Finance & Accounting Group –

Nine chairs, two centers.

Our academic members:

Group speaker

Nihat Aktas

Chair of Mergers & Acquisitions
+49 (0)261 6509 224

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Full professors

Christian Andres

Chair of Empirical Corporate Finance
+49 (0)261 6509 225

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Martin Glaum

Chair of International Accounting
+49 (0)261 6509 315

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Martin Jacob

adidas Chair of Finance, Accounting and Taxation
+49 (0)261 6509 350

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Lutz Johanning

Chair of Empirical Capital Market Research
+49 (0)261 6509 721

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Markus Rudolf

Allianz Endowed Chair of Finance
+49 (0)261 6509 421

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Nic Schaub

Chair of Household Finance
+49 (0)261 6509 817

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Mei Wang

Chair of Behavioral Finance
+49 (0)261 6509 220

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Burcin Yurtoglu

Chair of Corporate Finance
+49 (0)261 6509 710

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Assistant professors

Assistant Professor
Lisa Hillmann

+49 (0)261 6509 355

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Assistant Professor
Magdalena Pisa

+49 (0)261 6509 812

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Assistant Professor
Simon Straumann

+49 (0)261 6509 396

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Assistant Professor
Barbara Stage

+49 (0)261 6509 357

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Apl. professors

Apl. Professor
Katrin Baedorf

+49 (0)261 6509 153

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Honorary professors

Professor Paul Achleitner

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Professor Andreas Barckow

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Professor Hartmut Leser

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Professor Edgar Löw

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Professor Axel Wieandt

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External lecturers

Associate Professor
Michael Erkens

short biography

Jan Caspar Hoffmann

short biography


Dr. Tobias Keller

short biography


Dr. Dennis Jullens

short biography


Dr. Gaston Michel

short biography


Dr. Thomas Ridder

short biography

Professor Frank Hechtner

short biography

Sven Westphälinger

short biography

WHU research seminars

Upcoming and previous research seminars –
In Accounting, Tax and Finance.

Next WHU Research Seminars in Finance:

  • September 7, 2023: Kasper Meisner Nielsen, Copenhagen Business School
  • September 14, 2023: Laurent Weill, University of Strasbourg
  • September 21, 2023: Christoph Merkle, Aarhus University
  • September 28, 2023: Florian Weigert, University of Neuchatel
  • October 12, 2023: Alessandro Previtero, Indiana University
  • October 26, 2023: Yigitcan Karabulut, Frankfurt School of Finance & Management

Next WHU Research Seminars in Financial Accounting and Tax:

  • 14. April 2023: Nathan Goldman, NC State University
  • 7. Juni 2023: Paul Demere, University of Georgia
  • 23. Juni 2023: Jeremy Bentley, UMass
  • 21. Juli 2023: Antonio Marra, Bocconi University

March 21,2022 Associate Professor Rebecca Lester Stanford Graduate School of Business
April 4,2022 Assistant Professor Stephen Glaeser UNC Kenan Flagler Business School
April 13, 2022 Assistant Professor Benjamin Yost Boston College, Caroll School of Management

Spring 2020

  • March 6, 2020: Jaron Wilde (University of Iowa)- “Beyond Borders: Supergovernment Monitoring and Tax Enforcement”

  • January 10, 2020: Maria Loumioti (Naveen Jindal School of Management - University of Texas at Dallas)- “Direct Lending: The Determinants, Characteristics and Performance of Direct Loans”

Fall 2019

  • December 6, 2019: Doris Merkl-Davies (Bangor Business School)- “Does voluntary tax reporting result in increased tax transparency? The case of Vodafone”

  • November 29, 2019: Dominika Langenmayr (KU Eichstätt-Ingolstadt)- “Trading Offshore: Evidence on Banks' Tax Avoidance”

  • November 8, 2019: Jacco Wielhouwer (VU Amsterdam)- “The effect of tax rates and tariffs on transfer pricing components”

