• (Theoretical and empirical) corporate finance
• Intersection of finance and accounting
• Financial institutions and services
• Household finance

• IQ, Expectations, and Choice (with Francesco D'Acunto, Maritta Paloviita and Michael Weber).
  Review of Economic Studies, 2022, Forthcoming.
  2019 European Finance Association (Carcavelos), 2018 NBER Monetary Economics Meeting (Boston), 2018 Summer Conference of the Cowles Foundation for Research in Economics, 2018 Bank of Finland.
   
• Managing Households' Expectations with Unconventional Policies (with Francesco D'Acunto and Michael Weber).
  Review of Financial Studies, 2022, 35(4), 1597–1642. Editor's Choice / Lead Article
  2018 AEA Annual Meeting (Chicago), 2017 CES-ifo Venice Summer Institute, 2016 AEA Annual Meeting (San Francisco), 2015 NBER Monetary Economics Meeting, 2015 Annual Meeting of the Society for Economic Dynamics SED (Warsaw), 2015 EEA Annual Meeting (Mannheim), 2015 Econometric Society World Congress (Montreal), 2015 Bocconi (Milan), 2015 Notre Dame, 2015 Deutsche Bundesbank (Frankfurt), 2015 Federal Reserve Bank of Atlanta (Atlanta), 2015 Reserve Bank of Australia (Sydney)
   
• Cognitive Abilities and Inflation Expectations (with Francesco D'Acunto and Michael Weber).
  American Economic Review (Papers & Proceedings), 2019, 109(5), 562-566.
  2019 AEA Annual Meeting of the American Economic Association (Atlanta)
   
• Unconventional Fiscal Policy (with Francesco D'Acunto and Michael Weber).
  American Economic Review (Papers & Proceedings), 2018, 108(5), 519-523.
  2018 AEA Annual Meeting of the American Economic Association (Chicago)

• Informed Headquarters and Socialistic Internal Capital Markets (with Martin Ruckes)
  Review of Finance, 2015, 19, 1105-1141.
  2008 CEPR European Summer Symposium (Gerzensee), 2009 Annual Meeting of the German Finance Association (Münster), 2009 Annual Meeting of the Swiss Society for Financial Market Research (Zürich), 2010 WHU New Year’s Conference (Vallendar), 2010 Midwest Finance Conference (Las Vegas), 2008 ESCP/EAP Paris, 2009 ESMT Berlin, 2009 Humboldt University Berlin, 2010 Helsinki School of Economics/Aalto University, 2010 University of California Berkeley
   
• Corporate Risk Management, Product Market Competition, and Disclosure (with Martin Ruckes).
  Journal of Financial Intermediation, 2016, 30, 107-121.
  2011 International Risk Management Conference at University of Amsterdam, 2014 Meeting of the German Economic Association of Business Administration (Regensburg), 2015 Annual Conference of the German Association for Business Research VHB (Vienna), 2015 9th Accounting Research Workshop (Zurich); 2015 Helsinki School of Economics/Aalto University, 2015 Annual Meeting of the German Finance Association (Leipzig)
   
• Machine Learning Methods in Finance: Recent Applications and Prospects (with Kevin Wiegratz).
  EFM Special Issue “Advancing Machine Learning in Finance”, 2022, Forthcoming.
  2022 Meeting of the Financial Management Association Europe (Lyon)

Intersection of Finance and Accounting

• The Economics of Capital Allocation in Firms: Evidence from Internal Capital Markets (with Sebastian Gatzer und Martin Ruckes, 2022. Internet Appendix.
  Revise and Resubmit at Management Science
  2014 Meeting of the European Financial Management Association (Rome), 2014 Meeting of the German Economic Association of Business Administration (Regensburg), 2014 Meeting of the Financial Management Association (Nashville), 2015 Annual Conference of the Swiss Society for Financial Market Research (Zurich), 2015 Annual Conference of the German Association for Business Research VHB (Vienna), 2015 International Conference of the French Finance Association, 2015 Annual Meeting of the German Finance Association (Leipzig)
  
  Previous version: Internal Capital Markets and Diversified Firms: Theory and Practice, 2015.
   
• Corporate Diversification and Capital Structure (with Andreas Benz), 2021
  Winner of the Larry Lang Best Paper Award in Corporate Finance 2019
  Revise and Resubmit at the Review of Finance
  2021 Meeting of the French Finance Association (Nantes), 2020 Meeting of the Financial Management Association (New York), 2020 17th Corporate Finance Day (Liège), 2019 Meeting of the German Economic Association of Business Administration (Rostock), 2019 Meeting of the European Financial Management Association (Ponta Delgada), 2018 3rd SDU Finance Workshop (Odense), 2017 University of Mainz, 2017, University of Würzburg
   
• Picking Winners: Managerial Ability and Capital Allocation in Internal Capital Markets (with Andreas Benz, Peter Demerjian, Martin Ruckes), 2021. KIT Working Paper
   
• Do Nonfinancial Firms Hold Risky Financial Assets: Evidence from Germany (with Andreas Benz, Fabian Silbereis, and Raphael Stengel), 2022. 
  Revise and Resubmit at the Journal of Banking and Finance
  2021 Annual Conference of the European Financial Management Association (Leeds, UK), 2021 International Conference of the French Finance Association (Nantes, France), 2021 Annual Meeting of the Southwestern Finance Association (Galveston, TX, USA)

Household Finance

• Human Frictions in the Transmission of Economic Policy (with Francesco D'Acunto, Maritta Paloviita and Michael Weber), 2021. NBER Working Paper No. 29279.
  2018 Chicago, 2018 CES-ifo Venice Summer Institute, 2018 Fed Board, 2018 European Central Bank, 2018 Aalto University, 2018 CEPR Conference on Household Finance (Sicily).
   
