MFRL-CORMEC research featured in Dutch magazine ESB: “Fraude bestrijden met deeltjesversnellers”

Prof. dr ir Joost M.E. Pennings (WUR/UM) and Marjolein E. Verhulst (WUR) were interviewed by the ESB, and discussed their research as part of Project HighLO. A summary of this interview can be read in the article on the website of the ESB.

Project HighLO is a collaboration between CERN, Wageningen University & Research (WUR), Maastricht University (UM), and the Commodity Risk Management Expertise Centre (CORMEC), with Principal Investigators Prof. dr ir Joost M.E. Pennings (WUR/UM) and Dr. Axel Naumann (CERN). This collaboration aims to better understand financial market data by leveraging the tools in High-Energy Physics, as developed and used at CERN.

Relevant links:

• Article in de ESB
• Post on Twitter
• Post on LinkedIn

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CERN Seminar on the IMS Group and Project HighLO

On, June 29, 2023, CERN-KT organized a Seminar in collaboration with Project HighLO about the ongoing research and status of the IMS Group.

Project HighLO is a collaboration between CERN, Wageningen University & Research (WUR), Maastricht University (UM), and the Commodity Risk Management Expertise Centre (CORMEC), with Principal Investigators Prof. dr ir Joost M.E. Pennings (WUR/UM) and Dr. Axel Naumann (CERN). The goal of this collaboration is to better understand financial market data by leveraging the tools in High-Energy Physics, as developed and used at CERN.

The IMS Group (International Expert Group on Market Surveillance) is a new initiative to bring together regulators, exchanges, and researchers to jointly tackle issues and challenges related to financial market surveillance, co-chaired by Marjolein E. Verhulst and Prof. dr ir Joost M.E. Pennings.

Prof. dr ir Joost M.E. Pennings, Dr. Axel Naumann, Marjolein E. Verhulst, and Philippe Debie presented their research in a CERN-KT (CERN Knowledge Transfer Department) seminar to an audience of High-Energy Physics Researchers at CERN. A recording of the seminar is available on the Event Page.

In addition, CERN published a Press Release and Video describing their role in project HighLO and the IMS Group.

Other relevant posts on social media to promote the Seminar and IMS group:

• LinkedIn: Article Promotion and Event Promotion (350k followers)
• Twitter: Article Promotion (2.5M followers)
• Facebook: Article Promotion (800k followers)
• Youtube: CERN IMS Video (200k followers)

Kick-off IMS Group sets the stage for a new era of global financial market surveillance

On March 15 and 16, the International Expert Group on Market Surveillance (IMS Group) had their kick-off at CERN in Switzerland. Hosted by Wageningen University & Research (WUR), Maastricht University, CORMEC and CERN, a total of 16 regulatory agencies from seven different countries and unions participated.

IMS group is an extension of Project HighLO, which is the existing collaboration between CERN, Wageningen University & Research, Maastricht University and the Commodity Risk Management Expertise Centre (CORMEC). Project HighLO uses tools and methodologies from particle physics on financial market data, to identify market manipulation. Visit www.highlo.org for more information.

Click here for the press release

Internship at the Authority for the Financial Markets AFM (Amsterdam)

An internship is available at the AFM in the period September-December. The trainee will examine algorithmic trading in the TTF market. It is sometimes suggested in the media that algorithmic traders influence the volatility of the TTF contracts. AFM is looking for an intern who could work with the following hypothesis:

• Does algorithmic trading in TTF gas have a negative effect on the energy (derivatives) market?
• How has algorithmic trading on the TTF developed since the entry into force of MiFID II (2018)?
• What effect does algorithmic trading have on spreads and liquidity in the TTF market on ICE Endex?
• What role does algorithmic trading play in times of stress (such as during March 7 TTF gas peak[1])?

Preferably a person with a financial-economic background and an interest in futures markets: Sept – Dec 2022.

For more information:

Prof. dr. dr ir Joost M.E. Pennings (joost.pennings@maastrichtuniversity.nl)

CORMEC-MFRL organises mini symposium for Dutch National Inspection

On June 3, the Commodity Risk Management Expertise Center (www.cormec.eu) and UM’s Marketing-Finance Research Lab (www.marketing-finance.nl) organized together with the Dutch National Inspection (Supervisor) Council (https://www.rijksinspecties.nl/over-de-inspectieraad) a mini symposium in Utrecht for all Dutch inspections on the HighLO CERN consortium: Developing Methods to Identify Illegitimate Behavior Using Particle Physics.

Click here for the programme

Marketing-Finance Symposium 2022

Maastricht University, Wageningen University and Open University are again organizing the Marketing-Finance Symposium in Maastricht on October 7, 2022. This fourth edition of the symposium is devoted to the latest developments in the marketing-finance interface with a special focus on marketing excellence and its contribution to the financial bottom-line.

Speakers include Arvid Hoffmann (University of Adelaide), Abhishek Borah (INSEAD), Sebastian Hohenberg (University of Texas at Austin), Dominique M. Hanssens (UCLA) and industry leaders from, amongst others, Procter & Gamble. The audience will be a mix of academics and industry leaders. The number of participants is limited to 70 to ensure an interactive knowledge exchange. ​

Please click here for the flyer.

MFRL-CORMEC publishes article in the Journal of Futures Markets entitled ”Intraday liquidity in soybean complex futures markets”

Abstract:

For the full paper, please click here.

MFRL-CORMEC research featured in De Financiële Telegraaf (DFT): Particle physics helps to visualise manipulation in JPMorgan spoofing case

Researchers from Wageningen University & Research, the European Organization for Nuclear Research (CERN), The Commodity Risk Management Expertise Centre (CORMEC) and MFRL have developed a unique visualization method for financial markets using particle physics tools. With this tool, financial institutions or regulators can analyse all activity on the trade floor and dissect market manipulation, such as spoofing, in detail.

For the article (in Dutch), please click here.

