BEGIN:VCALENDAR VERSION:2.0 PRODID:-//132.216.98.100//NONSGML kigkonsult.se iCalcreator 2.20.4// BEGIN:VEVENT UID:20260921T143615EDT-1883HBOZIo@132.216.98.100 DTSTAMP:20260921T183615Z DESCRIPTION:\n \n*** This event has been postponed***\n\n \n\nChallenges a nd Possibilities in Digital Financial Markets: Risk and Return Characteris tics of Yield Farming Investment Strategies\n\nBy Patrick Augustin\n\nThe digital economy has resulted in a significant transformation of the financ e sector. The research presented in this webinar focuses on the risk and r eturn characteristics of yield farming investment strategies on PancakeSwa p\, which is one of the largest automated market makers within the emergin g ecosystem of decentralized financial services. PancakeSwap offers variou s opportunities for earning passive income by pledging pairs of cryptocurr ency tokens in liquidity pools and harvesting governance tokens in yield f arms. This practice\, also known as yield farming\, generates performance through different components related to capital gains\, trading fee revenu e\, and farm yields. However\, it is exposed to impermanent losses that ar e non-linearly driven by differential return performance in the underlying cryptocurrency token pairs. The research reveals that yield farming provi des positive Sharpe ratios comparable to other cryptocurrency investments and the S&P500 index. However\, investment performance decreases significa ntly after accounting for transaction costs and price impact\, which is mo st significant for farms with the highest headline yields. This can lead t o negative risk-adjusted returns. Moreover\, it is found that investors in high-yield farms tend to chase past performance and high yields\, which l eads to negative future returns. These patterns are similar to investment behavior and risk-return characteristics observed in traditional markets\, despite the absence of financial intermediaries. Since yield farming is e asily accessible to retail investors\, this analysis has important implica tions for the current debate about the regulation of decentralized financi al services. A panel discussion will follow to explore real-world solution s further.\n\nAbout the speaker\n\nPatrick Augustin holds the Canada Resea rch Chair in Macrofinance and Derivative and is an Associate Professor of Finance at the Desautels Faculty of Management at McGill University. He is also an Associate Fellow at the Canadian Derivatives Institute\, and the 2022 recipient of the Bank of Canada Governor’s Award. He holds a PhD degr ee in Finance from the Stockholm School of Economics and held visiting res earch positions at the New York University Stern School of Business\, the University of California Los Angeles Anderson School of Management\, the S tockholm School of Economics\, the University of Sydney\, and the Luxembou rg School of Finance. He is certified as Financial Risk Manager by the Glo bal Association of Risk Professionals and served as a Fellow at the Global Future Councils of the World Economic Forum. Before joining academia\, he worked as a structured credit officer at Dexia and as attaché to the Luxe mbourg Ministry of Foreign Affairs. Patrick’s research interests lie at th e intersection of macroeconomics and financial markets with a focus on sov ereign credit risk\, firm fundamentals and credit risk with a focus on cre dit derivatives\, and law and finance with a focus on insider trading. Mos t recently\, he has be-come interested in the emergence of digital financi al securities. His work has been published in the Journal of Finance\, the Review of Financial Studies\, the Journal of Financial Economics\, the Jo urnal of Monetary Economics\, Management Science\, and the Journal of Fina ncial and Quantitative Analysis\, among others. His work has been widely c overed in the financial press\, including The New York Times\, The Wall St reet Journal\, The Washington Post\, Fortune\, and The Globe and Mail.\n\n Panel Discussion\n\nA panel comprising scientists\, business leaders\, and policy experts will discuss how scientific and technological advancements in finance can accelerate our ability to adopt a person-centered approach towards bridging organizations\, institutions\, and poli-cies within and across systems. The panel will explore real-world solutions at scale\, whi le fully acknowledging that the developed and develop-ing worlds share the same planet with its resource constraints and possibilities.\n\n\nAbout t he series\n\nThe Precision Convergence series is launched to catalyze uniq ue synergy between\, on the one hand\, novel partnerships across sciences\ , sectors and jurisdictions around targeted domains of real-world solution s\, and on the other hand\, a next generation convergence of AI with advan ced research computing and other data and digital architectures such as PS C’s Bridges-2\, and supporting data sharing frameworks such as HuBMAP\, in forming in a real time as possible the design\, deployment and monitoring of solutions for adaptive real-world behaviour and context.\n\nThe Precisi on Convergence Webinar Series is co-hosted by The McGill Centre for the Co nvergence of Health and Economics (MCCHE) at McGill University and The Pit tsburgh Supercomputing Center\, a joint computational research centre betw een Carnegie Mellon University and the University of Pittsburgh.\n\n \n DTSTART:20230607T150000Z DTEND:20230607T170000Z SUMMARY:MCCHE Precision Convergence and Innovation - Finance Webinar Series with Patrick Augustin URL:https://www.mcgill.ca/desautels/channels/event/mcche-precision-converge nce-and-innovation-finance-webinar-series-patrick-augustin-347956 END:VEVENT END:VCALENDAR