Faculty Profile University of Mannheim Business School

University of Mannheim
Business School

Faculty Profile
Dear reader,

The Business School of the University of Mannheim represents           Apart from that, the faculty has different expertise that goes bey-
one of the largest and most reputed institutions of its kind in        ond research excellence. The following pages provide an outline
Europe. For more than one hundred years, we are dedicated to           of their competences – including their fields of research, careers,
research and teaching. Founded in 1907, our organization has           publications and awards.
become a full provider by offering programs for Bachelor, Master
and Ph.D. as well as for MBA and EMBA in management education.         If you need further information, do not hesitate to contact us on
                                                                       our websites or visit us in our inviting baroque palace offices,
Our School has committed itself to fulfill the highest requirements    lecture halls and libraries.
of international standards. Therefore, we put great effort into
quality control, most importantly by undergoing international
accreditation assessment and Assurance of Learning (AoL) on a          Sincerely yours,
regular basis. We are proud to be accredited by AACSB, AMBA and
EFMD (EQUIS). Nevertheless, all members of our School strive for
continuous improvement.

Achieving our goal relies on the brain and heart of our institution    Dr. Jürgen M. Schneider
– the faculty. Composed of more than 50 highly motivated full          Dean of the Business School
and assistant professors, their productiveness is widely demons-
trated by more than 500 journal publications in the last five years.
and Taxation
Professor Dr. Holger Daske
                                          Chair of Accounting and Capital Markets
                                          Phone: +49(0)621/181-2280, Fax: +49(0)621/181-2009

                                          Main Fields of Research:
                                          Financial Reporting and Capital Market Communication
                                          Empirical Accounting Research
                                          Corporate Valuation and Financial Statement Analysis
                                          Accounting of Financial Institutions

Curriculum Vitae:                                                 • Editorial Board “European Accounting Review (EAR)”
1999         Diplom-Kaufmann (M.Sc. in Business Administra-       • Editorial Board “DIE BETRIEBSWIRTSCHAFT (DBW)”
             tion), Goethe-University, Frankfurt
2001-2002    Visiting Scholar, University of Wales /
             Lancaster University                                 Significant Publications:
2005         Dr. rer. pol., Goethe-University, Frankfurt          Bischof, J. / Daske, H. / Sextroh, C. (2014): Fair Value-Related In-
2006-2007    Visiting Assistant Professor of Accounting,          formation in Analysts’ Decision Processes: Evidence from the Fi-
             The Wharton School, University of Pennsylvania       nancial Crisis, Journal of Business Finance and Accounting, 41,
2007-2010    Professor of Business Administration, Accounting     3&4, 363-400.
             and Finance, University of Mannheim
Since 2010   Professor of Business Administration, Accounting     Bischof, J. / Daske, H. (2013): Mandatory Disclosure, Voluntary
             and Capital Markets, University of Mannheim          Disclosure, and Stock Market Liquidity: Evidence from the EU
                                                                  Bank Stress Tests, Journal of Accounting Research, 51, 5, 997-
Selected Memberships:
• American Accounting Association (AAA)                           Daske, H. / Hail, L. / Leuz, C. / Verdi, R. (2013): Adopting a Label:
• European Accounting Association (EAA)                           Heterogeneity in the Economic Consequences of IFRS Adoptions,
• Research Network INTACCT of the European Union (EU)             Journal of Accounting Research, 51, 3, 495-547.
• Verein für Socialpolitik, Ausschuss für Unternehmensrechnung
  (since 2012)                                                    Daske, H. / Bassemir, M. / Fischer, F. (2010): Manipulation des
• German Academic Association for Business Research               Börsenkurses durch gezielte Informationspolitik im Rahmen von
  (VHB), Wissenschaftliche Kommission Rechnungswesen              Squeeze-Outs? – Eine empirische Untersuchung am deutschen
• Schmalenbach-Gesellschaft für Betriebswirtschaft e.V.           Kapitalmarkt, Zeitschrift für betriebswirtschaftliche Forschung, 62,
• Director University Partnership CFA Institute                   254-288.