MFRL-CORMEC publishes article in the European Financial Management entitled” Unravelling the JPMorgan Spoofing Case Using Particle Physics Visualization Methods”

Abstract:

On September 29, 2020, JPMorgan was ordered to pay a settlement of $920.2 million for spoofing the metals and Treasury futures markets from 2008 to 2016. We examine these cases using a visualization method developed in particle physics (CERN) and the messages that the exchange receives about market activity rather than time-based snapshots. This approach allows to examine multiple indicators related to market manipulation and complement existing research methods thereby enhancing the identification, understanding of, and motivation for market manipulation. In the JPMorgan cases, we show an alternative explanation for the motivation for spoofing, other than moving the price.

For the full paper, please click here.

CORMEC/MFRL in Scientific Committee of Commodity & Energy Markets Association (CEMA) annual conference to be held in Chicago on June 21-22, 2022

Call for papers:

https://conferences.illinois.edu/cema2022/index.html 

Call for papers on Cooperatives & Sustainable Marketing Strategies

Dr. ir. Nikos Kalogeras and Prof. dr ir Joost M.E. Pennings will co-edit a special issue in Sustainability on Cooperatives & Sustainable Marketing Strategies. You can find all the relevant info here.

If you have any interest to contribute to this call of papers, please contact Dr. Kalogeras who will supply you with more information.

The online link of this call and the guidelines to prepare manuscripts can be accessed by clicking here 

 

Rennes School of Business, INRAe, CORMEC (Wageningen University) and the Marketing-Finance Research Lab (Maastricht University) are collaborating on research in futures and options markets with a particular focus on high frequency data and AI methods.

A post doc position is available at Rennes School of Business that will be part of this collaboration.

Click here for more information

The online link of this call and the guidelines to prepare manuscripts can be accessed by clicking here 

Professor Michel Robe (Illinois & CFTC) is visiting the MFRL (Maastricht University) and the Commodity Risk Management Expertise Centre (WUR)

Rennes School of Business, INRAe, CORMEC (Wageningen University) and the Marketing-Finance Research Lab (Maastricht University) are collaborating on research in futures and options markets with a particular focus on high frequency data and AI methods.

A post doc position is available at Rennes School of Business that will be part of this collaboration.

Click here for more information

Professor Michel Robe (Illinois & CFTC) is visiting the MFRL (Maastricht University) and the Commodity Risk Management Expertise Centre (WUR)

Michel (https://ace.illinois.edu/directory/mrobe) will present his paper on liquidity in futures market during the Covid-19 pandemic on May 19 at 14:00. Please let us know if you would like to join (by sending an-e-mail to joost.pennings@wur.nl or joost.pennings@maastrichtuniversity.nl)

Below an abstract of Professor Robe’s paper:

Peng, Kun and Hu, Zhepeng and Robe, Michel A. and Adjemian, Michael.

Canary in the Coal Mine: COVID-19 and Soybean Futures Market Liquidity (February 5, 2021).

Available at SSRN: https://ssrn.com/abstract=3780322  

Abstract

We document the impact of the early stages of the COVID-19 pandemic on liquidity in U.S. agricultural markets. Notably, we show that soybean futures-market depth ebbs weeks ahead of U.S. financial markets’ crash in March 2020. Soybean futures liquidity is affected the earliest, the most, and the longest. Soybean depth drops by half for outright futures and by over 90 percent for calendar spreads, and soybean bid-ask spreads increase significantly, starting on the night of February 12 to 13, 2020—a full two weeks before (i) liquidity evaporates in U.S. bond and equity markets and (ii) soybean prices start to fall sharply. The timing of the soybean liquidity drop coincides with overnight news of bleak COVID-19 developments in China (a dominant source of world demand for oilseeds). Following a series of emergency interventions by the U.S. Federal Reserve in March and April 2020, liquidity recovers in the soybean outright futures market—but depth remains abnormally low for calendar spreads. These patterns cannot be explained by other factors, such as changes in soybean futures trading volume or price volatility: the COVID-19 shock was novel, and it destroyed soybean-market liquidity in a way that foretold financial-market developments two weeks later. In contrast to soybeans, we find little evidence of a drop in corn or wheat futures liquidity until U.S. financial and crude oil markets sink in early March. Soybeans were truly the canary in the coal mine.

Keywords: COVID-19, Financial market liquidity, Agricultural commodities, China, Precursor

JEL Classification: G10, G14, Q02, Q13

Rennes School of Business, INRAe, CORMEC (Wageningen University) and the Marketing-Finance Research Lab (Maastricht University) are collaborating on research in futures and options markets with a particular focus on high frequency data and AI methods.

A post doc position is available at Rennes School of Business that will be part of this collaboration.

Click here for more information

Student thesis topics available

Chris Burggraeve, former CMO of the world’s biggest brewer AB InBev, developed the Alpha M Rating and Audit technology to provide investors and financial analysts with an easy to apply tool/metric for evaluating and comparing firms on their marketing excellence. At the moment Alpha M is an advanced expert model-based prototype with some early qualification on a number of companies. It consists of 8 critical dimensions to rate a firm’s marketing excellence, and an intuitive scheme for analysts and investors to aggregate those scores into a letter rating that is familiar to them. Upon development of a bigger database, the tool can be finetuned to ultimately also allow to predict future firm performance.

MFRL wants to use Alpha M to further create the first ever useful tool for analysts and for investors to rate excellence in marketing capability, and to measure its impact on future firm performance. We want to be the first in the world in bringing such a tool/index to life. We are looking for pioneering and trailblazing students, entering an area nobody has done before! Thesis questions and topics can can be found by clicking here.

Thesis target student number: 4 (MF; Optional F or M).

Supervisors: Prof dr ir Joost M.E. Pennings and Dr. Thomas Post

MFRL collaborates with CERN on using ROOT to protect commodity and financial markets from fraud: interview with Axel Naumann

This news article was published on the CERN website on December 7, 2020.

From fraud protection to vaccine production, ROOT’s wide-ranging impact is revealed in a conversation with Axel Naumann (CERN).

Axel Naumann spearheads the development of one of CERN’s key digital tools, ROOT, which was originally designed for high-energy physics (HEP) and is now widely used in industry.

ROOT has been processing particle collision data since the time of the Large Electron–Positron Collider. What makes it stand out is its ability to detect anomalies in extremely vast datasets, and such anomalies may indicate new physics. This is just one feature that makes ROOT applicable beyond HEP. So far, ROOT has proven well suited to help protect commodity and financial markets from fraud, improve vaccine production, analyse large genomics datasets and improve aviation safety.

