Learning Center

Past Years FRS

Winter Term 2023

  • Itzhak Ben-David (Ohio State University Fisher College of Business)
  • Roberto Marfe (Collegio Carlo Alberto)
  • Reint Gropp (Leibniz-Institut für Wirtschaftsforschung Halle-IWH)
  • Giorgia Simion (WU Wien / VGSF)
  • Florian Nagler (Bocconi University)
  • Wayne Guay (The Wharton School, University of Pennsylvania)
  • Liran Einav (Stanford University)
  • Xavier Vives (IESE Business School, University of Navarra)
  • Elise Gourier (ESSEC Business School Paris)
  • Claire Celerier (University of Toronto, Rotman School of Management)
  • Matteo Benetton (Berkeley Haas School of Business, University of California)

Summer Term 2023

  • Marcin Kacperczyk (Imperial College London)
  • Laurent Calvet (EDHEC Business School)
  • Robert Korajczyk (Kellogg School of Management)
  • Paolo Sodini (Stockholm School of Economics)
  • Martijn Boons (Tilburg School of Economics and Management)
  • Yufeng Wu (University of Illinois at Urbana-Champaign, Gies College of Business)
  • Andrei Goncalves (Ohio State University, Fisher College of Business)
  • Andras Danis (Central European University)
  • Andreas Park (University of Toronto, Rotman School of Management)
  • Merih Sevilir (Halle Institute for Economic Research)
  • Eduardo Davila (Yale University)
  • Espen Eckbo (Dartmouth College, Tuck School of Business)
  • Sophie Moinas (Toulouse School of Economics and Toulouse School of Management)
  • Klaus Ritzberger (Royal Holloway, University of London)
  • Nikolai Roussanov (Wharton School of the University of Pennsylvania)

Winter Term 2022

  • Bernard Dumas (INSEAD)
  • Christian Leuz (University of Chicago, Booth School of Business)
  • Thomas Philippon (New York University, Stern School of Business)
  • Björn Hagströmer (Stockholm University, Stockholm Business School)
  • Jonathan Cohn (University of Texas at Austin, McCombs School of Business)
  • Youchang Wu (University of Oregon, Lundquist College of Business)
  • Roberto Gomez Cram (London Business School)
  • Per Strömberg (Stockholm School of Economics)
  • Dmitry Livdan (University of California, Berkeley, Haas School of Business)
  • Oliver Rehbein (Vienna University of Economics and Business/WU Wien)
  • Uday Rajan (University of Michigan, Ross School of Business)

Summer Term 2022

  • Hanno Lustig (Stanford Graduate School of Business)
  • Yueran Ma (The University of Chicago Booth School of Business)
  • Michael Weber (The University of Chicago Booth School of Business)
  • Adam Zawadowski (Central European University)
  • Marie Hoerova (European Central Bank)
  • Sebastien Pouget (Toulouse School of Economics)
  • Matthieu Bouvard (Toulouse School of Economics)
  • Andrea Vedolin (Boston University, Questrom School of Business)
  • Terrence Hendershot (Berkeley Haas School of Business)
  • Toni Whited (University of Michigan, Ross School of Business)
  • Philipp Schnabl (NYU Stern School of Business)
  • Rui Duan (Vienna University of Economics and Business & VGSF)
  • Larry Blume (Cornell University)
  • Cecilia Parlatore (NYU Stern School of Business)
  • Antoinette Schoar (MIT Sloan School of Management)
  • Matthias Efing (HEC Paris)

Winter Term 2021

  • Sam Hartzmark (The University of Chicago Booth School of Business)
  • Nadya Malenko (University of Michigan, Ross School of Business)
  • Stanislava Nikolova (University of Nebraska-Lincoln, N College of Business)
  • Alberto Rossi (Georgetown University, Luohan Academy)
  • Hans Degryse (KU Leuven)
  • Gary B. Gorton (Yale School of Management)
  • Tarun Ramadorai (Imperial College London)
  • Farzad Saidi (University of Bonn)
  • Valentin Haddad (UCLA Anderson School of Management)

Summer Term 2021

  • Benjamin Golez (University of Notre Dame, Mendoza College of Business)
  • Anna Pavlova (London Business School)
  • Kelly Shue (Yale School of Management)
  • Camelia M. Kuhnen (UNC Kenan-Flagler Business School & NBER)
  • Thomas Gehrig (University of Vienna)
  • Lars Lochstoer (UCLA Anderson School of Management)
  • Toni Whited (University of Michigan, Ross School of Business)
  • Xavier Gabaix (Harvard University)
  • Paolo Fulghieri (UNC Kenan-Flagler Business School)
  • Marcus Opp (Stockholm School of Economics)
  • Stefano Giglio (Yale School of Management)
  • Mindy Xiaolan (University of Texas at Austin McCombs School of Business)
  • Ian Martin (London School of Economics)
  • Nathalie Moyen (Leeds School of Business)
  • William Fuchs (University of Texas at Austin McCombs School of Business)

Winter Term 2020

  • Viral Acharya (NYU Stern School of Business)
  • Anastassia Fedyk (Berkeley Haas, Haas School of Business)
  • Michaela Pagel (Columbia Graduate Business School)
  • Thorsten Beck (Cass Business School)
  • John Cochrane (Stanford University)
  • Tim A. Kroencke (University of Neuchâtel)
  • Mark Egan (Harvard Business School)
  • Peter Koudijs (Stanford Graduate School of Business)
  • Peter Kondor (London School of Economics)
  • Oliver Hart (Harvard University)
  • Felix Fattinger (WU Wien)

Summer Term 2020

  • Maik Schmeling (Goethe University Frankfurt)
  • Thierry Foucault (HEC Paris)
  • Sascha Steffen (Frankfurt School of Finance & Management)
  • Lukas Schmid (Duke University, Fuqua School of Business)
  • Daniel Paravisini (London School of Economics)
  • Christian Wagner (WU Vienna/VGSF Faculty)
  • Jules van Binsbergen (Wharton, University of Pennsylvania)
  • Christian Gollier (Toulouse School of Economics)
  • Matteo Maggiori (Stanford Graduate School of Business)
  • Tim Baldenius (Columbia Business School)

