Programme Area Financial Markets Financial Regulation and Banking

Financial Economics

This programme area has been retired.

Years active

On October 1st 2022, the Financial Economics (FE) programme was split in two; Asset Pricing (AP) and Banking and Corporate Finance (BCF), led by Anna Pavlova and Elena Carletti, respectively. This is due to the excessive size of the old FE programme, previously the largest in CEPR. The new structure gives a clearer identity to each programme and more flexibility for new initiatives.

The key areas covered by the old Financial Economics programme were:-

  • Financial Markets: pricing of securities and derivatives; asset pricing and business cycles; microstructure and regulation markets
  • Corporate Finance: financial structure, security design and firms’ decisions; going public; corporate control and governance
  • Banking: financial intermediation; bank supervision and regulation; financial markets and economic activity

Annual Symposia

FE Spring Symposium

From 2019 to 2022, the FE programme combined their spring symposium with the Adam Smith Workshop.  This covered any area of financial economics and encouraged younger European scholars, based in Europe or overseas, to participate.


Fellows and Affiliates in the old FE Programme meet annually at the European Summer Symposium in Financial Markets (ESSFM). Hosted by the Studienzentrum Gerzensee since 1991, ESSFM included daily seminars in which participants presented their work, as well as less formal seminars scheduled at the beginning of the Symposium. A substantial amount of the time was reserved for independent work and collaborative research, which provided participants with a unique opportunity to interact and discuss each other's research. In addition, every Symposium featured 'focus sessions', concentrating on the latest developments at the frontier within a specific area of research.