Naumann, a senior applied physicist in the Software Design for Experiments group (EP-SFT), collaborated closely with the Knowledge Transfer (KT) group to foster these applications. “We’ve always learned from our partners and vice versa, which allows the software to evolve.” This is particularly relevant given that ROOT is distributed under an open-source licence: “People can immediately contribute to and have an impact on the production of the code. This means that it can evolve to cover different needs.”

Collaborating with partners outside of HEP can also help Naumann and his team tap into additional resources for their work. “One of the earliest projects we had was with a potential start-up from the Norwegian University of Science and Technology (NTNU). The start-up needed to learn more about ROOT, and we agreed that someone from their team could come to CERN to code with us. After six months of working together, some of that code is still in production today. Through these exchanges, we gain a deeper understanding of the digital challenges that companies face and, with our expertise in data processing software, we are able to guide them on the best tools to use.”

Naumann sees this sharing of knowledge as inherent to CERN. “We are financed to do fundamental research and we should not forget that. Our job was not to invent the World Wide Web; it was to understand the nature of matter. However, it is always nice to be able to provide additional arguments for investing in fundamental science. We are financed by society. We should give back to society.”

Click here for the article: Rooted in society | CERN (home.cern)

2 Internships available at Ingredients Brokers International (IBI) in Amsterdam

IBI is an independent broker in the international markets of physical agricultural ingredients, grains, oilseeds and edible oils. IBI informs and has long-term relationships with suppliers, traders, manufacturers, distributors and end users of these products with integrity, openness, respect and responsibility. This is achieved by bringing supply and demand together in these markets, which contributes to an objective and transparent pricing of the various products and services.

Click here for:

Internship 1: Product Research

Internship 2: International Brokerage

The Marketing-Finance Lab has no affiliation with IBI.

CORMEC / MFRL key note speaker at the Conference  “Cooperation for long – term farming of the Latvian National Rural Network Conference, November 19 2020, Ozolnieki, Latvia.

The title of the presentation is “Risk Management Services in a Cooperative.”

Click here for more information

Guest visit by Prof. dr ir Joost Pennings at the LLTB-box at the Brightlands Campus Greenport Venlo

Prof. Pennings will share his insights on the themes of risk management, market strategies and innovation in the realm of agribusiness, for which he has trained and educated many farmers.

For the LLTB-press release (in Dutch), click here

For the interview, click here

WHU – Otto Beisheim School of Management Forum Congress — 21 & 22 November 2020

For the Powerpoint presentation, click here

For the information flyer, click here

United Nations Statistics Day!

? Did you know that tools developed at CERN are used to help protect the integrity of financial markets? ROOT enables anomaly detection in large amounts of data. #CERNKT #StatsDay2020 Click here: https://kt.cern/node/3789

Marketing-Finance Research Lab key note speaker at the Product Development – “How to Transition From a Producer to a Successful Processor” Conference at the Estonian University of Life Sciences and the Estonian Chamber of Agriculture and Commerce, Tallinn, Estonia, 9 October 2020.

The title of the presentation is “Financial Risk Management Innovations as Key Competence in Improving the Competitiveness and Member Relationships of Cooperatives,”.

Click here for the presentation

UM’s Marketing-Finance Research Lab (MFRL) works together with Wageningen University & Research (WUR), European Organization for Nuclear Research (CERN) and CORMEC consortium  to protect commodity and financial markets.

Wageningen University & Research (WUR), the European Organization for Nuclear Research (CERN) and The Commodity Risk Management Expertise Center (CORMEC) signed an agreement to collaborate on research that aims to create new methods to protect commodity and financial markets from malpractices (fraud), to identify anomalies that can harm the integrity of these markets and, subsequently, to improve the design and regulation of markets.

During a visit to CERN, WUR/UM economist, professor Joost Pennings realised there are similarities between the billions of particle collisions in CERN’s Large Hadron Collider and the high-speed trading on commodity futures markets in which multiple orders per nanosecond are placed. Most transactions, or collisions, show no anomalies. But when they do, this may lead to new, groundbreaking insights for both economists and physicists.

Please click here for the official CERN press release.

This research draws on the unique market data from WUR and CORMEC, as well as their deep understanding of markets. CERN contributes data-analysis expertise and techniques such as ROOT The combined expertise will help to combat fluctuations in markets caused by anomalies, possibly induced by market design, and market manipulations induced by fraudulent behaviour.

The collaboration attempts to identify and predict market manipulation. This should enable regulators to create safer and more stable market environments, by keeping pace with the rapidly changing trading environment, leading to improved regulation and development of market structures (design) that enhance the integrity of markets. The research may lead to diagnostic tools to predict financial instability. In addition, this research will indirectly help market participants (hedgers) to better manage their risk, thereby lowering capital costs – a necessary condition for innovation.

The three-year project, named High Energy Physics Tools in Limit Order Book Analysis (HighLO), is supported by the Province of Limburg in the Netherlands. The first results are expected at the end of this year.

The official WUR press release regarding this project can be found here (in Dutch)

The English version of the WUR press release can be found here.

For the news article on the website of 1Limburg you can click here (in Dutch)

For the article in Financieel Dagblad (FD) of 24 februari 2020, click here (in Dutch)

For the article in De Limburger of 25 februari 2020, click here for part 1 (in Dutch)

For the article in De Limburger of 25 februari 2020, click here for part 2 (in Dutch)

The website RealClearScience.nl also wrote about the HighLO initiative, for more information click here.

Pennings, J.M.E. (2020), “Hoe Natuurbeheer de Veerkracht en Levensvatbaarheid van Landbouwbedrijven kan Vergroten (How Nature Management and Conservation can Increase the Resilience and Viability of Farms), Korenwolf Wereld, January 2020, pages 10-11.

