ESSFM 2019


CEPR/Study Center Gerzensee European Summer Symposium in Financial Markets (ESSFM) 2019

Hosted by the Study Center Gerzensee (Foundation of the Swiss National Bank)  
Monday 15 July - Friday 26 July 2019 


ASSET PRICING (15-19 July)



Useful links

How to travel to / from Gerzensee outside the hours of the shuttle bus service

The shuttle service provided by the Study Center only runs to / from Bern station on Sunday 14 July and Sunday 21 July at 8pm. On Friday 19 July and Friday 26 July there are bus transfers to Bern at 12.15pm and after lunch at 1.30pm as well as various buses to Wichtrach. 

If you are travelling at a time where the shuttle service won't be convenient, here are your options:

You can either catch a taxi from outside Bern station (there will be taxis even at late evening) to Gerzensee but this is CHF 95 and most don’t accept credit cards. The driver also might not know where Gerzensee is so tell the driver to go through Muri, Rubigen, Münsingen – Wichtrach and Gerzensee.

Alternatively, you can catch the train S1 – 25 mins with no changes from Bern (not the Hauptbahnhof but the local station – 6 mins walk away) to Wichtrach. Trains leave 16 and 46 mins past each hour. Last service is 00:16. You can use the online travel planner here:

From Wichtrach you need to call in advance (whilst on the train) for a taxi as there won’t be any outside the station. Numbers to call: Dorftaxi Münsingen 079 / 777 10 21 OR Joker Taxi 031 / 722 06 06

30th CEPR/Study Center Gerzensee European Summer Symposium in Financial Markets (ESSFM)

The 30th CEPR/Study Center Gerzensee European Summer Symposium in Financial Markets (ESSFM) will take place in Gerzensee from 15 to 26 July 2019. The Organising Committee for this symposium consists of: Norman Schuerhoff (Université de Lausanne and CEPR), Dmitry Livdan (University of California, Berkeley) and Vikrant Vig (London Business School and CEPR). 

The meeting will include daily seminars in the morning, in which participants present their work, as well as less formal evening seminars scheduled at the beginning of the Symposium. A substantial amount of time is reserved for independent work and collaborative research, which provides participants with a unique opportunity to interact and discuss each other's research.
In addition, five mornings will be devoted to 'focus sessions', each of which concentrates on some recent developments in asset pricing (week one: 15-19 July) and corporate finance (week two: 22-26 July).
The focus sessions for the asset pricing week are organised by Bruno Biais (TSE and CEPR) and Dimitri Vayanos (LSE and CEPR). One of the themes will focus on “Pricing and Sharing Bitcoin Risk” featuring speakers Linda Schilling (École Polytechnique CREST), Harald Uhlig (University of Chicago and CEPR), Albert Menkveld (Vrije Universiteit Amsterdam) and Zhiguo He (University of Chicago). The other theme is “Asset Management and Market Equilibrium” featuring speakers Peter DeMarzo (Stanford University) and Juhani Linnainmaa (University of Chicago).

The focus sessions for the corporate finance week are organised by Patrick Bolton (Columbia Business School and CEPR) on the theme of “Financial Regulation”, Marco Pagano (Università di Napoli Federico II and CEPR) on the theme of “Labour and Finance” and Daniel Paravisini (LSE and CEPR) on the theme of “Household Finance”
To foster the desired interaction, we ask participants to spend one working week at the Symposium. Committing to attend for only two or three days is not fair to the speakers, to all those who spared the time to attend, and especially to the many researchers whose applications were turned down.


Norman Schuerhoff (Université de Lausanne and CEPR)

Dmitry Livdan (University of California, Berkeley)

Vikrant Vig (London Business School and CEPR)