Winter Term 2019

  • Joël Peress (INSEAD)
  • Alessandro Previtero (Indiana University)
  • Denis Gromb (HEC Paris)
  • Albert Menkveld (VU University Amsterdam)
  • Daniel Ferreira (London School of Economics)
  • Anna Cieslak (Duke University, Fuqua School of Business)
  • Javier Suarez (CEMFI Madrid)
  • Sebastian Ebert (Frankfurt School of Finance & Management)
  • Brendan Daley (Johns Hopkins University)

Summer Term 2019

  • John Y. Campbell (Harvard University)
  • Alberto Rossi (Robert H. Smith School of Business)
  • Mariassunta Giannetti (Stockholm School of Economics)
  • Uday Rajan (University of Michigan,Ross School of Business)
  • Toni Whited (University of Michigan,Ross School of Business)
  • Stephen G. Ryan (NYU Stern)
  • Matt Ringgenberg (University of Utah)
  • Christian Laux (WU Vienna)
  • Dirk Jenter (London School of Economics)
  • David Martinez Miera University Carlos III de Madrid)
  • Rossen Valkanov (Rady School of Management)
  • Robert Korajczyk (Northwestern University, Kellogg School of Management)
  • Dimitri Vayanos (London School of Economics)

Winter Term 2018

  • Pietro Veronesi (Chicago Booth School of Business)
  • Zhi Da (University of Notre Dame)
  • Suleyman Basak (London Business School)
  • Pedro Matos (University of Virginia)
  • Russell Cooper (European University Institute)
  • Adrian Buss (INSEAD)
  • Stephen H. Shore (Georgia State University)
  • Lorenzo Garlappi (Sauder School of Business)

Summer Term 2018

  • Lauren Cohen (Harvard Business School)
  • Paul Whelan (Copenhagen Business School)
  • Evgeny Lyandres (Boston University,Questrom School of Business)
  • Ruediger Fahlenbrach (EPFL)
  • Renee Adams (The University of New South Wales)
  • Toni Whited (University of Michigan,Ross School of Business)
  • Svetlana Bryzgalova (Stanford University)
  • Francesca Cornelli (London Business School)
  • Christian Opp (Wharton Business School)
  • Eduardo Schwartz (UCLA)
  • Burton Hollifield (CMU Tepper School of Business)
  • Kathy Yuan (London School of Economics)
  • Andrew Ellul (Indiana University, Kelley School of Business)
  • Itay Goldstein (Wharton Business School)
  • Martin Öhmke (London School of Economics)

Winter Term 2017

  • Alexander Stomper (Berlin’s Humboldt University), „The stability of dividends and wages: effects of competitor inflexibility“
  • Charles Calomiris (Columbia Business School), „Capital Inflows, Equity Issuance Activity, and Corporate Investment“
  • Luke Taylor (Wharton Business School), „Portfolio Liquidity and Diversification: Theory and Evidence“
  • David Lando (Copenhagen Business School), „Generalized Recovery“
  • Anjan Thakor (Olin Business School), „Intermediation Variety“
  • Florian Heider (European Central Bank), „Optimal Margins and Equilibrium Prices“
  • Alberto Manconi (Bocconi University), „Credit, Labor, and Political Unrest: Evidence from 1930s China“
  • Jean-Pierre Zigrand (London School of Economics), „Systemic Risk and the Dynamics of Temporary Financial Networks“
  • Jean-Edouard Colliard (HEC, Paris), „Financial Restructuring and Resolution of Banks“

Summer Term 2017

  • Jonathan Berk (Stanford University, Graduate School of Business) „Mutual Funds in Equilibrium“
  • Emanuel Mönch (Deutsche Bundesbank) „Reach for Yield in Investment Funds„
  • Bo Becker (Stockholm School of Economics) „Convenant-light Contracts and Creditor Coordination“
  • Christian Leuz (Chicago Booth) „An Information-Theoretic Asset Pricing Model“
  • Christian Julliard (London School of Economics)
  • Zhiguo He (Chicago Booth) „Leverage Dynamics without Commitment“
  • Ron Kaniel (University of Rochester) „Relative Pay for Non-Relative Performance Keeping up with the Joneses with Optimal Contracts“
  • Vincent Glode (Wharton Business School) „Voluntary Disclosure in Bilateral Transactions„
  • Alexander Gümbel (Toulouse School of Economics) „A Welfare Analysis of Segmented Liquidity Markets“
  • Tobias Berg (Frankfurt School of Finance and Management ) „Brexit and the Contraction of Syndicated Lending„
  • Steven Ongena (University of Zurich) „Changes in the Cost of Bank Equity and the Supply of Bank Credit„
  • Patrick Bolton (Columbia University) „The End of the “Modern Corporation”: Deregulation and Ownership of Electric Utilities“
  • Adriano Rampini (Duke University) „Financing Durable Assets„
  • Paola Sapienza (Northwestern University, Kellog School of Management)

Winter Term 2016

  • Florian Ederer (Yale School of Management), „Common Ownership, Competition, and Top Management Incentives“
  • Anton Korinek (John Hopkins University), „Financial Innovation for Rent Extraction“
  • Andrew Winton (Carlson School of Management, Minnesota), „Lender Moral Hazard and Reputation in Originate-to-Distribute Markets“
  • Giorgia Piacentino (Washington University)
  • Laura Starks (University of Texas, Austin), „Economic Policy Uncertainty, Learning and Incentives: Theory and Evidence on Mutual Funds„
  • Li He (WU), „Payroll and Financial Leverage“
  • Vasso Ioannidou (Lancaster University), „Do Central Banks Face a Positive-Profit Constraint?„
  • Espen Henriksen (BI Norwegian Business School), „The Risky Capital of Emerging Markets„
  • Oliver Boguth (Arizona State University), „The Fragility of Organization Capital“
  • Tarek Hassan (Chicago Booth), „Currency Maipulation“
  • Filippo Ippolito (Pompeu Fabra University), „Levered Returns and Capital Structure Imbalances“
  • Quxian Zhang (Erasmus University Rotterdam), „Why Do Distressed Firms Acquire?“

