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VSFX 2022

Vienna Symposium on Foreign Exchange Markets

The WU Research Institute for Capital Markets (ISK) will organize the annual Vienna Symposium on Foreign Exchange Markets from August 22-23, 2022 in Vienna at Palais Coburg.

We currently expect that a residential conference format will be possible in August. To alleviate health concerns and broaden the audience, we will also offer remote-participation alternatives.


Monday, August 22, 2022

Josef Zechner (WU)
13:30-15:00Session 1: Risk preferences, asset prices, and exchange rates
Chair: Josef Zechner (WU)
  • International Capital Markets and Wealth Transfers
    Magnus Dahlquist (Stockholm School of Economics), Christian Heyerdahl-Larsen (Indiana University), Anna Pavlova (London Business School), Julien Pénasse (University of Luxembourg)
    Discussant: Zhengyang Jiang (Northwestern Kellogg)
  • A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers
    Pierre-Olivier Gourinchas (UC Berkeley), Walker Ray (London School of Economics), Dimitri Vayanos (London School of Economics)
    Discussant: Mike Chernov (University of California)
15:30–17:00Session 2: The effect of corporate finance decisions on exchange rates
Chair: Christian Wagner (WU)
  • International Pecking Order
    Emegen Eren (Bank for International Settlements), Semyon Malamud (Swiss Finance Institute), Haonan Zhou (Princeton University)
    Discussant: Russ Wermers (University of Maryland)
  • Cross-Border M&A Flows, Economic Growth, and Foreign Exchange Rates
    Steven J. Riddiough (University of Toronto), Huizhong Zhang (Queensland University of Technology)
    Discussant: Semyon Malamud (Swiss Finance Institute)
17:30-19:00Session 3: Information processing in FX markets
Chair: Thomas Dangl (WU Vienna)
  • Foreign Exchange Fixings and Returns Around the Clock
    Ingomar Krohn (Bank of Canada), Philippe Müller (Warwick Business School), Paul Whelan (Copenhagen Business School)
    Discussant: Stefan Voigt (University of Copenhagen)
  • Dealer Disagreement and Asset Prices in FX Markets
    Brandon Yueyang Han (University of Maryland), Sophia Zhengzi Li (Rutgers Business School), Zhaogang Song (Johns Hopkins Carey Business School)
    Discussant: Philipp Illeditsch (Texas A&M University)

Tuesday, August 23, 2022

14:30–16:00Session 4: Exchange rate expectations
Chair: Otto Randl (WU)
  • Imperfect Exchange Rate Expectations
    Giacomo Candian (HEC Montréal), Pierre De Leo (University of Maryland),
    Discussant: Andrea Vedolin (Boston University)
  • Bonds, Currencies and Expectational Errors
    Eleonora Granziera (Bank of Finland), Markus Sihvonen (Bank of Finland)
    Discussant: Alireza Tahbaz-Salehi (Northwestern University)
16:30–18:00Session 5: Drivers of currency risk premia
Chair: Andreas Neuhierl (Washington University in St. Louis)
  • Expected Currency Returns
    Pasquale Della Corte (Imperial College Business School), Can Gao (Leibniz Institute for Financial
    Research SAFE), Alexandre Jeanneret (HEC Montréal)
    Discussant: Lukas Kremens (University of Washington)
  • Currency Risk Premia Redux
    Federico Nucera (Bank of Italy), Lucio Sarno (University of Cambridge), Gabriele Zinna (Bank of Italy)
    Discussant: Alex Weissensteiner (Free University of Bozen)
Program Committee

Chair of the Program Committee: Josef Zechner.

Further members of the program committee are Georg Cejnek, Magnus Dahlquist, Zhengyang Jiang, Stephan Kranner, Andreas Neuhierl, Otto Randl, Alberto Rossi, Lucio Sarno, Andrea Vedolin, Stefan Voigt, Christian Wagner, and Michael Weber.


There is no conference fee; presenters of accepted papers will receive free accommodation at the conference venue, lunches, and conference dinners. In addition, we have a limited number of travel grants available.

WINNER Best Paper Award

By submitting to the conference your paper is also considered for the WINNER Best Paper Award 2021. This award is organized by ZZ Vermögensverwaltung and POK Pühringer Privatstiftung in collaboration with WU Vienna. The paper award committee will select the best paper to receive a EUR 10’000 prize. The award selection will be based on both the quality of the submitted paper and the conference presentation.


Karin Distelberger
Claudia Hoffmann

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