• Effective Policy Communication: Targets versus Instruments (with Francesco D'Acunto, Maritta Paloviita and Michael Weber, 2020. BFI Working Paper No. 2020-148.
  2020 Bank of Finland Economics Seminar
   
• The Effect of Unconventional Fiscal Policy on Consumption Expenditure (with Francesco D'Acunto und Michael Weber), 2016. NBER Working Paper No. 22563.
  Results partially subsumed in "Managing Households' Expectations with Unconventional Policies"
  Previous version: Inflation Expectations and Consumption Expenditure, 2015, Chicago Booth Global Markets Working Paper

• The Effect of Unconventional Fiscal Policy on Consumption Expenditure (with D'Acunto, F. and Weber, M.).
  ifo DICE Report, 2017, 15 (1), p. 9-11.
• Country Risk – Cost of Equity Measurement: Methodologies and Implications (with Emmel, M., Gatzer, S., Horn, M.P., Lahmann, A.).
  CORPORATE FINANCE 2017, 09-10. Internet Appendix. reprinted in: Jahrbuch der Unternehmensbewertung 2018.
• Ratenkreditvertrieb über Online-Vergleichsportale (with Drehmann-Westermann, H.).
  Die Bank: Zeitschrift für Bankpolitik und Praxis, 2014, 4
• Profit Pools – Analyse und Bewertung von Geschäftsfeldern in der Energiewirtschaft (with Kloster, D.).
  Energiewirtschaftliche Tagesfragen, 2016, 66, 1/2

• Unconventional Fiscal Policy to Exit the COVID-19 Crisis (with D'Acunto, F. and Weber, M.).
  VoxEU, June 08, 2020.
• Dall’Iva una spinta ai consumi per far partire la ripresa (with D'Acunto, F. and Weber, M.).
  LaVoce, June 26, 2020.
• Fighting Deflation with Unconventional Fiscal Policy (with D'Acunto, F. and Weber, M.).
  VoxEU, April 27, 2016.
• Inflation Expectations Spur Consumption (with D'Acunto, F. and Weber, M.).
  VoxEU, June 09, 2015.
• Steigende Inflationserwartungen stimulieren Konsum (with D'Acunto, F. and Weber, M.).
  Ökonomenstimme, July 03, 2015.

• Internal Markets for Labor and Capital. Deutsche Forschungsgemeinschaft (DFG) / German National Science Foundation, Principal Investigator, joint with Martin Ruckes
• Unconventional Monetary Policy, Expectations and Household Spending.
  Fritz Thyssen Foundation, joint with Francesco D'Acunto and Michael Weber
• Corporate Risk Management. Funk-Stiftung Hamburg, Principal Investigator, joint with Martin Ruckes
• Corporate Diversification and Capital Structure, Frankfurter Institut für Risikomanagement und Regulierung (FIRM), Principal Investigator
• Human Frictions, Deutsche Bundesbank, joint with Francesco D'Acunto and Michael Weber

• Who is Right About Inflation?, Chicago Booth Review, Aug 2021
• How Central Bankers Can Manage Consumer Expectations, Chicago Booth Review, Feb 2021
• Corporate Diversification and Capital Structure, FIRM, Feb 2021
• How Central Bankers Misjudge Forward Guidance, Chicago Booth Review, Dec 2020
• Thinking Out of the Box: “Unconventional” Fiscal Policies for Economic Recovery After Covid-19, TheStreet.com, Jun 2020
• Why Central Banks Need to Change Their Message, Chicago Booth Review, Nov 2019
• The Real Problem Central Bankers Face: The Rest of Us, Wall Street Journal, Oct 2019
• IQ, Expectations, and Choice and Human Frictions in the Transmission of Economic Policy, BFI Research Brief, February 2019
• Wie Notenbanken weltweit mit neuen Kommunikationskanälen experimentieren, Handelsblatt, January 2019
• The Effect of Unconventional Fiscal Policy, BFI Research Brief, May 2018
• Can Sales Taxes Boost Economic Growth?, Chicago Booth Review, February 2017.
• Unconventional Fiscal Policy and Consumption Spending, NBER DIGEST, October Issue, pdf.
• Der verblüffende Effekt von Steuererhöhungen, DIE WELT, October 23, 2015.
• NBER Paper Studies the Effect of Unconventional Fiscal Policy on Consumption Expenditure, Wall Street Journal (Pro), September 23, 2016.
• Inflationserwartung kann Ausgabebereitschaft der Verbraucher erhöhen, GfK, October 2015.
• Expecting Higher Prices Can Spur Spending, Chicago Booth, April 2015.
• Grand Central: The Untaper Tantrum, Wall Street Journal (Economics Blog), October 2015.
• Un aumento annunciato dell’Iva per spingere i consumi?, La Voce, September 2015.
• Inflation Expectations Spur Consumption Expenditure, Econbrowser, January 2015.
• Some Consumers Don’t Take the Bait When Economists Project Inflation, MainStreet.com, December 2015
• Kiut a gazdasagi depressziobol: Inflacios varakozasok es lakossagi fogyasztas, Penzugyi Szemle, November 2015.
• Inflation Expectations and Consumption Expenditure, Bloomberg Surveillance, April 2015.
• Konsum-Ankurbler, Badische Neueste Nachrichten, November 10, 2015
• Further mentionings in: World Economic Forum (Agenda), ScienceDaily, Poleconomix (προτασεις), Mendimi Ekonomik i Javës, markenartikel, Marktforschung, Berliner Umschau, Allgäuer Zeitung

