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Previous Semesters

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Win­ter Term 2015/2016
  • Har­ald Hau (Swiss Fin­ance In­sti­tute) "Tech­no­lo­gical Pro­gress and Own­er­ship Struc­ture" (jointly with Heng Geng and Sandy Lai)

  • Mike Mariath­asan (KU Leuven) "Fire Sale Bank Re­cap­it­al­iz­a­tions" (jointly with Chris­toph Bertsch)

Sum­mer Term 2015
  • Igor Sal­it­skiy (WU) "CEO Com­pens­a­tion Ma­tur­ity and Cor­por­ate Ac­tions"

  • Igor Sal­it­skiy (WU) "Costs of be­ing off tar­get" (joint with Josef Zech­ner)

  • An­ton van Box­tel (IHS) "Credit Mar­ket Com­pet­i­tion and Li­quid­ity Pro­vi­sion"

  • Maria Chader­ina (WU) "Cov­en­ants, Sys­temic Risk and Dis­cre­tion in Cred­it-Line Con­tracts: The­ory and Evid­ence." (joint with An­gel Ten­gu­lov)

  • Toni Whited (Uni­versity of Rochester) "Labor and Cap­ital Dy­nam­ics un­der Fin­an­cing Fric­tions" (joint with Ryan Mi­chaels, T. Beau Page)

  • Josef Zech­ner (WU) "Low Risk An­om­alies?" jointly with Paul Schneider (Uni­versity of Lugano) and Chris­tian Wag­ner (Copen­ha­gen Busi­ness School)

  • Ramin Bag­hai (Swedish House of Fin­ance) "Non-Rat­ing Rev­enue and Con­flicts of In­terest" (jointly with Bo Becker)

  • Lori­ana Pelizzon (Goethe Uni­versity Frank­furt) “Net­work Con­nectiv­ity and Sys­tem­atic Risk” (jointly with Bil­lio, Ca­porin and Pan­zica)

Win­ter Term 2014/2015
  • Ryan Wil­li­ams (Eller Col­lege of Man­age­ment) "Risk Man­age­ment and Dis­tress: Hedging with Pur­chase Ob­lig­a­tions" (jointly with Kristine Wat­son Hankins)

  • Le­oni­das Bar­bopoulos (Uni­versity of St. Andrews) "Does it pay to pay later? De­ferred pay­ments in do­mestic vs. for­eign ac­quis­i­tions"

  • Doron Av­ramov (The Jer­u­s­alem School of Busi­ness) "The Idi­o­syn­cratic Volat­il­ity-­Ex­pec­ted Re­turn Re­la­tion: Re­con­cil­ing the Con­flict­ing Evid­ence"

  • Doug Foster (Uni­versity of Tech­no­logy, Sydney) “Design­ing and Man­aging Re­tire­ment Sav­ings De­faults: An Evolu­tion­ary Pro­cess” (joint with Adam Butt, Scott Don­ald, Susan Thorp, and Geoff War­ren)

  • Kose John (NYU Stern School of Busi­ness) "In­sti­tu­tions and In­cent­ives to in­nov­ate: Eco­nomic Growth and Op­timal Reg­u­la­tion"

  • Josef Zech­ner (WU) “Policy Port­fo­lios When Some As­sets are Non-Trad­able”

Sum­mer Term 2014
  • Andra Ghent (Ari­zona State Uni­versity)“When Low Stand­ards are a Win­ning Strategy: How Credit Rat­ing Agen­cies Com­pete” (co-au­thored with Sean Flynn)

  •  Eber­hard May­er­hofer (Dub­lin City Uni­versity)"The Lim­its of Lever­age“

  • Lubomir Litov (Uni­versity of Ari­zona)

Win­ter Term 2013/2014
  • Chris­tian Laux (WU): "In­ternal Audit­ing and Cap­ital Struc­ture“ (Chris­tian Laux, Gyöngyi Loránth and Alan D. Mor­rison)

  • Andrej Gill (Goethe Uni­versität Frank­furt): Why do so many VC-­backed IPOs end up in takeovers?" 

  • Nandu NA­YAR (Le­high Uni­versity): Elim­in­a­tion of dis­cre­tion­ary broker vot­ing for dir­ect­ors - A nat­ural ex­per­i­ment

  • Chris­tian Wag­ner (Copen­ha­gen Busi­ness School): The Cross-Sec­tion of Credit, Vari­ance, and Skew Risk (with Paul Schneider and Josef Zech­ner)

Sum­mer Term 2013
  • Phil­ipp Im­menkötter (Uni­versity of Co­logne): How Much is too Much? Debt Ca­pa­city and Fin­an­cial Flex­ib­il­ity

  • Youchang WU (Uni­versity of Wis­con­sin), Russ Wer­mers and Josef Zech­ner (WU): Ma­na­gerial Rents vs. Share­holder Value in Deleg­ated Port­fo­lio Man­age­ment: The Case of Closed-End Funds

