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Third Newsletter of the CEPR Network on Household Finance
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Newsletter - February 2019

Dear Researchers,

This is the third annual newsletter of the CEPR Network on Household Finance. This network, led by Michael Haliassos of Goethe University Frankfurt, aims to promote research on household financial behaviour that is both scientifically excellent and relevant to policymakers and market participants. It does so through the organisation of specialised scientific conferences and workshops and events targeted specifically at policy makers, regulators, and practitioners; the promotion of young researchers; the dissemination of household finance research; the fruitful interaction with policy makers and industry partners; the promotion of innovative research methods and the creation of high-quality micro-datasets of financial behaviour. 

For continued updates on the network’s activities, please refer to the dedicated page on CEPR’s website, which can be found here.  

Events


Future events

The next event organised by the Network is the Fourth European Workshop on Household Finance. It will take place in Lund, Sweden, at Skissernas Museum on 10-11 May 2019. The conference will be preceded by a TFI-CEPR event organized by Stefania Albanesi (University of Pittsburgh) in collaboration with Tarun Ramadorai (Imperial College Business School). The joint event with the Think Forward initiative will take place on the evening of 9 May. 

The programme for the event will be announced soon. Please check the event webpage for updates. 

The Network will be organising the next CEPR European Conference in Household Finance in Rhodes, Greece on the 20-22 September 2019. Stay tuned for updates.

The TFI-CEPR event that will precede the conference on the evening of 21 September is to be organized by Amit Seru (Stanford University) in collaboration with Andreas Fuster (Swiss National Bank). 

Past events

The Third European Workshop on Household Finance took place in London at Imperial College Business School on the 11 and 12 May 2018. The event included six sessions and thirteen papers. Several topics relevant to household finance were discussed: intergenerational correlation in portfolio choice, peer effects in stock market participation, return of investment in higher education, effects of financial regulation on entrepreneurship, the link between financial innovation and asset allocation, the effects of machine learning on credit markets, the role of trust in online lending, gender and agency within the household, and others. 

For more details and to access the conference papers, please visit the event webpage

With the support of the Think Forward Initiative, for the third time, a prize for the best  PhD paper in household finance was awarded. The winner was Stephanie Johnson (Northwestern University) for her paper “Are Mortgage Regulations Affecting Entrepreneurship?”. 

Additionally, the Network Director, Michael Haliassos, received a commemorative plaque in recognition of his dedication to the CEPR Network on Household Finance. Prof Haliassos was unanimously reelected CEPR Household Finance Network Director for another term at the biannual Network Steering Committee Meeting. 

Preceding the workshop, a CEPR-TFI event took place on 10 May 2019: Big Data – Promises and Pitfalls for Consumers and the Finance Industry: Views from Practitioners and Academics. 

The speakers discussed the frontier of data analytics and product design in the digital economy and consumer finance; the challenges to data privacy, and how to build trust with customers; as well as the role regulation and technology can play in protecting consumers while fostering innovation and competition. 

Keynote speaker for the event was Ms Suzanne Frey, Director of Google Apps Security, Trust, Compliance, and Privacy. 

The 2018 European Conference on Household Finance was held at Ortygia Business School in Sicily, Italy on 5-6 October 2018. 

The conference included four sessions and thirteen papers. Among others, the discussed topics included the drivers of wealth accumulation, expectations formation, and their implications for individual and policy outcomes like consumption, financial asset behaviour, and indebtedness. 
The recap of the event and an overview of the presented papers can be seen here

The CEPR-TFI Prize for the best PhD student paper in household finance was awarded to Claudia Robles-Garcia (London School of Economics) for her paper “Experts, Commissions and Market Power: Evidence from UK Mortgage Brokers”. See the interview with Ms Robles-Garcia here.

The conference was preceded by a CEPR-TFI event, Robo Advisers and Consumer Finance: Promises and Risks. The event was organized by Christopher Carroll, Professor of Economics at John Hopkins University. The invited speakers were Dan Egan (Managing Director of Behavioural Finance & Investing at Betterment), Karen Croxson (Head of Research & Deputy Chief Economist at Financial Conduct Authority) and Francesco D’Acunto (Assistant Professor at Boston College Carroll School of Management). 

The event was live streamed and a recap can be found on the TFI YouTube channel.

Partnerships


Our network has been active in fostering existing international collaborations and partnerships, as well as in developing new ones. 

Think Forward Initiative

The CEPR Network continued and expanded its partnership with TFI, aimed at promoting individual empowerment in financial decision making.

In collaboration with CEPR, TFI has issued calls for proposals for short- and now also for longer-term projects. The short-term research proposals aimed at providing solutions to day-to-day financial challenges of the consumers – via innovation, behavioural change or promotion of interventions. Applicants were invited to tackle one of the following challenges or to propose a challenge of their own: earnings insecurity and volatility, effective technology to overcome financial problems, recognizing and coping with problematic debt. Out of 43 submitted project proposals, 17 were selected for funding. For more information and a list of the winners, please check the TFI webpage

Furthermore, for the first time, the Initiative launched a call for long-term research proposals, focusing on impact-driven insights in financial decision-making, well-being and empowerment of households in their financial behaviour. The funded proposals will conduct research on individuals and households and will study the various factors affecting their financial decisions. The call was very competitive and resulted in 92 submissions, of which 12 were funded. The successful projects were selected by the TFI research Board. Please consult the TFI webpage for a list of selected proposals

Network Partners

We are delighted to announce the new partnership between the CEPR Network on Household Finance and the Arne Ryde Foundation in cooperation with the Department of Economics at Lund University. To foster the collaboration, the Fourth European Workshop in Household Finance will be organised in Lund and sponsored by the Arne Ryde Foundation. 

We are happy to continue the Network partnership with the National University of Singapore Business School, and the EDHEC Business School PhD in Finance Programme. Both institutions are academic partners of the Network and continue to contribute to the events taking place in 2019.

Appointment of Household Finance Network Fellows and Affiliates


The Network welcomes Rob Alessie (University of Groningen), Monica Paiella (Università di Napoli Parthenope) and Paolo Sodini (Stockholm School of Economics and Swedish House of Finance) who have recently been appointed as CEPR Household Finance Network Fellows. 

The Network also welcomes its newly appointed CEPR Network Affiliate, Andreas Fuster (Swiss National Bank). 

All new fellows and affiliates are already heavily involved in Network activities and projects.

Network Steering Committee:
The Founding Members
Giovanna Nicodano
Wenlan Qian

CEPR Network Fellows
Rob Alessie
Monica Paiella 
Paolo Sodini

CEPR Network Affiliates
Cristian Badarinza
Vimal Balasubramaniam
Andreas Fuster
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