WHU
The Chair of Finance was established in 1988. Our research and teaching focus on capital market theory and financial intermediaries.
In addition to our commitment to research and teaching, we are involved in several other activities. From the executive education program WHU on Finance in Frankfurt, to the Campus for Finance – WHU New Year's Conference, and our collaboration with the WHU Finance Society, the chair engages extensively with the wider finance community.

Contributing to cutting-edge research – Take a look at some of our publications

Finance and Accounting Group

Ignatov, K., Rudolf, M. (2023), Sentimental sustainability: does what companies say tell more than what companies do?, Financial Markets, Institutions & Instruments, Vol. 32 (4), pp. 221-252.

Finance and Accounting Group

Burggraf, T., Huynh, T. L. D., Rudolf, M., Wang, M. (2021), Do FEARS drive bitcoin?, Review of Behavioral Finance, Vol. 13 (3), pp. 229-258.

Finance and Accounting Group

Burggraf, T., Rudolf, M. (2021), Cryptocurrencies and the low volatility anomaly, Finance Research Letters, Vol. 40, 101683.

Finance and Accounting Group

Pham, Q., Rudolf, M. (2021), Gold, platinum, and industry stock returns, International Review of Economics & Finance, Vol. 75, pp. 252 - 266.

Finance and Accounting Group

Kusen, A., Rudolf, M. (2019), Feedback trading: strategies during day and night with global interconnectedness, Research in International Business and Finance, Vol. 48, pp. 438-463.

Finance and Accounting Group

Ignatov, K., Rudolf, M. (2023), Sentimental sustainability: does what companies say tell more than what companies do?, Financial Markets, Institutions & Instruments, Vol. 32 (4), pp. 221-252.

Finance and Accounting Group

Burggraf, T., Huynh, T. L. D., Rudolf, M., Wang, M. (2021), Do FEARS drive bitcoin?, Review of Behavioral Finance, Vol. 13 (3), pp. 229-258.

Finance and Accounting Group

Burggraf, T., Rudolf, M. (2021), Cryptocurrencies and the low volatility anomaly, Finance Research Letters, Vol. 40, 101683.

Finance and Accounting Group

Pham, Q., Rudolf, M. (2021), Gold, platinum, and industry stock returns, International Review of Economics & Finance, Vol. 75, pp. 252 - 266.

Finance and Accounting Group

Kusen, A., Rudolf, M. (2019), Feedback trading: strategies during day and night with global interconnectedness, Research in International Business and Finance, Vol. 48, pp. 438-463.

Risk-to-ESG: Does Better ESG Performance Lead to Better Financial Health of Companies?

Ignatov, Konstantin and Markus Rudolf (2022)

When ESG Talks: ESG Tone of Annual Reports and its Significance to Stock Markets

Ignatov, Konstantin (2022)

Sentimental Sustainability: Does What Companies Say Tell More Than What Companies Do?

Ignatov, Konstantin and Markus Rudolf (2021)

Going Green Means Being in the Black.

Conen, Ralf, Stefan Hartmann and Markus Rudolf (2020)

The Hidden Risks of ESG Conformity - Benefiting from the ESG Life Cycle.

Conen, Ralf and Stefan Hartmann (2019)

Dynamics of Long-term Research Productivity for Researchers in Business and Economic Sciences.

Maler, René and Sebastian Seidens (2019)

Co-Authorship Patterns in Business and Economics: A Social Network Analysis.

Maler, René, Markus Rudolf and Sebastian Seidens (2019)

Topic Modeling in Business and Economics: Using Latent Dirichlet Allocation to Identify Topic Trends over Time.

Maler, René and Sebastian Seidens (2019)

Stock Return Predictability: Evidence Across US Industries.

Pham, Quynh (2019)

Gold, Platinum, and Industry Stock Returns.

Pham, Quynh and Markus Rudolf (2019)

Diversification Benefits for Risk Parity.

Alkafri, Nabil and Joséphine Molleyres (2019)

Evaluating the Performance of Machine Learning Algorithms in Financial Market Forecasting: A Comprehensive Survey.

Ryll, Lukas and Sebastian Seidens (2019)

Financial Attitudes, Behaviours, and the Disposition Effect.

Wierzbitzki, Marc, Sebastian Seidens and Markus Rudolf (2019)

The Mitigating Effect of Stop-Losses for Delegated Investments on the Proneness Towards the Disposition Effect.

Deneke, Alexander and Sebastian Seidens (2019)

Asset Pricing Bubbles Under Rational Expectations.

