University of Mannheim Business School: Publications

Antoni, M., Maug, E. and Obernberger, S. (2019). Private equity and human capital risk. Journal of Financial Economics, 133, 634-657.
Baele, L., Driessen, J., Ebert, S., Londono, J. M. and Spalt, O. (2019). Cumulative prospect theory, option returns, and the variance premium. The Review of Financial Studies, 32, 3667-3723.
Focke, F., Ruenzi, S. and Ungeheuer, M. (2019). Advertising, attention and financial markets. The Review of Financial Studies, 1-70.
Glaser, M., Iliewa, Z. and Weber, M. (2019). Thinking about prices versus thinking about returns in financial markets. The Journal of Finance, 74, 2997-3039.
Niessen-Ruenzi, A. and Ruenzi, S. (2019). Sex matters: Gender bias in the mutual fund industry. Management Science, 65, 3001-3025.
Ungeheuer, M. and Weber, M. (2019). The perception of dependence, investment decisions, and stock prices. The Journal of Finance, 74, tba (forthcoming).

Arnold, M., Hackbarth, D. and Puhan, T. X. (2018). Financing asset sales and business cycles. Review of Finance, 22, 243-277.
van Bekkum, S., Gabarro, M. and Irani, R. M. (2018). Does a larger menu increase appetite? Collateral eligibility and credit supply. The Review of Financial Studies, 31, 943-979.
Fousseni, C.-Y., Ruenzi, S. and Weigert, F. (2018). Crash sensitivity and the cross section of expected stock returns. Journal of Financial and Quantitative Analysis : JFQA, 53, 1059-1100.
Hoechle, D., Ruenzi, S., Schaub, N. and Schmid, M. (2018). Financial advice and bank profits. The Review of Financial Studies, 31, 4447-4492.
Kim, E H., Maug, E. and Schneider, C. (2018). Labor representation in governance as an insurance mechanism. Review of Finance, 22, 1251-1289.

Agarwal, V., Ruenzi, S. and Weigert, F. (2017). Tail risk in hedge funds : a unique view from portfolio holdings. Journal of Financial Economics, 125, 610-636.
Busch, P. and Obernberger, S. (2017). Actual share repurchases, price efficiency, and the information content of stock prices. The Review of Financial Studies, 30, 324-362.
Focke, F., Maug, E. and Niessen-Ruenzi, A. (2017). The impact of firm prestige on executive compensation. Journal of Financial Economics, 123, 313-336.
Heuer, J., Merkle, C. and Weber, M. (2017). Fooled by randomness: Investor perception of fund manager skill. Review of Finance, 21, 605-635.
Hoechle, D., Ruenzi, S., Schaub, N. and Schmid, M. (2017). The impact of financial advice on trade performance and behavioral biases. Review of Finance, 21, 871-910.
Kempf, E., Manconi, A. and Spalt, O. (2017). Distracted shareholders and corporate actions. The Review of Financial Studies, 30, 1660-1695.
Schneider, C. and Spalt, O. (2017). Acquisitions as lotteries? The selection of target-firm risk and its impact on merger outcomes. Critical Finance Review, 6, 77-132.

Hillert, A., Maug, E. and Obernberger, S. (2016). Stock repurchases and liquidity. Journal of Financial Economics, 119, 186-209.
Jacobs, H. (2016). Market maturity and mispricing. Journal of Financial Economics, 122, 270-287.
Koch, A., Ruenzi, S. and Starks, L. T. (2016). Commonality in liquidity: a demand-side explanation. Review of Financial Studies, 29, 1943-1974.
Kumar, A., Page, J. K. and Spalt, O. (2016). Gambling and comovement. Journal of Financial and Quantitative Analysis : JFQA, 51, 85-111.
Schneider, C. and Spalt, O. (2016). Conglomerate investment, skewness, and the CEO long shot bias. The Journal of Finance, 71, 635-672.

Atanasov, V. and Nitschka, T. (2015). Foreign currency returns and systematic risks. Journal of Financial and Quantitative Analysis : JFQA, 50, 231-250.
Betzer, A., Gider, J., Metzger, D. and Theissen, E. (2015). Stealth trading and trade reporting by corporate insiders. Review of Finance, 19, 865-905.
Kumar, A., Niessen-Ruenzi, A. and Spalt, O. (2015). What is in a name? Mutual fund flows when managers have foreign-sounding names. Review of Financial Studies, 28, 2281-2321.

Hillert, A., Jacobs, H. and Müller, S. (2014). Media Makes Momentum. The Review of Financial Studies, 27, 3467-3501.
von Lilienfeld-Toal, U. and Ruenzi, S. (2014). CEO Ownership, Stock Market Performance, and Managerial Discretion. Journal of Finance, 69, 1013-1050.

Dittmann, I., Maug, E. and Spalt, O. (2013). Indexing executive compensation contracts. Review of Financial Studies, 26, 3182-3224.
Kaufmann, C., Weber, M. and Haisley, E. C. (2013). The Role of Experience Sampling and Graphical Displays on One`s Investment Risk Taking Appetite. Management Science, 59, 323-340.
Kumar, A., Page, J. K. and Spalt, O. (2013). Investor sentiment and return comovements: Evidence from stock splits and headquarters changes. Review of Finance, 17, 921-953.
Spalt, O. (2013). Probability weighting and employee stock options. Journal of Financial and Quantitative Analysis : JFQA, 48, 1085-1118.

Bhattacharya, U., Hackethal, A., Kaesler, S., Loos, B. and Meyer, S. (2012). Is unbiased financial advice to retail investors sufficient? Answers from a large field study. The Review of Financial Studies, 25, 975-1032.
Chhaochharia, V., Kumar, A. and Niessen-Ruenzi, A. (2012). Local Investors and Corporate Governance. Journal of Accounting & Economics, 54, 42-67.
Kuhnen, C. M. and Niessen-Ruenzi, A. (2012). Public Opinion and Executive Compensation. Management Science, 58, 1249-1272.

Baucells, M., Weber, M. and Welfens, F. (2011). Reference-Point Formation and Updating. Management Science, 57, 506-519.
Kumar, A., Page, J. K. and Spalt, O. (2011). Religious beliefs, gambling attitudes, and financial market outcomes. Journal of Financial Economics, 102, 671-708.
Merkle, C. and Weber, M. (2011). True overconfidence : the inability of rational information processing to account for apparent overconfidence. Organizational Behavior and Human Decision Processes, 116, 262-271.

Dittmann, I., Maug, E. and Spalt, O. (2010). Stick or carrots? Optimal CEO compensation when managers are loss averse. The Journal of Finance, 65, 2015-2050.
Norden, L. and Weber, M. (2010). Credit line usage, checking account activity, and default risk of bank borrowers. Review of Financial Studies, 23, 3665-3699.