                                                                  Daske, H. / Hail, L. / Leuz, C. / Verdi, R. (2008): Mandatory IFRS
Prizes, Awards, Honors:                                           Reporting Around the World: Early Evidence on the Economic
• Emerald Citations of Excellence Award (2012)                    Consequences, Journal of Accounting Research, 46, 5, 1085-1142.
• IAAER/KPMG Research Grants – Informing the IASB Decision
  Process (2010, 2013)                                            Daske, H. (2006): Economic Benefits of Adopting IFRS or US-
• European Accounting Association: Best Paper Award in the        GAAP – Have the Expected Costs of Equity Capital really decrea-
  category “Financial Accounting” (2008)                          sed?, Journal of Business Finance and Accounting, 33, 3,
• American Accounting Association / International Accounting      329-373.
  Section: Best Paper Award (2005)
• Winner at the EAA Doctoral Colloquium and representative at     Daske, H. / Gebhardt, G. / McLeay, S. J. (2006): The Distribution
  the AAA Doctoral Consortium (2002)                              of Earnings Relative to Targets in the European Union, Accoun-
                                                                  ting and Business Research, 36, 3, 137-168.

Selected Editorial Activities:                                    Daske, H. / Gebhardt, G. (2006): International Financial Reporting
• Editorial Board “International Journal of Accounting Research   Standards and Perceptions of Disclosure Quality, Abacus, 42, 3/4,
  (IJAR)”                                                         461-498.
Professor Dr. Ulrich Schreiber
                                           Chair of Taxation I
                                           Phone: +49(0)621/181-1718, Fax: +49(0)621/181-1716

                                           Main Fields of Research:
                                           Company Taxation
                                           International Business Taxation
                                           Tax Harmonization in the European Union
                                           Tax Planning

Curriculum Vitae:                                                   The Impact of Thin-Capitalization Rules on the Capital Structure
1974       Diplom-Kaufmann                                          of Multinational Firms, with Thiess Büttner, Michael Overesch and
           (M.Sc. in Business Administration)                       Georg Wamser, Journal of Public Economics 2012, 930-938.
1979       Dr. rer. pol. (Ph.D. in Business)
1985       Habilitation (Business Administration),                  Asset Specificity, International Profit Shifting, and Investment De-
           University of Mannheim                                   cisions, with Michael Overesch, Zeitschrift für Betriebswirtschaft
1985-1999 Professor of Business Administration and Business         2010, 23-47.
           Taxation, University of Hannover
1997       Certified Tax Consultant                                 European group taxation – the role of exit taxes, with Gregor Füh-
Since 1999 Professor of Business Administration and Business        rich, European Journal of Law and Economics 2009, 257-274.
           Taxation, University of Mannheim
                                                                    Internationale Gewinnverlagerung – Bestandsaufnahme und Per-
                                                                    spektiven, Die Betriebswirtschaft 2009, 535-550.
Selected Memberships:
• Academic Advisory Board of the Federal Ministry of Finance        Taxation and Capital Structure Choice – Evidence from a Panel
  (Wissenschaftlicher Beirat beim Bundesministerium der Finanzen)   of German Multinationals, with Thiess Büttner, Georg Wamser and
• Research Fellow at the Centre for European Economic Re-           Michael Overesch, Economic Letters 2009, 309-311.
  search (ZEW)
• German Economic Association (Verein für Socialpolitik, Aus-       Steuerwirkungen beim Unternehmenskauf – Eine ökonomische
  schuss Unternehmensrechnung)                                      Analyse steuerrechtlicher Missbrauchsregeln, with Jan Markus Mai,
• Association of University Professors of Management (Verband       Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung
  der Hochschullehrer für Betriebswirtschaft, Kommissionen Be-      2008, 2-28.
  triebswirtschaftliche Steuerlehre und Rechnungswesen)
                                                                    Allgemeine Unternehmenssteuer oder Duale Einkommensteuer?,
                                                                    Zeitschrift für Betriebswirtschaft 2006, 1163-1185.
Selected Editorial Activities:
Editor “Schmalenbachs Zeitschrift für betriebswirtschaftliche       Unternehmensbesteuerung im Binnenmarkt. Angleichung der Ge-
Forschung/Schmalenbach Business Review (zfbf/sbr)”                  winnermittlung und des Satzes der Körperschaftsteuer?, Steuer
                                                                    und Wirtschaft 2004, 212-226.

Significant Publications:                                           Gewinnermittlung und Besteuerung der Einkommen, Steuer und
International business taxation and the business cash flow tax,     Wirtschaft 2002, 105-115.
Review of Managerial Science 2013, 309 - 326.
                                                                    Measuring the Impact of Taxation on Investment and Financing
International Company Taxation. An Introduction to the Legal        Decisions, with Ch. Spengel and L. Lammersen, Schmalenbach
and Economic Principles, Springer, Berlin and Heidelberg 2013.      Business Review 2002, 2-23.

