Deutsche Gesellschaft für Finanzwirtschaft的动态

?? ?? ?????? ?????? ???????????????? ???? ?????????? ?????????????? ?????????? ???? ?????????? ???? ?????? ???????????????????? ?????????? ???? ?????????????????? ?????? ????????????????'?? ?????????? ???? ?????? ???????????? ???? ?????? ?????????????????????? ?????????????????? ???????????????????(#MFF). ? During the panel discussion, I was thrilled to share insights with Eveline Crone, Professor Developmental Neuroscience in Society at the Erasmus University of Rotterdam, and Robert-Jan Smits, President of the Technical University of Eindhoven. Besides the exciting discussion we had, important points need to be added: ? ?? Europe must ensure a seamless continuum of R&D investments in #AppliedResearch and experimental #Development to strengthen the development of #CriticalTech and close the #Innovation gap with our global competitors (as shown by OECD data summarised in the chart below and in the EARTO - European Association of Research and Technology Organisations paper on the next MFF).? ?? The European Parliament's 2nd Draft Report on #FP10 budget proposal involves a significant reduction in Pillar II funding from 59% to 34% in FP10?? Such a drastic cut could severely undermine Europe’s capacity to translate research into innovation and real-world applications. ? ?? But FP10 must be the key instrument to put Europe at the frontier of knowledge and innovation in the global technology race. ? I therefore invite you to read the EARTO - European Association of Research and Technology Organisations papers on: ?? How to Focus EU RD&I Investments to Boost our Technology Leadership, Productivity & Industrial Competitiveness ?? Here: https://shorturl.at/obOdu ?? The EARTO Reaction to European Parliament’s Draft Report on the Assessment of the Implementation of Horizon Europe & Recommendations for FP10 ?? Here: https://shorturl.at/Yapr5 #HorizonEurope #FP10 #RTOs

?? In addition to her intervention in the panel discussion at the Netherland House of Education and Research's event "#HorizonEurope – An Exploration of the Future Framework Programme", our Secretary General Muriel Attané wants to highlight crucial points: ?? Europe must ensure a seamless continuum of R&D investments in #AppliedResearch and experimental #Development (as shown in the chart below). ?? The European Parliament's 2nd Draft Report on #FP10 budget proposal involves a significant reduction in Pillar II funding from 59% to 34% in FP10?? Such a drastic cut could severely undermine Europe’s capacity to translate research into innovation and real-world applications. #HorizonEurope #RTOs #RDI

Europe must catalyse its competitiveness through smart investments in research and innovation (R&I). The next EU mandate provides a pivotal opportunity to bolster Europe‘s position as a global leader in innovation, address pressing societal challenges, and leverage the full potential of its research institutions and talents. ? The latest ECIU paper advocates for strategic enhancements of a ringfenced research and innovation Framework Programme (FP10) to achieve these goals. Innovative universities, such as ECIU partners, play a crucial role in helping achieve the needed societal impact of FP10. They help fostering an ecosystem where knowledge diffusion propels both economic vitality and societal advancement, which is crucial for the technological autonomy of Europe. ? ECIU’s key messages for FP10 are: ?? Build upon the unique role of?universities driving regional and European competitiveness. ?? Enhance the?societal impact of research with bottom-up calls?to allow for multifaceted impact. ?? Enhance Europe’s innovation potential through smart investments, and a dedicated and ringfenced?220 billion euro budget?for a strong Research and Innovation Framework Programme. ? Learn more ???https://lnkd.in/dASWnaAD #ECIU #EUFrameworkProgramme?#Research #Innovation #FP10

