Research

The research of the Chair of International Finance covers various fields of Finance. Research papers are regularly published in the leading finance journals, such as the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. Chair members present their work at the prime international conferences (American Economic Association, American Finance Association, European Finance Association, Western Finance Association).

Research Interests
The main fields of research include:
Empirical Finance
Asset Management and Mutual Funds
Behavioral Finance
Liquidity
Further Research Interests:
Ethical Investment
Experimental Finance
Financial Analysts
Entrepreneurship
Team Management
Conflicts of Interests at universal banks
Gender Differences
Publications and Research Papers
Articles
Research Papers
Meier, K., Niessen-Ruenzi, A. and Ruenzi, S. (2024). The impact of role models on women's self-selection in competitive environments. The Quarterly Journal of Finance : QJF (forthcoming).
Agarwal, V., Weigert, F. and Ruenzi, S. (2023). Unobserved performance of hedge funds. The Journal of Finance (forthcoming).
Hillert, A., Niessen-Ruenzi, A. and Ruenzi, S. (2023). Mutual fund shareholder letters: Flows, performance, and managerial behavior. Management Science (forthcoming).
Chabi-Yo, F., Huggenberger, M. and Weigert, F. (2022). Multivariate crash risk. Journal of Financial Economics, 145, 129–153.
Huggenberger, M. and Albrecht, P. (2022). Risk pooling and solvency regulation: A policyholder’s perspective. The Journal of Risk and Insurance, 89, 907–950.
Focke, F., Ruenzi, S. and Ungeheuer, M. (2020). Advertising, attention, and financial markets. The Review of Financial Studies, 33, 4676-4720.
Ruenzi, S., Ungeheuer, M. and Weigert, F. (2020). Joint extreme events in equity returns and liquidity and their cross-sectional pricing implications. Journal of Banking & Finance, 115.
Niessen-Ruenzi, A. and Ruenzi, S. (2019). Sex matters: Gender bias in the mutual fund industry. Management Science, 65, 3001-3025.
Ahrends, M., Drobetz, W. and Puhan, T. X. (2018). Cyclicality of growth opportunities and the value of cash holdings. Journal of Financial Stability, 37, 74–96.
Arnold, M., Hackbarth, D. and Puhan, T. X. (2018). Financing asset sales and business cycles. Review of Finance, 22, 243–277.
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.
Niessen-Ruenzi, A. and Ruenzi, S. (2018). Zurückscheuen: Warum Frauen den Wettbewerb meiden. Forschung & Lehre, 25, 244–245.
Ruenzi, S. and Weigert, F. (2018). Momentum and crash sensitivity. Economics Letters, 165, 77–81.
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.
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.
Hillert, A., Maug, E. and Obernberger, S. (2016). Stock repurchases and liquidity. Journal of Financial Economics, 119, 186–209.
Jacobs, H. and Hillert, A. (2016). Alphabetic bias, investor recognition, and trading behavior. Review of Finance, 20, 693–723.
Koch, A., Ruenzi, S. and Starks, L. T. (2016). Commonality in liquidity: a demand-side explanation. The Review of Financial Studies, 29, 1943-1974.
Reinert, R. M., Weigert, F. and Winnefeld, C. H. (2016). Does female management influence firm performance? : Evidence from Luxembourg banks. Financial Markets and Portfolio Management, 30, 113–136.
Weigert, F. (2016). Crash aversion and the cross-section of expected stock returns worldwide. Review of asset pricing studies : RAPS, 6, 135–178.
Fang, J., Kempf, A. and Trapp, M. (2014). Fund Manager Allocation. Journal of Financial Economics, 111, 661–674.
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. The Journal of Finance, 69, 1013-1050.
Schaub, N. and Schmid, M. (2013). Hedge fund liquidity and performance : Evidence from the financial crisis. Journal of Banking & Finance, 37, 671–692.
Finter, P., Niessen-Ruenzi, A. and Ruenzi, S. (2012). The Impact of Investor Sentiment on the German Stock Market. Zeitschrift für Betriebswirtschaft : ZfB, 82, 133–163.
Bär, M., Kempf, A. and Ruenzi, S. (2011). Is a team different from the sum of its parts? Evidence from mutual fund managers. Review of Finance, 15, 359–396.
Pütz, A. and Ruenzi, S. (2011). Overconfidence among professional investors: evidence from mutual fund managers. Journal of Business Finance & Accounting : JBFA, 38, 684–712.
Fang, J. and Ruenzi, S. (2010). Rapid Trading bei deutschen Aktienfonds: Evidenz aus einer großen deutschen Fondsgesellschaft. Zeitschrift für Betriebswirtschaft : ZfB, 80, 883–920.
Fischer, M., Köck, C., Schlüter, S. and Weigert, F. (2009). An empirical analysis of multivariate copula models. Quantitative Finance, 9, 839–854.
Kempf, A., Ruenzi, S. and Thiele, T. (2009). Employment risk, compensation incentives, and managerial risk taking: Evidence from the mutual fund industry. Journal of Financial Economics, 92, 92–108.
Ruenzi, S. and Kempf, A. (2008). Family Matters: The Performance-Flow Relationship in the Mutual Fund Industry. Journal of Business Finance & Accounting : JBFA, 35, 177–199.
