”Performing on a world-class level”

Nov. 14, 2017

Since inception in 2011, the Swedish House of Finance has developed into a thriving ecosystem of financial research. Indeed, a recent evaluation report concludes that the center is a hub for world-class financial research with an outstanding seminar, conference and visitor program.

The activities at the Centre rely on funding from the Stockholm School of Economics, the Swedish financial sector and the Swedish government – through Vinnova. As part of the funding contribution, Vinnova performs a series of evaluations of the Centres developments. One such evaluation was carried out in June this year and we are pleased to share the results.

"Vinnova has financed many cooperative research centers over the years in many different scientific areas. The stage 2 evaluation of the Swedish House of Finance (SHoF) is one of the best evaluations we have ever received and it concludes that the center is performing on a world-class level. During 2014 to 2017 SHoF has achieved an even higher level of research excellence, opening up a data center, set up a dynamic governance structure, made sure to stay relevant to Swedish private and public financial actors and much more. The evaluators also acknowledge that SHoF has a very positive effect on other financial market research groups in Sweden through for example its openness to host visiting scholars and its national PhD scheme. The center is also approaching the gender gap in a structured way. Congratulations."

15 A-ranked publications

Faculty at the Centre focuses on five core research areas: corporate and entrepreneurial finance, banking and financial intermediation, corporate governance, asset pricing, and household finance. During 2014 – 2016, researchers published a total of 15 A-ranked publications, a remarkable accomplishment, even after discounting for the fact that the Centre spans various institutions. The Centre has become a major attractor for finance researchers from around the world and this is beneficial to Sweden as a whole.

The evaluation team considered the seminar, conference and visitor program outstanding. The Centre has developed a reputation for being the forum of policy discussion among private and public financial actors and by using website, social media, and newsletters it is disseminating its research and enhancing its impact.

The Centre has worked diligently to improve gender balance inviting for example more female seminar guests and jobmarket candidates. It is also organizing events to motivate females in Bachelor and Masters programs to study finance, hoping that these efforts payoff in the medium long run. All finance departments in the world are struggling with this issue and hiring and retaining established female faculty member in this field is more difficult than ever.

SHoF is the organizer of the national PhD programme in finance and the evaluation report concludes that the Centre contributes significantly to the strength of PhD training in Stockholm and beyond and should be applauded for its effective use of visiting senior faculty.

The outcome is a PhD program in finance that is incomparable in Europe. Some well-trained PhD students find their way into Swedish academia where they, in turn, train future generations of undergraduate and graduate students. This strengthens the quality of education and research and should improve public policy and private sector effectiveness.

“A winner”

The evaluation team consisted of Bauke Visser, Professor of Economics Erasmus University, Mary O’Kane, Professor Emeritus and Chief Scientist & Engineer, New South Wales, An Yan, Professor of Finance and Business Economics Fordham University, and Ludovic Phalippou, Associate Professor of Finance University of Oxford. After completion of the evaluation of the Centre’s progress Mary O’Kane left the following statement.

“SHoF is a gem of a cooperative research centre – global quality research with strong local industry impact; frequent industry seminars featuring visitors from major international centres; excellent researchers; top PhD students who are in demand on graduation; a deep understanding of what needs to happen to attract more women into finance, and comprehensive finance data infrastructure. And all this is guided by an eminent and dedicated board, working with a savvy management team which also takes advice from a high-powered international advisory board. An extra feature is the way SHoF has offered graduate courses and research opportunities to other universities, thus boosting Swedish finance research and education overall. In short, a winner.”

Swedish House of Finance would also like to take the opportunity to congratulate Professor Emeritus Mary O’Kane, this year’s Erna Hamburger Prize Laureate.