  • October 25, 2019: Dirk Schindler (Erasmus University Rotterdam)- “Income Shifting and Management Incentives”

  • October 18, 2019: Annelies Renders (Maastricht University)- “Do Changes in Financial Reporting Standards Improve Capital Allocational Efficiency? An Industry-Focused Analysis”

  • September 27, 2019: Miguel Duro (IESE Business School University of Navarra)- “Debiasing the Measurement of Conditional Conservatism”


Spring 2023

  • 25. January, 2023: Michael Halliasson, Goethe University
    "Wealth Inequality: Opportunity or Unfairness"
  • 23. February 2023: Guosong Xu, Rotterdam School of Management
    "Involuntarily green? Corporate donations to politicians and their votes on environmental legislation”
  • 09. March 2023: Martin Brown, Study Center Gerzensee/University St. Gallen
    "Consumer Adoption of Financial Technology: Contactless Card Payments during the COVID-19 Pandemic”
  • 16. March 2023: Falko Fecht, Deutsche Bundesbank
    "Financial fragility in open-ended mutual funds: the role of liquidity management tools"
  • 30. March 2023: Felix Fattinger, Vienna University
    "Trading Complex Risks"

Fall 2022

  • 06. September 2022: Zoran Filipovic, Paris Dauphine Universität
    "The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune"
  • 20. September 2022: Rik Frehen, Universität Tilburg
    "How harmful is insider trading for outsiders? Evidence from the eighteenth century”
  • 27. September 2022: Christoph Herpfer, Emory Universität
    "The Hidden Costs of Government Shutdowns"
  • 04. October 2022: Yannis Tsalavoutas, Universität Glasgow
    “R&D tax incentives and R&D investment efficiency: International Evidence”

Spring 2022

  • 12. April 2022, Wolfgang Drobetz, Hamburg University
    “Foreign Bias in Institutional Portfolio Allocation: The Role of Social Trust”
  • 05. April 2022, Vesa Pursiainen, University of St. Gallen
    "Reputational Costs of Litigation"

Fall 2021

  • 05. October 2021, Linus Siming, Free University of Bozen-Bolzano
    "Bank Green Bonds"
  • 28. September 2021, Paul Momtaz, Goethe University
    "Revisiting the Private Equity Discount: Evidence from SEC’s shortening of the mandatory holding period of restricted PIPE securities"
  • 21. September 2021, Fabio Braggion, Tilburg University
    "Credit Provision and Stock Trading: Evidence from the South Sea Bubble"

Spring 2021

  • 16. March 2021, Joey Engelberg, UC San Diego
    "Echo Chambers"
  • 09. February 2021 Elisabeth Kempf, University of Chicago
    "Fifty Shades of QE: Conflicts of Interest in Economic Research"

Fall 2020

  • 15. September 2020 Matthias Muck, University of Bamberg  
    "Smile Construction on FX Option Markets Using Garman-Kohlhagen Deltas and Implied Volatilities"
  • 29. September 2020 Alberto Manconi, Bocconi University  
    "Are Star Firms Also Better Law Firms?"

Spring 2020

  • 04. February 2020 Stefan Ruenzi, University of Mannheim  
    "The Impact of Role Models on Women’s Self-selection in Competitive Environments"
  • 11. February 2020 Oliver Spalt, University of Mannheim  
    "Litigating Innovation: Evidence from Securities Class Action Lawsuits"
  • 03. March 2020 Christine Laudenbach, Goethe University Frankfurt
    "Do Women Get Worse Financial Advice?"
  • 14. April 2020 Steffen Meyer, University of Southern Denmark

Fall 2019

  • 22. August 2019 Yakov Amihud, NY Stern University
    "Liquidity and asset pricing II"

  • 10. September 2019 Markus Schmid, University St. Gallen 
    "As California goes, so goes the nation? Gender quotas and the legislation of non-economic values"

  • 17. September 2019 Thomas Lambert, Rotterdam School of Management 
    "Crowdfunding Dynamics"

