Prof. Dr. Stefan Ruenzi

Universität Mannheim
Fakultät für Betriebswirtschaftslehre
Lehrstuhl für International Finance
D – 68161 Mannheim

Office: L 9, 1-2, Room 310
Tel.: +49 (0)621 181 1646
Fax: +49 (0) 621 181–1664
Email: lsruenzi

Office hours:
On appointment


Curriculum Vitae

View here.


Short Biography

since 09/2009

Professor of Finance at the University of Mannheim


Habilitation (Postdoctoral Dissertation) at the University of Cologne


Promotion (Doctorate) at the University of Cologne


Diploma in Economics at the University of Konstanz


International Experience


Visiting researcher at the Higher School of Economics (HSE), Moscow, Russia


Visiting professor at the Business School of Hong Kong University of Science and Technology, Hong Kong

2013, 2012, 2011, 2006

Visiting researcher at the School of Banking and Finance, University of New South Wales, Sydney, Australia

2010, 2005

Researcher and Visiting Professor at the J. Mack Robinson College of Business at Georgia State University, Atlanta, USA


Assistant Professor in Finance (Visiting) at the Department of Finance of the McCombs School of Business, Austin, USA


Study abroad at the University of Adelaide, Adelaide, Australia


Selected Publications

  • “Advertising, Attention, and Financial Markets”
    (with Florens Focke and Michael Ungeheuer), Review of Financial Studies, 2020 (forthcoming). Download here.  
  • Sex Matters – Gender Bias in the Mutual Fund Industry” 
    (with Alexandra Niessen-Ruenzi), Management Science, 2019, Vol. 65 (7), pp. 3001-3025. Download here.
  • Financial Advice and Bank Profits
    (with Daniel Hoechle, Nic Schaub, and Markus Schmid), Review of Financial Studies, 2018, Vol. 31 (11), pp. 4447-4492. Download here.
  • “Crash Sensitivity and the Cross Section of Expected Stock Returns” 
    (with Fousseni Chabi-Yo and Florian Weigert), Journal of Financial and Quantitative Analysis, 2018, Vol. 53 (3), pp. 1059-1100. Download here.
  • Tail Risk in Hedge Funds: A Unique View from Portfolio Holdings” 
    (with Vikas Agarwal and Florian Weigert),  Journal of Financial Economics, 2017, Vol. 125 (3), pp. 610-636. Download here.
  • The Impact of Financial Advice on Trade Performance and Behavioral Biases” 
    (with Daniel Hoechle, Nic Schaub, and Markus Schmid), Review of Finance, 2017, Vol. 21 (2), pp. 871-910. Download here.
  • “Commonality in Liquidity – A Demand Side Explanation
    (with Andrew Koch and Laura Starks),  Review of Financial Studies, 2016, Vol. 29 (8), pp. 1943-1974. Download here.
  • “CEO Ownership, Stock Market Performance and Managerial Discretion” 
    (with Ulf von Lilienfeld-Toal), Journal of Finance, 2014, Vol. 69 (3), pp. 1013-1050. Download here.
  • “Is a Team Different from the Sum of Its Parts? Team Management in the Mutual Fund Industry"  
    (with Michaela Bär and Alexander Kempf), Review of Finance, 2011, Vol. 15 (2), pp. 359-396. Download here.
  • Employment Risk, Compensation Incentives, and Managerial Risk Taking: Evidence from the Mutual Fund Industry” 
    (with A. Kempf and T. Thiele), Journal of Financial Economics, 2009, Vol. 92 (1), pp. 92-108. Download here.
  • Tournaments in Mutual Fund Families” 
    (with A. Kempf), Review of Financial Studies, 2008, Vol. 21 (2), pp. 1013-1036. Download here.


Selected Working Papers

  • M & A(dvertising)
    (with Alexander Hillert and Anja Kunzmann), 2020. Download here.
  • A Friendly Turn: Advertising Bias in the News Media
    (with Florens Focke and Alexandra Niessen-Ruenzi), 2020. Download here.
  • Pharmaceutical Advertising biases Media Reports on Drug Safety
    (with Florens Focke and Alexandra Niessen-Ruenzi), 2019. Download here.
  • The Impact of Role Models on Women's Self-Selection in Competitive Environments
    (with Kristina Meier and Alexandra Niessen-Ruenzi), 2017. Download here.
  • "Extreme Downside Liquidity Risk”
    (with Michael Ungeheuer and Florian Weigert), 2017. Download here.
  • Daily Winners and Losers
    (with Alok Kumar and Michael Ungeheuer), 2017 (AFA 2018). Download here.


Academic Awards

  • Engelbert Dockner Memorial Prize, Best Paper Award, for "Financial Advice and Bank Profits” (2017)
  • bai Research Award, for "Financial Advice and Bank Profits” (2017)
  • Rothschild Caesare Center Conference, Herzilya, Best Paper Award, for "Sex Matters – Gender and Prejudice in the Mutual Fund Industry” (2012)
  • SWFA Best Conference Paper Award, Southwest Finance Association Annual Meeting für "Why Managers Hold Shares of Their Firm: Empirical Evidence” (2008)
  • Academy of Management Emerald Best Student Paper,  Academy of Management Annual Meeting für The Impact of Work Group Diversity on Performance: Large Sample Evidence from the Mutual Fund Industry (2008)
  • SABE Best Conference Paper Award, for "Sex Matters: Gender Differences in a Professional Setting” (2007)
  • Acatis Value Price (2. Platz), Award for the best Paper focusing on “Value Investing” for “Why Managers Hold Shares of Their Firm: Empirical Evidence” (2007)
  • DGF Outstanding Conference Paper, Best Paper Award at the 13th annual conference of the DGF for "Sex Matters: Gender Differences in a Professional Setting” (2006)
  • Swisscanto Award, Best professional paper in “Financial Markets and Portfolio Management” for “Mutual Fund Growth in Standard and Specialist Market Segments” (2005)
  • GFC Best Paper Award, 10th Global Finance Conference für “Tournaments in Mutual Fund Families” (2003)
  • BSI Gamma Foundation Grant, Research fellowship for “Tournaments in the Mutual Fund Industry” (2001)



  •  JournalsJournal of Finance, Review of Financial Studies, Review of Finance, Journal of Economic Behavior and Organization, Journal of Financial Markets and many more.


Press Coverage

  • Articles covering my research were published in: New York Times, Wall Street Journal, International Herald Tribune, Financial Times, La Nación, Les Echos, Le Temps, Valor Econômico, FAZ, Handelsblatt, Süddeutsche Zeitung, Börsenzeitung, Financial Times Deutschland, Neue Zürcher Zeitung, u.v.a.
  • Further media coverage in numerous online publications and radio (e.g. WDR, Radio-Z) as well as TV (ARD Morgenmagazin).