Click here for the interview

Assistant-Associate Professor, Economics of Agricultural Marketing vacancy at the Department of Agricultural and Consumer Economics (College of Agricultural, Consumer and Environmental Sciences) at the University of Illinois at Urbana-Champaign

Click here for more information

The Marketing-Finance Research Lab will be part of the scientific committee of the 8th Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management at the IAG Business School – PUC-Rio – Rio de Janeiro – RJ on December 6, 2019

Click here for more information

Interview with Prof. dr ir Joost M.E. Pennings in vakblad Vereniging Agrarische Bedrijfsadviseurs (VAB) – Dutch

Click here for the article

2019 Paris Commodities Research Conference is a succes

“Commodities, Volatility, and Risk Management: The Impacts of Trade Restrictions, Market Imperfections and Green Finance”

The conference, co-organized by the Marketing-Finance Lab, tackled commodity pricing and risk management, viewed through the prisms of market imperfections and environmental concerns. Taking place at Paris-Dauphine University, the main focus of the the panel discussions and paper presentations was on agricultural and energy markets, with specific themes intended to shine light on what the organizers and members of the scientific, industry, and policy advisory committees believe are prominent issues (or will be in the near future).

2019 Research Conference | Paris | May 13th – May 15th 2019

The call for papers is now open for the conference “Commodities, Volatility, and Risk Management: The Impacts of Trade Restrictions, Market Imperfections, and Green Finance”  that the Marketing-Finance Research Lab & CORMEC organize together with the University of Illinois and the University of Paris. You can submit your papers or sign up for the conference through: https://commodity.sciencesconf.org/

Interview with Prof. dr ir Joost M.E. Pennings in Boerderij magazine (Dutch)

Use of futures contracts on the rise with potato farmers and industry

Prof. A.I.O. Hoffmann delivers keynote speech at Australian Securities and Investments Commission (ASIC) Research Forum: Building Financial Capabilities Together (December 2018)

New Internship opportunity at DWS Asset Management

Global Client Group (GCG) – Institutional Client Sales Internship Profile

ICA 2018 Research Conference | Wageningen | July 4th – July 6th

Cooperatives in a rapidly changing world: innovation in enterprise and community

Co-organized by Marketing-Finance Research Lab

Wageningen International Conference Centre

Click here for more information about the ICA2018 Research Conference

Click here for the ICA2018 Flyer

New Internship opportunity and Job vacancy at ForFarmers for 2018

• Internship: Procurement
• Job Vacancy: Senior Buyer

Interview with Prof. dr ir Joost M.E. Pennings in Dagblad de Limburger (Dutch)

Risk Management course for farmers and growers in Limburg

MFRL presented at the EAAE meetings in Parma (Italy)

MFRL presented at the EAAE meetings in Parma (Italy), amongst others: Special sessions on AMTF (European Commission) and Diagnostics in the Agri-Food sector Against Market Risk.
https://www.conftool.com/eaae2017/index.php?page=browseSessions&form_session=180#paperID680

https://www.conftool.com/eaae2017/index.php?page=browseSessions&form_session=197#paperID681

For more information http://www.eaae2017.it.

Professor Pennings speaking at the hearing “The Conclusions of the Agricultural Markets Task Force – AMTF” at the European Parliament, Brussels, January 9, 2017

More information can be found here:
http://www.europarl.europa.eu/committees/en/AGRI/home.html

  Photos © European Union

Arvid Hoffmann joins University of Adelaide as a Professor of Marketing

As of January 2017, Arvid Hoffmann will be a Professor of Marketing at Adelaide University Business School, Australia. Arvid will continue to work with other members of the Marketing-Finance Research Lab on joint research projects.

Prof Pennings key note speaker at the Risk Management and Commodity Trading Conference, Sao Paulo, Brazil

Prof Pennings key note speaker at the Risk Management and Commodity Trading Conference, Sao Paulo, Brazil, November 8 “A Marketing-Finance Approach towards Commodity Futures Contract Design”.
Click here for more information.

Joost Pennings appears in Boerenbusiness Aardappelmarkt

Joost Pennings contributed to the annual potato market analysis published by the Dutch agricultural publication Boerenbusiness. For a link to the article (in Dutch) click the link below.
Interview with Joost Pennings in Boerenbusiness – Oct 2016.

Joost Pennings appears in Boerderij

On October 3rd, an interview with Joost Pennings appeared in Boerderij on risk management in pig farming. For a link to the article (in Dutch) click the link below.
Interview with Joost Pennings in Boerderij – Oct 2016.

Joost Pennings appears in Nieuwe Oogst

On August 20, an interview with Joost Pennings appeared in an article in Nieuwe Oogst on how financial risk management determines farm performance. For a link to the article (in Dutch), click here.

Arvid Hoffmann appears in Het Financieele Dagblad

On May 27, Arvid Hoffmann appeared in an article in Het Financieele Dagblad on how to debias individual investors and improve their investment behavior. For a link to the article, click here.

Even in the long term, ‘light’ does not make you slimmer

To read the press release about the impact of light products, click here.

Arvid Hoffmann wins Outstanding Paper Award

Arvid Hoffmann’s paper “How experiences with trading a company’s stock influence customer attitudes and purchasing behavior” has been selected by the editorial team of International Journal of Bank Marketing as the Outstanding Paper in the 2016 Emerald Literati Network Awards for Excellence. For details of all 2016 winners, please click here.

Risk Management Group for Dutch Farmers very successful

On February and March 2016, Joost Pennings with support from the LLTB, Wageningen UR and the Province of Limburg organised a risk management study group for 45 farmers from the south of the Netherlands, in order to create added value and bring down their cost of capital. This workshop was a big success and will be continued more in-depth per sector in the future. For more information on the press release (in Dutch), please click here.

Arvid Hoffmann presents his work on behavioral aspects of retail investor behavior at European Commission

On March 2, 2016, Arvid Hoffmann presented his work on behavioral aspects of retail investor behavior at a workshop at the Join Research Centre of the European Commission in Ispra, Italy. For more information on the workshop, please click here.

Understanding producers’ motives for adopting sustainable practices

Oxford University Press’s blog covers research co-authored by Prof Pennings. The article deals with adoption of sustainable practices in the farming industry. To read the blog article, click here.

Marketing-Finance Research Lab hosts New Year Drinks

On Wednesday, February 3 2016, the Marketing-Finance Research Lab hosted New Year Drinks for all current and incoming Marketing-Finance Students. The event was a great success, with many students interacting with the professors and colleague students from their current cohort and previous ones.

