Summer Term 2022

• Matthias Molnar (Vienna University of Economics and Business), 'Are shorts restricted when options are an option? – Evidence from SEC Rule 201' with Rainer Brand and Angel Tengulov

• Andreas Neuhierl (Washington University in St. Louis, Engelbert-Dockner Fellow), 'Structural Deep Learning in Conditional Asset Pricing' with Jianqing Fan, Zheng Tracy Ke, and Yuan Liao

• Pietro Veronesi (University of Chicago, NBER, and CEPR), 'Self-image Bias and Lost Talent' with Marciano Siniscalchi

• Philipp Lentner (Vienna University of Economics and Business), 'Price pressure during central bank asset purchases: Evidence from the covered bond market.'

• Rüdiger Weber (WU Vienna), 'Money in the right hands: the price effects of specialized demand' with Aleksandra Rzeźnik

• Tobin Hanspal (Vienna University of Economics and Business & VGSF), 'Educating Investors about Dividends' with Andreas Hackethal and Samuel M. Hartzmark

• Thomas Dangl (Vienna University of Technology), 'Conservative Holdings, Aggressive Trades: Ambiguity, Learning, and Equilibrium Flows' with Lorenzo Garlappi and Alex Weissensteiner

• Giorgio Ottonello (Nova School of Business and Economics), 'Bank connections and firms' access to the bond market' with Emanuele Rizzo and Rafael Zambrana

• Larry Blume (Cornell University), 'Network Formation in the Presence of Contagious Risk' with David Easley, Jon Kleinberg, Robert Kleinberg and Éva Tardos

• Paul Hübner (UCLA). 'Persistent latent demand and long-horizon stock returns'

• Seppo Ikäheimo (Aalto University School of Business), 'Capital flows and short-termism – evidence from European listed companies 1992-2020' with Arttu Lääkkölä and Vesa Puttonen

• Maria Kosolapova (Free University of Bozen-Bolzano), 'Estimating Time-Varying Risk Aversion from Option Prices and Realized Returns.'

• Rüdiger Weber (Vienna University of Economics and Business & VGSF), 'Equity Duration, Cash-flow Timing and the Term Structure of Equity' with Dominik Walter

• Elias Rantapuska (Aalto University School of Business), 'The Banker in Your Social Network' with Samuli Knüpfer and Theresa Spickers

• Alfred Lehar (University of Calgary Haskayne School of Business), 'Decentralized Exchanges' with Christine A. Parlour

Winter Term 2021/22

• Semyon Malamud (EPF), 'The Virtue of Complexity in Machine Learning Portfolios“ with Bryan Kelly and Kangying Zhou

• Roman Goncharenko (KU Leuven), 'When Green Meets Green' with Hans Degryse, Carola Theunisz and Tamas Vadasz

• Martin Hellwig (Max Planck Institute, Director (em.)), 'Liquidity Provision and Equity Funding of Banks'

• Karol Paludkiewicz (Deutsche Bundesbank), 'You Can't Always Get What You Want (Where You Want It): Cross-Border Effects of the US Money Market Fund Reform' with Daniel Fricke & Stefan Greppmair

• Jiri Knesl (Saïd Business School, University of Oxford), 'Working from Home During Covid-19: Corporate Announcements, Market Valuation, and Operating Performance' with Adlai J. Fisher (UBC Sauder School of Business) & Ryan C. Y. Lee (Saïd Business School, University of Oxford)

Summer Term 2021

• Semyon Malamud (EPFL), 'Principal Portfolios'

• Andreas Neuhierl (Washington University in St. Louise), 'Option Characteristics as Cross-Sectional Predictors'

• Özlem Dursun-de Neef (Goethe-Universität Frankfurt am Main), 'How do banks propagate economic shocks?'