Besteuerung der Unternehmen. Eine Einführung in Steuerrecht
und Steuerwirkung, 3rd ed., Springer, Berlin and Heidelberg 2012.
Professor Dr. Dirk Simons
                                          Ernst & Young Chair of Accounting
                                          Phone: +49(0)621/181-1663, Fax: +49(0)621/181-1665

                                          Main Fields of Research:
                                          International Accounting
                                          Theory of Accounting and Auditing
                                          New Institutional Economics and Stock Option Plans

Curriculum Vitae:                                                Significant Publications:
1996       Diploma in Business Administration,                   Ross, N. and Simons, D.: IFRS 2 – Anteilsbasierte Vergütung
           University of Bielefeld                               (Share-based payment), in Baetge / Wollmert / Kirsch / Oser / Bi-
2001       Doctorate: Cost and Benefit of Stock Option           schoff (Hrsg.): Rechnungslegung nach IFRS – Kommentar auf der
           Programs                                              Grundlage des deutschen Bilanzrechts, Schäffer-Poeschel, Stutt-
2003-2004 Departmental representation at the University          gart, 2014.
           of Magdeburg
2004       Habilitation: Internationalization of Accounting,     Niemann, R., Martini, J. T., and Simons, D., “Transfer Pricing or
           Auditing and Corporate Governance                     Formula Apportionment? Tax-induced distortions of multinatio-
Since 2004 Professor at the University of Mannheim               nals' investment and production decisions”, Contemporary Ac-
                                                                 counting Research, Vol. 29, Issue 4, pp. 1060-1086, 2012.
                                                                 (Certified with the Best Paper Award by the German Academic As-
Selected Memberships:                                            sociation for Business Research (VHB)).
• American Accounting Association (AAA)
• European Accounting Association (EAA)                          Ruhnke, K. und Simons, D. - Rechnungslegung nach IFRS und
• Association for Operations Research (GOR)                      HGB - Ein Lehrbuch zur Theorie und Praxis der Unternehmens-
• German Academic Association for Business Research (VHB),       publizität mit Beispielen und Übungen, Schäffer-Poeschel Verlag,
  Treasurer (since January 1, 2011)                              3. Edition, Stuttgart 2012.
• Schmalenbach Gesellschaft für Betriebswirtschaft e.V. (SG)
• IAAER                                                          Chwolka, A., Martini, T., Simons, D., “The Value of Negotiating
• Committee for Corporate Accounting (Ausschuß Unternehmens-     Cost-Based Transfer Prices”, BuR, Vol. 3, Issue 2, pp. 113-131,
  rechnung) and Committee for the Theory of the Firm (Aus-       2010.
  schuß Unternehmenstheorie) of the Verein für Socialpolitik
                                                                 Jahnke, H., Chwolka, A., and Simons, D., “Coordinating service-
                                                                 sensitive demand and capacity by adaptive decision making: An
Prizes, Awards, Honors:                                          application of case-based decision theory”, Decision Sciences, Vol.
• Schmalenbach Award by the Schmalenbachgesellschaft (SG)        36, No. 1, pp. 1-32, 2005.
• Best Paper Award (VHB) (2012)                                  Simons, D., Internationalisierung von Rechnungslegung, Wirt-
                                                                 schaftsprüfung und Corporate Governance, in: Haegert, L. et al.
                                                                 (Hrsg.), Schriften zum Steuer-, Rechnungs- und Prüfungswesen,
Selected Editorial Activities:                                   Deutscher Universitäts-Verlag, Wiesbaden 2005.
• Business Research (BuR) – Editorial board member
• Die Betriebswirtschaft (DBW) – Editorial board member          Biskup, D. and Simons, D., “Common due date scheduling with
• OR Spectrum - Editor                                           autonomous and induced learning”, European Journal of Opera-
                                                                 tional Research, Vol. 159, pp. 606-616, 2004.

                                                                 Chwolka, A. and Simons, D., “Impacts of revenue sharing, profit
                                                                 sharing, and transfer pricing on quality-improving investments”,
                                                                 European Accounting Review, Vol. 12, pp. 47-76, 2003.

