| SEMINAR ŞTIINŢIFIC MONEDA, FINANŢE, BĂNCI – SEMINAR ȘTIINȚIFIC |
Do “Too-Big-To-Fail” Banks Receive Preferential Treatment in Bailouts? Surprising Results from a Cross-Country Analysis
Marți, 24 februarie 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Simona Nistor
Facultatea de Stiinte Economice si Gestiunea Afacerilor, Universitatea Babes Bolyai; simona.nistor@econ.ubbcluj.ro
Abstract:
Regulators bail out “Too-Big-To-Fail” banks more often than others, but this may not imply preferential treatment as commonly believed. Bailouts are complex dynamic processes involving more than one-time aid, so harsh treatment elsewhere in the process may counter the benefits of higher bailout likelihood. Using data from 22 European countries, we find that regulators bail out Globally-Systemically Important Banks (G-SIBs) at a significantly later stage of financial distress than non-G-SIBs, provide proportionately less financial support, impose more severe restrictions during the bailout duration, and withdraw government bailout support after less significant recoveries, all implying significantly harsher treatment.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
Risk Preferences and Optimal Choice in a Financial Decision Making Experiment
Marți, 3 martie 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Bogdan Negrea
Bucharest University of Economic Studies; bogdan.negrea@fin.ase.ro
Abstract:
We experimentally study how asset characteristics influence portfolio choice under stochastic returns. Results reveal a striking reversal: participants were risk-averse when choosing between a safe and a risky asset but switch to risk-seeking when facing two risky assets, particularly if one offers extreme returns. This reversal is driven by supernormal stimuli, highly salient options that distort rational evaluation and attract disproportionate attention and choices. Our findings provide a behavioral explanation for the appeal of high-volatility instruments such as cryptoassets, showing that exaggerated return profiles can induce risk-seeking even among typically risk-averse individuals.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
The Pricing of EU Taxonomy Aligned Lending: Evidence from a Central Banking Disclosure Mandate
Marți, 10 martie 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Luminița Tătărici
National Bank of Romania; luminita.tatarici@bnro.ro
Abstract:
This article investigates whether green loans granted by Romanian banks after 2022 are subject to more lenient banking lending standards compared to a matched sample of non-green loans. The analysis exploits the regulatory reporting requirement introduced in 2022, which mandates the reporting of green loans and their alignment with the EU Taxonomy in the Central Credit Risk Register. Using this newly available dataset, we find that banks—particularly those that have issued green or sustainability bonds—tend to offer more favourable financing conditions to firms accessing green loans, in the form of longer maturities, lower borrowing costs, or higher credit exposures. The results also highlight the importance of government guarantee schemes in improving financing conditions. Finally, we explore potential changes in banks’ lending behaviour at the borrower level; however, the evidence remains inconclusive.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
Deconstructing Performance Persistence: Benchmark- and Peer-Adjusted Mutual Fund Evaluation
Marți, 17 martie 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Cesario Mateus
Aalborg University Business School; cmateus@business.aau.dk
Abstract:
TBA.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
TBA
Marți, 24 martie 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Bogdan Moinescu
Bucharest University of Economic Studies and National Bank of Romania; bogdan.moinescu@fin.ase.ro
Abstract:
TBA.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
Voice Through Divestment
Marți, 31 martie 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Anete Pajuste
Stockholm School of Economics, Riga; European Gorporate Governance Institute (ECGI); Boston University; anete.pajuste@sseriga.edu
Abstract:
A common argument against divestment is that it discards voting power and has a small effect on stock prices. We argue that divestment is a statement of disapproval that aligns actions with words for effectiveness. We show that the Go Fossil Free divestment movement is a narrative with impact. Viral divestment pledges depressed the share prices of all high carbon emitters, including those with no divestment. Peak virality coincided with a concurrent rise in the carbon premium and preceded net-zero commitments. The introduction of these commitments effectively recast divestment from a moral statement to a strategic exercise in risk management.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
TBA
Marți, 21 aprilie 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Dan Mihai Dima
Bucharest University of Economic Studies and Institute for Economic Forecasting, Romanian Academy; dan.dima@fin.ase.ro
Abstract:
TBA.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
The Intelligent Skewness Factor
Marți, 5 mai 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Dan Gabriel Anghel
Bucharest University of Economic Studies and Institute for Economic Forecasting, Romanian Academy; dan.anghel@fin.ase.ro
Abstract:
TBA.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
A Unified Framework for Anomalies based on Daily Returns
Marți, 19 mai 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Adam Zaremba
MBS School of Business & Poznan University of Economics and Business & Monash University; adam.zaremba@ue.poznan.pl
Abstract:
Numerous cross-sectional equity anomalies draw on the same underlying information: the sequence of daily returns over the previous month. Using a data-driven approach, we estimate the empirical mapping from the distribution of last month’s daily returns to future performance without imposing functional forms. The resulting Daily Return Information Factor (DRIF) earns economically large premia, holds across subsamples and research designs, and remains significant after controlling for the modern factor zoo. DRIF subsumes most short-horizon and lottery-style anomalies and emerges as a key factor in asset pricing tests.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
TBA
Marți, 26 mai 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Alexandru Todea
Facultatea de Stiinte Economice si Gestiunea Afacerilor, Universitatea Babes Bolyai; alexandru.todea@econ.ubbcluj.ro
Abstract:
TBA.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD