Explore our knowledge
Event 9. oktober 2026, 11:00-12:15

Fin­ance Sem­in­ar with Lili­ana Varela, Lon­don School of Eco­nom­ics

The De­part­ment of Fi­nan­ce is proud to an­no­un­ce the upco­m­ing se­mi­nar with Liliana Varela, London School of Economics.

About Liliana Varela

Seminar Details

Tid
9. oktober 2026, 11:00-12:15
Lokation
Copenhagen Business School
Solbjerg Plads 3
2000 Frederiksberg
Room SPs08
Emner
Finansiering

Please join us for a Finance Seminar with Liliana Varela, London School of Economics.

Liliana Varela will present: Segmented Financial Integration

Abstract: This paper documents sharp segmentation in cross-border financial operations across firms. Using administrative micro-level data covering the quasi-universe of France’s external positions between 2014 and 2018, we show that firms in the top 1st percentile of the size distribution display no currency, gravity or institutional biases and simultaneously engage in foreign investment and foreign funding, often with the same country. In contrast, bottom 99th firms exhibit pronounced biases and internationalize almost exclusively by raising equity capital from a single foreign country while holding no foreign assets. Segmentation matters for the transmission of shocks across borders: exogenously identified idiosyncratic shocks to the largest agents trigger capital flows that affect bilateral exchange rates in destination countries. This segmented pattern points to the existence of large fixed costs of financial internationalization which are substantially higher for foreign investing than for foreign borrowing.

Events and Se­mi­nars at the De­part­ment of Fi­nan­ce

Event
David Lando

PeR­Cent An­nu­al Con­fer­ence 2026

Dato:

Lokation:

Copenhagen Business School
Porcelænshaven 24
2000 Frederiksberg
Auditorium: Kiln Hall / Ovnhallen

Join us for the 12th PeRCent Annual Conference at Copenhagen Business School on 3 November 2026.

Se event
Event

Stat­ist­ics/Fin­ance Sem­in­ar with Jo­hannes Wies­el

Dato:

Lokation:

Copenhagen Business School
Solbjerg Plads 3
2000 Frederiksberg
Room SPs03

The De­part­ment of Fi­nan­ce and Center for Statistics are proud to an­no­un­ce the upco­m­ing se­mi­nar with Johannes Wiesel, University of Copenhagen.

Se event
Event

Fin­ance Sem­in­ar with Tuomo Vuol­tee­naho, Joint Ef­fects

Dato:

Lokation:

Copenhagen Business School
Solbjerg Plads 3
2000 Frederiksberg
Room SPs08

The De­part­ment of Fi­nan­ce is proud to an­no­un­ce the upco­m­ing se­mi­nar with Tuomo Vuolteenaho, Joint Effects.

Se event
Event

Stat­ist­ics/Fin­ance Sem­in­ar with Vanessa Didelez

Dato:

Lokation:

Copenhagen Business School
Solbjerg Plads 3
2000 Frederiksberg
Room SPs03

The De­part­ment of Fi­nan­ce and Center for Statistics are proud to an­no­un­ce the upco­m­ing se­mi­nar with Vanessa Didelez, Leibniz Institute for…

Se event
Event

Con­fer­ence: Can Sus­tain­able Fin­ance Save the Plan­et?

Dato:

Lokation:

Scandic Falkoner
Falkoner Allé 9
2000 Frederiksberg

Can sustainable finance help drive the green transition? Join leading academics and practitioners for a full-day conference exploring sustainable investing and…

Se event
Event

BIG­FI/Fin­ance Sem­in­ar with Heit­or Al­meida, Gies Col­lege of Busi­ness

Dato:

Lokation:

Copenhagen Business School
Solbjerg Plads 3
2000 Frederiksberg
Room SPs08

The De­part­ment of Fi­nan­ce and BIGFI are proud to an­no­un­ce the upco­m­ing se­mi­nar with Heitor Almeida, Gies College of Business, University of Illinois Urbana-Champaign.

Se event