Professor Dr. Christoph Spengel
                                          Chair of Taxation II
                                          Phone: +49(0)621/181-1704, Fax: +49(0)621/181-1706

                                          Main Fields of Research:
                                          International Taxation and Tax Planning
                                          Tax Accounting
                                          Harmonization of Company Taxation in Europe
                                          Measurement of Effective Tax Burdens

Curriculum Vitae:                                                  Selected Editorial Activities:
1990         Diplom-Kaufmann (M.Sc. in Business Administration),   • Editorial Board and Contributing Author: “World Tax Journal
             University of Mannheim                                  (WTJ)”
1995         Dr. rer. pol., University of Mannheim
2002         Post-doctoral degree (Habilitation),
             University of Mannheim                                Significant Publications:
2002-2003    Senior Tax Manager in one of the “Big 4” firms        Spengel, C. et al. (2014): Intellectual Property Box Regimes: Ef-
             and Deputy Professor, University of Hamburg           fective Tax Rates and Tax Policy Considerations, International Tax
2003-2006    Professor of Business Administration and Interna-     and Public Finance.
             tional Taxation, Justus Liebig-University of Gießen
Since 2003   Member of the Scientific Council of the German        Spengel, C. et al. (2014): Increasing Importance of Transfer Pricing
             Federal Ministry of Finance                           Regulations – a Worldwide Overview, Intertax.
Since 2003   Research Associate, Centre for European Economic
             Research (ZEW)                                        Spengel, C. et al. (2014): Transparency in Financial Reporting: Is
Since 2006   Professor of Business Administration and Interna-     Country-by-Country Reporting suitable to combat international
             tional Taxation, University of Mannheim               profit shifting?, Bulletin for International Taxation.
Since 2007   International Research Fellow, Oxford University,
             Saïd Business School                                  Spengel, C. et al. (2013): Profit Shifting and ‘Aggressive’ Tax Plan-
             Academic Director, Mannheim Master of Accounting      ning by Multinational Firms, World Tax Journal.
             and Taxation, Mannheim Business School
Since 2014   Director, Leibniz Scientific Campus MaTax             Spengel, C. et al. (2013): Impact of Tax Rate Cut Cum Base Broad-
                                                                   ening Reforms on Heterogenous Firms, FinanzArchiv.

Selected Memberships:                                              Spengel, C. et al. (2013): Corporate Taxation Trends in Europe,
• Schmalenbach Association for Business Administration             Intertax.
  (Taxation working group)
• Board of the Ernst & Young Foundation                            Spengel, C. et al. (2012): Unternehmensbesteuerung in Deutsch-
• International Fiscal Association (IFA)                           land – Corporate Taxation in Germany, 3rd Ed., Düsseldorf.
• European Association of Tax Law Professors (EATLP)
• Fachinstitut der Steuerberater e.V.                              Spengel, C. et al. (2011): How to Reform Taxation of Corporate
• Mannheimer Unternehmenssteuertag (Chairman of the Board)         Groups in Europe, World Tax Journal.

                                                                   Spengel, C. et al. (2011): Internationale Unternehmensbesteue-
Prizes, Awards, Honors:                                            rung, 7th Ed., Munich.
• Received multiple awards for diploma thesis, dissertation and
  post-doc thesis                                                  Spengel, C. et al. (2011): Non-profit taxation on corporations in
• Excellence in Executive Teaching Award 2009, Mannheim            the EU: Lessons from corporate tax reforms in Germany and tax
  Business School                                                  implications of the global economic crisis, Intertax.
• Students Teaching Award 2013, Mannheim Business School
                                                                   Spengel, C. et al. (2010): Company Taxation in the Asia-Pacific
                                                                   Region, India, and Russia, Heidelberg.
Professor Dr. Johannes Voget
                                         Chair of Taxation and Finance
                                         Phone: +49(0)621/181-3538

                                         Main Fields of Research:
                                         International Taxation
                                         Mergers & Acquisitions
                                         Applied Econometrics