 

Marketing-Finance Student wins AFM Thesis Award 2015

Marketing-Finance student Edo Heijnen has won the very prestigious 2015 AFM Thesis Award. His work was titled “Student Loans and Spending Behavior” and was supervised by Dr. Arvid Hoffmann. To read more about it (in Dutch), click here

Arvid Hoffmann appears in Dutch newspaper NRC Handelsblad

Arvid Hoffmann was interviewed as an expert for an article about individual investor behavior that appeared on October 24, 2015 in NRC Handelsblad. To read the article (in Dutch), click here

Job opportunities at the M-F Research Lab

Always been interested in an academic career? Here’s your chance: several PhD opportunities at the MF Research Lab. For more information and a job describtion,
click here.
Please apply when interested!

Prof. dr ir Joost Pennings at the European Parliament

Prof. dr ir Joost M.E. Pennings was an invited speaker at the Expert Hearing in the European Parliament: “Future-proofing the dairy sector: What do Financial and Risk tools mean for farmers?”, to be held in Brussels on October 21, 2015. In his presentation, Prof. Pennings will explore the possibilities for the dairy sector to lower the cost of capital and enable innovation and value creation through the use of risk management instruments (such as futures contracts).

Click here for the hearing.

Arvid Hoffmann appears in NRC Handelsblad and NU.nl

Arvid Hoffmann (FINANCE) was interviewed for a articles on NU.nl and by NRC Handelsblad, which appeared on August 29 and 30, respectively. To read the articles (in Dutch), click on the links below:
NRC Handelsblad 
NU.nl 

Joost Pennings invited speaker at the 2nd Annual World Sugar Trade Operations and Risk Management Conference

On November 3, Professor Joost M. E. Pennings will be an invited speaker at the 2nd Annual World Sugar Trade Operations and Risk Management Conference in Dubai. For an overview of the conference, click here.

Arvid Hoffmann appears on Limburg 1 radio

Arvid Hoffmann (FINANCE) was interviewed by Limburg 1 radio to give his advice about saving and investing in the current low-interest environment. To listen to the interview, click here.

Professor Joost M.E. Pennings gives key note address at University Dinner

To read more about the University Dinner, click here.

Arvid Hoffmann appears in in Dutch media

Arvid Hoffmann (Finance) was interviewed about his research on the negative spill-over effects of investment losses on consumer behavior by Dagblad De Limburger, “Keldert Shell, Tankt Belegger Elders” and Nu.nl, “Belegger koopt producten bedrijf liever niet meer na koersdaling”. To read the article from De Limburger (in Dutch), click here.

Fidelity Worldwide Investment gives a guest lecture about behavioral finance

Charles Payne, investment director at Fidelity Worldwide Investment, gave a very inspiring guest lecture on Monday, February 9, 2015. Topic was behavioral finance in practice. Fidelity Worldwide Investment is a member of the Marketing-Finance Company Circle since 2014. For the lecture slides, click here.

Research by Arvid Hoffmann receives large media coverage

On February 3, research by Arvid Hoffmann (Finance) was featured in articles in three Dutch newspapers.
For a link to the articles (all in Dutch), click on the links below:
De Limburger
Algemeen Dagblad
De Telegraaf

Research by Arvid Hoffmann appears in De Financiële Telegraaf and Het Financieele Dagblad

Research by Arvid Hoffmann (Finance) was featured in articles in De Financiële Telegraaf, “Particulier belegt ook op basis van imago”, and Het Financieele Dagblad, “Belegger kiest vaak voor aandeel met ‘goed gevoel'”. In the articles, Arvid Hoffmann explains the role of image in individual investors’ investment decisions.
For a link to the Financieele Dagblad article (in Dutch), click here.
For a link to the Financiële Telegraaf article (in Dutch), click here.

Arvid Hoffmann forthcoming in the European Journal of Marketing

Arvid Hoffmann is forthcoming in the European Journal of Marketing with an article co-authored with Amitav Chakravarti (London School of Economics) and Jaakko Aspara (Hanken School of Economics). The article is titled “Focal versus Background Goals in Consumer Financial Decision-Making: Trading Off Financial Returns for Self-Expression?” and can be downloaded here.

Nikos Kalogeras key note speaker at Hellas Bio Net

Nikos Kalogeras is key note speaker at the event for the promotion of European Organic Fruits and Vegetables by the Hellenic association of Producers of Organic Fruits and Vegetables (Hellas Bio Net)

Media appearance: Arvid Hoffmann

Arvid Hoffmann (Finance) was interviewed for an article on personal finance, that appeared in NRC Handelsblad on December 1: “Laten Rollen of Niet? Hou Eens Op Met Sparen”. For a link to the article (in Dutch), click here.

Media appearances: Arvid Hoffmann and Thomas Post

Research by Arvid Hoffmann (Finance) and Thomas Post (Finance) on self-attribution bias by individual investors was mentioned in an article in the Huffington Post, This Is Your Brain on Money: Why America’s Rich Think Differently Than the Rest of Us on 18 October. For a link to the article, click here.

Arvid Hoffmann appears in Het Financieele Dagblad

On August 20, Arvid Hoffmann appeared in an article in Het Financieele Dagblad, in which he explains the (lack of) risk awareness of individual investors and the possible consequences for their behavior. For a link to the article (in Dutch), click here.

MFRL Launches large scale risk management project with agri-food market participants (producers, processing and trading industry)

Maastricht University (Department of Marketing and Supply Chain Management & Department of Finance), Wageningen University (Department of Marketing & Consumer Behavior) and the LLTB (Limburg Farm and Horticulture Organization) collaborate in better understanding the risk management needs and behavior of the agri-food sector and the role that commodity futures and option markets can play. This research will be part of a commodity risk management expertise center that is currently being established. The goal of the research that will start in September is to identify the needs and knowledge about risk management of producers.
Market participants in the agri-food industry are more and more exposed to price volatility which increased their risk adjusted cost of capital thereby reducing the innovation capacity. Having an effective and efficient financial risk management strategy in place is key.

For more information, click on the links below:
plattelandspost.
geelen-consultancy.
nieuweoogst.
agriholland.
demolenaar.
boerenbusiness.
drimble.