Seidens, Sebastian (2018)

Implications of the Estimation Error on the Relation between Idiosyncratic Volatility and Expected Returns.

Seidens, Sebastian (2018)

Social Trading at a Glance – A Performance Analysis of Top Traders.

Deneke, Alexander (2018)

Skill among Social Traders – A Bootstrap Analysis.

Deneke, Alexander (2018)

On Skewness and Prudence.

Borß, Michael, Volker Seiler and Markus Rudolf (2018)

Forward Premium Puzzle: A Dynamic Interaction.

Kusen, Alex (2018)

Creating Customer-centric Digital Investment Performance Reports.

Kümmerle, Ruth and Marc Wierzbitzki (2018)

Market Beta Decomposition and Holdings-based Mutual Fund Timing Measures.

Pham, Quynh (2018)

A Review of "The Cross-Section of Volaitility and Expected Returns".

Seidens, Sebastian (2018)

Implications of the Estimation Error on the Relation between Idiosyncratic Volatility and Expected Returns.

Seidens, Sebastian and Markus Rudolf (2018)

The Causal Influence of Investment Goals on the Disposition effect.

Wierzbitzki, Marc and Sebastian Seidens (2017)

Feedback Trading: Strategies During Day and Night with Global Interconnectedness.

Kusen, Alex and Markus Rudolf (2017)

Trading decisions: Autocorrelation Under Distress.

Kusen, Alex (2017)

Kognitive Verzerrungen in der Finanzberatung – Wie verhaltenspsychologische Phänomene professionelle Finanzberater beeinflussen.

Rudolf, Markus und Danny Stutz (2015)

Investment Strategies with Illiquid Life Insurance Investment and Intergenerational Return Smoothing.

Kümmerle, R. and Markus Rudolf (2015)

Home-grown Diversification with Volatility Products.

Carol, Alexander, Korovilas Dimitris and Julia Kapraun (2015)

The Relationship between Sovereign Credit and EUR/USD Risk Premia in the Eurozone.

Held, Matthias, Marcel Omachel and Markus Rudolf (2015)

Up- and Downside Variance Risk Premia in Global Equity Markets.

Held, Matthias and Marcel Omachel (2015)

An Efficient Parallel Simulation Method for Posterior Inference on Paths of Markov Processes.

Held, Matthias and Marcel Omachel (2015)

Two Products - One Market: The Impact of the EU Short Selling Regulation on the European Sovereign Debt Market.

Omachel, Marcel (2015)

The Relationship between Sovereign Defaults and Exchange Rate Shocks in the Eurozone: A Simple Measure for Systemic Sovereign Credit Risk.

Omachel, Marcel and Markus Rudolf (2015)

Eurozone Sovereign Credit Risk and its Impact on the EUR/USD Exchange Rate.

Pippart, Sören and Markus Rudolf (2015)

Can Retail Investor Attention Enhance Market Efficiency? Insights from Search Engine Data.

Kapraun, Julia, Markus Rudolf and Konstantin Storms (2015)

In Search of Alpha – Trading on Limited Investor Attention.

Kapraun, Julia, Markus Rudolf and Konstantin Storms (2015)

Using the Kelly Criterion to Protect Wealth Growth in Myopic Multi-Period Mean-Variance Portfolio Selection.

Rudolf, Markus and Kai Winselmann (2015)

Dynamic Asset Allocation with Volatility.

Kapraun, Julia and Markus Rudolf (2014)

Risk-to-ESG: Does Better ESG Performance Lead to Better Financial Health of Companies?

Ignatov, Konstantin and Markus Rudolf (2022)

When ESG Talks: ESG Tone of Annual Reports and its Significance to Stock Markets

Ignatov, Konstantin (2022)

Sentimental Sustainability: Does What Companies Say Tell More Than What Companies Do?

Ignatov, Konstantin and Markus Rudolf (2021)

Going Green Means Being in the Black.

Conen, Ralf, Stefan Hartmann and Markus Rudolf (2020)

The Hidden Risks of ESG Conformity - Benefiting from the ESG Life Cycle.

Conen, Ralf and Stefan Hartmann (2019)

Dynamics of Long-term Research Productivity for Researchers in Business and Economic Sciences.

Maler, René and Sebastian Seidens (2019)

Co-Authorship Patterns in Business and Economics: A Social Network Analysis.

Maler, René, Markus Rudolf and Sebastian Seidens (2019)

Topic Modeling in Business and Economics: Using Latent Dirichlet Allocation to Identify Topic Trends over Time.

Maler, René and Sebastian Seidens (2019)

Stock Return Predictability: Evidence Across US Industries.