Curriculum Vitae:                                               Significant Publications:
1998-1999 International Economic Studies, Introductory Study    Huizinga, H. P. / Voget, J. / Wagner, W. (2014): International Ta-
           Period, Econometrics, Introductory Study Period,     xation and Cross-Border Banking, American Economic Journal:
           Maastricht University                                Economic Policy 6(2).
1999-2003 Master in Econometrics, Maastricht University
2003-2005 Graduate Program NAKE (Netherlands Network of         Huizinga, H. P. / Voget, J. / Wagner, W. (2012): Who bears the
           Economics)                                           burden of international taxation? Evidence from cross-border
2003-2009 Ph.D. in Economics, Tilburg University                M&As, Journal of International Economics 88.
           Thesis Title: Tax Competition and Tax Evasion in a
           Multi-Jurisdictional World                           Voget, J. (2011): Relocation of Headquarters and International
2007-2009 Research Fellow, Oxford University Centre for         Taxation, Journal of Public Economics 95.
           Business Taxation
2009-2010 Research Fellow, Heidelberg University                Huizinga, H. P. / Voget, J. (2009): International Taxation and the
Since 2010 Professor of Taxation and Finance,                   Direction and Volume of Cross-border M&As, Journal of Finance
           University of Mannheim                               64(3).

Selected Memberships:
• Research Associate of the Oxford University Centre for
  Business Taxation
• Extramural Fellow of the Tilburg University Center for
  Economic Research (CentER)
• Research Associate at the Centre for European Economic
  Research (ZEW)

Prizes, Awards, Honors:
Young Economists Award 2009 of the International Institute
of Public Finance

Professor Dr. Jens Wüstemann
                                          Chair of Accounting and Auditing
                                          Phone: +49(0)621/181-2351, Fax: +49(0)621/181-1694

                                          Main Fields of Research:
                                          Financial Accounting
                                          Normative Accounting Research
                                          Institutional Economics
                                          Behavioral Law and Economics

Curriculum Vitae:                                                  Selected Editorial Activities:
1994         Diplom-Kaufmann (M.Sc. in Business Administration),   • Co-Editor: Schulze-Osterloh, J. / Hennrichs, J. / Wüstemann, J.
             Johann Wolfgang Goethe-University, Frankfurt            (2014), Handbuch des Jahresabschlusses. Bilanzrecht nach HGB,
1994         Maîtrise des Sciences de Gestion,                       EStG, IFRS. 4 Vol., 4.812 pages. Verlag Otto Schmidt.
             Université Paris IX Dauphine, Paris                   • Series Co-Editor: Rechungswesen und Überwachung. Springer
1995         Visiting Scholar, Wharton School,                       Publishing Group.
             University of Pennsylvania                            • Member of the Editorial Board of Accounting, Economics and
1997         Dr. rer. pol. (Ph.D. in Business),                      Law - A Convivium
             Goethe-University, Frankfurt
1999         Visiting Scholar, Stern School, New York University
2000         Habilitation, Goethe-University, Frankfurt            Significant Publications:
2001         Teaching Position, Technical University of Berlin     Koch, C. / Wüstemann, J. (2014): Experimental Analysis, Hand-
Since 2001   Professor of Business Administration, Accounting      book of Public Accountability (M. Bovens / B. Goodin / T. Schil-
             and Auditing, University of Mannheim                  lemans (eds.)), Oxford: Oxford University Press, 127-142.
2002-2009    Board Member and Project Leader of the
             German National Research Center 504 (SFB 504)         Wüstemann, J. / Bischof, J. / Wüstemann, S. (2012): The Econo-
2004-2011    Academic Director, ESSEC & Mannheim EMBA              mics of Private Law, Privates Recht, (C. Bumke / A. Röthel (eds.)),
2006         Visiting Professor, ESSEC Business School, Paris      Tübingen: Mohr Siebeck, 157-186.
Since 2007   Academic Director of the Master of Accounting
             and Taxation                                          Koch, C. / Weber, M. / Wüstemann, J. (2012): Can Auditors be In-
2009-2011    Board Member, Accounting Standards Committee          dependent? Experimental Evidence on the Effects of Client Type,
             of Germany                                            European Accounting Review, 21, 797-823.
Since 2010   President of Mannheim Business School
                                                                   Wüstemann, J. (2011): § 315a und Anhang IFRS, Staub Handels-
                                                                   gesetzbuch Großkommentar (C.-W. Canaris / M. Habersack / C.
Selected Memberships:                                              Schäfer (Eds.)), 5. ed., Berlin et al.: De Gruyter, 611-1086.
• Chair, Oversight Committee of the Common Project
  (Professional Accountancy Qualifications)                        Wüstemann, J. / Wüstemann, S. (2010): Why Consistency of Ac-
• Member, Working Group Financial Accounting (Arbeitskreis         counting Standards Matters: A Contribution to the Rules-Versus-
  Externe Unternehmensrechnung) of the Schmalenbach-Ge-            Principles Debate in Financial Reporting, Abacus, 46, 1-27.
  sellschaft für Betriebswirtschaft
                                                                   Wüstemann, J. / Wüstemann, S. (2009): Betriebswirtschaftliche
                                                                   Bilanzrechtsforschung und Grundsätze ordnungsmäßiger Gewinn-
Prizes, Awards, Honors:                                            realisierung für Werkverträge, Zeitschrift für Betriebswirtschaft,
• Best Paper Award, Accounting Section of the German Acade-        79, 31-58.
  mic Association for Business Research (VHB) and IAAER, 2009
• Wilhelm Merton Ph.D. Award,1998                                  Wüstemann, J. / Kierzek, S. (2007): Normative Bilanztheorie und
• Faculty Award, Faculty for Economics and Business Admini-        Grundsätze ordnungsmäßiger Gewinnrealisierung für Mehrkom-
  stration, Johann Wolfgang Goethe-University, Frankfurt,1994      ponentenverträge, Zeitschrift für betriebswirtschaftliche For-
• Egon Zehnder Diploma Thesis Award, 1994                          schung, 59, 882-913.
• German National Academic Foundation (Studienstiftung des
  deutschen Volkes), 1990 to 1994
Dr. Michael Ebert
                                         Ernst & Young Chair of Accounting
                                         Phone: +49(0)621/181-1661, Fax: +49(0)621/181-1665

