Chair of International Finance
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.
Selected Publications
Maeckle, K., & Ruenzi, S. (2026). Friends with drugs: The role of social networks in the opioid epidemic. Journal of Public Economics, Vol. 262, 105739.
Agarwal, V., Ruenzi, S., Weigert, F. (2024): Unobserved Performance of Hedge Funds, Journal of Finance, Vol. 79 (5), pp. 3203-3259.
Hiller, A., Niessen-Ruenzi, A., Ruenzi, S. (2024). Mutual fund shareholder letters: Flows, performance, and managerial behavior. Management Science.
Focke, F., Ruenzi, S., Ungeheuer, M. (2020): Advertising, Attention and Financial Markets, Review 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 Returns, Journal of Financial and Quantitative Analysis, Vol. 53 (3), pp. 1059-1100.
Ruenzi, S., Hoechle, D., Schaub, N., Schmid, M. (2018): Financial Advice and Bank Profits, Review 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 Holdings, Journal 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 Compensation, Journal of Financial Economics, Vol. 123 (2), pp. 313–336.
Koch, A., Ruenzi, S., Starks, L. T. (2016): Commonality in Liquidity: A Demand-Side Explanation, Review of Financial Studies, Vol. 29 (8), pp. 1943-1974.
von Lilienfeld-Toal, U., Ruenzi, S. (2014): CEO Ownership, Stock Market Performance, and Managerial Discretion, Journal of Finance, Vol. 69 (3), pp. 1013-1050.
Hillert, A., Jacobs, H., Müller, S. (2014), Media Makes Momentum, Review of Financial Studies, Vol. 27 (12), pp. 3467-3501.
Fang, J., Kempf, A., Trapp, M. (2014), Fund Manager Allocation, Journal 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 Industry, Journal of Financial Economics, Vol. 92 (1), pp. 92–108.
Kempf, A., Ruenzi, S. (2008): Tournaments in Mutual-Fund Families, Review of Financial Studies, Vol. 21 (2), pp. 1013-1036.