?? Kick-off of the #MetaFin Project! This week was the first meeting of the new MetaFin project! ?? MetaFin is the first project of a funding guideline that is part of the #FinancialEducationInitiative, which was launched by Bundesministerium für Bildung und Forschung und Bundesministerium der Finanzen. MetaFin aims at connecting the other projects of this funding guideline, working on overarching research questions, bringing together national and international research results on financial education and prepare them in a way appropriate for the specific target groups (#research, #policy, and #practice). ?? This will serve as a viable basis for #Decision-Making regarding financial education in Germany. Thus, there are three fields of action: #networking??, #research?? and #knowledge transfer?? Carmela Aprea (Universit?t Mannheim) and Tabea Bucher-Koenen (ZEW – Leibniz-Zentrum für Europ?ische Wirtschaftsforschung and Universit?t Mannheim), the directors of the #MIFE, and Prof. Dr. Dirk Loerwald (Carl von Ossietzky Universit?t Oldenburg), scientific director of the Institut für ?konomische Bildung (I?B), as well as the whole MetaFin-Team (Jennifer Erlach, Markus Allbauer-Jürgensen, Felix Samuel Kuske, Lora Pavlova, Ronja Baginski, Youpeng Zhang and Caroline Knebel) are looking forward to working together on the project to improve financial education in Germany! ?? ? More information about the start of the project: https://lnkd.in/eTnwnhJi

?? How can we accelerate scientific breakthroughs that benefit everyone? How to structure research funding in the coming years? ??A new CEPS (Centre for European Policy Studies) report delves into these critical questions. (I had the privilege of contributing as part of the expert group that helped shape it.) ?? My biggest takeaway: We need to completely redesign and rethink the research enterprise—making it more open, data-driven, and collaborative. ??Check out the report ?? ?? Andrea Renda, Nicole Reynolds, Leonie Kunze, Marta Dell'Aquila, Hien Vu, Timothy Yeung #ResearchInnovation #OpenScience #Collaboration #DataDrivenScience

The ERA act proposal is “very good news” and is in line with Draghi’s vision, Mattias Bj?rnmalm, secretary general of CESAER, an association of European universities of science and technology, told Science|Business. It comes as discussions are taking place around the?next ERA policy agenda?for 2025-2027. Stakeholders gathered in Brussels this week for?an event?hosted by the Commission looking at past achievements and future opportunities. During the conference, there was “a palpable sense of excitement that we are now firmly moving away from a low-level operational and voluntary approach, towards a high-level, bold, coordinated and mandatory, continent-wide push,” Bj?rnmalm said. The R&I union, the ERA act, and the fifth freedom are different labels for the same fundamental goal. The priority should be “tangible progress in the funding landscape to prevent falling further behind global leaders”, coupled with “a robust legislative framework to support the free flow of researchers and innovation across Europe”, he said. More quotes in article below! https://lnkd.in/eXpgHvab

ESEIA FP10 Position Paper: Part 1 ???? ESEIA has recently released its Position Paper on the next EU Framework Programme for R&I (FP10), which will run from 2028 to 2034. As the current EU Framework Programme, Horizon Europe, reaches mid-term, ESEIA is planning and setting the direction for future activities. This publication, a culmination of an extensive survey and in-depth discussions, offers insight into the experiences of ESEIA members within #HorizonEurope, addresses future challenges and provides recommendations on the design of FP10. 5 key recommendations: 1?? Enhance the Role of European Alliances 2?? Foster Global Eco-System Partnerships 3?? Prioritize Horizontal Topics in Research and Innovation 4?? Ensure Actionability of the Framework Programme 5?? Provide Room for Self-Organisation and Entrepreneurship Our goal? To influence the design of #FP10 to ensure its transformative capacity for the challenges of our time. Find out more details on the recommendations outlined in our Position Paper here: https://lnkd.in/ebKjCuS5 And stay tuned, as we will be sharing more insights in the coming weeks! #research #innovation #policy #climateresilience #EuropeanGreenDeal??