Summer Term 2016

  • Sunil Wahal (Arizona State University), „The Demand for Diversification in Incomplete Markets“
  • Josef Zechner (WU), „Debt Maturity and the Dynamics of Leverage“
  • Sudipto Dasgupta (Lancaster University), „Social Connections, and the Boundary of the Firm„
  • Doron Levit (Wharton), „Governing Multiple Firms“
  • Rainer Haselmann (Goethe, Frankfurt), „Rent-Seeking in Elite Networks“
  • Marco Pagano (University of Naples), „Corporate Leverage and Employees’ Rights in Bankruptcy“
  • Mungo Wilson (Said Business School, Oxford), „One Central Bank to Rule Them All“
  • Yuri Tserlukevich (Arizona State University), „Is Market Timing Good for Shareholders?“
  • Ilona Babenko (Arizona State University), „Information Acquisition and Corporate Debt Illiquidity“
  • Tarun Chordia (Emory University), „Do High Frequency Traders Need to be Regulated? Evidence from Trading on Macroeconomic Announcements“
  • Norman Schürhoff (University of Lausanne), „Relationship Trading in OTC Markets“
  • Clemens Sialm (University of Texas, Austin), „Government Debt and Capital Structure Decisions: International Evidence“
  • Sheridan Titman (University of Texas), „Creative Destruction, Investor Beliefs and the Evolution of Stock Returns“
  • Erwan Morellec (EPFL), „Rollover Traps“    

Winter Term 2015

  • Ajay Subramanian (Georgia State University), „Ownership Structure, Incentives and Asset Prices“
  • Hanno Lustig (Stanford University), „Does Market Incompleteness Help to Explain Exchange Rates?“
  • Mikhail Chernov (UCLA), „Term structures of asset prices and returns“
  • Guillaume Vuillemey (HEC), „Derivatives and interest rate risk management by commercial banks“
  • Rick Sias (The University of Arizona), „Who are the Sentiment Traders? Evidence from the Cross-Section of Stock Returns and Demand“
  • Robert Bushman (University of North Carolina), „The Informational Role of the Media in Private Lending“
  • Paul Schultz (University of Notre Dame), „Liquidity in a Market for Unique Assets Specified Pool and TBA Trading in the Mortgage Backed Securities Market“
  • Nobuhiro Kiyotaki (Princeton University), „Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises“
  • Alex Edmans (London Business School), „Financing Through Asset Sales“
  • Ludovic Phalippou (Oxford University)
  • Maria Chaderina (WU), „Hedging News with Cash and Debt“
  • Frederico Belo (University of Minnesota), „External Equity Financing Shocks, Financial Flows, and Asset Prices“
  • Ernst-Ludwig von Thadden (University of Mannheim), „A Corporate Governance Asset Pricing Model: Theory and Evidence“

Summer Term 2015

  • Karin S. Thorburn (Norwegian School of Economics), „Are stock-financed takeovers opportunistic?“
  • Christian Wagner (Copenhagen Business School), „Does central bank tone move asset prices?“
  • Nicola Gennaioli (Bocconi University), „Stereotypes“
  • Kent Smetters (University of Pennsylvania Wharton), „A Sharper Ratio: A General Measure for Correctly Ranking Non-Normal Investment Risks“
  • Nicolas Petrosky-Nadeau (Carnegie Mellon University), „Endogenous Crises and Asset Prices“
  • Christopher Hennessy (London Business School), „Natural Experiment Policy Evaluation: A Critique“
  • Andrey Malenko (MIT Sloan School of Management), „Timing Decisions in Organizations: Communication and Authority in a Dynamic Environment“
  • Nikolaus Hautsch (University of Vienna), „The Hidden Side of the Market: Order Exposure and Liquidity Coordination“
  • Rick Green (Carnegie Mellon University), „Advance Refundings of Municipal Bonds“
  • Antoinette Schoar (MIT Sloan School of Management), „Changes in Buyer Composition and the Expansion of Credit during the Boom“
  • Ivan Shaliastovich (University of Pennsylvania Wharton), „Monetary Policy Risks in the Bond Markets and Macroeconomy“
  • Nikolai Roussanov (University of Pennsylvania Wharton), „Fracking, Drilling, and Asset Pricing: Estimating the Economic Benefits of the Shale Revolution“
  • Gyöngyi Loranth (University of Vienna), „Bank Payout Policy, Performance, and Insider Trading in the Financial Crisis of 2007-2009“

Winter term 2014

  • Mike Burkart (Stockholm School of Economics), „Activist Funds, Leverage, and Procyclicality“
  • Torben Andersen (Northwestern University), „Parametric Inference and Dynamic State Recovery from Option Panels“ and „The Risk Premia Embedded in Index Options“
  • Lars-Alexander Kühn (Carnegie Mellon University), „A Labor Capital Asset Pricing Model“
  • Michael Weber (University of Chicago), „Nominal Rigidities and Asset Pricing“
  • Pete Kyle (University of Maryland), „Smooth Trading with Overconfidence and Market Power“
  • Howard Kung (London Business School), „Government Maturity Structure Twists“
  • Thomas Gehrig (University of Vienna), „Loan Sales and Screening Incentives“
  • Jin Yu (University of New South Wales), „A Theory of Family Ownership„
  • Sumit Agarwal (National University of Singapore), „Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response“
  • Chester Spatt (Carnegie Mellon University), „A solution to the Palm–3Com spinoff puzzles“
  • Robert Dittmar (University of Michigan), „Firm Characteristics, Consumption Risk, and Firm-Level Risk Exposures“
  • Robert Kosowski (Imperial College London), „The Effect of regulatory constraints on fund performance New evidence from UCITS hedge funds“
  • Stephan Siegel (University of Washington), „The Cultural Origin of Preferences: CEO Cultural Heritage and Corporate Investment“