  • Toni Whited (Uni­versity of Rochester): Es­tim­at­ing the Ef­fects of Con­tract­ing Fric­tions (with Shaojin Li)

  • Sarah Zhang (Uni­versität Karls­ruhe): Need for Speed: An Em­pir­ical Ana­lysis of Hard and Soft In­form­a­tion in a High Fre­quency World

  • Alex Weis­sen­steiner (Den­mark Uni­versity of Tech­no­logy): On the re­la­tion between fore­cast pre­ci­sion and trad­ing prof­it­ab­il­ity of fin­an­cial ana­lysts (with Carlo Mar­inelli)

  • Rudi Zagst (Tech­nis­che Uni­versität München): Closed-­form solu­tions for Guar­an­teed Min­imum Ac­cu­mu­la­tion Be­ne­fits

  • James Gar­ven (Baylor Uni­versity), Neil A. Do­herty and Sven Sin­clair: Noise Hedging and Ex­ec­ut­ive Com­pens­a­tion 

Win­ter Term 2012/2013
  • To­bias Mühl­hofer (In­di­ana): Do Stock Prices Move too Much to be Jus­ti­fied by Changes in Cash Flows? New Evid­ence from Par­al­lel As­set Mar­kets

  • Chris­tian Laux (WU Wien): Why trad­ing and lend­ing dif­fer

  • Si­mon Ger­vais (Duke): The In­dus­trial Or­gan­iz­a­tion of Money Man­age­ment

  • Mi­chael Kisser (NHH): The Im­pact of Longev­ity Im­prove­ments on US Cor­por­ate Defined Be­ne­fit (DB) Pen­sion Plans

  • Ra­mona West­er­mann (Swiss Fin­ance In­sti­tute): Meas­ur­ing agency costs over the busi­ness cycle

  • Tyler Hull (NHH): Does the Tim­ing of Di­vidend Re­duc­tions Sig­nal Value? 

  • Jae­won Choi (Urb­ana-Cham­paign): On the fun­da­mental re­la­tion between equity re­turns and in­terest rates

  • Olga Lebedeva (War­wick): Trad­ing Ag­gress­ive­ness and its Im­plic­a­tions for Mar­ket Ef­fi­ciency

  • Yuliya Plyakha (Frank­furt): Much Ado about Noth­ing: Bench­mark­ing Bench­marks

  • Maria Chader­ina (Vi­enna): The Pre-Bor­row­ing Motive: A Model of Co­ex­ist­ent Debt and Cash

  • Al­fred Le­har (Cal­gary): In­durstry Struc­ture and the Stra­tegic Pro­vi­sion of Trade Credit by Up­stream Firms

  • Hamed Ghod­dusi, (MIT): Entry Dy­nam­ics and Cross-Sec­tion of As­set Prices

  • En­gel­bert Dock­ner (WU Wien), Manuel Mayer (VGSF) and Josef Zech­ner (WU Wien): Sov­er­eign Bond Risk Premi­ums

  • Otto Randl (WU) and Georg Ce­jnek (ISK): Im­plic­a­tions of In­dex Con­struc­tion Meth­od­o­lo­gies for Price and Di­vidend In­dices

Sum­mer Term 2012
  • Aleksandar Zdravkovic: Risk Man­age­ment Ap­proach to Pub­lic Debt Sus­tain­ab­il­ity In Emer­ging European Coun­tries 

  • Di­eter Hess (Co­logne): Com­mon Factors in Ana­lysts' Earn­ings Re­vi­sions: The Role of Chan­ging Eco­nomic Con­di­tions

  • Ruedi­ger Fah­len­brach (EPFL): In­sti­tu­tional In­vestors and Mu­tual Fund Gov­ernance: Evid­ence from Re­tail – In­sti­tu­tional Fund Twins

  • George Ski­ado­poulos (Pir­aeus): As­set pri­cing for com­mod­ity fu­tures: A puzzle

  • Andrea Gamba (War­wick Busi­ness School): Firm Policies and the Cross-Sec­tion of CDS Spreads

  • Al­ex­an­dre Jean­neret (HEC Montreal): Sov­er­eign De­fault Risk and the US Equity Mar­ket

  • Hamed Ghod­dusi (MIT): Op­timal Choice of Cor­rect­ive Ac­tions

  • Phil­ipp Im­menkötter (Co­logne): How much is too much? Debt Ca­pa­city and Fin­an­cial Flex­ib­il­ity

  • Ju­lian Kolm (VGSE): Bank Risk Tak­ing with Se­cur­it­iz­a­tion and Cap­ital Reg­u­la­tion

  • En­rico Diecidue (IN­SEAD): Risk­ing time is like risk­ing money for the rep­res­ent­at­ive in­di­vidual. You are not rep­res­ent­at­ive 

  • Valentyn Panchenko (UNSW): Con­tinu­ous double auc­tion with full and lim­ited in­form­a­tion: ex­per­i­ments and in­di­vidual learn­ing model

Win­ter Term 2011/2012
  • Pi­etro Perotti (Uni Graz): Earn­ings Qual­ity Meas­ures and Ex­cess Re­turns

  • Bjorn Eraker (Wis­con­sin): Dy­namic Present Val­ues and the In­ter­tem­poral CAPM

  • Jan Bena (UBC): The Li­fe­cycle of the Economy-Wide Dis­tri­bu­tion of Lever­age.

