Finance | WHU

Professor Dr. Markus Rudolf, Dean of WHU

About us

The Allianz Endowed 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.

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Research and Publications

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

Selected Publications

Journal of Banking & Finance, Volume 61, S. 221-236
The Perennial Challenge to Counter Too-Big-Too-Fail in Banking: Empirical Evidence from the New International Regulation Dealing with Global Systemically Important Banks.

Moenninghoff, S.C., Steven Ongena and Axel Wieandt (2015)

Credit and Capital Markets, Issue 3, Volume 47, S. 485-520
Customer Satisfaction in Private Banking.

Rudolf, Markus and Volker Seiler (2014)

Journal of Banking & Finance, Volume 37, Issue 2, S. 273-290
Seasonality and the Valuation of Commodity Options.

Back, Janis, Marcel Prokopczuk and Markus Rudolf (WHU and Zeppelin University) (2013)

International Journal of Bank Marketing, Volume 31, Issue 4, S. 235-258
The Influence of Socio-Demographic Variables on Customer Satisfaction and Loyalty in the Private Banking Industry.

Krume, Tim, Markus Rudolf and Volker Seiler (2013)

Financial Markets and Portfolio Management, Volume 25 No. 2, S. 173-195
Service Quality in the Private Banking Business.

Horn, Carsten and Markus Rudolf (2011)

European Financial Management (13) No. 4, S. 672 – 701
Exchange Rates and the Conversion of Currency-Specific Risk Premia.

Eisenberg, Astrid and Markus Rudolf (2007)

Journal of Fixed Income 14, (Spring 2005), S. 67-75
Improving Discrete Implementation of the Hull and White Two-Factor Model.

Muck, Matthias and Markus Rudolf (2005)

Schmalenbach’s Business Review sbr 57, Heft 2, S. 103-127
Valuation of Customers in New Technology Start-up Companies - a Scenario Based Model.

Krafft, Manfred, Markus Rudolf and Elisabeth Rudolf-Sipötz (2005)

Journal of Economic Dynamics and Control, Volume 28 (No. 5), S. 975-990
Intertemporal Surplus Management.

Rudolf, Markus and William T. Ziemba (2004)

Journal of Banking & Finance, Volume 23, S. 85-103
A Linear Model for Tracking Error Minimization.

Rudolf, Markus, Hans-Jürgen Wolter and Heinz Zimmermann (1999)

Latest Publications

Finance and Accounting Group
Cryptocurrencies and the low volatility anomaly
Burggraf, T., Rudolf, M. (2021), Finance Research Letters, Vol. 40, Article no. 101683, 8 pages

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

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

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

Finance and Accounting Group
Seasonal stochastic volatility: implications for the pricing of commodity options
Arismendi, J., Back, J., Prokopczuk, M., Paschke, R., Rudolf, M. (2016), Journal of Banking & Finance, Vol. 66, pp. 53-65

Finance and Accounting Group
The illiquidity discount of life insurance investments
Kümmerle, R., Rudolf, M. (2016), Zeitschrift für die gesamte Versicherungswissenschaft = German Journal of Risk and Insurance, Vol. 105, pp. 255-287

Finance and Accounting Group
Customer satisfaction in private banking
Rudolf, M., Seiler, V. (2014), Credit and Capital Markets : Kredit und Kapital, Vol. 47, pp. 485-520

Finance and Accounting Group
Bankruptcy codes, bargaining, and the valuation of distressed securities
Lücke, M., Rudolf, M. (2013), Problems and Perspectives in Management: PPM, Vol. 11, pp. 7-23

Finance and Accounting Group
Die Performance ist verbesserungswürdig
Rudolf, M., Krume, T. (2013), Bank und Markt : Zeitschrift für Banking: BM, Vol. 42, pp. 35-38

Finance and Accounting Group
Seasonality and the valuation of commodity options
Back, J., Prokopczuk, M., Rudolf, M. (2013), Journal of Banking & Finance, Vol. 37, pp. 273-290

Finance and Accounting Group
The influence of socio-demographic variables on customer satisfaction and loyalty in the private banking industry
Seiler, V., Rudolf, M., Krume, T. (2013), International Journal of Bank Marketing: IJBM, Vol. 31, pp. 235-258

Finance and Accounting Group
ETFs: finding your way around active risk
Dethleffsen, M., Rudolf, M. (2012), Problems and Perspectives in Management: PPM, Vol. 10, pp. 29-41