Summer term 2014

  • Peter Bossaerts (California Institute of Technology), „‚Lucas‘ In The Laboratory“
  • David Scharfstein (Harvard Business School), „Dollar Funding and the Lending Behavior of Global Banks“
  • Alexander Ljungqvist (NYU Stern School of Business), „How Constraining Are Limits to Arbitrage? Evidence from a Recent Financial Innovation“
  • Günter Strobl (Frankfurt School of Finance & Management), „Credit Ratings: Strategic Issuer Disclosure and Optimal Screening“
  • Toni Whited (University of Rochester, Simon Graduate School of Business), „Collateral, Taxes, and Leverage“
  • Ralph Koijen (London Business School), „Shadow Insurance„
  • Adlai Fisher (University of British Columbia, Sauder School of Business), „Horizon Effects in Average Returns: The Role of Heterogeneous Information Diffusion“
  • Ruediger Fahlenbrach (Swiss Finance Institute, Ecole Polytechnique Fédérale de Lausanne), „Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities“
  • Pierre-Olivier Weill (UCLA), „The Market for OTC Derivatives“
  • Zacharias Sautner (Frankfurt School of Finance & Management), „The Effect of Managerial Short-Termism on Corporate Investment“
  • Igor Makarov (London School of Economis), „Arbitrage Trading with Marking-to-market and Price Impact“
  • Richard Lowery (University of Texas at Austin, McCombs School of Business), „The costs of closing failed banks: A structural estimation of regulatory incentives“
  • Malcolm Baker (Harvard Business School), „Do strict capital requirements raise the cost of capital? Banking regulation and the low risk anomaly“
  • Peter Feldhütter (London Business School), „The Credit Spread Puzzle – Myth or Reality“
  • Florian Heider (European Central Bank), „As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes“
  • Holger Kraft (Frankfurt University Goethe Business School), „Consumption and Wage Humps in Lifecycle Models“

Winter Term 2013

  • Rossen Valkanov (UC San Diego Rady School of Management), „Advantages and Disadvantages of Securitization: Evidence from Commercial Mortgages“
  • Peter Kondor (Central European University), „Trading and Information Diffusion in Over-the-Counter Markets“
  • Lubos Pastor (University of Chicago – Booth School of Business), „Scale and skill in active management“
  • Wolf Wagner (Tilburg School of Economics and Management), „The Disturbing Interaction between Countercyclical Capital Requirements and Systemic Risk“
  • Andrea Caggese (Universitat Pompeu Fabra), „Constraints, Firm Dynamics and Innovation“
  • Maria Cecilia Bustamante (London School of Economics), „Product Market Competition and Industry Returns“
  • Doron Avramov (The Hebrew University of Jerusalem), „Time-Varying Momentum Payoffs and Illiquidity“
  • Michael Halling (Stockholm School of Economics), „Violations of the Law of One Fee in the Mutual Fund Industry“
  • Bart Lambrecht (University of Cambridge), „The Dynamics of Investment, Payout and Debt“
  • Carolin Pflueger (UBC Sauder School of Business), „Monetary Policy Drivers of Bond and Equity Risks“
  • Konstantin Milbradt (MIT Sloan School of Management), „Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle“
  • Paul Schneider (University of Lugano), „Generalized Risk Premia – The Economic Value of Predictability“
  • Loriana Pelizzon (SAFE – Goethe University Frankfurt), „Sovereign Credit Risk, Liquidity and ECB Intervention: Deus Ex Machina?“
  • James Dow (London Business School), „Financial Contracting, Limited Liability and Bubbles“

Summer Term 2013

  • Eric Hughson (Claremont McKenna College), „The Effect of Centralized Clearing on Market Liquidity: Lessons from the NYSE“
  • Franklin Allen (The Wharton School – University of Pennsylvania), „Deposits and Bank Capital Structure“
  • Lasse Pedersen (Copenhagen Business School), „Embedded Leverage“
  • Philip Dybvig (Olin School of Business at Washington University in Saint Louis), „High Hopes and Disappointment“
  • Olivia Mitchell (The Wharton School – University of Pennsylvania), „Optimal Financial Knowledge and Wealth Inequality“
  • Vicente Cunat (London School of Economics), „Say Pays! Shareholder Voice and Firm Performance“
  • Kai Li (Sauder School of Business – University of British Columbia), „Investor Myopia and CEO Turnover:Evidence from Private Firms“
  • Xavier Giroud (MIT Sloan School of Management), „Capital and Labor Reallocation Inside Firms„
  • Joel Shapiro (Oxford University), „A Mechanism for LIBOR“
  • Martin Oehmke (Columbia Business School, New York), „Synthetic or Real? The Equilibrium Effect of Credit Default Swaps on Bond Markets“
  • Raman Uppal (EDHEC Business School, London), „Comparing Different Regulatory Measures to Control Stock Market Volatility“
  • Robert DeYoung (Kansas University), „Economies of Scale and the Economic Role of Banks“
  • Damir Filipovic (Swiss Finance Institute – EPFL), „Risk-Based Solvency Regulation and Scenario Aggregation“
  • Vikrant Vig (London Business School), „Cultural Proximity and Loan Outcomes“
  • Ed van Wesep (University of North Carolina), „The Quality of Expertise“
  • Martin Hellwig (Max Planck Institute for Research on Collective Goods), „Debt Overhang and Bank Capital Regulation“
  • Douglas Diamond (Booth School of Business – University of Chicago), „A Theory of Debt Maturity: The Long and Short of Debt Overhang“

Winter Term 2012

  • Suleyman Basak (London Business School), „Asset Prices and Institutional Investors“
  • Stefan Nagel (Stanford Graduate School of Business), „Sizing Up Repo“
  • Peter DeMarzo (Stanford Graduate School of Business), „Risking Other People’s Money: Gambling, Limited Liability, and Optimal Incentives“
  • Klaus Ritzberger (Institute for Advanced Studies, Vienna), „Order-Driven Markets are Almost Competitive“
  • Brigitte Madrian (Harvard Kennedy School), „Does Aggregated Returns Disclosure Increase Portfolio Risk-Taking?“
  • Michael Haliassos (Goethe University Frankfurt), „Debt and Social Interactions“
  • Ester Faia (Goethe University Frankfurt), „Endogenous Banks‘ Networks, Cascades and Systemic Risk“
  • Jean Helwege (Moore School of Business (University of South Carolina)), „Crises, Liquidity Shocks, and Fire Sales at Commercial Banks“
  • Joshua Rauh (Stanford Graduate School of Business), „Linking Benefits to Investment Performance in US Public Pension Systems“
  • Florian Ederer (UCLA Anderson School of Management), „Understanding Peer Effects in Financial Decisions: Evidence from a Field Experiment“
  • Raffi Amit (The Wharton School (University of Pennsylvania)), „Corporate Divestitures and Family Control“
  • Terrance Odean (Haas School of Business (University of California at Berkeley)), „Bubbling with Excitement: An Experiment“
  • Giovanna Nicodano (University of Torino), „Intercorporate guarantees, leverage and taxes“