• Alessandro Melone (VGSF, Vienna University of Economics and Business), 'Consumption and Stock Returns: Levels vs. Growth for Conditional Asset Pricing'

Winter Term 2020/2021

• Florian Pauer (WU Wien), 'Sell or Hold? On the Value of Non-Performing Loans and Mandatory Write-Off Rules'

• Vesa Pursiainen (University of St. Gallen), 'Stress Testing Banks' Digital Capabilities: Evidence from the COVID-19 Pandemic'

• Roberto Pinto (Lancaster University), 'Bargaining and Debt Structure'

Summer Term 2020

• Rüdiger Weber (Vienna University of Economics and Business), 'Risk Sharing within and outside the Firm' (with Robert Mahlstedt from the University of Copenhagen)

• Michael Weber (The University of Chicago Booth School of Business), 'The Cost of the COVID-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending'

• Alfred Lehar (University of Calgary), 'Miner Collusion and the BitCoin Protocol'

• John Cotter (University College Dublin), 'Macro-Financial Spillovers'

• Seppo Ikäheimo (Aalto University), 'Does CEO IQ improve earnings persistence?'

• Daniele D’Arienzo (Bocconi University), 'Increasing Overreaction and Excess Volatility of Long-Term Interest Rates'

• William Johnson (Suffolk University / Vienna University of Economics and Business), 'The consequences to directors of deploying poison pills' with Jon Karpoff and Michael Wittry

Winter Term 2019/2020

• Lubos Pastor (The University of Chicago Booth School of Business), 'Sustainable Investing in Equilibrium'

• Florian Lindner ( Max Planck Institute for Research on Collective Goods), 'Delegated Investment Decisions and Rankings'

• Thomas Rauter (The University of Chicago Booth School of Business), 'Perceived Precautionary Savings Motives: Evidence from FinTech'

• Lu Li, (LMU Munich), 'Opening up the Black Box: the Impact of Technological Transparency on Self-Protection'

• Veronesi Pietro (Chicago Booth), 'Leverage'

Summer Term 2019

• Leopold Sögner (IHS), "Optimal High-Risk Investment"

• Steven Baker (McIntire School of Commerce, University of Virginia), "Asset Prices and Portfolios with Externalities"

• Neal Stoughton, "Discretionary NAVs"

• Giuseppe Pratobevera (USI-University Lugano), “The Role of Underwriter-Affiliated Institutional Investors in the IPO Aftermarket"

• Jack Stecher (Alberta School of Business), "Coherent Classification and Signaling"

• Mrinal Mishra (University of Zurich), "The effect of conflict on lending: Empirical evidence from Indian border areas"

• Sanjai Bhagat (University of Colorado), “Corporate Governance and Firm Performance: The Sequel“

Winter Term 2018/2019

• Paul Pelzl (VU Amsterdam & Tinbergen Institute), "Capital Regulations and Credit Line Management during Crisis Times"

• Olga Kuzmina (New Economic School), "Innovation and the Structure of Employment  Contracts"

• Aleksandra Rzeznik (WU Vienna), "Informed Trading and Co-Illiquidity" (with Søren Hvidkjær and Massimo Massa)

• Peter Zweifel (ETH Zurich), "Long-term care insurance: joint contracts for mitigating relational moral hazard"

• Carlos Ramirez (Board of Governors of the Federal Reserve System), "Regulating Complex Financial Networks "

Summer Term 2018

• Artashes Karapety (BI Norwegian Business School), "To Ask or Not To Ask? Collateral versus Screening in Lending Relationships"

• Youchang Wu (Lundquist College of Business), "Production Networks and Stock Returns: The Role of Creative Destruction"

• Roberto Steri (HEC Lausanne), "Stressed Banks"

• Giorgia Simion (Ca' Foscari University of Venice), "Basel Liquidity Regulation and Credit Risk Market Perception: Evidence from Large European Banks"

• Julia Reynolds (Università della Svizzera italiana Institute of Finance), "The Impact of Trade-Through Prohibition on Liquidity Commonality"

• Maurizio Montone (Erasmus School of Economics and Tinbergen Institute), "Does the U.S. President affect the stock market?"