Pham, Quynh (2019)

Gold, Platinum, and Industry Stock Returns.

Pham, Quynh and Markus Rudolf (2019)

Diversification Benefits for Risk Parity.

Alkafri, Nabil and Joséphine Molleyres (2019)

Evaluating the Performance of Machine Learning Algorithms in Financial Market Forecasting: A Comprehensive Survey.

Ryll, Lukas and Sebastian Seidens (2019)

Financial Attitudes, Behaviours, and the Disposition Effect.

Wierzbitzki, Marc, Sebastian Seidens and Markus Rudolf (2019)

The Mitigating Effect of Stop-Losses for Delegated Investments on the Proneness Towards the Disposition Effect.

Deneke, Alexander and Sebastian Seidens (2019)

Asset Pricing Bubbles Under Rational Expectations.

Seidens, Sebastian (2018)

Implications of the Estimation Error on the Relation between Idiosyncratic Volatility and Expected Returns.

Seidens, Sebastian (2018)

Social Trading at a Glance – A Performance Analysis of Top Traders.

Deneke, Alexander (2018)

Skill among Social Traders – A Bootstrap Analysis.

Deneke, Alexander (2018)

On Skewness and Prudence.

Borß, Michael, Volker Seiler and Markus Rudolf (2018)

Forward Premium Puzzle: A Dynamic Interaction.

Kusen, Alex (2018)

Creating Customer-centric Digital Investment Performance Reports.

Kümmerle, Ruth and Marc Wierzbitzki (2018)

Market Beta Decomposition and Holdings-based Mutual Fund Timing Measures.

Pham, Quynh (2018)

A Review of "The Cross-Section of Volaitility and Expected Returns".

Seidens, Sebastian (2018)

Implications of the Estimation Error on the Relation between Idiosyncratic Volatility and Expected Returns.

Seidens, Sebastian and Markus Rudolf (2018)

The Causal Influence of Investment Goals on the Disposition effect.

Wierzbitzki, Marc and Sebastian Seidens (2017)

Feedback Trading: Strategies During Day and Night with Global Interconnectedness.

Kusen, Alex and Markus Rudolf (2017)

Trading decisions: Autocorrelation Under Distress.

Kusen, Alex (2017)

Kognitive Verzerrungen in der Finanzberatung – Wie verhaltenspsychologische Phänomene professionelle Finanzberater beeinflussen.

Rudolf, Markus und Danny Stutz (2015)

Investment Strategies with Illiquid Life Insurance Investment and Intergenerational Return Smoothing.

Kümmerle, R. and Markus Rudolf (2015)

Home-grown Diversification with Volatility Products.

Carol, Alexander, Korovilas Dimitris and Julia Kapraun (2015)

The Relationship between Sovereign Credit and EUR/USD Risk Premia in the Eurozone.

Held, Matthias, Marcel Omachel and Markus Rudolf (2015)

Up- and Downside Variance Risk Premia in Global Equity Markets.

Held, Matthias and Marcel Omachel (2015)

An Efficient Parallel Simulation Method for Posterior Inference on Paths of Markov Processes.

Held, Matthias and Marcel Omachel (2015)

Two Products - One Market: The Impact of the EU Short Selling Regulation on the European Sovereign Debt Market.

Omachel, Marcel (2015)

The Relationship between Sovereign Defaults and Exchange Rate Shocks in the Eurozone: A Simple Measure for Systemic Sovereign Credit Risk.

Omachel, Marcel and Markus Rudolf (2015)

Eurozone Sovereign Credit Risk and its Impact on the EUR/USD Exchange Rate.

Pippart, Sören and Markus Rudolf (2015)

Can Retail Investor Attention Enhance Market Efficiency? Insights from Search Engine Data.

Kapraun, Julia, Markus Rudolf and Konstantin Storms (2015)

In Search of Alpha – Trading on Limited Investor Attention.

Kapraun, Julia, Markus Rudolf and Konstantin Storms (2015)

Using the Kelly Criterion to Protect Wealth Growth in Myopic Multi-Period Mean-Variance Portfolio Selection.

Rudolf, Markus and Kai Winselmann (2015)

Dynamic Asset Allocation with Volatility.

Kapraun, Julia and Markus Rudolf (2014)
WHU Publishing, Vallendar, 2016, 236 Seiten

Ökonomische Krisenjahre: Europas Finanzen, Wirtschaft und Währung 2007 bis 2015.

Rudolf, Markus
Frankfurt School Verlag, Frankfurt, 2011, 538 Seiten

Private Banking, 2. Auflage.