Summer Term 2012

  • Richard Roll (University of California, Los Angeles), „How Stable Are Corporate Capital Structures?“
  • Engelbert Dockner (WU (Vienna University of Economics and Business)), „Interaction Between Dynamic Financing and Growth Options: The Impact of Industry Structures“
  • Bill Zame (University of California, Los Angeles), „Asset Pricing and Asymmetric Reasoning“
  • Semyon Malamud (École Polytechnique Fédérale de Lausanne), „Information Percolation in Segmented Markets“
  • Christopher Hennessy (London Business School), „Skin in the Game and Moral Hazard“
  • David Easley (Cornell University), „Flow Toxicity and Liquidity in a High Frequency World“
  • Simone Manganelli (ECB Frankfurt), „VAR for VaR: Measuring Systemic Risk Using Multivariate Regression Quantiles“
  • Mark Kamstra (York University), „The Annuity Duration Puzzle“
  • Ingrid Werner (Ohio State University), „Diving into Dark Pools“
  • Michael Kisser (Norwegian School of Economics), „Capital Structure Choice – Who Finances Externally?“
  • Rüdiger Frey (WU (Vienna University of Economics and Business)), „Dynamics of Corporate Security Prices in Firm Value Models with Incomplete Information“
  • David Thesmar (HEC Paris), „Categorization Bias in the Stock Market“
  • Linda Tesar (University of Michigan), „Fire Sale FDI or Business As Usual?“
  • Leonid Kogan (Massachusetts Institute of Technology), „A Theory of Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks“
  • Luigi Guiso (Einaudi Institute for Economics and Finance Roma), „Time Varying Risk Aversion“
  • Youchang Wu (University of Wisconsin-Madison), „Mutual fund family and performance evaluation“

Winter Term 2011

  • Volker Laux (University of Texas), „Stock Option Vesting Conditions, CEO Turnover, and Myopic Investment“
  • Adlai Fisher (University of British Columbia, Vancouver), „Dividend Strips and the Term Structure of Equity Risk Premia: A Case Study of Limits to Arbitrage„
  • Ernst Maug (University of Mannheim), „Indexing Executive Compensation Contracts“
  • Mao Ye (University of Illinois), „What’s Not There: The Odd-Lot Bias in TAQ Data“
  • Augustin Landier (University of Toulouse), „The Risk-Shifting Hypothesis: Evidence from Subprime Originations“
  • Albert Menkveld (Vrije Universteit Amsterdam), „Middlemen in Limit-Order Markets“
  • Guillaume Plantin (University of Toulouse), „Inequality, Tax Avoidance, and Financial Instability“
  • Adam Szeidl (UC Berkeley), „A Model of Focusing in Economic Choice“
  • Bjorn Eraker (Wisconsin), „Dynamic Present Values and the Intertemporal CAPM“
  • Pierre Mella-Barral (EDHEC Nice), „Entrepreneurial Spawning and Firm Characteristics“
  • Jan Bena (UBC), „The Lifecycle of the Economy-Wide Distribution of Leverage“
  • Daniel Paravisini (Columbia University), „Cultural Proximity and Loan Outcomes“
  • Jeffrey Brown (University of Illinois), „Why I Lost My Secretary: The Effect of Endowment Shocks on University Operations“
  • Josef Zechner (WU), „Granularity of Corporate Debt: Theory and Tests“
  • Mariassunta Giannetti (Stockholm School of Economics), „The Brain Gain of Corporate Boards: A Natural Experiment from China“
  • Christian Schlag (University of Frankfurt), „The Role of Volatility Shocks and Rare Events in Long-Run Risk Models“

Summer Term 2011

  • Ulrich Hege (HEC Paris), „How does Private Equity Bid in Corporate Asset Sales? The paper is not available online.“
  • Christa Bouwman (Case Western Reserve University, Cleveland), „The Geography of Executive Compensation“
  • Josef Zechner (WU Vienna University of Economics and Business), „Leverage Dynamics over the Business Cycle“
  • Elena Carletti (European University Institute), „Asset Commonality, Debt Maturity and Systematic Risk“
  • Thierry Foucault (HEC Paris), „Dealer Attention, Liquidity Spillovers, and Endogenous Market Segmentation“
  • Charlotte Ostergaard (Norwegian School of Management), „Real and Financial Tradeoffs in Non-Listed Firms: Cash Flow Sensitivities and How They Change with Shocks to Firms‘ Main-Bank„
  • Harald Hau (INSEAD), „The Role of Equity Funds in the Financial Crisis Propagation
  • Eric Ghysels (University of North Carolina), „Conditional Skewness of Stock Market Returns in Developed and Emerging Markets and its Economic Fundamentals“
  • Francisco Gomes (London Business School), „Quantifying the Distortionary Fiscal Cost of ‘The Bailout’“
  • Charles Jones (Columbia University), „Two Short Tales“
  • Mark Grinblatt (University of California, Los Angeles), „IQ and Stock Market Trading“
  • Robert Marquez (Boston University), „Leaving Money on the Table: A Theory of Private Equity Fund Returns“
  • Amit Goyal (Université de Lausanne), „Buyers Versus Sellers: Who Initiates Trades And When?“
  • Sönje Reiche  (University of Cambridge), „Robust Incentives and Non-Exclusive Contracts“
  • Dirk Hackbarth (University of Illinois), „Innovation, Capital Structure, and the Boundaries of the Firm“
  • Pegaret Pichler (Northeastern University), „The Design of Mortgage-Backed Securities and Servicer Contracts“