Arvid Hoffmann appears on BBC Capital

Arvid Hoffmann appeared in a piece on BBC Capital, titled “Psychology of Investment: In the Frame.” For a link to the article, click here.

Arvid Hoffmann appears in Neue Zürcher Zeitung

Arvid Hoffmann appeared in the Neue Zürcher Zeitung in an interview of his co-author Hersh Shefrin (Santa Clara University) about their work on technical analysis “Warum Menschen schlechte Wetten eingehen: Der beste Weg zum finanziellen Selbstmord.” In English: “Why people enter bad bets: the best way to financial suicide.” For a link to the article (in German), click here.

Arvid Hoffmann and Thomas Post appear in DER STANDARD

Arvid Hoffmann (FINANCE) and Thomas Post (FINANCE) appeared on July 18 in the Austrian newspaper DER STANDARD regarding their work on self-attribution bias and individual investors. For a link to the article (in German), click here.

Arvid Hoffmann and Thomas Post appear on IEX.nl

Arvid Hoffmann and Thomas Post appeared on IEX.nl, “Success is een keuze!”, on July 2, 2014 regarding their work on self-attribution bias and individual investor behavior. For a link to the article (in Dutch), click here.

Dr. Kalogeras co-edits a new Springer Book Agricultural Cooperative Management & Policy

This book focuses on the use of farm level, micro- and macro-data of cooperative systems and networks in developing new robust, reliable and coherent modeling tools for agricultural and environmental policy analysis. The efficacy of public intervention on agriculture is largely determined by the existence of reliable information on the effects of policy options and market developments on farmers’ production decisions, and in particular, on key issues such as levels of agricultural and non-agricultural output, land use and incomes, use of natural resources, sustainable-centric management, structural change and the viability of family farms. Over the last years, several methods and analytical tools have been developed for policy analysis using various sets of data. Such methods have been based on integrated approaches in an effort to investigate the above key issues, and have thus attempted to offer a powerful environment for decision making, particularly in an era of radical change for both agriculture and the wider economy.

You can find the book for example here:

amazon

springer

Media coverage: Arvid Hoffmann and Thomas Post

On June 2 and 3, 2014, Arvid Hoffmann and Thomas Post appeared in several media sources. To read the articles, click on the links below (all in Dutch):

RTLZ.nl.

L1.nl.

Z24.nl.

De Financiële Telegraaf.

Dagblad De Limburger.

De Volkskrant.

Forbes covers Arvid Hoffmann’s work on technical analysis with Hersh Shefrin

On June 2, 2014, Forbes released a column entitled “Technical Analysis Drags Down Performance” which covers Arvid Hoffmann’s work on technical analysis with Hersh Shefrin. For a link to the article, click here.

Arvid Hoffmann’s work on technical analysis with Hersh Shefrin appears on Bloomberg

On May 29, 2014, Arvid Hoffmann’s work on technical analysis with Hersh Shefrin was mentioned in a column on Bloomberg, entitled “The Case for Ignoring Jennifer Lopez When Making Trades.” For a link to the column, click here.

Professor Philip Garcia visits MFRL

Professor Philip Garcia will be visiting MFRL in the period September 1 through the week of October 20. For more information, click here.

Arvid Hoffmann appears in Beleggers Belangen

Research by Arvid Hoffmann (FINANCE) and Hersh Shefrin (Santa Clara University) on technical analysis and individual investors got covered in Beleggers Belangen on March 26: “TA onder vuur.” For a link to the article, click here.

Arvid Hoffmann appears on CNBC

Research by Arvid Hoffmann (FINANCE) and Hersh Shefrin (Santa Clara University) on technical analysis and individual invstors got covered on CNBC and Reuters on March 25: “Peering at charts brings poor returns for small investors-study.” For a link to the article,click here.

Arvid Hoffmann appears in Het Financieele Dagblad

Research by Arvid Hoffmann (FINANCE) and Hersh Shefrin (Santa Clara University) on the effects of technical analysis on the portfolios of individual investors was covered in an article in Het Financieele Dagblad on March 25, “Technische analyse kost vooral mannelijke particuliere belegger veel rendement”. For more information, click here.

Arvid Hoffmann appears in de Telegraaf

Arvid Hoffmann (FINANCE) and Hersh Shefrin (Santa Clara University) appeared in de Telegraaf, “Technische analyse kost belegger geld’ on Friday, 21 March. For a link to the article, click here.

Arvid Hoffmann appears on Z24.nl

Research by Arvid Hoffmann (FINANCE) and Hersh Shefrin (Santa Clara University) on technical analysis and individual investors appeared in an article on Z24.nl, “Pas op belegger: deze grafiek kost je bakken met geld” on Friday, March 21. For a link, click here.

Prof. Joost M. E. Pennings keynote speaker at NIMA

Professor Joost M.E Pennings keynote speaker at NIMA (Nederlands Instituut voor Marketing) Conference in Baarn. For more information, click here.

Arvid Hoffmann and Thomas Post appear in New York Times

Research by Arvid Hoffmann (Finance) and Thomas Post (Finance) on the self-attribution bias recently appeared in New York Times article “Avoiding ‘Lucky Fool Syndrome’”. For a link to the article, click here.

Arvid Hoffmann appears in ValueWalk

Arvid Hoffmann (FINANCE) appeared in an article on ValueWalk “Individual Investors Lose Money When Using Technical Analysis” that discusses his research on technical analysis with Hersh Shefrin (Santa Clara University). For a link to the article, click here.

Research by Arvid Hoffmann appears on IEX.nl

Research by Arvid Hoffmann with Hersh Shefrin on technical analysis appeared in a column on IEX.nl.

For a link to the article, click here.

Nibras Mirza wins Hoofboschprijs 2013

Nibras Mirza, a thesis student of Thomas Post and Arvid Hoffmann has won the third price of the Hoofboschprijs 2013 with his Master Thesis “Investor loyalty and goals over time”.

For more details, click here.

Arvid Hoffmann and Thomas Post have appeared in Reuters and The Star Online

Research by Arvid Hoffmann and Thomas Post on the self-attribution bias in consumer financial decision-making appeared in Reuters and The Star Online. For more information, click on one of the links below:

The Star Online: “Investment Foibles: Failure Is An Orphan” 

Reuters: “Success has many fathers”.

