Stefan Scharnowski

University of Mannheim
Business School
Chair of Finance
D – 68161 Mannheim

Office: L 9, 1–2, Raum 201
Phone: +49 (0) 621 181-1521
Fax: +49 (0) 621 181-1519

Consultation hours: by appointment

Web:  Personal Website

Short Bio

since 2020Postdoctoral Researcher at the Chair of Finance, University of Mannheim
09/2020Graduation as Dr. rer. pol., University of Mannheim

Academic Staff Member at the Chair of Finance, University of Mannheim

2013–2020PhD Student in Finance, Graduate School of Economic and Social Sciences, University of Mannheim
04/2019Visiting Academic, University of Technology Sydney
2016–2018Research Assistant, Research Center SAFE, Goethe University, Frankfurt am Main
2014M. Sc. Business Administration, Finance Area, University of Mannheim
2011B. Sc. Economics, University of Mannheim
08–12/2010Visiting Student, Norwegian School of Economics and Business Administration, Bergen, Norway

Research Interests

  • Empirical Market Microstructure
  • High-Frequency Trading
  • Regulation of Financial Markets
  • Cryptocurrencies
  • Financial Econometrics


  • Scharnowski, S. and Shi, Y. (2024). Intraday herding and attention around the clock. Journal of Behavioral and Experimental Finance, 41, 1–16.
  • Menkveld, A., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Razen, M., Weitzel, U., Abad-Días, D., Abudy, M., Adrian, T., Ait-Sahalia, Y., Akmansoy, O., Alcock, J. T., Alexeev, V., Aloosh, A., Amato, L., Amaya, D., Angel, J. J., Avetikian, A. T., Bach, A., Baidoo, E., Bakalli, G., Bao, L., Barbon, A., Bashchenko, O., Bindra, P. C., Bjønnes, G. H., Black, J. R., Black, B. S., Scharnowski, S. and Theissen, E. (2023). Non-Standard Errors. The Journal of Finance (forthcoming).
  • Scharnowski, M., Scharnowski, S. and Zimmermann, L. (2023). Fan tokens: Sports and speculation on the blockchain. Journal of International Financial Markets, Institutions & Money, 89.
  • Scharnowski, S. (2022). Central bank speeches and digital currency competition. Finance Research Letters, 49.
  • Scharnowski, S. (2021). Understanding Bitcoin liquidity. Finance Research Letters, 38, Article 101477.
  • Johann, T., Scharnowski, S., Theissen, E., Westheide, C. and Zimmermann, L. (2019). Liquidity in the German stock market. Schmalenbach Business Review : Sbr, 71, 443–473.



  • FIN 500 Investments (M.Sc)
  • FIN 603 Empirical Finance (M.Sc) – Tutorial
  • FIN 604 Stata in Finance (M.Sc)
  • FIN 606 FinTech (M.Sc)
  • Seminar “Market Microstructure” (M.Sc)
  • Seminar “Empirical Finance” (M.Sc)

Supervision of Bachelor Theses

Supervision of Master Theses