At the 2014 annual meeting of the EFA, I had the pleasure of chairing two sessions, discussing an interesting paper, and presenting "Investors’ Reaction to the Government Credibility Problem: A Real Option Analysis of Emission Permit Policy Risk". The EFA is a relatively small conference that is becoming more and more competitive. It is an excellent conference to meet colleagues and future collaborators. I hope to be present at next years conference in New Orleans.

I had the amazing opportunity to give a seminar at Lingnan University in Hong Kong. It was made possible with the collaboration of Professor Jingyuan Li and Professor George Dionne. It was a pleasure to discover this wonderful region and I will not miss any opportunity to go back.

I presented the paper "The Cap Market, the Term Structure and the Unspanned Factor: Taking care of non-linearity" (under a different name) to the Professors and some students of the department of Finance and Insurance. I received a magnificent souvenir of Lingnan University which I proudly show on the fireplace mantel at home.