{"id":17775,"date":"2022-04-17T16:21:00","date_gmt":"2022-04-17T13:21:00","guid":{"rendered":"https:\/\/www.khas.edu.tr\/events\/khas-finance-seminars-prof-dr-angelo-ranaldo\/"},"modified":"2025-05-14T11:00:29","modified_gmt":"2025-05-14T08:00:29","slug":"khas-finance-seminars-prof-dr-angelo-ranaldo","status":"publish","type":"etkinlik","link":"https:\/\/www.khas.edu.tr\/en\/events\/khas-finance-seminars-prof-dr-angelo-ranaldo\/","title":{"rendered":"KHAS Finance Seminars – Prof. Dr. Angelo Ranaldo"},"content":{"rendered":"\n

Prof. Angelo Ranaldo from the University of St. Gallen will be the guest of the Finance Seminar series organized by the Department of International Trade and Finance at Kadir Has University on Tuesday, May 17th. You can follow Prof. Ranaldo’s speech titled \u201cLiquidity in the Global Foreign Exchange Market\u201d on Zoom starting from 17:00 (GMT+3).<\/p>\n\n

The language of the event is English.<\/p>\n\n

Zoom Meeting ID:\u00a0<\/strong>822 9261 6587\u00a0<\/p>\n\n

Zoom Link:\u00a0<\/strong>https:\/\/us02web.zoom.us\/j\/82292616587<\/a><\/p>\n\n

\u00d6zet:\u00a0<\/strong>We study the global market liquidity of foreign exchange rates by analysing the price impact of trading. We propose a simple theoretical framework that refines the popular Amihud (2002) illiquidity measure and term our new estimator\u00a0realized Amihud<\/em>. We highlight our measure\u2019s consistency and higher accuracy, and these properties are validated numerically and empirically using CLS data representative of global FX trading. The price impact of FX trading increases with transaction costs, money market stress, uncertainty, and risk aversion. Furthermore, currencies with smaller price impact are less prone to deviations from triangular no-arbitrage parity. Our results are corroborated by an instrumental variables approach and a quasi-natural experiment using the shock of the Swiss franc\u2019s uncapping in January 2015.\u00a0<\/p>\n\n

Available at SSRN:\u00a0<\/strong>https:\/\/ssrn.com\/abstract=3289026<\/strong><\/a>\u00a0<\/strong><\/p>\n\n

Konu\u015fmac\u0131 Hakk\u0131nda<\/strong>:\u00a0<\/strong>Prof.\u00a0 Dr.\u00a0 Angelo Ranaldo is Full Professor of\u00a0Finance\u00a0and Systemic Risk at the University of St.Gallen and Member of the School of\u00a0Finance. He is also an Adjunct Professor at the University of Zurich. The European Central Bank has awarded him the 2018 Duisenberg Fellowship and in 2019 the contract for the Regular Research Visitor Programme. He has served as a consultant and scientific advisor to international institutions such as the Bank of England, Bank of International Settlements, European Central Bank and European Money Market Institute. Systemic risk and financial stability, market microstructure, international\u00a0finance, asset pricing and monetary policy are among the research fields of Prof. Ranaldo. His research papers in these fields are well-documented through many publications in top-journals, such as in Journal of\u00a0Finance, Journal of Financial Economics, Review of Financial Studies, Review of\u00a0Finance, Journal of Financial & Quantitative Analysis. After completing his undergraduate and master studies at the University Bocconi, he obtained his doctoral degree from the University of Fribourg. He also was a visiting scholar at the New York University \u2013 Stern School of Business.<\/p>\n","protected":false},"featured_media":19053,"template":"","meta":{"slim_seo":{"title":"KHAS Finance Seminars - Prof. Dr. Angelo Ranaldo - Kadir Has University","description":"Prof. Angelo Ranaldo from the University of St. Gallen will be the guest of the Finance Seminar series organized by the Department of International Trade and Fi"}},"birimler":[82],"class_list":["post-17775","etkinlik","type-etkinlik","status-publish","has-post-thumbnail","hentry","birimler-itf"],"_links":{"self":[{"href":"https:\/\/www.khas.edu.tr\/en\/wp-json\/wp\/v2\/etkinlik\/17775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.khas.edu.tr\/en\/wp-json\/wp\/v2\/etkinlik"}],"about":[{"href":"https:\/\/www.khas.edu.tr\/en\/wp-json\/wp\/v2\/types\/etkinlik"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.khas.edu.tr\/en\/wp-json\/wp\/v2\/media\/19053"}],"wp:attachment":[{"href":"https:\/\/www.khas.edu.tr\/en\/wp-json\/wp\/v2\/media?parent=17775"}],"wp:term":[{"taxonomy":"birimler","embeddable":true,"href":"https:\/\/www.khas.edu.tr\/en\/wp-json\/wp\/v2\/birimler?post=17775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}