Forschung

Das Institut für Unternehmensfinanzen und Kapitalmarktforschung e. V. deckt durch die beteiligten Wissenschaftler alle bedeutenden Bereiche der Finance Forschung ab. Die Forschungsergebnisse werden regelmäßig in führenden Fachzeitschriften veröffentlicht, unter anderem im Journal of Finance, Journal of Financial Economics oder Review of Financial Studies. Unsere Forschungsergebnisse werden des Weiteren auch auf den wichtigsten internationalen Konferenzen präsentiert (i.e. American Economic Association, American Finance Association, European Finance Association, Western Finance Association).

Die Forschungsschwerpunkte des Instituts beinhalten:

• Preisbildung von Vermögenswerten (Asset Pricing)
• Banking
• Verhaltensökonomie (Behavioral Finance)
• Unternehmensfinanzierung (Corporate Finance)
• Unternehmensführung (Corporate Governance)
• Finanzmanagement privater Haushalte (Household Finance)
• Investment Management
• Market Microstructure
• Risko Management
  
  

Eine detailliertere Beschreibung der Forschungsbereiche der beteiligten Wissenschaftler finden Sie hier. 

Liste ausgewählter Publikationen

2019

• Antoni, M., Maug, E. und Obernberger, S. (2019). Private equity and human capital risk.  Journal of Financial Economics, 133, 634-657.
• Baele, L., Driessen, J., Ebert, S., Londono, J. M. und Spalt, O. (2019). Cumulative prospect theory, option returns, and the variance premium. The Review of Financial Studies, 32, 3667-3723.
• Focke, F., Ruenzi, S. und Ungeheuer, M. (2019). Advertising, attention and financial markets. The Review of Financial Studies, 1-70.
• Glaser, M., Iliewa, Z. und Weber, M. (2019). Thinking about prices versus thinking about returns in financial markets. The Journal of Finance, 74, 2997-3039.
• Niessen-Ruenzi, A. und Ruenzi, S. (2019). Sex matters: Gender bias in the mutual fund industry. Management Science, 65, 3001-3025.
• Ungeheuer, M. und Weber, M. (2019). The perception of dependence, investment decisions, and stock prices. The Journal of Finance, 74, tba (forthcoming).

2018

• Arnold, M., Hackbarth, D. und Puhan, T. X. (2018). Financing asset sales and business cycles. Review of Finance, 22, 243-277.
• van Bekkum, S., Gabarro, M. und Irani, R. M. (2018). Does a larger menu increase appetite? Collateral eligibility and credit supply. The Review of Financial Studies, 31, 943-979.
• Fousseni, C.-Y., Ruenzi, S. und Weigert, F. (2018). Crash sensitivity and the cross section of expected stock returns. Journal of Financial and Quantitative Analysis : JFQA, 53, 1059-1100.
• Hoechle, D., Ruenzi, S., Schaub, N. und Schmid, M. (2018). Financial advice and bank profits. The Review of Financial Studies, 31, 4447-4492.
• Kim, E H., Maug, E. und Schneider, C. (2018). Labor representation in governance as an insurance mechanism. Review of Finance, 22, 1251-1289.

2017

• Agarwal, V., Ruenzi, S. und Weigert, F. (2017). Tail risk in hedge funds : a unique view from portfolio holdings. Journal of Financial Economics, 125, 610-636.
• Busch, P. und Obernberger, S. (2017). Actual share repurchases, price efficiency, and the information content of stock prices. The Review of Financial Studies, 30, 324-362.
• Focke, F., Maug, E. und Niessen-Ruenzi, A. (2017). The impact of firm prestige on executive compensation. Journal of Financial Economics, 123, 313-336.
• Heuer, J., Merkle, C. und Weber, M. (2017). Fooled by randomness: Investor perception of fund manager skill. Review of Finance, 21, 605-635.
• Hoechle, D., Ruenzi, S., Schaub, N. und Schmid, M. (2017). The impact of financial advice on trade performance and behavioral biases. Review of Finance, 21, 871-910.
• Kempf, E., Manconi, A. und Spalt, O. (2017). Distracted shareholders and corporate actions. The Review of Financial Studies, 30, 1660-1695.
• Schneider, C. und Spalt, O. (2017). Acquisitions as lotteries? The selection of target-firm risk and its impact on merger outcomes. Critical Finance Review, 6, 77-132.

