UNIVERSITY OF COLOGNE

Main research

• Asset Management
• Risk Management
• Asset Liquidity
• Empirical Finance

Curriculum vitae

Academic publications

2022

• Knowledge Spillovers in the Mutual Fund Industry through Labor Mobility.
  in: Journal of Banking and Finance, Vol. 134 (2022) (mit G. Cici und C. Peitzmeier)

2021

• #MeToo meets the mutual fund industry: productivity effects of sexual harassment
  in: Finance Research Letters, Vol. 40 (2021) (with G. Cici, M. Hendriock and S. Jaspersen)
• The Impact of Labor Mobility Restrictions on Managerial Actions: Evidence from the Mutual Fund Industry
  in: Journal of Banking and Finance, Vol. 122 (2021) (with G. Cici and M. Hendriock)

2018

• The Investment Value of Fund Managers’ Experience Outside the Financial Sector
  in: Review of Financial Studies, Vol. 31 (2018), pp. 3821-3853 (with G. Cici, M. Gehde-Trapp and M.-A. Göricke)
• Trading Efficiency of Fund Families: Impact on Fund Performance and Investment Behavior
  in: Journal of Banking and Finance, Vol. 88 (2018), pp. 1-14 (with G. Cici and L. Dahm)

2017

• Investor Sentiment, Flight-to-Quality, and Corporate Bond Comovement
  in: Journal of Banking and Finance, Vol. 82 (2017), pp. 112-132 (with S. Bethke and M. Gehde-Trapp)
• Do Financial Advisors Provide Tanqible Benefits for Investors? Evidence from Tax-Motivated Mutual Fund Flows
  in: Review of Finance, Vol. 21 (2017), pp. 637-665 (with G. Cici and C. Sorhage)
• Speed of Information Diffusion within Fund Families
  in: Review of Asset Pricing Studies, Vol. 7 (2016), pp. 144-170 (with G. Cici and S. Jaspersen)

2016

• The Valuation of Hedge Funds' Equity Positions
  in: Journal of Financial and Quantitative Analysis, Vol. 51 (2016), pp. 1013-1037 (with G. Cici und A. Pütz)

2015

• Portfolio Optimization Using Forward-Looking Information
  in: Review of Finance, Vol. 19 (2015) pp. 467-490 (with O. Korn, S. Saßnig)

2014

• Low Risk and High Return: Affective Attitudes and Stock Market Expectations
  in: European Financial Management, Vol. 20 (2014), pp. 995-1030 (with A. Niessen-Ruenzi, C. Merkle)

• Fund Manager Allocation
  in: Journal of Financial Economics, Vol. 111 (2014), pp. 661-674 (with J. Fang, M. Trapp)

2012

• The Value of Tradeability
  in: Review of Derivatives Research, Vol. 15 (2012), pp. 193-216 (with M. Chesney)
   
• Determinants of Expected Stock Returns: Large Sample Evidence from the German Market 
  in: Journal of Business Finance and Accounting, Vol. 39 (2012), pp. 758-784 (with S. Artmann, P. Finter)
  awarded with Acatis Value Award 2010 (2nd)
   
• The Term Structure of Illiquidty Premia
  in: Journal of Banking and Finance, Vol. 36 (2012), pp. 1381-1391 (with O.Korn, M.Uhrig-Homburg)
   
• The Cross-Section of German Stock Returns: New Data and New Evidence
  in: Schmalenbach Business Review, Vol. 64 (2012), pp. 20-43 (with S. Artmann, P. Finter, S. Koch, E. Theissen)
   
• Vergütung von Managern deutscher Aktienfonds: Höhe, Struktur, Determinanten und Anreizwirkungen
  in: Zeitschrift für Betriebswirtschaft, Vol. 82 (2012), pp. 5-28 (with K. Drachter)

2011

• Is a Team Different from the Sum of its Parts? Evidence from Mutual Fund Managers
  in: Review of Finance, Vol. 15 (2011), pp. 359-396 (with M. Bär, S. Ruenzi)
   

• Fundamental Information in Technical Strategie
  in: Journal of Business Finance and Accounting, Vol. 38 (7) & (8), pp. 842-860 (with U. Bonenkamp, C. Homburg)

2010

• CAPM und erwartete Renditen: Eine Untersuchung auf Basis der Erwartung von Marktteilnehmern
  in: Die Betriebswirtschaft, Vol. 70 (2010), pp. 145-164 (with M. Hagemeister)

2009

• Employment Risk, Compensation Incentives and Managerial Risk Taking
  in: Journal of Financial Economics, Vol. 92 (2009), pp. 92-108 (with T. Thiele, S. Ruenzi)

2008

• Tournaments in Mutual Fund Families
  in: Review of Financial Studies, Vol. 21 (2008), pp. 1013-1036 (with S. Ruenzi)
   
• Family Matters: Rankings Within Fund Families and Fund Inflows
  in: Journal of Business Finance and Accounting, Vol. 35 (2008), pp. 177-199 (with S. Ruenzi)
   
