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Chair of International Finance

Prof. Dr. Stefan Ruenzi

Prof. Dr. Stefan Ruenzi

We offer courses at all levels (Bachelor, Master, MBA, and Doctoral Program) and conduct research on various aspects of financial markets, with a focus on asset management & mutual funds, empirical asset pricing & liquidity, as well as media & advertising. For details, please see the specific pages on research or teaching.

Ausgewählte Publikationen

Agarwal, V., Ruenzi, S., Weigert, F. (2023): Unobserved Performance of Hedge Funds, Journal of Finance (forthcoming).

Hiller, A., Niessen-Ruenzi, A., Ruenzi, S. 2023). Mutual fund shareholder letters: Flows, performance, and managerial behaviorManagement Science (forthcoming).

Focke, F., Ruenzi, S., Ungeheuer, M. (2020): Advertising, Attention and Financial MarketsReview of Financial Studies, Vol. 33 (10), pp. 4676-4720. 

Niessen-Ruenzi, A.Ruenzi, S. (2019): Sex Matters – Gender Bias in the Mutual Fund Industry, Management Science, Vol. 65 (7), pp. 3001-3025.

Chabi-Yo F., Ruenzi, S., Weigert F. (2018): Crash Sensitivity and the Cross Section of Expected Stock ReturnsJournal of Financial and Quantitative Analysis, Vol. 53 (3), pp. 1059-1100.

Ruenzi, S., Hoechle, D., Schaub, N., Schmid, M. (2018): Financial Advice and Bank ProfitsReview of Financial Studies, Vol. 31 (11), pp. 4447-4492.

Agarwal, V., Ruenzi, S., Weigert, F. (2017): Tail Risk in Hedge Funds: A Unique View from Portfolio HoldingsJournal of Financial Economics, Vol. 125 (3), pp. 610–636.

Focke, F., Maug, E. G., Niessen-Ruenzi, A. (2017): The Impact of Firm Prestige on Executive CompensationJournal of Financial Economics, Vol. 123 (2), pp. 313–336.

Koch, A., Ruenzi, S., Starks, L. T. (2016): Commonality in Liquidity: A Demand-Side ExplanationReview of Financial Studies, Vol. 29 (8), pp. 1943-1974.

von Lilienfeld-Toal, U., Ruenzi, S. (2014): CEO Ownership, Stock Market Performance, and Managerial DiscretionJournal of Finance, Vol. 69 (3), pp. 1013-1050.

Hillert, A., Jacobs, H., Müller, S. (2014), Media Makes MomentumReview of Financial Studies, Vol. 27 (12), pp. 3467-3501.

Fang, J., Kempf, A., Trapp, M. (2014), Fund Manager AllocationJournal of Financial Economics, Vol. 111 (3), pp. 661–674.

Kempf, A., Ruenzi, S., Thiele, T. (2009): Employment Risk, Compensation Incentives, and Managerial Risk Taking: Evidence from the Mutual Fund IndustryJournal of Financial Economics, Vol. 92 (1), pp. 92–108.

Kempf, A., Ruenzi, S. (2008)Tournaments in Mutual-Fund FamiliesReview of Financial Studies, Vol. 21 (2), pp. 1013-1036.



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