ao. Univ. Prof. Dr. Manfred Frühwirth
Mag. rer. soc. oec. (1994)
Dr. rer. soc. oec. (1999)
ao. Univ. Prof. (2003)
Manfred Frühwirth is Associate Professor at the Department of Finance, Accounting and Statistics at WU Wien and permanent member of the faculty of WU Executive Academy. He was Academic Director of the field "Financial Markets" in the Banking & Finance program of the University of Applied Sciences of BFI Vienna from 2000 to 2003. From March 2011 until September 2013, he was Academic Director of the Professional MBA in Banking and the Professional MBA in Finance & Controlling, both offered by WU Executive Academy. Moreover, he developed the Professional MBA in Finance of WU Executive Academy and was Academic Director of that program from 2011 to 2019. He was Vice Head of the Institute for Finance at WU Wien from 2004 to 2005 and Vice Head of the Institute for Corporate Finance at WU Wien from 2008 to 2010. Over the academic year 2005/2006, he was visiting professor at Harvard University.
He held courses for/at WU Wien, Harvard University, the Swiss Federal Institute of Technology in Zurich (ETH Zürich), the Bocconi University in Milan, the Technical University of Vienna, the University of Vienna, Modul University, the University of Bratislava, Budapest University of Economic Sciences, the Polytechnic University of Bucharest, Kiev National University of Economic Sciences and the University of Applied Sciences of BFI Vienna. In the spring terms 2003, 2004 and 2005, he was visiting professor at Bordeaux Business School. The courses held include fixed income valuation and analysis, portfolio management, CAPM and cost of capital, business valuation, value-based controlling, capital budgeting, real options, financial management, financial planning, international mergers and acquisitions, option pricing, cost accounting, structure and analysis of financial statements, global finance, international financial management, real estate investments, inflation-linked bonds, behavioral finance and behavioral corporate finance. He gained additional intercultural experience by teaching in the JOSZEF program (special program for young Eastern European students to become future top managers), in the CEMS program (Community of European Management Schools), in the International MBA program of the University of South Carolina and in the Global Executive MBA program of the University of Minnesota.
For his teaching performance in the International MBA program of the University of South Carolina, he received Outstanding Teaching Awards for both the Finance course and the Global Finance I course. In 2009, he received the Award for Excellence in Teaching from WU Wien. In 2011, he obtained the Award for Innovative Teaching from WU Wien. Moreover, in 2016 and 2018 he was nominated for the Award for Excellent Teaching at WU Wien. In 2014, he received two Teaching Awards for Excellency for establishing an integrated teaching concept in Accounting, Finance and Controlling and for his teaching performance in the Professional MBA program of WU Executive Academy. Precisely, he received the Best Teacher Award in the Business Core 2012-2014 and the Best Teacher Award in the Professional MBA Finance 2012-2014. In addition, he obtained from WU Executive Academy a Teaching Award for Excellency in 2018 (Best Teacher in the Professional MBA Business Core 2016-2018). Moreover, he regularly provides best practice examples to the Teaching & Learning Academy of WU Wien.
In addition to his university appointments he has been teaching courses in the corporate continuing education programs of Unicredit Group, HVB Group, the Industrial Association of Austria (Österreichische Industriellenvereinigung), REWE Group, REWE International Group, Telekom Austria Group and Wiener Krankenanstaltenverbund. Furthermore, he has been giving seminars for Allianz Investment Bank, Linde, the Institute for International Research, the Austrian Institute of Controllers (Österreichisches Controller Institut), the Austrian Association for Financial Analysis and Asset Management (ÖVFA), the Association of Austrian Investment Companies (VÖIG), the Bank Academy (BWG), the Austrian Center for Productivity and Efficiency (ÖPWZ), the Certified Financial Planners (CFP), the Institute for the Support of the Economy (WIFI), the Interuniversity Center for Computer Integrated Manufacturing (IUCCIM) and the Collegium Academicum Rerum Immobilium (CARI).
His research activities focus on theoretical and practical problems in bond pricing (e.g. yield computation, empirical estimation of the term structure of interest rates, duration, credit risk, pricing of floating rate notes), corporate finance (capital structure optimization, business valuation, real options, equity tax shields), accounting (tax strategies, earnings management), long-term investment strategies (cost averaging, savings plans) and behavioral finance (prospect theory, loss aversion, overconfidence, impact of weather and mood on security prices, behavioral corporate finance).