  • September 24, 2019 Eli Fich, LeBow College of Business, Drexel University
    "Class Action Spillover Effects on Joint Venture Partners"

  • October 22, 2019 Yinggang Zhou, Xiamen University
    "Return and volatility transmission between the Chinese and international oil futures markets"

  • November 19, 2019 Shantanu Banerjee, Lancester University
    "Predatory Advertising, Financial Fraud, and Leverage"

  • November 26, 2019 Christoph Schneider Tilburg University
    "Mergers and Acquisitions and the reallocation of labour"

  • December 03, 2019 Tereza Tykvová, University of Hohenheim
    "Are Private Equity Investments Bad News for Peers?"

Spring 2019

  • 19. Feb. 2019 Jasmin Gider, Tilburg University, NL
    "The Dollar Profits to Insider Trading"

  • 12. Mar. 2019 Alessia de Stefani, Danmarks National Bank
    "Real Effects on Relaxing Financial Constraints for Homeowners: Evidence from Danish Firms"

  • 9. April 2019 Gonul Colak, Hanken School of Economics
    "Commitment or constraint? The effect of loan covenants on M&A activity"

Fall 2018

  • 18. Aug 2018 Yakov Amihud, NY Stern University
    Liquidity spillovers

  • 11. Sept. 2018 Dimitris Andriosopoulos of Strathclyde University, Glasgow  
    Overpayment, Financial Distress and Investor Horizons

  • 18. Sept. 2018 Jean-Gabriel Cousin, University of Lille  
    Stock market driven acquisitions? Is there really an association between acquirer equity overvaluation and full stock-swaps in M&A transactions?

  • 25. Sept. 2018 Diane Pierret, HEC University of Lausanne
    Stressed Banks

  • 23. Oct. 2018 Eliezer Fich, Drexel University
    Shareholder Litigation and the Information Environment

  • 29. Oct. 2018 Michael Weber, Chicago Booth
    Human Frictions in the Transmission of Economic Policy

  • 06. Nov. 2018 Andrey Golubov, Rotman School of Management 
    The run-up in acquirer returns

  • 13. Nov. 2018 Eric de Bodt, University of Lille   
    Coporate Rivalry and Return Comovement

Spring 2018

  • 23. Jan 2018 Paul Smeets, Maastricht University
    Let’s Invite the Women
    Women Reduce Overconfidence in Groups

  • 06. Feb 2018 Amedeo De Cesari, University of Manchester
    Employment Protection and Share Repurchases: Evidence from Wrongful Discharge Laws

  • 13. March 2018 David Florysiak, University of Southern Denmark
    An Autopsy of a Total Stock Market Failure

  • 20. March 2018 Markku Kaustia, Aalto University School of Business
    Hidden Investment Beliefs

  • 10. April 2018 Bernard Black, Kellogg School of Management, Northwestern University 
    The Trouble with Instruments: Re-examining Shock-IV Designs

  • 17. April 2018 Aksel Mjøs, Norwegian School of Economics (NHH)
    Credit supply shocks, financial constraints and investments for small and medium-sized firms

  • 24. April 2018 Daniel Ferreira, London School of Economics (LSE) 
    Board Quotas and Director-Firm Matching

Fall 2017

  • 28. Aug. 2017 Ralf Elsas, LMU Munich
    The Dark Side of Short Selling

  • 29. Aug 2017 Yakov Amihud, Stern NY 
    Liquidity, Investment & Production

  • 05. Sept 2017 Audra Boone, Neeley School of Business 
    Political Uncertainty and Firm Disclosure

  • 28. Nov 2017 Marius A. Zoican, University Paris Dauphine
    Smart Settlement

  • 05. Dec. 2017 Farzad Saidi, Stockholm School of Economics
    Life Below Zero: Bank Lending Under Negative Policy Rates

  • 10. Dec. 2017 Ulf von Lilienfeld-Toal, University of Luxembourg
    Identifying the Benefits from Home Ownership: A Swedish Experiment

Spring 2017

  • 21. Feb 2017 Igor Goncharov, Lancaster University, UK  
    Do central banks try to avoid losses? Why? And does it matter for policy?