• Liquidity Commonality beyond Best Prices
  in: Journal of Financial Research, Vol. 31 (2008), pp. 25-40 (with D. Mayston)
   
• SRI Funds: Nomen est Omen
  in: Journal of Business Finance and Accounting, Vol. 35 (2008), pp. 1276-1294 (with P. Osthoff)

2007

• Decision Processes in German Mutual Fund Companies: Evidence from a Telephone Survey
  in: International Journal of Managerial Finance, Vol. 3 (2007), pp. 49-69 (with K. Drachter, M. Wagner)
   
• Determinanten der Mittelzuflüsse bei deutschen Aktienfonds
  (Determinants of Net Inflows of German Equity Mutual Funds)
  in: Zeitschrift für betriebswirtschaftliche Forschung, 59. Jhrg. (2007), pp. 35-60 (with S. Ber, S. Ruenzi)
   
• The Effect of Socially Responsible Investing on Portfolio Performance
  in: European Financial Management, Vol. 13 (2007), pp. 908-922 (with P. Osthoff)

2006

• Status Quo Bias and the Number of Alternatives: An Empirical Illustration from the Mutual Fund Industry
  in: Journal of Behavioral Finance, 2006, Vol. 7 (2006), pp. 204-213 (with S. Ruenzi)
   
• On the Estimation of the Global Minimum Variance Portfolio
  in: Schmalenbach Business Review, Vol. 58 (2006), pp. 332-348 (with C. Memmel)
   
• Liquiditätsdynamik am deutschen Aktienmarkt
  in: Die Betriebswirtschaft, 66. Jhrg. (2006), pp. 402-417 (with K. Griese)
   
• Systematische Liquidität am deutschen Aktienmarkt
  in: Bessler, Wolfgang (Hrsg.), Börsen, Banken und Kapitalmärkte. Festschrift für Hartmut Schmidt zum 65. Geburtstag. (with D. Mayston)

2003

• Parameterschätzungen in der Portfoliotheorie: Ein analytischer und simulationsgestützter Vergleich
  in: Die Betriebswirtschaft, 63. Jhrg. (2003), pp. 516-531 (with C. Memmel)
   
• Lohnt aktives Fondsmanagement aus Anlegersicht? Ein Vergleich von Anlagestrategien in aktiv und passiv verwalteten Aktienfonds
  in: Zeitschrift für Betriebswirtschaft, 73. Jhrg. (2003), H. 2, pp. 201-224 (with K. Griese)

2000

• Liquidity and its Impact on Bond Prices
  in: Schmalenbach Business Review, Vol. 52 (2000), pp. 26-44 (with M. Uhrig-Homburg)

1999

• Preisprognosen mit Handelsvolumen
  in: Finanzmarkt und Portfoliomanagement, 13. Jhrg. (1999), pp. 178-193 (with O. Korn)
   
• Market Depth and Order Size
  in: Journal of Financial Markets, Vol. 2 (1999), pp. 29-48 (with O. Korn)
   
• Wertpapierliquidität und Wertpapierpreise
  in: Beiträge zur betriebswirtschaftlichen Forschung, Band 91, Gabler Verlag, Wiesbaden 1999

1998

• Short Selling, Unwinding, and Mispricing
  in: The Journal of Futures Markets, Vol. 18 (1998), pp. 903-923
   
• Trading System and Market Integration
  in: Journal of Financial Intermediation, Vol. 7 (1998), pp. 220-239 (with O. Korn)
   
• Was messen Liquiditätsmaße?
  in: Die Betriebswirtschaft, 58. Jhrg. (1998), pp. 299-311
   
• Optionsbewertung bei endogenem Preis des Basisinstruments: Der Fall der Glattstellungsoption
  in: Zeitschrift für betriebswirtschaftliche Forschung, 50. Jhrg. (1998), pp. 411-435 (with W. Bühler)
   
• Umsatz und Geld-Brief-Spanne
  in: Zeitschrift für Bankrecht und Bankwirtschaft, 10. Jhrg. (1998), pp. 100-108

1997

• Die Auswirkung dynamischer Arbitragestrategien auf den Preiszusammenhang zwischen Kassa- und Futuresmarkt
  in: Zeitschrift für betriebswirtschaftliche Forschung, 49. Jhrg. (1997), pp. 617-644

1996

• Preisführerschaft und imperfekte Arbitrage
  in: Zeitschrift für Betriebswirtschaft, 66. Jhrg. (1996), pp. 837-859 (with O. Korn)

1995

• DAX Index Futures: Mispricing and Arbitrage in German Markets
  in: The Journal of Futures Markets, Vol. 15 (1995), pp. 833-859 (with W. Bühler)

1993

• Der DAX-Future: Kursverhalten und Arbitragemöglichkeiten
  in: Kredit und Kapital, 26. Jhrg. (1993), pp. 533-574 (with W. Bühler)