Research on group-buying by Jaakko Aspara and colleagues forthcoming in Journal of Marketing

Dr. Jaakko Aspara (Aalto University and Marketing-Finance Research Lab) was part of a research team with Xueming Luo (Temple University), Michelle Andrews (Temple University), and Yiping Song (Fudan University), who studied consumer behavior on group-buying platforms (e.g., Groupon). Their research will appear in Journal of Marketing in spring 2014. For a link to the paper, click here.

Jaakko Aspara and Arvid Hoffmann appear in Marketing Letters

Dr. Jaakko Aspara (Aalto University and Marketing-Finance Research Lab) and Dr. Arvid Hoffmann (Maastricht University and Marketing-Finance Research Lab) are forthcoming in the journal “Marketing Letters”. Their paper is titled “Selling Losers and Keeping Winners: How (Savings) Goal Dynamics Predict a Reversal of the Disposition Effect” and shows how simple primes that activate a superordinate savings goal can reverse investors’ tendency to sell their winning investments too soon and hold on to their losing investments too long (i.e., the disposition effect). For a link to the paper, click here.

Lisa Brüggen appears in fd.morgen and Talkin’ Business

Brand Management students led by Lisa Brüggen presented their pension communication solutions on a brand fair.
To read the article from Talkin’ Business about it (in English), click here.
For the fd.morgen article (in Dutch), click here.

Professor Joost M.E. Pennings (Marketing-Finance Research Lab) Expert witness at EC conference “The EU dairy sector: developing beyond 2015”

This conference, takes place at the initiative of Dacian Cioloş, European Commissioner for Agriculture and Rural Development, and explores future trends in the EU milk sector post 2015. For more information, click here.

MF Symposium orgnanizers appear in Talkin’ Business

On September 14, 2013, Talkin’ Business released an interview with the MF symposium organizers. To read the full article, click here.

Arvid Hoffmann appears in Het Financieele Dagblad

On August 31, 2013, Arvid Hoffmann appeared in an interview about individual investors in Het Financieele Dagblad. In the interview, he explains the behavioral biases of individual investors and how this affects their behavior and performance. To read the full article, click here.

New Projects at Service Science Factory

Are you a highly innovative, creative & hard working M-F student? Seize this chance to join the Service Science Factory now! For more information, click here.

Prof. Joost M.E. Pennings to appear in The Journal of Marketing

Joost Pennings (Marketing-Finance Research Lab UM) is to appear in The Journal of Marketing together with Koert van Ittersum (Georgia Institute of Technology) and Brian Wansink (Cornell University). The title of the study is ’Smart Shopping Carts: How Real-Time Feedback Influences Spending’.

Simone Wies wins Best Paper Award on Marketing Strategy meets Wall Street Conference

On Tuesday, July 9th, Simone Wies has won the Best Paper Award on the Marketing Strategy meets Wall Street Conference for her work co-authored with Christine Moorman. The paper is titled “Going Public: How Stock Market Participation Changes Firm Innovation Behavior.” For more information, click here.

Marketing-Finance Research Lab appears in Maastricht University Magazine

In the latest issue of Maastricht University Magazine, an interview with Prof. Joost Pennings and Dr. Arvid Hoffmann on the Marketing-Finance Research Lab appeared. In the article, Prof. Pennings and Dr. Hoffmann explain how the Marketing-Finance Research Lab came into existence, the needs its fulfills in both business and academia, and how it helps students and faculty to engage with each other and business leaders from practice. For more information, click here for the PDF of the article.

Lisa Brüggen appears in “Financieele Dagblad”

On 1 June, Lisa Bruggen (Department of Marketing & SCM) appears in the Dutch Financieele Dagblad. Lisa has written a column for FD Morgen on communication around pensions by the funds and argues changes should be made. Read how pension funds can learn from Nespresso’s George Clooney!

Dr. Lisa Brüggen joins the Marketing-Finance Research Lab

We are happy to announce that Dr. Lisa Brüggen, Assistant Professor of Marketing at Maastricht University, joins the Marketing-Finance Research Lab as of May 1st, 2013. Lisa specializes in consumer’s pension decisions and their risk perceptions. For more details on the work of Lisa, please click here.

Nikos Kalogeras forthcoming in Journal of Service Management

The paper “A SERVICE SCIENCE APPROACH FOR IMPROVING HEALTHY FOOD EXPERIENCES”, co-authored by D. Mahr, N. Kalogeras, and G. Odekerken was accepted for publication in the Journal of Service Management (impact factor 1.2). For a copy of the paper,click here.

Arvid Hoffmann, Thomas Post, and Joost Pennings forthcoming in Journal of Behavioral Finance

Arvid Hoffmann, Thomas Post, and Joost Pennings just got a paper accepted in the Journal of Behavioral Finance. The title of the paper is “How Investor Perceptions Drive Actual Trading and Risk-Taking Behavior”. The paper shows how individual investors’ perceptions, such as their return expectations, risk tolerance, and risk perceptions, drive these investors’ actual trading and risk-taking behavior. For a copy of the paper, click here.

PREMIUM STUDENTS In PREMIUM PROJECTS!!!

Nikos Kalogeras appears on the UM Magazine sent to 6000 institutions and universities outside UM. He talks about PREMIUM students in PREMIUM projects. For more information, click here.

Marketing-Finance student Cornelia Birnbrich receives UM Student Prize 2012 for SBE

Cornelia Birnbrich, MSc Marketing-Finance, was awarded the 2012 Student Prize for the Maastricht School of Business and Economics (SBE) at Maastricht University’s 37th Dies Natalis celebration on 14 January 2013. For more information, click here.

M-F track and Research Lab introduced in “Talkin’ Business”

Talkin’ Business wrote an article about the Marketing Finance Student Award 2012. Various comments and opinions of former Marketing-Finance students as well as from M-F research staff give a wide-ranging overview of different perspectives on the study programme. For more information, please check out the link to the article below.

Link to article: Click Here.