  • 07. March 2017 Christodoulos Louca, Cyprus University of Technology
    IPO Allocations and New Mutual Funds

  • 14. March 2017 Philipp Schuster, Karlsruhe Institute of Technology (KIT), Institute of Finance, Banking and Insurance
    Volume Dependent Bond Liquidity Measures and Their Asset Pricing Implications

  • 21. March 2017 Paul Guest, Surrey Business School, UK  
    Board Ethnic Diversity and Monitoring

  • 28. March 2017 Cláudia Custódio, Imperial College Business School, UK 
    Compensation and Real Estate Prices

  • 25. April 2017 Denis Gromb, HEC Paris
    The Paradox of Pledgeability

Fall 2016

  • 30. Aug 2016 Yakov Amihud, NY Stern University
    Governance and Company Value

  • 06. Sep 2016 Raghavendra Rau, University of Cambridge
    Can Serial Acquirers be profiled?
    Evangelical Investors and the Evolution of Local Bias

  • 13. Sep 2016 Eliezer Fich, LeBow Drexel University
    Advertising, Attention, and Acquisition Returns

  • 27. Spet 2016 Aurore Burietz, IESEG School of Management
    Europe versus the U.S.: A New Look at the Syndicated Loan Pricing Puzzle

  • 25. Oct 2016 Martin Schmalz, University of Michigan 
    Common Ownership, Competition, and Top Management Incentives 

  • 08. Nov 2016 Antonio Gledson de Carvalho, FGV, Brazil
    Dotcom Bubble and Underpricing: Conjecture and Evidence

  • 22. Nov 2016 Astrid Schornick, INSEAD  
    Household Investments, limited Participation and Equity Premia when Wealth matters

  • 29. Nov 2016 Alexander Hillert, Research Center SAFE & Goethe University Frankfurt
    Mutual Fund Shareholder Letters: Flows, Performance, and Managerial Behavior

Spring 2016

  • 31. May 2016 Yupana Wiwattanakantang, National University of Singapore
    Exit in Family Firms

  • 15. March 2016 Georges Hübner, University of Liège and Maastricht University 
    Size and value matter, but not the way you thought

  • 08. March 2016 Evren Ors, HEC Paris
    Risk-Based Capital Requirements for Banks and International Trade

  • 23. Feb. 2016 Kevin Aretz, Manchester Business School
    Conflicting Security Laws and The Democratization of Credit: France’s Reform of the Napoleonic Code

  • 16. Feb. 2016 Christian Schlag, House of Finance, Goethe-University Frankfurt
    Does Ambiguity about Volatility Matter Empirically

  • 02. Feb. 2016 Eva Schliephake, Rheinische Friedrich-Wilhelms-University of Bonn 
    Unique Equilibrium in a Model of Contingent Capital

  • 26. Jan. 2016 Tibor Neugebauer, University of Luxembourg 
    Underpricing of Initial Public Offerings in Experimental Asset Markets

Fall 2015

  • 30. July 2015 Yakov Amihud, New York University, Leonard N. Stern School of Business
    The information content of dividend increase announcements:
    Signaling and agency costs

  • 15. Sept. 2015 Peter Limbach, Karlsruhe Institute of Technology
    Financial Advisors and M&A Leakage

  • 22. Sept. 2015 Jarrad Harford, University of Washington
    Do Long-Term Investors Improve Corporate Decision Making?

  • 29. Sept. 2015 Dimitris Petmezas, University of Surre
    The Role of Corporate Political Strategies in M&As

  • 03. Nov. 2015 Tobias Berg, Rheinische Friedrich-Wilhelms-Universität Bonn
    Got rejected? Real effects of not getting a loan

  • 17. Nov. 2015 Ruediger Fahlenbrach, Swiss Finance Institute, Ecole Polytechnique Fédérale de Lausanne
    How Do Investors and Firms React to an unexpected Currency Appreciation Shock?