  • Man­fred Frühwirth (WU) and Leo­pold Sögner (IHS): Does the Sun Shine on the Cor­por­ate Bond Mar­ket?

  • Anna Gun­nthorsdot­tir (WU): The pre­dict­ive bound­ar­ies of the Nash equi­lib­rium, and ef­fi­ciency gains from mer­it-­based so­cial or­gan­iz­a­tion

Sum­mer Term 2011
  • Miret Padovani (Geneva) : The de­termin­ants of banks' lob­by­ing activ­it­ies.

  • Robert Kremslehner (WU): Job Mar­ket for Dir­ect­ors: The Role of Lim­ited Li­ab­il­ity Pro­vi­sions and Dir­ect­ors' and Of­ficers' In­sur­ance in Op­timal Con­tract­ing.

  • Yong Chen (Vir­ginia Tech): Hedge Funds: The Good, the (Not-so) Bad, and the Ugly.

  • Luis Gon­calves-Pinto (NUS): The Value of Cross-Trad­ing to Mu­tual Fund Fam­il­ies in Il­li­quid Mar­kets: A Port­fo­lio Choice Ap­proach.

  • Ak­sel Mjøs (NHH): Small firm fin­ance dur­ing the fin­an­cial crisis.

  • Chris­tian Wag­ner (WU): The Cross-Sec­tion of Credit Risk Premia and Equity Re­turns.

  • Stephen Figlewski (NYU): Re­search on the Risk Neut­ral Prob­ab­il­ity Dens­ity for the US Mar­ket Port­fo­lio.

  • Hamed Ghod­dusi (VGSF): Busi­ness Cycles, Long-Run Risk and Com­mod­ity Price Dy­nam­ics.

  • Ti­ago Pin­heiro (NHH Ber­gen): Earn­ings Ma­nip­u­la­tion, Ma­na­gerial Com­pens­a­tion and Repu­ta­tion Con­cerns.

Win­ter Term 2010/2011

(se­lec­tion)

  • Hamed Ghod­dusi (VGSF): How the Shocks to In­put and Out­put Change the Spreads and As­set Value; The Case of the Re­finery In­dustry

  • Vil­imir Yord­anov (VGSF):  Dy­namic CDO mod­el­ling

  • Tho­mas Breuer (FHV): Stress Tests: From Arts to Science

  • An­to­nio Diaz: The Prob­lem of Es­tim­at­ing the Volat­il­ity of Zero Coupon Bond In­terest Rate

  • Greg Vilkov (Goethe Uni­versity Frank­furt): Risk-Neut­ral Skew­ness: Re­turn Pre­dict­ab­il­ity and Its Sources

  • To­bias Berg (HU Ber­lin): The Term Struc­ture of Risk Premia dur­ing the Fin­an­cial Crisis: Evid­ence from a New Cal­ib­ra­tion Ap­proach based on CDS Spreads. 

  • Paul Schneider (War­wick): Un­der­stand­ing Risk Premia in In­dex Op­tion Prices.

Sum­mer Term 2010

(se­lec­tion)

  • Jun 14 Nat­alia Ivan­ova (VGSF)

  • May 19 Zsu­z­sanna Fluck (Michigan State Uni­versity)

  • Apr 20 Ro­dolfo Mar­tell (Purdue Uni­versity - Kran­nert School of Man­age­ment

Win­ter Term 2009/2010

(se­lec­tion)

  • Dec 16 André Gy­gax (Uni­versity of Mel­bourne)

  • Dec 02 Lidija Lovreta (ESADE Busi­ness School)

  • Oct 28 André Gy­gax (Uni­versity of Mel­bourne)

  • Feb 03 Ju­li­usz Rad­wanski (VGSF)

Sum­mer Term 2009
  • Jun 10 Robert Faff (Monash Uni­versity)

  • Jun 03 Emir Hrnjic (Na­tional Uni­versity of Singa­pore)

  • May 27 Marti Sub­rah­man­yam (New York Uni­versity)

  • May 20 László Györfi (Bud­apest Uni­versity of Tech­no­logy and Eco­nom­ics)

  • May 07 Al­fred Le­har (Uni­versity of Cal­gary) - former CCEFM stu­dent

  • Apr 29 Paul Schneider and Chris­tian Wag­ner (WU)