On January 12, we continued our internal seminar series “Asset Allocation and Asset Pricing under Regulatory Uncertainty” with our second internal seminar. Three excellent presentations highlighted how different facets of regulatory uncertainty propagate through firms, investors, and financial markets.

Presentations:

Presenter: Rebekka Buse
Title: Trump’s Tariffs Troubling Industry Networks: First Empirical Results
Short abstract:
Rebekka Buse (KIT) opened with a talk on the impact of U.S. tariff policies on inter-industry networks. A key takeaway was how trade policy uncertainty can rewire production and financial linkages across industries—shaping network structure and, ultimately, the resilience of financial markets.

Presenter: Monika Gehde-Trapp
Title: Measuring Fund Green-ness
Short abstract:
Monika Gehde-Trapp ( University of Tübingen) then presented ongoing work on measuring the environmental “green-ness” of investment funds. The presentation made clear why sustainability assessment at the fund level is conceptually challenging—and why careful measurement is essential for understanding real-world sustainable investing and informing policy debates.

Presenter: Mingyu Liu
Title: Optimal Fee Schedules for Advance Tax Rulings with Asymmetric Information
Short abstract:
Monika Gehde-Trapp ( University of Tübingen) then presented ongoing work on measuring the environmental “green-ness” of investment funds. The presentation made clear why sustainability assessment at the fund level is conceptually challenging—and why careful measurement is essential for understanding real-world sustainable investing and informing policy debates.

The seminar featured active discussion among Principal Investigators, PhD researchers, and postdoctoral researchers, marking a strong and promising start to the FOR 5583 seminar series.

The seminar concluded with Mingyu Liu (Ulm University) on advance tax rulings. The talk examined how fee schedules can be designed to balance firms’ demand for tax certainty with policymakers’ objectives under informational frictions—highlighting the broader role of tax design when uncertainty and asymmetric information matter.

Great momentum for FOR 5583 as we continue exploring how regulatory uncertainty affects asset allocation and asset pricing.