???? Last week, our two colleagues Stefano Lugo and Thomas Walther participated in the European Conference of the FMA International in Turin. The conference was organized by Alberta Di Giuli, Santiago Barraza, and Vikas Agarwal and hosted by ESCP Business School. The conference includes multiple panel discussion and a keynote by Laura Starks. ?? Stefano Lugo presented his paper “Inequality and Capital Structure”. Given that high-income individuals invest a higher share in equity markets and a lower share in debt markets, the paper argues that shifts in income equality translate to shifts in the relative supply of equity to debt. In his paper, Stefano shows that firms cater to these dynamics and adjust their capital structure indicated by a negative association between income inequality and leverage. The effect is stronger for firms without direct access to credit markets or global financial markets. ?? Thomas Walther gave a talk on his co-authored work “Relative Investor Sentiment” (joint with Xiang Gao, Zhan Wang, and Kees Koedijk). The paper introduces a new way of measuring investor sentiment building on the relative behavior of informed and uninformed investors. The market-based, ad-hoc index, correlates with prominent existing measures on a monthly basis, and shows known patterns on a daily level. In addition, the authors confirm that long-short momentum portfolios sorted by optimistic and pessimistic periods yield a positive significant return. However, the effect is mostly driven by the reversal effect in pessimistic periods rather than the momentum in optimistic periods. ?? Both, Stefano and Thomas want to thank their discussant and their audience for their helpful comments and the organizers for a fantastic conference. The papers are available from SSRN: * Inequality and Capital Structure: https://lnkd.in/eFYGMpXC * Relative Investor Sentiment: https://lnkd.in/eWDFyccp #Finance #Research #usefinance #uufinance #FMATurin2024 #utrechtschoolofeconomics #conference #investorsentiment #corporatefinance Utrecht University School of Economics

?? Following our launch event yesterday, take a look at our #FP10 report in collaboration with Imperial College London & Wellcome Trust! The 10th Framework Programme will run from 2028 to 2034 and represents a critical opportunity for Europe to restore and relaunch its leading role in pursuing scientific breakthroughs and groundbreaking innovation for all. Based on an in-depth analysis of stakeholder views and guidance from an Advisory Group of 15 experts, the report presents recommendations for a truly ambitious R&I funding programme. ?? Key insights: ?? ?? ??????????-?????????????? ?????????????????? – FP10 must balance competitiveness, sustainability, resilience, and scientific excellence across all European regions. ?? ?????????????? ???? ?????? – AI and collective intelligence will reshape research and innovation. ?? ?? ??????????-???????????????? ?????????????????? – FP10 should move beyond Horizon Europe’s pillars, with a core research hub and two distinct hemispheres: one for industrial competitiveness, one for global public goods. ?? ???????????????? ?????????? ?????? ?????????? – Different funding, governance, and innovation models for each hemisphere. ?? ???????????????? ???????????? ?????????? – Better alignment with EU industrial, defence, trade, and global strategies. ?? ????????????’?? ???????????????????? – FP10 can make the EU a global R&I powerhouse for a sustainable future. Read the full report here ?? https://lnkd.in/eJbAX4qT

Earlier this week, our CEO, Ezechi Britton MBE, attended the Science and Innovation Banquet at Mansion House, organised by the City of London Corporation. The event was more than just a gathering; it was a celebration of the incredible advancements and collaborative efforts in science and technology that are driving our future forward. As we reflect on the event, several critical themes and discussions stand out: ??The event showcased UK’s strengths and the collaborative spirit that drives us to excel on the world stage. It was a powerful reminder of CFIT’s commitment to expanding our influence in these critical fields. ??The partnership between Government, private sector, and academia was a focal point of the discussions. The importance of these collaborations in fostering a robust innovation ecosystem is key. ?? The future of innovation depends on a skilled and educated workforce. There were compelling discussions on how we can further invest in education and training to support the next generation of scientists and innovators. The event was a powerful reminder of why we do what we do at CFIT – to support and drive innovation that benefits everyone. #OpenFinance https://lnkd.in/eaFPJ7Xc