• 2016-today: Karlsruhe Institute of Technology (KIT), Research Group Leader (KIT-Nachwuchsgruppenleiter).
• 2013-today: Karlsruhe Institute of Technology (KIT), Akademischer Rat.
• 2007-2010: Karlsruhe Institute of Technology (KIT), Dr. rer. pol. (summa cum laude), Advisor: Prof. Dr. Martin Ruckes
• 2009-2010: University of California Berkeley - Haas School of Business, Visiting Scholar.
• 1998-2004: Universität Karlsruhe, Industrial Engineering (M.Sc.) / Wirtschaftsingenieurwesen (Dipl.-Wi.-Ing.).
• 2001-2002: University of Massachusetts, Master of Business Administration (MBA).

• 2010-2013: Monitor Deloitte Strategy Consulting, Senior Manager (Management Consultant)
• 2004-2007: Monitor Group, Manager and Senior Consultant (Management Consultant)
• 2002-2003: Bain & Company Switzerland and Siemens Management Consulting, Summer Associate/Intern

• Faculty Council Member (Fakultätsrat): Representative of the Scientific Staff (Akademischer Mittelbau) of the Department of Economics and Management
• Member of KIT Young Investigator Network (YIN, membership by invitation)
• Exchange Program Coordinator of the Nashville Exchange Program with the Owen Graduate School Management at Vanderbilt University
• Mentor for KIT Fellowship Holders of Stiftung der deutschen Wirtschaft (sdw) and Alumnus Fellowship Holder

• Application Procedure: Our chair offers many exciting thesis topics for your Bachelor's or Master's degree. The application procedure is described here.
• Get in Touch: If your interest is in working on a topic offered by my research group, please do not hesitate to contact me well in advance. Our interest is that you make the most of your thesis.
• Industry Cooperations: If you plan to cooperate with industry partners, I am happy to supervise if the topic relates to the group's overall research agenda in finance, acounting, and corporate strategy.

• Corporate Risk Management - Winter Term 2019/20
• Corporate Risk Management - Summer Term 2019
• Corporate Risk Management - Winter Term 2018/19
• Financial Intermediation - Winter Term 2018/19
• Financial Intermediation - Winter Term 2017/18
• Financial Intermediation - Winter Term 2016/17
• Financial Intermediation - Winter Term 2015/16
• Financial Intermediation - Winter Term 2014/15
• Financial Intermediation - Winter Term 2013/14
• Corporate Finance 2 - Summer Term 2021
• Corporate Finance 2 - Summer Term 2020
• Corporate Finance 2 - Summer Term 2019
• Corporate Finance 2 - Summer Term 2018
• Corporate Finance 2 - Summer Term 2017
• Corporate Finance 2 - Summer Term 2016
• Corporate Finance 2 - Summer Term 2015
• Corporate Finance 2 - Summer Term 2014
• Corporate Finance 2 - Summer Term 2013
• Business Ethics (Hector School) - Summer Term 2019
• Business Ethics (Hector School) - Summer Term 2017
• Business Ethics (Hector School) - Summer Term 2015
• Business Ethics (Hector School) - Summer Term 2012
• Seminar "Corporate Governance" - Winter Term 2021/22
• Seminar "Mergers & Acquisitions" - Winter Term 2020/21
• Seminar "Behavioural & Household Finance" - Winter Term 2019/20
• Seminar "Capital Structure Choice and Debt Policy" - Winter Term 2018/19
• Seminar "Distressed Firms and Corporate Bankruptcy" - Winter Term 2017/18
• Seminar "FinTech and Digital Finance" - Summer Term 2021
• Seminar "Climate Finance" - Summer Term 2020
• Seminar "Family Firms" - Summer Term 2019
• Seminar "Venture Capital and Entrepreneurial Finance" - Summer Term 2018
• Seminar "Corporate Risk Management" - Summer Term 2017

Please contact me if you have questions about these classes.