Finance and Accounting Group
Outcomes of service quality in private banking business: uncovering a chain of effects
Horn, C., Rudolf, M. (2012), International Journal of Business and Management: IJBM, Vol. 7 (4), pp. 44-56

Finance and Accounting Group
The economic value of nonlinear predictions in asset allocation
Kruse, F., Rudolf, M. (2012), Problems and Perspectives in Management: PPM, Vol. 10, pp. 66-81

Finance and Accounting Group
Service quality in the private banking business
Horn, C., Rudolf, M. (2011), Financial Markets and Portfolio Management = Finanzmarkt und Portfolio-Management = Marché Financier et Gestion de Portefeuilles: FMPM, Vol. 25, pp. 173-195

Finance and Accounting Group
Basel III: wie die Leverage Ratio das globale Bankensystem destabilisieren könnte
Rudolf, M. (2010), GoingPublic : Magazin, Vol. 6, pp. 26-28

Finance and Accounting Group
Lehren aus der Finanzmarkt- und Wirtschaftskrise für das Finanzsystem
Rudolf, M. (2010), Controlling & Management / Sonderheft : Zeitschrift für Controlling und Management: ZfCM, Vol. 54, pp. 37-38

Finance and Accounting Group
Weiterbildung für Finanzdienstleister im Qualitätswettbewerb
Rudolf, M. (2010), Bank und Markt : Zeitschrift für Banking: BM, Vol. 39 (8), pp. 38-41

Finance and Accounting Group
Das große Ganze
Rudolf, M., Breidenbach, M. (2008), Frankfurter Allgemeine Zeitung : FAZ, p. B4

Finance and Accounting Group
Die betriebswirtschaftliche Fallstudie: Investitionsentscheidungen bei einem öffentlichen Auftraggeber - Aufgabenstellung
Niebergall, J., Rudolf, M. (2008), Wirtschaftswissenschaftliches Studium: WiSt, Vol. 36, pp. 56-58

Finance and Accounting Group
Die betriebswirtschaftliche Fallstudie: Investitionsentscheidungen bei einem öffentlichen Auftraggeber - Lösung
Niebergall, J., Rudolf, M. (2008), Wirtschaftswissenschaftliches Studium: WiSt, Vol. 36, pp. 111-116

Finance and Accounting Group
Ganzheitliche Portfoliooptimierung: mehr als Markowitz
Rudolf, M. (2008), Die Bank, (4), pp. 40-42

Finance and Accounting Group
Schiefe in der Portfolioselektion
Guse, F., Rudolf, M. (2008), Kredit und Kapital, Vol. 42, pp. 197-216

Finance and Accounting Group
Berufsbild "Private Banker": Ausbildung, Kenntnisse, Fähigkeiten
Rudolf, M. (2007), Unternehmer-Magazin : Inhaber im Mittelstand, Vol. 55 (1), pp. 48-49

Finance and Accounting Group
Exchange rates and the conversion of currency-specific risk premia
Eisenberg, A., Rudolf, M. (2007), European Financial Management, Vol. 13, pp. 672-701

Finance and Accounting Group
Editorial
Rudolf, M. (2006), Financial Markets and Portfolio Management = Finanzmarkt und Portfolio-Management = Marché Financier et Gestion de Portefeuilles: FMPM, Vol. 20, pp. 241-242

Finance and Accounting Group
Optionsbewertung mit stochastischer Volatilität: Implementation des Heston-Modells
Muck, M., Rudolf, M. (2006), Wirtschaftswissenschaftliches Studium: WiSt, Vol. 35, pp. 325-330

Finance and Accounting Group
Improving discrete implementation of the Hull and White two-factor model
Muck, M., Rudolf, M. (2005), The Journal of Fixed Income: JFI, Vol. 14, pp. 67-75

Finance and Accounting Group
Valuation of customers in growth companies: a scenario based model
Krafft, M., Rudolf, M., Rudolf-Sipötz, E. (2005), Schmalenbach Business Review: SBR, Vol. 57, pp. 103-127

Finance and Accounting Group
Basel II: a guarantee for a stable banking system?
Rudolf, M., Adams, M., Muck, M. (2004), Financial Markets and Portfolio Management = Finanzmarkt und Portfolio-Management = Marché Financier et Gestion de Portefeuilles: FMPM, Vol. 18, pp. 306-311