Rudolf, Markus und Katrin Baedorf
Frankfurt School Verlag, Frankfurt, 2008, 532 Seiten

Private Banking.

Rudolf, Markus
Gabler-Verlag, Wiesbaden, 2005, 323 Seiten

Finanzierung von Wachstumsunternehmen.

Rudolf, Markus, Malte Brettel und Peter Witt
Gabler Verlag, Wiesbaden, 2003, 813 Seiten

Handbuch institutionelles Asset Management.

Leser, Hartmut und Markus Rudolf
Gabler-Verlag, Wiesbaden, 2002, 311 Seiten

Bewertung von Wachstumsunternehmen.

Rudolf, Markus und Peter Witt
Physica-Verlag, Studies in Contemporary Economics, 2000, 250 Seiten

Zinsstrukturmodelle.

Rudolf, Markus
Springer-Verlag, 2000, 2. Auflage 2005, 415 Seiten

Risk: Challenge and Opportunity.

Frenkel, Michael, Ulrich Hommel and Markus Rudolf
Paul Haupt Verlags AG, Bank- und finanzwirtschaftliche Forschungen Nr. 226, 1996

Moderne Performancemessung: Ein Handbuch für die Praxis.

Jaeger, Stefan, Markus Rudolf und Heinz Zimmermann
Paul Haupt Verlags AG, Bank- and finanzwirtschaftliche Forschungen Nr. 192, Bern, 1994 200 pages

Algorithms for Portfolio Optimization and Portfolio Insurance.

Rudolf, Markus
WHU Publishing, Vallendar, 2016, 236 Seiten

Ökonomische Krisenjahre: Europas Finanzen, Wirtschaft und Währung 2007 bis 2015.

Rudolf, Markus
Frankfurt School Verlag, Frankfurt, 2011, 538 Seiten

Private Banking, 2. Auflage.

Rudolf, Markus und Katrin Baedorf
Frankfurt School Verlag, Frankfurt, 2008, 532 Seiten

Private Banking.

Rudolf, Markus
Gabler-Verlag, Wiesbaden, 2005, 323 Seiten

Finanzierung von Wachstumsunternehmen.

Rudolf, Markus, Malte Brettel und Peter Witt
Gabler Verlag, Wiesbaden, 2003, 813 Seiten

Handbuch institutionelles Asset Management.

Leser, Hartmut und Markus Rudolf
Gabler-Verlag, Wiesbaden, 2002, 311 Seiten

Bewertung von Wachstumsunternehmen.

Rudolf, Markus und Peter Witt
Physica-Verlag, Studies in Contemporary Economics, 2000, 250 Seiten

Zinsstrukturmodelle.

Rudolf, Markus
Springer-Verlag, 2000, 2. Auflage 2005, 415 Seiten

Risk: Challenge and Opportunity.

Frenkel, Michael, Ulrich Hommel and Markus Rudolf
Paul Haupt Verlags AG, Bank- und finanzwirtschaftliche Forschungen Nr. 226, 1996

Moderne Performancemessung: Ein Handbuch für die Praxis.

Jaeger, Stefan, Markus Rudolf und Heinz Zimmermann
Paul Haupt Verlags AG, Bank- and finanzwirtschaftliche Forschungen Nr. 192, Bern, 1994 200 pages

Algorithms for Portfolio Optimization and Portfolio Insurance.

Rudolf, Markus

Teaching

Here you can find the courses of the Chair of Finance, information on bachelor and master theses and the contact persons for various topics.

  • Bank Management
    Professor Axel Wieandt
    Teaching Assistant: n.a.
  • Financial Modeling with Excel
    Niklas Julian Kriesten
    Teaching Assistant: n.a.
  • Foundations of Finance
    Professor Markus Rudolf und Dr. Katrin Baedorf
    Teaching Assistant: Pascal Frank

If you are a student and would like to write your bachelor thesis at the Chair of Finance, please read the information provided in the documents below. Should you have further specific questions, please contact Simina Cioceanu

Thesis Proposals BSc 2020
Bachelor and Master Theses Guide

  • Asset Management
    Professor Hartmut Leser
    Teaching Assistant: Diep Tran
  • Capital Market Theory
    Professor Markus Rudolf
    Teaching Assistant: n.a.
  • European Banking and the Financial Crisis
    Professor Axel Wieandt
    Teaching Assistant: n.a.
  • Financial Modeling with Excel
    Niklas Julian Kriesten
    Teaching Assistant: n.a.