  • 01. Dec. 2015 Zacharias Sautner, Frankfurt School of Finance
    The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting

Spring 2015

  • 03. March 2015 Bo Becker, Stockholm School of Economics
    Bad times, Good credit

  • 10. March 2015 Sascha Steffen, European School of Management and Technology
    Zero Risk Contagion - Banks' Sovereign Exposure and Sovereign Risk Spillovers

  • 24. March 2015 Tereza Tykvová, Universität Hohenheim
    Special Purpose Acquisition Companies - Are They an Alternative to IPOs?

  • 28. April 2015 Andreas Kaeck, University of Sussex
    Variance-of-Variance Risk Premium

Fall 2014

  • 18. August 2014 Yakov Amihud, New York University, Leonard N. Stern School of Business
    The Pricing of Corporate Foreign Trade Risk

  • 16. September 2014 Ettore Crocia, Università Cattolica del Sacro Cuore, Italy
    Decision‐Making during the Credit Crisis: Why did the Treasury let Commercial Banks fail?

  • 28. October 2014 Daniel Metzger, Stockholm School of Economics
    Why Do Shareholder Votes Matter?

  • 04. November 2014 Karin Thorburn, NHH Norwegian School of Economics
    Are stock-financed takeovers opportunistic?

  • 11. November 2014 Nikolaos Karampatsas, Surrey University
    Do Rating Agencies affect Acquisition Decisions?

  • 18. November 2014 Markus Glaser, Ludwig-Maximilians-Universität München
    Managerial Voting Power and Firm Value

  • 02. December 2014 Oguzhan Ozbas, USC - Koc University
    Managerial Accommodation, Proxy Access, and the Cost of Shareholder Empowerment

Spring 2014

  • 28. January 2014 Alexander Kempf, University of Cologne
    Are Financial Advisors Useful? Evidence from Tax-Motivated Mutual Fund Flows

  • 05. March 2014 Francois Derrien, HEC Paris
    The effects of investment bank rankings: evidence from M&A league tables

  • 11. March 2014 Mark Wahrenburg, Goethe University
    Information Asymmetry around Operational Risk Announcements

  • 18.March 2014 Christine Zulehner Goethe Universität Frankfurt, SAFE 
    Competition in Austrian Treasury Auctions

  • 25. March 2014 Prof. Dr. Roland Füss, Swiss Institute of Banking and Finance s/bf – HSG, University of St. Gallen
    Why Do Local House Prices React so Differently to a Monetary Stimulus?

  • 01. April 2014 Prof. Dr. Marco Becht, University libre de Bruxelles
    Does Mandatory Shareholder Voting Prevent Bad Acquisitions?

  • 08. April 2014 Ernst Maug, University of Mannheim
     Labor Representation in Governance as an Insurance Mechanism

  • 15. April 2014 Alexander Groh, EMLYON
    Same Rules, Different Enforcement: Market Abuse in Europe

  • 29. April 2014 Serif Aziz Simsir, Sabanci University
    Deal Initiation in Mergers and Acquisitions

  • 06. May 2014 Henry Servaes, London Business School
    Distressed Acquisitions

Fall 2013

  • 26. Sept. 2013 Ulrike Malmendier, UC Berkeley
    Learning from Inflation Experiences

  • 08. Oct. 2013 Dan Li, The University of Hong Kong
    Correlated HFT Strategy

  • 15. Oct. 2013 Marion Declerck, University of Lille
    Product Market Competition and Merger Activity

  • 29. Oct. 2013 Wenxuan Hou, Edinburgh University
    The role of dissenters in boards: Evidence from outside director activism

  • 05. Nov. 2013 Christian Koziol, Universität Tübingen
    The Risk of Low Volatility Stocks: A Theoretical Explanation for an Empirical Puzzle

  • 12. Nov. 2013 Philipp Geiler, EMLYON
    Are Female Top Managers Really Paid Less?