He held research presentations at Harvard University, at the University of Minnesota, at Boston University, at Copenhagen Business School, at Lund University, at Bocconi University in Milan, at the LUISS Guido Carli University in Rome, at Università Ca Foscari in Venice, at ISC - School of Management in Paris, at the University of Lille, at the Swiss-Italian University in Lugano, at the Johann-Wolfgang-Goethe University in Frankfurt, at Hamburg University, at the University of Karlsruhe, at the Ludwig-Maximilians-University in Munich, at the University of Konstanz, at Friedrich-Alexander-University in Erlangen-Nürnberg, at WU Wien, at the University of Vienna, at Karl-Franzens-University in Graz, at Leopold-Franzens-University in Innsbruck, at the Technical University in Vienna, at Johannes Kepler University in Linz, at the Danube University in Krems, at Vienna Stock Exchange, at the Austrian Institute of Economic Research and at the Austrian Institute of Advanced Studies. In the summer term 2003, he was invited speaker at the First European Deloitte & Touche Conference in Risk Management at the University of Antwerp.
He published books on yield computation and on the pricing of floating rate notes as well as articles, e.g. on the pricing of floating rate notes subject to default risk (in "European Journal of Operational Research"), on the Heath/Jarrow/Morton duration and convexity (in "International Journal of Theoretical and Applied Finance"), on the intersection of interest rate and exchange rate risk (in "Journal of Derivatives Markets" and "Multinational Finance Journal"), on the optimal timing of the transfer of hidden reserves (in "International Journal of Intelligent Systems in Accounting, Finance and Management"), on the optimal capital structure considering equity tax shields (in "Zeitschrift für betriebswirtschaftliche Forschung"), on business valuation considering equity tax shields (in "Journal für Betriebswirtschaft" and "Schmalenbach Business Review"), on the impact of equity tax shields on the capital structure (in "Euro-Mediterranean Economics and Finance Review"), on the empirical estimation of the Jarrow/Turnbull default risk model (in "European Journal of Finance"), on the separation of bond-specific and issuer-specific spread of bonds (in "European Financial Management"), on behavioral finance (in "Bankarchiv") and on weather and SAD related mood effects on the financial market (in "Quarterly Review of Economics and Finance").
For his achievements in research, he was awarded the Stephan Koren Prize for the best Ph.D. thesis at WU Wien in 2000. Moreover, he received the Capital Market Award for Research from the Austrian Association for Financial Analysis and Asset Management in 2009. In 2004, 2007, 2008 and 2009, he was a member of the program committee of the European Financial Management Association Conference. In 2015, he was a member of the program committee of the European Finance Association Conference. He is in the editorial board of the journal "Investment Management and Financial Innovations". Furthermore, he was reviewer for the European Journal of Finance, for the European Journal of Operational Research, for Quantitative Finance, for Business Research, for the International Journal of Intelligent Systems in Accounting, Finance and Management, for the International Journal of Theoretical and Applied Finance, for Investment Management and Financial Innovations, for Schmalenbach Business Review, for Zeitschrift für Betriebswirtschaft, for Kredit & Kapital, for FinanzArchiv, for the Journal für Betriebswirtschaft, for the BankArchiv, for the evaluation of research grants by the Austrian central bank, for the annual conference of the European Finance Association, for Campus For Finance, for the European Winter Finance Summit and for the Annual Conference of the Swiss Society for Financial Market Research. Furthermore, he was in several reviewing committees for the accreditation of study programs in Germany.
He was Distinguished Instructor at the Merton H. Miller Doctoral Seminars of the European Financial Management Association in 2006, 2007 and 2008. In 2007, he was the Program Chair of the 16th Annual Conference of the European Financial Management Association in Vienna and from 2007 to 2008 he was President of the European Financial Management Association.
Interviews with him have been and are regularly published by several Austrian news media (e.g. Austria Presse Agentur, Die Presse, Standard, Wirtschaftsblatt, Börse-Express, Geld-Magazin, FORMAT, TREND, Leadership, Medianet). He is multiple author in the Austrian investment magazine GEWINN, where since 2018 he is running his own series describing behavioral pitfalls in investment decision-making. Moreover, he held presentations on behavioral biases in investment decision-making at the GEWINN expositions in 2018 and 2019. He performed consulting projects in Austria and Switzerland in the areas of business valuation, cost of capital estimation, financial performance measurement and stochastic modelling of commodity prices.
from Harvard University
from ETH Zürich