If you are a student and would like to write your bachelor thesis at the Chair of Finance, please read the information provided in the documents below. Should you have further specific questions, please contact Simina Cioceanu.

Thesis Proposals MSc 2021
Bachelor and Master Theses Guide

  • Managerial Finance
    Professor Markus Rudolf and Dr. Katrin Baedorf
    Teaching Assistant: Simina Cioceanu

1) Letters of Recommendation can only be issued if the following requirements are fulfilled: The student (a) has a current average grade of 1.5 or better and (b) has completed a module of Professor Dr. Markus Rudolf and received a grade of 1.3 or better. Please note that the processing of a request can take some time (approx. 3-4 weeks). Thank you for your understanding.

  • Dr. Michael Adams
  • Dr. Nabil Alkafri
  • Dr. Janis Back
  • apl. Prof. Dr. Katrin Baedorf
  • Dr. Marek Becker
  • Dr. Miriam Begtasevic
  • Dr. Mareen Benk
  • Dr. Valeria Biurrun
  • Dr. Michael Borß
  • Dr. Tobias Burggraf
  • Dr. Ralf Conen
  • Dr. Christopher Daniel
  • Dr. Alexander Deneke
  • Dr. Marius Iven Dethleffsen
  • Dr. Astrid Eisenberg
  • Dr. Marc Engelbrecht
  • Dr. Nils Ernst
  • Dr. Matthias Feldhues
  • Dr. Johannes Frankenfeld
  • Dr. Frank Guse
  • Dr. Matthias Held
  • Dr. Benedikt Himbert
  • Dr. Carsten Horn
  • Markus Hüren
  • Samah Ibrahim
  • Dr. Konstantin Ignatov
  • Dr. Matthias Jäkel
  • Assistant Professor Julia Kapraun
  • Professor Karl-Ludwig Keiber
  • Dr. Joachim Koch
  • Dr. Ilja Konoplev
  • Dr. Niklas Julian Kriesten
  • Dr. André Kronimus
  • Dr. Tim Krume
  • Dr. Friedrich Kruse
  • Dr. Ruth Kümmerle
  • Dr. Alex Kusen
  • Dr. Marc-Olivier Lücke
  • Dr. René Maler
  • Dr. Benjamin Meiers
  • Dr. Detlef Mertens
  • Dr. Sebastian Mönninghoff
  • Professor Matthias Muck
  • Dr. Jörg Niebergall
  • Dr. Marcel Omachel
  • Dr. Christoph Pavel
  • Dr. Quynh Pham
  • Dr. Sören Pippart
  • Dr. Holger Sachse
  • Dr. Ulrich Schacht
  • Dr. Jan Peter Schmütsch
  • Dr. Sebastian Seidens
  • Dr. Volker Seiler
  • Dr. Konstantin Storms
  • Dr. Danny Stutz
  • Sina Timm
  • Dr. Valentin Ulrici
  • Dr. Marco Vietor
  • Dr. Marc Wierzbitzki
  • Dr. Sabine Winkler
  • Dr. Kai Winselmann
  • Dr. Christian Zaum
  • Dr. Daniel Zipser
  • Dr. Karl-Georg Altenburg
  • Professor Gunter Dufey, PhD
    Emeritus at University of Michigan
  • Stephan Gemkow
    Board of Directors
    Airbus
  • Christian U. Haas
    CEO
    PTV Group
  • Martin Korbmacher
    Managing Associate
    Event Horizon Capital & Advisory GmbH
  • Rudolf Matter
  • Dr. Thorsten Reitmeyer
    Senior Partner
    BLC Berg Lund & Company
  • Professor Markus Rudolf
    Chairholder Chair of Finance
    WHU – Otto Beisheim School of Management
  • Dr. Egbert Schark
    Managing Director
    d-fine GmbH
  • Stephan Johannes Theissing
    Chairman of the Advisory Board
    Allianz SE
  • Johannes Züll
    Chairman of the Management Board
    Studio Hamburg Gruppe

WHU Campus for Finance

WHU Campus for Finance is a succesful and professional student initiative founded in 1999 in cooperation with the Chair of Finance.

Working under the motto "Uniting the World of Finance", financial experts, business representatives, and students exchange ideas in a series of presentations, panel discussions, and workshops.

WHU Finance Society

WHU Finance Society is the student finance club of WHU – Otto Beisheim School of Management. With more than 500 members and as WHU’s oldest student association, WHU Finance Society has created a platform of exchange for ambitious students who are interested in finance. 

The Chair of Finance has supported WHU Finance Society for many years.

If you want to get more insights into the daily activities at our chair,
head over to our social media channels