2016

• Hillert, A., Maug, E. und Obernberger, S. (2016). Stock repurchases and liquidity. Journal of Financial Economics, 119, 186-209.
• Jacobs, H. (2016). Market maturity and mispricing. Journal of Financial Economics, 122, 270-287.
• Koch, A., Ruenzi, S. und Starks, L. T. (2016). Commonality in liquidity: a demand-side explanation. Review of Financial Studies, 29, 1943-1974.
• Kumar, A., Page, J. K. und Spalt, O. (2016). Gambling and comovement. Journal of Financial and Quantitative Analysis : JFQA, 51, 85-111.
• Schneider, C. und Spalt, O. (2016). Conglomerate investment, skewness, and the CEO long shot bias. The Journal of Finance, 71, 635-672.

2015

• Atanasov, V. und Nitschka, T. (2015). Foreign currency returns and systematic risks. Journal of Financial and Quantitative Analysis : JFQA, 50, 231-250.
• Betzer, A., Gider, J., Metzger, D. und Theissen, E. (2015). Stealth Trading and Trade Reporting by Corporate Insiders. Review of Finance, 19, 865-905.
• Kumar, A., Niessen-Ruenzi, A. und Spalt, O. (2015). What is in a name? Mutual fund flows when managers have foreign-sounding names. Review of Financial Studies, 28, 2281-2321.

2014

• Hillert, A., Jacobs, H. und Müller, S. (2014). Media Makes Momentum. The Review of Financial Studies, 27, 3467-3501.
• von Lilienfeld-Toal, U. und Ruenzi, S. (2014). CEO Ownership, Stock Market Performance, and Managerial Discretion. Journal of Finance, 69, 1013-1050.

2013

• Dittmann, I., Maug, E. und Spalt, O. (2013). Indexing executive compensation contracts. Review of Financial Studies, 26, 3182-3224.
• Kaufmann, C., Weber, M. und Haisley, E. C. (2013). The Role of Experience Sampling and Graphical Displays on One`s Investment Risk Taking Appetite. Management Science, 59, 323-340.
• Kumar, A., Page, J. K. und Spalt, O. (2013). Investor sentiment and return comovements: Evidence from stock splits and headquarters changes. Review of Finance, 17, 921-953.
• Spalt, O. (2013). Probability weighting and employee stock options. Journal of Financial and Quantitative Analysis : JFQA, 48, 1085-1118.

2012

• Bhattacharya, U., Hackethal, A., Kaesler, S., Loos, B. und Meyer, S. (2012). Is unbiased financial advice to retail investors sufficient? Answers from a large field study. The Review of Financial Studies, 25, 975-1032.
• Chhaochharia, V., Kumar, A. und Niessen-Ruenzi, A. (2012). Local Investors and Corporate Governance. Journal of Accounting & Economics, 54, 42-67.
• Kuhnen, C. M. und Niessen-Ruenzi, A. (2012). Public Opinion and Executive Compensation. Management Science, 58, 1249-1272.

2011

• Baucells, M., Weber, M. und Welfens, F. (2011). Reference-Point Formation and Updating. Management Science, 57, 506-519.
• Kumar, A., Page, J. K. und Spalt, O. (2011). Religious beliefs, gambling attitudes, and financial market outcomes. Journal of Financial Economics, 102, 671-708.
• Merkle, C. und Weber, M. (2011). True overconfidence : the inability of rational information processing to account for apparent overconfidence. Organizational Behavior and Human Decision Processes, 116, 262-271.

2010

• Dittmann, I., Maug, E. und Spalt, O. (2010). Stick or carrots? Optimal CEO compensation when managers are loss averse. The Journal of Finance, 65, 2015-2050.
• Norden, L. und Weber, M. (2010). Credit line usage, checking account activity, and default risk of bank borrowers. Review of Financial Studies, 23, 3665-3699.