{"id":1002,"date":"2022-12-07T08:21:03","date_gmt":"2022-12-07T08:21:03","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/news\/project-alpha-workshop-showcases-research-in-alternative-investments\/"},"modified":"2022-12-07T08:21:03","modified_gmt":"2022-12-07T08:21:03","slug":"project-alpha-workshop-showcases-research-in-alternative-investments","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/fdef-en\/news\/project-alpha-workshop-showcases-research-in-alternative-investments\/","title":{"rendered":"Project Alpha workshop showcases research in alternative investments"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>On 11 November 2022, Professor of Finance, Roman Kr\u00e4ussl, wrapped up the three-year FNR CORE project ALPHA with a full day conference in Luxembourg. Split into an industry-focused morning and an academically orientated afternoon session, the \u201cAlternative Investments\u201d workshop explored the performance and fund structure of alternative investments such as venture capital, private equity, infrastructure and hedge funds.\u00a0<\/p><p>The project, which began in January 2019, brought together an international project team from the University of Luxembourg, the Luxembourg Institute of Science and Technology (LIST), the University of Illinois at Urbana-Champaign and Stanford University with principal investigator Prof. Kr\u00e4ussl. Members included Ankit Arora (LIST), Denitsa Stefanova, Kalle Rinne, Joshua Rauh (Stanford), and Joshua Pollet (Illinois).<\/p><figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--contain\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv2967_copy.jpg\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv2967_copy-300x219.jpg 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv2967_copy-1024x747.jpg 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv2967_copy-768x561.jpg 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv2967_copy-1536x1121.jpg 1536w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv2967_copy-2048x1495.jpg 2048w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: contain; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 4\/3; object-fit: contain; width: 100%;\"\n        loading=\"lazy\"\n\/>            <p class=\"wp-block-dev4-reusable-blocks-image-caption\">\n            Prof. Kr\u00e4ussl welcomes the conference participants\u00a0        <\/p>\n    <\/figure><p><strong>Making sense of risks and returns<\/strong><\/p><p>The project sought to provide a unified framework to analyse the risk and return profile of alternative investment vehicles using market-based estimates. Researchers structured their work around three main themes. Firstly, investigating a potential channel for identifying skill in the hedge fund industry through a signalling mechanism. Secondly, exploring the role of venture capital in the reallocation of liquidity in the economy and the extent to which venture capital partnerships represent a counter-cyclical investor, providing capital in market downturns when liquidity is scarce. And thirdly, addressing the role of public-private partnerships in the efficient allocation of capital through alternative asset classes.<\/p><p>The workshop, attended by around 80 participants from both academic and industry backgrounds, began with three keynote presentations on topics especially relevant to finance professionals, including \u201cInstitutional Investments in Infrastructure\u201d (Joshua Rauh, Stanford University), \u201cLimited Partners vs. Unlimited Machines\u201d (Ludovic Phalippou, Oxford University) and \u201cAlternative Investments with Self-Organizing Maps\u201d (Paul Wilmott, Wilmott Associates).<\/p><figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--contain\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3006_1-scaled.jpg\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3006_1-300x200.jpg 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3006_1-1024x683.jpg 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3006_1-768x512.jpg 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3006_1-1536x1024.jpg 1536w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3006_1-2048x1365.jpg 2048w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: contain; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 3\/2; object-fit: contain; width: 100%;\"\n        loading=\"lazy\"\n\/>            <p class=\"wp-block-dev4-reusable-blocks-image-caption\">\n            Joshua Rauh shares insights into quantitative finance topics        <\/p>\n    <\/figure><p><strong>Highlighting how alternative investments can finance evolving energy demands<\/strong><\/p><p>The morning finished with a panel discussion, \u201cFinancing Energy \u2013 The Role of Alternative Investments<strong>&#8220;<\/strong> moderated by Prof. Kr\u00e4ussl and featuring speakers Barbara Boos (EIF), Barbara Weber (B Capital Partners), Joshua Rauh (Stanford University) and Niccolo Polli (HSBC). After moderator Prof. Kr\u00e4ussl set the stage with a series of assertions (energy is expensive, energy supply is not sufficient to meet demand, high energy prices contribute to rising inflation, the geopolitical outlook is not pretty, climate change is real, we care about the climate, we also care about energy prices and inflation), the panelists addressed three core questions:<\/p><ul class=\"ulux-list\"><li class=\"ulux-list-item\">In which sources of energy should we be investing to meet the energy demand?<\/li><li class=\"ulux-list-item\">Who is going to pay for the energy investments and where is the capital coming from?<\/li><li class=\"ulux-list-item\">Is there a need for more regulation?<\/li><\/ul><figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--contain\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3142-scaled.jpg\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3142-300x200.jpg 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3142-1024x683.jpg 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3142-768x512.jpg 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3142-1536x1024.jpg 1536w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/liv3142-2048x1365.jpg 2048w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: contain; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 3\/2; object-fit: contain; width: 100%;\"\n        loading=\"lazy\"\n\/>            <p class=\"wp-block-dev4-reusable-blocks-image-caption\">\n            Barbara Weber speaks during the Financing Energy panel        <\/p>\n    <\/figure><p><strong>Project ALPHA\u2019s contribution to academia and beyond<\/strong><\/p><p>Wrapping up the conference, academic researchers in finance presented their papers, including four papers written within the ALPHA project by its team members: Joshua Rauh on \u201cInstitutional Investors and Infrastructure Investing\u201d; Denitsa Stefanova &#8211; on \u201cSignaling or Marketing? The Role of DCMs in Closed-End Funds\u201d; Kalle Rinne on \u201cDoes Family Matter? Venture Capital Cross-fund Cash Flows\u201d; and Ankit Arora on \u201cVenture Capital and ESG &#8211; Integration and Challenges\u201d. The other papers presented included Florian Weigert\u2019s \u201cUnobserved Performance of Hedge Funds&#8221; (University of Neucha\u0302tel),\u00a0Juha Joenva\u0308a\u0308ra\u0308\u2019s \u201cHedge Funds Performance Persistence in Real-Time\u201d (Aalto University)\u00a0and Remco Zwinkels\u2019 \u201cRisk, Return, and Sentiment in a Virtual Asset Market\u201d (VU Amsterdam).<\/p><p>This successful final workshop served as a showcase for the ALPHA project\u2019s excellent outcomes. Thanks to support from the Luxembourg National Research Fund, the project generated key academic findings, many of them published as papers in top journals such as The Review of Financial Studies, numerous presentations at conferences including with the National Bureau of Economic Research (NBER), strengthened academic exchanges between Luxembourg and Stanford, tightening of research collaborations, and strong dissemination of relevant research findings directly to the industry.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>On 11 November 2022, Professor of Finance, Roman Kr\u00e4ussl, wrapped up the three-year FNR CORE project ALPHA with a full day conference in Luxembourg. Split into an industry-focused morning and an academically orientated afternoon session, the \u201cAlternative Investments\u201d workshop explored the performance and fund structure of alternative investments such as venture capital, private equity, infrastructure and hedge funds.\u00a0<\/p>\n","protected":false},"author":0,"featured_media":1003,"template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"news-category":[4],"news-topic":[14],"organisation":[116,101],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Project Alpha workshop showcases research in alternative investments - FDEF news I University of Luxembourg<\/title>\n<meta name=\"description\" content=\"On 11 November 2022, Professor of Finance, Roman Kr\u00e4ussl, wrapped up the three-year FNR CORE project ALPHA with a full day conference in Luxembourg. 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