Excellent Student Award 2012

To honor students for extraordinary commitment and outstanding academic achievements, the Marketing-Finance Research Lab has decided to award an Excellent Student Award to a Marketing-Finance student each year, starting in 2012. This year, the co-directors of the Marketing-Finance Research Lab, have decided upon three nominees for the Excellent Student Award: Tobias Massing, Konstantin Molinari, and Cornelia Birnbrich. The winner of this year is Cornelia Birnbrich. This decision is based on outstanding achievements regarding her thesis, excellent grades, and an exceptional work ethic.

   

Patrick Gerhard joined Netspar

Patrick Gerhard joined Netspar, the Network for Studies on Pension, Aging, and Retirement as junior research fellow. Netspar is a network aimed at connecting the two groups of pension practicioners and pension researchers.

Joost M.E. Pennings, has been appointed as a member of the EC Expert Group on Agricultural Commodity Derivatives and Spot Market

The Expert Group is a consultative entity whose tasks are to provide advice and expertise to the Commission services in relation to the functioning of the agricultural commodity derivatives and spot markets, the implementing of existing EU legislation and policies and the preparation of legislative proposals and policy initiatives in this field. The Group is composed of representatives of EU Member States and key stakeholders active in the agricultural sector and/or having activities relevant to the agricultural commodity derivatives and spot markets.

Robert Merrin, Arvid Hoffmann, and Joost Pennings forthcoming in Marketing Letters

Robert Merrin, Arvid Hoffmann, and Joost Pennings just got a paper accepted in Marketing Letters. The title of the paper is ” Customer Satisfaction as a Buffer Against Sentimental Stock-Price Corrections”. The paper shows how the stock prices of firms with higher levels of customer satisfaction are less affected by stock-market corrections that occur after periods of high investor sentiment.

Arvid Hoffmann and Thomas Post appear in the “Geldgids”

Research by Arvid Hoffmann (Finance) and Thomas Post (Finance) was mentioned in an article of the June issue of the “Geldgids”, a magazine by the Dutch consumer organization “De Consumentenbond”. The article discusses the recent research by Hoffmann and Post that finds that investors tend to myopically look at returns only when making their decisions. More information can be found in the PDF (click below).”

Link to article: Click Here.

Arvid Hoffmann appears in Belgian newspaper “De Standaard”

Research by Arvid Hoffmann on financial product innovation recently appeared in the Belgian newspaper “De Standaard”. For more information, view the article underneath.”

Link to article: Click Here.

Individual Investor Perceptions and Behavior during the Financial Crisis

Arvid Hoffmann, Thomas Post, and Joost Pennings just got their paper on the financial crisis accepted in the Journal of Banking and Finance. The paper deals with the question how individual investor perceptions change and drive trading- and risk-taking behavior during the 2008-2009 financial crisis.

Link to article: Click Here.

How do “smart carts” change shopper behavior?

What’s the tipping point for an innovation? “Smart” shopping carts can scan and tally a running total of customer purchases. A wide majority of retailers and consumers want them, but they remain a rarity in grocery store aisles. The carts are not cheap, unions might take action to safeguard jobs, and store owners worry that the system would increase shoplifting by patrons who conveniently forget to scan some items. Given these barriers, it seems likely that retailers would continue to ignore smart carts. But what if store owners had a fuller understanding of how smart carts might impact the bottom line?

Link to article: Click Here.

The Marketing-Finance approach: Bridging the gap between Marketing and Finance

In an article in TalkingBusiness, Dr. Arvid Hoffmann and Prof. Joost Pennings explain how the M.Sc. IB: Marketing-Finance works for both students and industry.

Link to article: Click Here.

Investing: an Expensive Hobby?

In a recent issue, Intermediair Magazine published an article partly based on an interview with Arvid Hoffmann. The article discusses how since the start of online investing, investors have more available information, but worse returns. Individual investors rate speculation as a more important objective than before and rely more on technical analysis and intuition than on fundamental analysis. These effects lead to more trading and worse returns.

Link to article: Click Here.

For more information on Arvid Hoffmann, Click Here.

Arvid Hoffmann and Thomas Post appear in “Handelsblatt”

Based on an interview with Arvid Hoffmann, the prestigious German newspaper “Handelsblatt” published an article on the joint research of Arvid Hoffmann and Thomas Post. In the article, it is discussed how individual investors often lack a sense of what investment risk means and the implications for their decision-making. Moreover, the implications for investment practice and public policy makers are discussed. Click below to download the article.

Link to article: Click Here

Call of papers of the 3rd Biennial International Conference

We would like to share with you the call of papers of the 3rd Biennial International Conference. on Services Marketing: Prof. Pennings is a member of the international scientific committee of this meeting, together with Dr. Nikos Kalogeras.

Link to Website: Click Here

Kassa Magazine interviews Dr. Arvid Hoffmann

Kassa Magazine published an article in their April/May issue based in part on an interview with Dr. Arvid Hoffmann. The article investigates reasons to invest or not in the current time of low interest on bank deposits.

Link to article: Click Here

Marketing-Finance Research Lab publishes paper on the financial crisis in ESB

Arvid Hoffmann, Thomas Post, and Joost Pennings published a paper on the perceptions, behavior and performance of individual investors during the crisis in Economisch Statistische Berichten on February 18th 2011.

Link to article: Click Here

Prof. Joost Pennings talks in Tweede Kamer (Dutch Parlement)

Prof. Joost Pennings has been invited to discuss on March 3 2011 with the commission of Economic Affairs, Agriculture and Innovation in the “Tweede Kamer” about the recent increases in food prices and the role of commodity index contracts and speculators in that matter.

Interview with Arvid Hoffmann about individual investors and the financial crisis on MarketMinds

Robeco’s MarketMinds, a platform for investment advisors, published an article based on an interview with Dr. Arvid Hoffmann on February 11th 2011. The article discusses joint research of Arvid Hoffmann, Thomas Post, and Joost Pennings on the perceptions, behavior and performance of individual investors during the recent financial crisis.

Link to article: Click Here

PhD Defence Nikos Kalogeras

Nicolas Kalogeras (FINANCE), “Essays on individual decision making; with special references to Agribusiness and food markets”. The academic meeting will take place on Friday, 14 January at 10.00 hrs in the Aula of Minderbroedersberg 4-6.