• Sven Klinger (Norwegian Business School), "Active Loan Trading"

• Hamed Ghoddusi (Stevens Institute of Technology), "Mortgage Interest Tax Deductibility under Uncertainty" (joint with Mohamad Afkhami (Stevens Institute of Technology)

Winter Term 2017/2018

• Raman Uppal (EDHEC Business School – Lille), "A Portfolio Perspective on the Multitude of Firm Characteristics" (joint with Victor DeMiguel, Alberto Martín-Utrera, Francisco J.Nogales)

• Maria Chaderina (WU), "Why do mutual funds hold cash?”, co-authored with Christoph Scheuch

• Lasse H. Pedersen (Copenhagen Business School), "Efficiently Inefficient Markets for Assets and Asset Management"

Summer Term 2017

• Julian Kolm (WU) Titel: "Staggered Debt, Banks' Liquidity, and its Regulation"

• Philipp Illeditsch (Wharton School of the University of Pennsylvania) Title: "Disagreement about Inflation and the Yield Curve" (with Paul Ehling, Michael Gallmeyer, and Christian Heyerdahl-Larsen)

• Yuri Tserlukevich (Arizona State University) Titel: "Embracing Risk: Hedging Policy for Firms with Real Options" (with Ilona Babenko)

• Nathan Foley-Fisher (Board of Governors of the Federal Reserve System) "Over-the-Counter Market Liquidity and Securities Lending" (joint with Stefan Gissler and Stéphane Verani)

• Toni Whited (University of Michigan's Ross School of Business) Title: The Interest Sensitivity of Corporate Cash (with Xiaodan Gao and Na Zhang)

• Leopold Sögner (Institute for Advanced Studies, IHS) "Making Parametric Portfolio Policies Work" (joint with Thomas Gehrig and Arne Westerkamp)

• Lubos Pastor (Chicago Booth School of Business) "Political Cycles and Stock Returns" (joint with Pietro Veronesi)

• Amir Rubin (Beedie School of Business) "Lured by the Consensus: Pricing Implications of Treating All Analysts as Equal" (joint with Roni Michaely, Dan Segal and Alexander Vedrashko).

• Katarina Lucivjanska (Pavol Jozef Safarik University) "Optimal Granularity for Portfolio Choice" (joint with Nicole Branger and Alex Weissensteiner)

• Doron Avramov (The Jerusalem School f Business Administration) "Bonds, Stocks, and Sources of Mispricing”

• Thomas Rauter (WU) "Real Effects of Mandatory Disclosure"

Winter Term 2016/2017

• Salvatore Miglietta (BI Norwegian School of Management) "Why Do Boards Exist? Governance Design in the Absence of Corporate Law"

• Stewart C. Myers (Massachusetts Institute of Technology) "Real Options, Taxes and Leverage" joint with A. Read, Jr.

• Aleksandra Rzeznik (WU) “Local Economic Conditions and Local Equity Preferences: Evidence from Mutual Funds during the U.S. Housing Boom and Bust”

• Peter Gruber (University of Lugano) " The Price of the Smile and Variance Risk Premia" (joint with Claudio Tebaldi and Fabio Trojani)

Summer Term 2016

• Felix Meschke (University of Kansas - School of Business) "Internal CEO Approval and External Reporting Quality" (joint with Minjie, Huang Adi Masli, James P. Guthrie )

• Eliezer Fich (Drexel University - LeBow College of Business) "Advertising, Attention, and Acquisition Returns" (joint with Laura T. Starks, Anh L. T

• David Brown (University of Arizona - Eller, Department of Finance) "The Price is Wrong: Mispricing and ETF Arbitrage" 

• Christian Laux (WU) "Procyclicality of US Bank Leverage" (joint with Thomas Rauter)

• Toni Whited (University of Michigan) "Capital Structure Misallocation" (joint with Jake Zhao) 

• Otto Randl (WU), Georg Cejnek "Dividend Risk Premia"

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)