                                         Main Fields of Research:
                                         Informational Value of Disclosure, Behavioral Accounting
                                         Corporate Governance and Financial Reporting

Curriculum Vitae:                                                Significant Publications:
2004       Diplom-Kaufmann (M.Sc. in Business Administration),   IFRS 7 Disclosures and Risk Perception of Financial Instruments (with
           Otto-von-Guericke-University, Magdeburg               Jannis Bischof), Schmalenbach Business Review, Vol. 66 (2014), pp.
2009       Dr. rer. pol. (Ph.D. in Business),                    1-33.
           University of Mannheim
Fall 2010 Visiting Scholar, Carnegie Mellon University in        Wertorientierte Vergütung des Aufsichtsrats - Auswirkungen auf den
           Pittsburgh, Tepper School of Business,                Unternehmenswert (mit N. Zein), Betriebswirtschaftliche Forschung
           Accounting Department                                 und Praxis, No. 4 (2012), pp. 364-383.
Since 2010 Assistant Professor of Accounting,
           University of Mannheim                                Interne Nutzung des Goodwill-Accounting als Informationsinstru-
                                                                 ment bei angestrebten Unternehmensübernahmen (with D. Simons),
                                                                 Zeitschrift für betriebswirtschaftliche Forschung, Special Issue 59
                                                                 (2008), pp. 43-68.

                                         Dr. Katharina Finke
                                         Chair of Business Administration and Taxation II
                                         Phone: +49(0)621/1235-397

                                         Main Fields of Research:
                                         Taxation and the Decision Behavior of Multinational Firms
                                         Tax Reform Analysis

Curriculum Vitae:
2006       Maîtrise en Sciences Economiques                      Behavioural Corporate Microsimulation Analysis for Germany,
           (M.Sc. in Economics), University Paris I              ZEW Discussion Paper No. 14-033.
2008       Diplom-Kauffrau University of Tübingen
2012       Visiting Researcher Oxford Centre for Business        Finke, Katharina, Jost Henrich Heckemeyer, Timo Reister and Chri-
           Taxation                                              stoph Spengel (2013), Impact of Tax Rate Cut Cum Base Broad-
2013       Dr. rer pol. University of Mannheim                   ening Reforms on Heterogeneous Firms - Learning from the
Since 2014 Senior Researcher ZEW, Department of Corporate        German Tax Reform 2008, Finanzarchiv, 72-144.
           Taxation and Public Finance
                                                                 Fuest, Clemens, Christoph Spengel, Katharina Finke, Jost Henrich
                                                                 Heckemeyer and Hannah Nusser (2013), Profit Shifting and ‘Ag-
Significant Publications:                                        gressive' Tax Planning by Multinational Firms: Issues and Options
Finke, Katharina, Jost Henrich Heckemeyer, Christoph Spengel     for Reform, World Tax Journal.
(2014), Assessing the Impact of Introducing an ACE Regime – A

