to get the creative mind-juices flowing around the sustainable finance theme.

Download the Finance Week pdf brochure.


5 – 7 May 2012
2nd RBF Conference, Isle of Skye and St Andrews, Scotland
The Centre held its second bi-annual conference, with a keynote by the United Nations Principles of Responsible Investment (UNPRI) CEO Dr James Gifford.

27 April 2012
ESG Leadership Forum: The Future of Sustainable Investing, London, UK
MSCI ESG Research, Konrad Adenauer Foundation (KAS), University of St Andrews (RBF), UKSIF and Responsible-Investor.com hosted the ESG Leadership Forum in London and online via a global video livestream. The event included an ESG Leaders panel discussion and was followed by a set of thematic workstreams, in which experts from the industry, academia and policy making discussed the future of sustainable investing - from a macro and micro socio-economic perspective.
See ESG Leadership Forum Webcast.

19 – 25 February 2012
DHBW Lecture week, St Andrews
RBF had the pleasure of welcoming students from the Baden-Wuerttemberg Cooperative State University (DHBW). The students were visiting St Andrews for a lecture week. The event marks the beginning of a yearly fixture in the DHBW Master Programme.

8 December 2011
Nordea, MSCI & RBF Event, Helsinki, Finland
Dr Andreas Hoepner presented a talk titled "Integrating ESG into the Investment Process" at an event co-hosted by the Nordea Bank.

29 November 2011
1st RBF conference, St Andrews, Scotland
RBF held its first bi-annual conference, with a keynote by Dr Ioannis Ioaanou from the London Business School.