  • 19. Nov. 2013 Hendrik Hakenes, University of Bonn
    Regulatory Capture by Sophistication

  • 26. Nov.2013 Bernd Rudolph, LMU München
    Mindesteigenkapitalvorschriften für Banken im Lichte des Kapitalkostenkonzepts

  • 03. Dec. 2013 Yishay Yafeh, Hebrew University
    Business Groups in the United States: A Revised History of Corporate
    Ownership, Pyramids and Regulation, 1930-1950

Spring 2013

  • 05. March 2013 Thomas Stoeckl, Innsbruck University, School of Management
    Price efficiency and trading behavior in limit order markets with competing insiders

  • 12. March 2013 Peter Limbach, Karlsruhe Institute of Technology KIT
    Mind the Gap! The Age Difference Between the CEO and Chair

  • 19. March 2013 Dion Bongaerts, Rotterdam School of Management - ERIM
    Can alternative business models discipline credit rating agencies?

  • 16. April 2013 Hannes Wagner, Università Bocconi
    Wrath of the Titans - CEO disciplining the World's largest Firms

  • 23. April 2013 Günter Franke, Universität Konstanz
    Pre Crisis-Tranching and Pricing in CDO-Transactions

  • 30. April 2013 Hans Degryse, KU Leuven & Tillburg University
    Suffrage Institutions and Financial Development: Does the Middle Class Have a Say?

  • 07. May 2013 Dennis Dlugosch, WHU – Otto Beisheim School of Management
    Relation between Equity Home Bias and Ambiguity Aversion: An International Study

Fall 2012

  • 18. Sept. 2012 Erik Theissen, University of Mannheim
    The Market Reaction to Corporate Disclosure

  • 02. Oct. 2012 Ulrich Hofbaur, WHU – Otto Beisheim School of Management
    Sequential Patterns in Quarterly Dividend Changes and the Corresponding Stock Markets Reactions

  • 09. Oct. 2012 Jos van Bommel, University of Luxembourg
    Monte Carlo Valuation of Derivatives

  • 23. Oct. 2012 Burcin Yurtoglu, WHU – Otto Beisheim School of Management
     Firm-Level Corporate Governance and Market Value: Evidence from Turkey

  • 30. Oct. 2012 Josef Zechner,  WU Wien
    Granularity of Corporate Dept: Theory and Tests

  • 06. Nov. 2012 Heiko Jacobs, University of Mannheim
     Losing Sight of the Trees for the Forest? Attention Shifts and Pairs Trading

  • 13. Nov. 2012 Andreas Hackethal / Steffen Mayer, Goethe Universität
    Passive Aggressive: Index-Linked Securities and Individual Investors

  • 20. Nov. 2012 Joerg Rocholl, ESMT Berlin
    Flight to Where? Evidence from Bank investments During the Financial Crisis

  • 27. Nov. 2012 Denis Schweizer, WHU – Otto Beisheim School of Management
    Executive Compensation and informed Trading in Acquiring Firms around Merger Announcements

  • 04. Dec. 2012 Morten Bennedsen, INSEAD
    Estimating the Value of the Boss: Evidence from CEO Hospitalization Events

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Contact us

For finance research seminars:

Nic Schaub

+49 (0)261 6509 817

For accounting research seminars:

Martin Jacob

+49 (0)261 6509 350

WHU Finance Lab

Visit our new WHU Finance Lab

Since the beginning of 2019, the WHU Finance Lab has opened its doors to students and visitors. It offers ideal conditions and facilities for financial education and a link between theory and practice.


WHU Finance Lab

Visit our new WHU Finance Lab

Since the beginning of 2019, the WHU Finance Lab has opened its doors to students and visitors. It offers ideal conditions and facilities for financial education and a link between theory and practice.