Ruenzi, S. and Kempf, A. (2008). Tournaments in Mutual Fund Families. The Review of Financial Studies, 21, 1013-1036.
Ber, S., Kempf, A. and Ruenzi, S. (2007). Determinanten der Mittelzuflüsse bei deutschen Aktienfonds. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung : Zfbf, 59, 35–60.
Kempf, A. and Ruenzi, S. (2006). Status Quo Bias and the Number of Alternatives: An Empirical Illustration from the Mutual Fund Industry. The Journal of Behavioral Finance, 7, 204–213.
Ruenzi, S. (2005). Mutual Fund Growth in Standard and Specialist Market Segments. Financial Markets and Portfolio Management, 19, 153–167.
Agarwal, V., Ruenzi, S. and Weigert, F. (2023). Unobserved performance of hedge funds. SSRN Working Paper Series. Amsterdam: Elsevier.
Hillert, A., Niessen-Ruenzi, A. and Ruenzi, S. (2023). Mutual fund shareholder letters: flows, performance, and managerial behavior. SAFE Working Paper, 380. Frankfurt am Main: University of Frankfurt.
Hoechle, D., Ruenzi, S., Schaub, N. and Schmid, M. (2022). Financial advice and retirement savings. SSRN Working Paper Series. Amsterdam: Elsevier.
Kumar, A., Ruenzi, S. and Ungeheuer, M. (2021). Daily winners and losers. SSRN Working Paper Series. Amsterdam: Elsevier.
Brunner, F. (2019). Reference-dependent return chasing: Alpha, losses and fund flows. Mannheim.
Gamm, F. (2019). A surprise that keeps you awake: Overnight returns after earnings announcements. Rochester, NY: SSRN.
Meier, K., Niessen-Ruenzi, A. and Ruenzi, S. (2018). The impact of role models on women's self-selection in competitive environments. SSRN Working Paper Series. Rochester, NY.
Ruenzi, S. and Weigert, F. (2018). Momentum and crash sensitivity. University of St.Gallen, School of Finance Research Paper, 2018/1. St. Gallen.
Kumar, A., Ruenzi, S. and Ungeheuer, M. (2017). Daily winners and losers. SSRN Working Paper Series. Rochester, NY.
Ruenzi, S. and Niessen-Ruenzi, A. (2017). Sex matters: Gender bias in the mutual fund industry. SSRN Working Paper Series. Rochester, NY.
Ungeheuer, M. (2017). Stock returns and the cross-section of investor attention. Mannheim: Universität.
Ungeheuer, M. and Weber, M. (2017). The perception of dependence, investment decisions, and stock prices. Mannheim: Universität Mannheim.
Agarwal, V., Ruenzi, S. and Weigert, F. (2016). Tail risk in hedge funds: A unique view from portfolio holdings. Rochester, NY: SSRN.
Hillert, A., Niessen-Ruenzi, A. and Ruenzi, S. (2016). Mutual fund shareholder letters : flows, performance, and managerial behavior. SSRN Working Paper Series. Rochester, NY.
Ruenzi, S., Ungeheuer, M. and Weigert, F. (2016). Extreme Downside Liquidity Risk. Working papers on finance / University of St.Gallen, School of Finance Research Paper, 13/26. St. Gallen.
Fink, C., Raatz, K. and Weigert, F. (2015). Do Mutual Funds Outperform During Recessions? International (Counter-) Evidence. Mannheim [u.a.].
Hillert, A. and Ungeheuer, M. (2015). The value of visibility. Mannheim: Universität.
Hoechle, D., Ruenzi, S., Schaub, N. and Schmid, M. (2014). The Impact of Financial Advice on Trade Performance and Behavioral Biases. Working papers on finance / University of St.Gallen, School of Finance Research Paper, 14–19. St. Gallen.
Fousseni, C.-Y., Ruenzi, S. and Weigert, F. (2013). Crash sensitivity and the cross section of expected stock returns. Working papers on finance / University of St.Gallen, School of Finance Research Paper, 2013/24. St. Gallen [u.a.].
Hillert, A., Jacobs, H. and Müller, S. (2013). Media Makes Momentum. Mannheim.
Hillert, A., Maug, E. and Obernberger, S. (2013). Stock Repurchases and Market Liquidity. Mannheim.
Hoechle, D., Ruenzi, S., Schaub, N. and Schmid, M. (2013). Don't Answer the Phone – Financial Advice and Individual Investors' Performance. St. Gallen: Univ. St. Gallen, Schweizerisches Inst. für Banken und Finanzen.
Jacobs, H. and Hillert, A. (2013). The Power of Primacy: Alphabetic Bias, Investor Recognition, and Market Outcomes. Mannheim.
Weigert, F. (2013). In Search of Cushion? Crash Aversion and the Cross-Section of Expected Stock Returns Worldwide. Working papers on finance / University of St.Gallen, School of Finance Research Paper, 13/25. St. Gallen.
Koch, A., Ruenzi, S. and Starks, L. T. (2012). Commonality in Liquidity: A Demand-Side Explanation. SSRN Working Paper Series. Rochester, NY.
Fang, J. (2010). Smart or Dumb? Asset Allocation Ability of Mutual Fund Investors and the Role of Broker Advice. Mannheim.
Research Seminars
More information on the current finance seminar of the Area Finance:
Current Seminar
Area Banking, Finance, and Insurance
The Chair of International Finance is part of the Area Banking, Finance, and Insurance at the University of Mannheim. It has first-class facilities, internationally renowned faculty and conducts research in all areas of modern finance. More information about the research of the Area is provided here:
Banking, Finance, and Insurance