Winter Term 2010

  • Seppo Ikäheimo (Helsiniki School of Economics)
  • Christian Leuz (University of Chicago)
  • Robert Korajczyk (Northwestern University)
  • Albert Kyle (University of Maryland)
  • Tim Adam (Humboldt-Universität zu Berlin)
  • Heitor Almeida (University of Illinois)
  • Jean-Pierre Zigrand (London School of Economics)
  • Rui Albuquerque (Boston University)
  • Igor Makarov (London Business School)
  • Christine Parlour (University of California Berkeley)
  • Daniel Ferreira (London School of Economics)
  • Alex Stomper (Institute for Advanced Studies, VGSF)
  • Joel Peress (INSEAD)
  • Rüdiger Fahlenbrach (Ecole Polytechnique Fédérale de Lausanne)

Summer Term 2010

  • Ron Giammarino (University of British Columbia)
  • Michael Brandt (Duke University)
  • Clemens Sialm (University of Texas at Austin)
  • Oliver Fabel (University of Vienna)
  • Denis Gromb (INSEAD)
  • Christian Julliard (London School of Economics)
  • Neil A. Doherty (University of Pennsylvania)
  • Jean Charles Rochet (University Toulouse 1)
  • Dirk Hackbarth (University of Illinois)
  • Pierre Collin-Dufresne (Columbia University)
  • Christian Gollier (University Toulouse 1)
  • Laura Starks (University of Texas at Austin)
  • Pietro Veronesi (University of Chicago)
  • Robert Hauswald (American University)
  • Allaudeen Hameed (National University of Singapore)
  • Hanno Lustig (University of California, Los Angeles)

Winter Term 2009

  • Xunyu Zhou (University of Oxford)
  • Ulrich Horst (Humboldt-Universität zu Berlin)
  • Lubos Pastor (University of Chicago)
  • Raman Uppal (London Business School)
  • Oren Sussman (University of Oxford)
  • Roman Inderst (Goethe Universität Frankfurt am Main)
  • Markus Leippold (Universität Zürich)
  • André Gygax (University of Melbourne)
  • Alexander Mürmann (Vienna University of Economics and Business)
  • Robert Hauswald (American University)
  • Philipp Illeditsch (University of Pennsylvania)
  • Anat Admati (Stanford University)
  • Ilya Strebulaev (Stanford University)
  • Colin Mayer (University of Oxford)
  • Philipp Schnabl (New York University)
  • Gordon Phillips (University of Maryland)

Summer Term 2009

  • Andrew Yim (Tilburg University), „Cost of Capital, Hurdle Rate, and Default Risk: A Robust Model of Internal Capital Markets“
  • Wolfgang Bühler (Universität Mannheim), „Risk-Adjusted Performance Measurement of Bond Portfolios“
  • Piet Sercu (Katholieke Universiteit Leuven), „Estimating the Intertemporal Substitution Elasticity“
  • Effi Benmelech (Harvard University), „Vintage Capital and Creditor Protection“
  • Toni Whited (University of Wisconsin), „Capital Structure Dynamics and Transitory Debt“
  • Jacob Sagi (Vanderbilt University), „Dynamic Corporate Capital Stocks: Cross-sectional and Inter-temporal Stock Return Patterns“
  • Josef Zechner (Wirtschaftsuniversität Wien), „Liquidity and Feasible Debt Relief“
  • Ehud I. Ronn (University of Texas at Austin), „The Valuation and Informational Content of Options on Crude-Oil Futures Contracts“
  • Jiang Wang (Massachusetts Institute of Technology), „Liquidity of Corporate Bonds“
  • Stijn van Nieuwerburgh (New York University), „The Cross-Section and Time-Series of Stock and Bond Returns“
  • Laura Veldkamp (New York University), „Attention Allocation Over the Business Cycle: Evidence from the Mutual Fund Industry“

Winter Term 2008

  • Christian Leuz (University of Chicago, Graduate School of Business), „Voluntary Disclosure and the Cost of Capital: Evidence from Firms‘ Responses to the Enron Shock“
  • Russ Wermers (University of Maryland, Robert H. Smith School of Business), „False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas“
  • Karl Schmedders (Northwestern University, Kellogg School of Management), „Bond Ladders and Optimal Portfolios“
  • Kristian R. Miltersen (Norwegian School of Economics and Business Administration), „Risky Corporate Debt with Finite Maturity“
  • Paolo Sodini (Stockholm School of Economics), „Fight or Flight? Portfolio Rebalancing by Individual Investors“
  • Fabio Maccheroni (Università Bocconi), „Risk Measures: Rationality and Diversification“
  • Lucio Sarno (University of Warwick, Warwick Business School), „The Forward Volatility Bias: A New Puzzle in Foreign Exchange“
  • Eduardo Schwartz (UCLA, Anderson School of Management), „Options Trading Activity and Firm Valuation“
  • Christopher Hennessy (University of California Berkeley, Haas School of Business), „Security Design, Liquidity, and the Informational Role of Prices“
  • Stephen Shore (Johns Hopkins University), „Changes in the Distribution of Income Volatility“
  • Hansjörg Albrecher (Johannes Kepler University Linz); „Tax and Dividend Payments in Collective Risk Theory“
  • Wayne R. Landsman (University of North Carolina at Chapel Hill, Kenan-Flagler Business School), „Do Investors Understand Really Dirty Surplus?“
  • Gustavo Manso (MIT, Sloan School of Management), „Performance-Sensitive Debt“
  • David Musto (University of Pennsylvania, Wharton), „High Water Marks in Competitive Capital Markets“

