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In this inaugural lecture, we will explore the key frictions or inefficiencies in the financial system, focusing on how reality often deviates from the assumptions necessary for efficiency. Drawing on my research, we will examine symptoms such as mispricing and illiquidity, along with their underlying causes, including imperfect information, intermediary frictions, and funding constraints. As the global financial system is both evolving and complex, today's frictions differ from those of the past, with symptoms sometimes transforming into causes, and vice versa. I will also highlight the challenge of addressing these issues, as policy and regulatory interventions, though aimed at improving the system, can unintentionally introduce new frictions.

Angelo Ranaldo is a Full Professor of Finance and Financial Economics at the University of Basel, Faculty of Business and Economics. He also holds a senior chair at the Swiss Finance Institute (SFI). He collaborates with several international institutions, including the European Central Bank, which awarded him the Duisenberg Scholarship, and the Swiss National Bank, for which he works as a Member of the SNB Bank Council.

Program
18.15 Uhr: Welcome by Dean Prof. Dr. Alois Stutzer
18.20 Uhr: Lecture by Prof. Dr. Angelo Ranaldo
19.00 Uhr: Public Discussion
19.15 Uhr: Apéro / Reception