Forschung
Die Forschung des Lehrstuhls für Internationale Finanzierung deckt verschiedene Bereiche des Finanzwesens ab. Forschungspapiere werden regelmäßig in den führenden Fachzeitschriften, wie dem Journal of Finance, Journal of Financial Economics oder Review of Financial Studies, veröffentlicht. Mitarbeiter des Lehrstuhls präsentieren ihre Forschungsergebnisse außerdem auf den wichtigsten nationalen und internationalen Konferenzen (American Economic Association, American Finance Association, European Finance Association, Western Finance Association).
Forschungsschwerpunkte
Forschungsschwerpunkte sind die folgenden Bereiche:
- Empirical Finance
- Asset Management and Mutual Funds
- Behavioral Finance
- Liquidity
Zusätzliche Forschungsinteressen:
- Ethical Investment
- Experimental Finance
- Financial Analysts
- Entrepreneurship
- Team Management
- Conflicts of Interests at universal banks
- Gender Differences
Publikationen und Forschungspapiere
- Agarwal, V., Weigert, F. und Ruenzi, S. (2023). Unobserved performance of hedge funds. The Journal of Finance (forthcoming).
- Huggenberger, M. und Albrecht, P. (2022). Risk pooling and solvency regulation: A policyholder’s perspective. The Journal of Risk and Insurance, 89, 907–950.
- Chabi-Yo, F., Huggenberger, M. und Weigert, F. (2021). Multivariate crash risk. Journal of Financial Economics.
- Focke, F., Ruenzi, S. und Ungeheuer, M. (2020). Advertising, attention, and financial markets. The Review of Financial Studies, 33, 4676-4720.
- Ruenzi, S., Ungeheuer, M. und 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. und Ruenzi, S. (2019). Sex matters: Gender bias in the mutual fund industry. Management Science, 65, 3001-3025.
- Ahrends, M., Drobetz, W. und 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. und Puhan, T. X. (2018). Financing asset sales and business cycles. Review of Finance, 22, 243–277.
- Fousseni, C.-Y., Ruenzi, S. und 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. und Schmid, M. (2018). Financial advice and bank profits. The Review of Financial Studies, 31, 4447-4492.
- Niessen-Ruenzi, A. und Ruenzi, S. (2018). Zurückscheuen: Warum Frauen den Wettbewerb meiden. Forschung & Lehre, 25, 244–245.
- Ruenzi, S. und Weigert, F. (2018). Momentum and crash sensitivity. Economics Letters, 165, 77–81.
- Agarwal, V., Ruenzi, S. und 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. und Schmid, M. (2017). The impact of financial advice on trade performance and behavioral biases. Review of Finance, 21, 871–910.
- Hillert, A., Maug, E. und Obernberger, S. (2016). Stock repurchases and liquidity. Journal of Financial Economics, 119, 186–209.
- Jacobs, H. und Hillert, A. (2016). Alphabetic bias, investor recognition, and trading behavior. Review of Finance, 20, 693–723.
- Koch, A., Ruenzi, S. und Starks, L. T. (2016). Commonality in liquidity: a demand-side explanation. The Review of Financial Studies, 29, 1943-1974.
- Reinert, R. M., Weigert, F. und 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. und Trapp, M. (2014). Fund Manager Allocation. Journal of Financial Economics, 111, 661–674.
- Hillert, A., Jacobs, H. und Müller, S. (2014). Media Makes Momentum. The Review of Financial Studies, 27, 3467-3501.
- von Lilienfeld-Toal, U. und Ruenzi, S. (2014). CEO Ownership, Stock Market Performance, and Managerial Discretion. The Journal of Finance, 69, 1013-1050.
- Schaub, N. und 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. und Ruenzi, S. (2012). The Impact of Investor Sentiment on the German Stock Market. Zeitschrift für Betriebswirtschaft : ZfB, 82, 133–163.
- Bär, M., Kempf, A. und 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. und Ruenzi, S. (2011). Overconfidence among professional investors: evidence from mutual fund managers. Journal of Business Finance & Accounting : JBFA, 38, 684–712.
- Fang, J. und 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. und Weigert, F. (2009). An empirical analysis of multivariate copula models. Quantitative Finance, 9, 839–854.
- Kempf, A., Ruenzi, S. und 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. und 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. und Kempf, A. (2008). Tournaments in Mutual Fund Families. The Review of Financial Studies, 21, 1013-1036.
- Ber, S., Kempf, A. und Ruenzi, S. (2007). Determinanten der Mittelzuflüsse bei deutschen Aktienfonds. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung : Zfbf, 59, 35–60.
- Kempf, A. und 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. und Weigert, F. (2023). Unobserved performance of hedge funds. SSRN Working Paper Series. Amsterdam: Elsevier.
- Hillert, A., Niessen-Ruenzi, A. und 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. und Schmid, M. (2022). Financial advice and retirement savings. SSRN Working Paper Series. Amsterdam: Elsevier.
- Kumar, A., Ruenzi, S. und 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. und Ruenzi, S. (2018). The impact of role models on women's self-selection in competitive environments. SSRN Working Paper Series. Rochester, NY.
- Ruenzi, S. und Weigert, F. (2018). Momentum and crash sensitivity.
University of St.Gallen, School of Finance Research Paper, 2018/
1. St. Gallen. - Kumar, A., Ruenzi, S. und Ungeheuer, M. (2017). Daily winners and losers. SSRN Working Paper Series. Rochester, NY.
- Ruenzi, S. und 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. und Weber, M. (2017). The perception of dependence, investment decisions, and stock prices. Mannheim: Universität Mannheim.
- Agarwal, V., Ruenzi, S. und Weigert, F. (2016). Tail risk in hedge funds: A unique view from portfolio holdings. Rochester, NY: SSRN.
- Hillert, A., Niessen-Ruenzi, A. und Ruenzi, S. (2016). Mutual fund shareholder letters : flows, performance, and managerial behavior. SSRN Working Paper Series. Rochester, NY.
- Ruenzi, S., Ungeheuer, M. und 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. und Weigert, F. (2015). Do Mutual Funds Outperform During Recessions? International (Counter-) Evidence. Mannheim [u.a.].
- Hillert, A. und Ungeheuer, M. (2015). The value of visibility. Mannheim: Universität.
- Hoechle, D., Ruenzi, S., Schaub, N. und 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. und 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. und Müller, S. (2013). Media Makes Momentum. Mannheim.
- Hillert, A., Maug, E. und Obernberger, S. (2013). Stock Repurchases and Market Liquidity. Mannheim.
- Hoechle, D., Ruenzi, S., Schaub, N. und 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. und 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. und 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.
Forschungsseminare
Aktuelle Informationen zum Finance-Seminar der Area Banking, Finance & Insurance:
Aktuelles Finance Seminar Informationen zu vergangenen Seminaren
Area Banking, Finance, and Insurance
Der Lehrstuhl für Internationale Finanzierung ist Teil der Area Banking, Finance and Insurance der Universität Mannheim. Sie zeichnet sich durch erstklassige Einrichtungen und international anerkannte Forscher aus. Eine Übersicht und genauere Informationen über die Forschung der Area Banking, Finance, and Insurance finden Sie hier:
Weitere Publikationen
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. Bücher
Ruenzi, S. (2006): Optimale Gestaltung von Fondsfamilien: Organisation und Intrafirmenwettbewerb, in: Beiträge zur betriebswirtschaftlichen Forschung, Band 112, Deutscher Universitäts-Verlag, Wiesbaden.