Dr. Jost H. Heckemeyer
                                            Chair of Business Administration and Taxation II
                                            Phone: +49(0)621/181-1712

                                            Main Fields of Research:
                                            International Taxation
                                            Taxation of Small and Medium Sized Enterprises (SME)

Curriculum Vitae:                                                    Significant Publications:
2007        Diplom-Volkswirt (M.Sc. in Economics), University        Capital Structure Choice and Company Taxation: A Meta-Study
            of Münster, and Maîtrise en Sciences Economiques,        (with Lars P. Feld und Michael Overesch), Journal of Banking and
            University of Paris II                                   Finance, 37, 2013, 2850-2866.
2007-2012 Researcher, Centre for European Economic Research
            (ZEW), Mannheim                                          Profit Shifting and "Aggressive" Tax Planning by Multinational
Spring 2011 Visiting Researcher, International Monetary Fund         Firms: Issues and Options for Reform (with Clemens Fuest, Chri-
            (IMF), Washington D.C.                                   stoph Spengel, Katharina Finke und Hannah Nusser), World Tax
2012        Dr. rer. pol. (Ph.D. in Economics),                      Journal, 5, 2013, 307-324.
            University of Heidelberg
Since 2012 Assistant Professor of Taxation,                          Impact of Tax Rate Cut Cum Base Broadening Reforms on Hete-
            University of Mannheim                                   rogeneous Firms - Learning from the German Tax Reform 2008
                                                                     (with Katharina Finke, Timo Reister und Christoph Spengel), Fi-
                                                                     nanzArchiv, 69, 2013, 72-114.

                                            Dr. Dennis Voeller
                                            Ernst & Young Chair of Accounting
                                            Phone: +49(0)621/181-1638, Fax: +49(0)621/181-1665

                                            Main Fields of Research:
                                            Financial Reporting and Corporate Governance
                                            Tax Accounting

Curriculum Vitae:                                                    Significant Publications:
2006       Diplom-Kaufmann (M.Sc. in Business Administra-            Interdependencies between Auditing and Corporate Governance
           tion), University of Mannheim                             - Evidence from Germany, Schmalenbach Business Review (2013),
2009       Visiting Scholar, Tilburg University                      Vol. 65, pp. 198-226 (with M. Bremert and N. Zein).
2011       Dr. rer. pol. (PhD in Business), University of Mannheim
2012-2013 Visiting Scholar, University of Pennsylvania,              Erbschaftsteuerliche Verschonungsregeln für das Betriebsvermö-
           Wharton School                                            gen – ein theoretischer Ansatz zur Steuerplanung, Zeitschrift für
Since 2012 Assistant Professor of Accounting,                        betriebswirtschaftliche Forschung (2012), Vol. 64, pp. 2-36 (with
           University of Mannheim                                    D. Simons and M. Corsten).

                                                                     The Impact of Personal and Corporate Taxation on Capital Struc-
                                                                     ture Choices, FinanzArchiv/Public Finance Analysis (2010), Vol.
                                                                     66, pp. 263-294 (with M. Overesch).
Finance, and
Professor Dr. Peter Albrecht
                                          Chair of Risk Theory, Portfolio Management and Insurance
                                          Phone: +49(0)621/181-1680, Fax: +49(0)621/181-1681

                                          Main Fields of Research:
                                          Risk Management and Insurance
                                          Investment Management
                                          Financial and Actuarial Mathematics

Curriculum Vitae:                                                  Significant Publications:
1978         Graduation in Mathematics, University of Mannheim     Financial Mathematics for Students of Economics, 3rd ed., Stutt-
1981         Doctorate (Ph.D.) in Business Administration,         gart 2014.
             University of Mannheim
1986         Habilitation in Business Administration,              Value at Risk-minimal Hedging, in: Zeitschrift für betriebswirt-
             University of Mannheim                                schaftliche Forschung 2011.
1987-1989    Professor, University of Heidelberg
Since 1989   Professor and Chair, University of Mannheim           A Risk Analysis of Hedgefunds, in: Zeitschrift für die gesamte Ver-
1992-1993    Dean of the Business School, University of Mannheim   sicherungswissenschaft 2008.
2001-2002    Dean of the Business School, University of Mannheim
Since 2002   Managing Director of the Institute of Insurance       Investment and Risk Management, 3rd ed., Stuttgart 2008.
             Science, University of Mannheim
2007-2009    Dean for Student Affairs, Business School of the      Financial and Actuarial Mathematics, Stuttgart 2007.
             University of Mannheim
2009-2014    Member of the Senate of the University of             Quantifying Operational Risks: The Loss Distribution Approach,
             Mannheim                                              in: German Risk and Insurance Review 2007.