Finance and Accounting Group
Bewertung von Swaptions im Hull/White Modell
Muck, M., Rudolf, M. (2004), Wirtschaftswissenschaftliches Studium: WiSt, Vol. 33, pp. 211-216

Finance and Accounting Group
Intertemporal surplus management
Rudolf, M., Ziemba, W. (2004), Journal of Economic Dynamics & Control, Vol. 28, pp. 975-990

Finance and Accounting Group
Zinsstrukturmodelle: Hedging im Hull/White-Einfaktormodell in diskreter und stetiger Zeit
Muck, M., Rudolf, M. (2004), Finanz-Betrieb : Zeitschrift für Unternehmensfinanzierung und Finanzmanagement: FB, Vol. 6 (7), pp. 551-561

Finance and Accounting Group
How techonolgy stocks have become poor dogs and not cash cows
Muck, M., Rudolf, M. (2003), Finanzmarkt und Portfolio-Management, Vol. 17, pp. 1-8

Working Papers

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)

Books

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 Allianz Endowed Chair of Finance, information on bachelor and master theses and the contact persons for various topics.

Bachelor of Science

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

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

Master of Science

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

Global Online MBA

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

Miscellaneous

Allianz Financial Training Program
Contact person: Diep Tran
Awards and Events
Contact person: Diep Tran
Letters of Recommendation¹⁾
Contact person: Simina Cioceanu
Coordination of Theses
Contact person: Simina Cioceanu
Course Recognition Check
Contact person: Simina Cioceanu
WHU Finance Lab and Refinitiv Eikon
Contact person: Marek Becker

1) Letters of Recommendation can only be issued if the following requirements are fulfilled: The student (1) has a current average grade of 1.5 or better and (2) 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.

Team

Get to know our team.

Chairholder

Professor Dr. Markus Rudolf

+49 (0)261 6509 421
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Personal Assistants

Marianne Diel

Personal Assistant to the Dean

+49 (0)261 6509 421
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Kirsten Schmitz

Personal Assistant

+49 (0)261 6509 391
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Honorary Professors

Research Assistants

Marek Becker

Research Assistant

+49 (0)261 6509 424
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Simina Cioceanu

Research Assistant

+49 (0)261 6509 427
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Pascal Frank

Research Assistant

+49 (0)261 6509 397
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Konstantin Ignatov

Research Assistant

+49 (0)261 6509 398
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Meltem Maler

Research Assistant

+49 (0)261 6509 395
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Michael Strohmayr

Research Assistant

+49 (0)261 6509 428
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Diep Tran

Research Assistant

+49 (0)261 6509 426
Send email
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Alumni

Dr. Michael Adams
Dr. Nabil Alkafri
Dr. Janis Back
Dr. Katrin Baedorf
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
Matthias Feldhues
Dr. Johannes Frankenfeld
Dr. Frank Guse
Dr. Matthias Held
Dr. Benedikt Himbert

Dr. Carsten Horn
Markus Hüren
Samah Ibrahim
Dr. Matthias Jäkel
Juniorprofessor Dr. Julia Kapraun
Prof. Dr. Karl-Ludwig Keiber
Dr. Joachim Koch
Dr. Ilja Konoplev
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
Prof. Dr. 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

Advisory Board Members

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 Dr. Markus Rudolf
Chairholder Allianz Endowed 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 Allianz Endowed Chair of Finance.

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

WHU Campus for Finance

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 Allianz Endowed Chair of Finance has supported WHU Finance Society for many years.

WHU Finance Society

News

Allianz Endowed Chair of Finance –
Keep up with the latest events and activities.

WHU research team wins regional competition and competes in global finals

CFA Research Challenge Finals to take place on April 22nd, 2021

WHU team advances to CFA Research Challenge EMEA finale

The team representing WHU - Otto Beisheim School of Management secures spot among best 20 teams globally

CFA Institute Research Challenge 2020/2021 Update

The Allianz Endowed Chair of Finance and the Center of Asset and Wealth Management are pleased to announce that a team of five WHU - Otto Beisheim School of Management students has become Sub-Regional Champions in the 2020/2021 CFA Institute Research Challenge.

CFA Institute Research Challenge 2020/2021

The Allianz Endowed Chair of Finance and the Center of Asset and Wealth Management are pleased to announce that a team of five students will represent WHU – Otto Beisheim School of Management in the CFA Institute Research Challenge 2020/2021.

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