Summer 2008

  • Engelbert Dockner (Vienna University of Economics and Business Administration), „Choice of Rating Technology and Price Formation in Imperfect Credit Markets“
  • Jaksa Cvitanic (California Institute of Technology), „Optimal contracts in continuous time“
  • Christopher Hennessy (UC Berkeley), „Debt, bargaining, and credibility in firm-supplier relationships“
  • Toni Whited (University of Wisconsin-Madison), „What gives? A Study of Firms‘ Reactions to Cash Shortfalls“
  • Tomas Björk (Stockholm School of Economics), „Time Inconsistent Stochastic Control“
  • Antoon Pelsser (University of Amsterdam), „Approximate Solutions for Indifference Pricing under General Utility Functions“
  • Ilan Cooper (Tel Aviv University), „Real Investment and Risk Dynamics“
  • Harjoat Bhamra (University of British Columbia), „The Levered Equity Risk Premium and Credit Spreads: A Unified Framework“
  • Wei Xiong (Princeton University), „Delegated Asset Management and Market Segmentation“
  • Terrance Odean (Haas School of Business, Berkeley), „Day Trading in Equilibrium“
  • Raffi Amit (Wharton School), „Familiy Control of Firms and Industries“
  • Jonathan Berk (UC Berkeley), „Return persistance and fund flows in the worst performing mutual funds“
  • Tim Adam (National University of Singapore), „Strategic Risk Management and Product Market Competition“
  • Neng Wang (Columbia University), „Dynamic Agency and the q Theory of Investment“
  • Alexander Muermann (Vienna University of Economics and Business Administration), „Financing Risk Transfer under Governance Problems: Mutual versus Stock Insurers“
  • Vito D. Gala (London Business School), „Irreversible Investment and the Cross-Section of Stock Returns in General Equilibrium“
  • Ralf Elsas (Munich School of Management, Ludwig-Maximilians-Universität), „The Impact of Default Risk on Equity Returns: Evidence from a Bank-based Financial System“

Winter Term 2007

  • Adlai Fisher (University of British Colombia), „Conditional Risk, Overconditioning, and the Performance of Momentum Strategies“
  • Gordon Phillips (University of Maryland), „Real and Financial Industry Booms and Busts“
  • Felix Meschke (University of Minnesota), „The Rise and Fall of Portfolio Pumping Among U.S. Mutual Funds„
  • Andrea Eisfeldt (Northwestern University), „Financing Shortfalls and the Value of Aggregate Liquidity“
  • Eckhard Platen (University of Technology Sydney), „A Benchmark Approach to Finance“
  • Damir Filipovic (Vienna Institute of Finance), „Non-Monotone Risk Measures and Monotone Hulls“
  • Jason Huafeng Chen (University of British Columbia), „Return Comovement“
  • Loriana Pelizzon (Università Ca’Foscari di Venezia), „Credit Derivatives, Capital Requirements and Opaque OTC Markets“
  • Vikram Nanda (Arizona State University), „Are Incentive Contracts Rigged by Powerful CEOs?“
  • Kristian Miltersen (Norwegian School of Economics and Business Administration), „Real Options with Uncertain Maturity and Competition“
  • Sheridan Titman (University of Texas at Austin), „Financial Structure, Liquidity, and Firm Locations“
  • Michael Brandt (Duke University), „Gutmann Public Lecture: What Do Government Bond Investors Care About: Credit Quality or Liquidity?“
  • Alexander Wagner (University of Zurich), „The Executive Turnover Risk Premium“
  • Jeffrey Zwiebel (Stanford University), „Executive Pay, Hidden Compensation, and Managerial Entrenchment“
  • Rohit Rahi (London School of Economics), „Arbitrage Networks“
  • Susan Christoffersen (McGill University), „Fund Flows vs. Family Flows: Evidence from the Cross Section of Brokers“

Summer Term 2007

  • Matti Keloharju (Helsinki School of Economics), „Sensation Seeking, Overconfidence, and Trading Activity“
  • Laurent E. Calvet (HEC Paris), „Down or Out: Assessing the Welfare Costs of Household Investment Mistakes“
  • Christopher Hennessy (UC Berkeley), „A Dynamic Theory of Corporate Finance Based Upon Repeated Signaling“
  • Massimo Massa (INSEAD), „Cosmetic Mergers: The Effect of Style Investing on the Market for Corporate Control“
  • Lu Zhang (University of Michigan), „Regularities“
  • Michael Roberts (Wharton), „Control Rights and Capital Structure: An Empirical Investigation“
  • Toni Whited (University of Wisconsin), „The Corporate Propensity to Save“
  • Günter Strobl (University of North Carolina), „Time-Varying Information Asymmetry and the Disposition Effect“
  • Richard Stanton (University of Berkeley), „Optimal Exercise of Executive Stock Options and Implications for Firm Cost“
  • David Hirshleifer (UC Irvine), „Stock Market Misvaluation and Corporate Investment“
  • Siew Hong Teoh (UC Irvine), „Driven to Distraction: Extraneous Events and Underreaction to Earnings News“

Winter Term 2006

  • Peter Swan (UNSW), „Optimal portfolio balancing under conventional preferences and transaction costs explains the equity premium puzzle“
  • Ashley Wang (UC Irvine), „Asset Pricing and Mispricing“
  • Xavier Freixas (Pompeu Fabra), „How can emerging market economies benefit from a corporate bond market?“
  • Marcin Kacperczyk (University of British Columbia), „Labor Unions, Operating Leverage, and Expected Stock Returns“
  • Will Goetzman (Yale), „Risk Aversion and Clientele Effects“
  • Dirk Hackbarth (Washington University in St. Louis), „Corporate Bond Credit Spreads and Forecast Dispersion“
  • Erik Theissen (University of Bonn), „Short sale constraints, divergence of opinion and asset values: Evidence from the laboratory“
  • Nicole Branger (University of Münster), „Rational Laymen versus Over-Confident Experts: Who Survives in the Long Run?“
  • Youchang Wu (University of Vienna), „Intermediated Investment Management“
  • Peter Bossaerts (California Institute of Technology), „Equilibration under Competition in Smalls: Theory and Experimental Evidence“
  • Denis Gromb (London Business School), „Financially Constrained Arbitrage and the Cross-section of Market Liquidity“
  • Leopold Sögner (Vienna University of Technology), „Jumps and Recovery Rates Inferred from Corporate CDS Premia“
  • Pedro Santa-Clara (UCLA), „Parametric Portfolio Policies: Exploiting characteristics in the cross section of equity returns“