Further Publications

Non-Refereed
von Lilienfeld-Toal, U., Ruenzi, S. (2008): Warum Manager Aktien ihres eigenen Unternehmens halten, European Value Investor, Vol. 1, S. 18 – 20.
Ber, S., Kempf, A., Ruenzi, S. (2006): The German Mutual Fund Market, Greg N. Gregoriou (Hrsg.): Performance of Mutual Funds – An International Perspective, Palgrave Macmillan.
Kempf, A., Ruenzi, S. (2004): Die Qual der Wahl – Eine empirische Untersuchung zur Abhängigkeit des Status-Quo Bias von der Alternativenanzahl im Fondsmarkt, Matthias Bank/Bettina Schiller (Hrsg.): Finanzintermediation – Theoretische, wirtschaftspolitische und praktische Aspekte aktueller Entwicklungen im Bank- und Börsenwesen, Stuttgart, S. 103–122.
Books
Ruenzi, S. (2006): Optimale Gestaltung von Fondsfamilien: Organisation und Intrafirmenwettbewerb, in: Beiträge zur betriebswirtschaftlichen Forschung, Band 112, Deutscher Universitäts-Verlag, Wiesbaden.

Research Interests

Publications and Research Papers

Research Seminars

Area Banking, Finance, and Insurance

Non-Refereed

Books