Summer Term 2006

  • Vasant Naik (Lehman Brothers), „Global Savings-Investment Imbalances: A Look through the Life-Cycle Model“
  • Michael Halling (University of Vienna), „Equity Return Prediction: Are Coefficients Time-Varying?“
  • Doyne Farmer (Santa Fe Institute), „Financial Markets as a Behavioral Laboratory: An Empirical Behavioral Model for Price Formation“
  • Klaus Ritzberger (Institute for Advanced Studies Vienna), „Corporate Control and the Stock Market“
  • Erwan Morellec (HEC Lausanne), „Stock Returns in Mergers and Acquisitions“
  • Liam Brunt (HEC Lausanne), „Do Banks Generate Financial Market Integration?“
  • Pierre Mella-Barral (HEC Paris), „Which way to Grow? Merging, Allying, or Buying Assets“
  • Dimitri Vayanos (London School of Economics), „A Search-Based Theory of the On-the-Run Phenomenon“
  • Andrei Simonov (Stockholm School of Economics), „Shareholder Homogeneity and Firm Value: The Disciplining Role of Non-Controlling Shareholders“
  • Lorenzo Garlappi (University of Texas (Austin), „Default Risk, Shareholder Advantage, and StockReturns“
  • Wolfgang Bühler (Universität Mannheim), „Credit Risk, Liquidity Risk, and OptimalCapital Structure under Incomplete Accounting Information“
  • Josef Zechner (University of Vienna), „Human Capital, Bankruptcy, and Capital Structure“
  • David Feldman (University of New South Wales), „The CAPM Relation for Inefficient Portfolios“
  • Martijn Cremers (Yale), „Active and Passive Positions by Mutual Funds“
  • Kai Li (University of British Columbia), „Corporate Boards and the Leverage and Debt Maturity Choices“
  • Philipp Schönbucher (ETH Zürich), „Portfolio Losses and the Term Structure of Loss Transition Rates: A new methodology for the pricing of portfolio credit derivatives“
  • Branko Urosevic (University of Belgrade; Universitat Pompeu Fabra, Barcelona), „Ownership Dynamics with Multiple Insiders: The case of REITs“
  • Li Jin (Harvard), „Managerial Career Concern and Mutual Fund Short-termism“

Winter Term 2005

  • Bing Liang (University of Massachusetts), „Do Market Timing Hedge Funds Time the Market?“
  • Per Strömberg (SIFR), „What are Firms? Evolution from Birth to Public Companies“
  • Nicolae Garleanu (University of Pennsylvania), „Demand-Based Option Pricing“
  • Alexander Stomper (University of Vienna), „How Leverage affects Pricing: Theory and Evidence“
  • Alois Geyer (Vienna University of Economics and Business Administration), „Life-Cycle Asset Allocation“
  • Espen Eckbo (Dartmouth College), „The Toehold Puzzle“
  • Charlotte Ostergaard (Norwegian School of Management), „U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income“
  • Hans Degryse (CentER-Tilburg University), „SMEs and Bank Lending Relationships: The Impact of Mergers“
  • Ed Nosal (Federal Reserve Bank of Cleveland), „Moral Hazard and the Design of Bank Liabilities“
  • Burcin Yurtoglu (University of Vienna), „The Effects of Ownership Concentration and Identity on Investment Performance: An International Comparison“
  • Ilya Strebulaev (Stanford University), „Firm Size and Capital Structure“
  • Engelbert Dockner (University of Vienna), „Leaders, Followers, and Risk Dynamics in Industry Equilibrium“
  • Lubos Pastor (University of Chicago), „Technological Revolutions and Stock Prices“

Past Seminars CCEFM & QF

Summer Term 2005

  • Christine Parlour
  • Doron Avramov
  • Thomas Steinberger
  • Jun Liu
  • Suleyman Basak
  • Youchang Wu
  • Viral Acharya
  • Alfred Lehar
  • Suresh Sundaresan
  • Hayne Leland
  • Klaus Ritzberger
  • Roman Inderst
  • Martin Ruckes

Winter Term 2004

  • Russ Wermers
  • Eugene Kandel
  • Raman Uppal
  • Yihong Xia
  • Rick Green
  • Ernst Maug
  • Andrew Ellul
  • Youchang Wu
  • Josef Zechner
  • Christian Pierdzioch
  • Florian Heider
  • Bernard Dumas

Summer Term 2004

  • Leo Kaas
  • William Sharpe
  • Ulf von Lilienfeld
  • Duane Seppi
  • Jos van Bommel
  • Leonid Kogan
  • Martin Dierker
  • Stefan Reichelstein
  • Josef Zechner

Summer Term 2003

  • Martin Weber
  • Evelyn Hayden
  • David Lando
  • Alex Stomper

Winter Term 2003

  • Andrei Shleifer
  • Michael Brennan
  • Gilles Chemla
  • Jin-Chuan Duan
  • Chester Spatt
  • Alex Stomper
  • Josef Zechner
  • Stephen Ross

Winter Term 2002

  • Russ Wermers
  • Bryan Routledge
  • Alan Morrison

Summer Term 2002

  • Stephen Ross
  • Neal Stoughton
  • Utpal Bhattacharya
  • Martin Scheicher
  • Wolfgang Bühler
  • Suresh Sundaresan

Winter Term 2001

  • Otto Randl
  • Alex Stomper
  • Elroy Dimson
  • Gerhard Stahl
  • Maurice Levi
  • Pegaret Pichler
  • Duane Seppi
  • Avi Wohl

Summer Term 2001

  • Yishay Yafeh
  • Ernst Ludwig von Thadden

Winter Term 2000

  • Thomas Dangl
  • Marek Musiela
  • Javier Suarez
  • Raman Uppal
  • Christian Laux

Summer Term 2000

  • Tomas Bjoerk
  • Klaus Gugler
  • Ulrich Hege
  • Philip Schoenbucher
  • Kjell Nyborg
  • Paolo Fulghieri
  • David Lando
  • Gerald Garvey
  • Enrico Perotti
  • David Bates

Winter Term 1999

  • Ravi Jagannathan
  • Wayne Ferson
  • Zsuzsanna Fluck
  • Martin Hellwig
  • Alex Stomper
  • Alexander Ljungqvist
  • Krisitan Miltersen
  • Stavros Zenios
  • Alfred Wagenhofer
  • Hans Moritsch

Past Seminars CCEFM & QF

Events