                                                                   Understanding and Allocating Investment Risks in a Hybrid Pen-
Selected Memberships:                                              sion Plan, in: Restructuring Retirement Risks, Oxford University
• International Actuarial Association                              Press 2006.
• Actuarial Approach for Financial Risks-Section
  (former board member)                                            Risk Measures, in: Encyclopedia of Actuarial Science, Wiley 2004.
• German Actuarial Association (former board member)               Risk-based Capital Allocation, in: Encyclopedia of Actuarial Sci-
• German Society for Insurance Science (former board member)       ence, Wiley 2004.
• German Society for Insurance Mathematics
  (former board member)                                            Methods of Risk-based Capital Allocation, in: Zeitschrift für die
                                                                   gesamte Versicherungswissenschaft 2004.

Prizes, Awards, Honors:                                            Random Walk or Mean Reversion?, in: Kredit und Kapital 2004.
Dr. Kurt Hamann Award                                              Self-Annuitization, Consumption Shortfall in Retirement, and
                                                                   Asset Allocation: The Annuity Benchmark, in: Journal of Pension
                                                                   Economics and Finance 2002.
Selected Editorial Activities:
• Zeitschrift für die gesamte Versicherungswissenschaft            Shortfall Risks of Stocks in the Long Run, in: Financial Markets
  (Associate Editor)                                               and Portfolio Management 2001.
• Der Aktuar (Advisory Board)
• Editor-in-Chief of “Veröffentlichungen des Instituts für         On the Consequences of Insurance Contracts with a Possibility of
  Versicherungswissenschaft der Universität Mannheim” and          Default - A Contribution to Behavioral Insurance, in: Zeitschrift
  “Mannheimer Vorträge zur Versicherungswissenschaft"              für die gesamte Versicherungswissenschaft 2000.
Professor Ernst Maug, Ph.D.
                                           Chair of Corporate Finance
                                           Phone: +49(0)621/181-1951, Fax: +49(0)621/181-1664

                                           Main Fields of Research:
                                           Corporate Governance
                                           Executive Compensation
                                           Mergers and Acquisitions
                                           Shareholder Voting and Board Structures

Curriculum Vitae:                                                 Selected Editorial Activities:
1988         Diplom-Volkswirt, Goethe-University Frankfurt        • Editor, Finance Working Paper Series of the European Corpo-
1990         M.Sc. in Econometrics and Mathematical                 rate Governance Institute (since 2013)
             Economics, London School of Economics                • Director on the executive committee of the European Finance
1993         Ph.D., London School of Economics                       Association, (since 2012)
1993-1996    Assistant Professor of Finance,                      • FMA Global Services Committee (since 2014)
             London Business School                               • Associate Editor: Review of Finance (2004-2013), Schmalen-
1996-2000    Assistant Professor of Finance,                        bach Business Review (2005-2013)
             Fuqua School of Business, Duke University            • Program committees: German Finance Association 2005-
2000-2005    Adjunct Professor of Business Administration,          2013, Western Finance Association 1996-2000 and 2007-
             Fuqua School of Business, Duke University              2014, European Financial Management Association 2001,
2000-2006    Rudolf von Bennigsen-Förder Professor of Business      European Finance Association 2002 and 2005-2014
             Administration, Humboldt University Berlin
Since 2002   Research Associate, European Corporate Gover-
             nance Institute (ECGI)                               Significant Publications:
2005         Visiting Professor, University Paris IX (Dauphine)   Dittmann, Ingolf, Dorothea Kübler, Ernst Maug and Lydia Mech-
2008         Visiting Professorial Fellow at the University of    tenberg, 2014, Why Votes Have Value: Instrumental Voting with
             New South Wales                                      Overconfidence and Overestimation of Others' Errors, Games and
2013         Visiting Professor of Finance, Fuqua School of       Economic Behaviour, 84(0), pp. 17-38.
             Business, Duke University
Since 2006   Professor of Corporate Finance, University of        Dittmann, Ingolf, Ernst Maug, and Oliver Spalt, 2013, Indexing
             Mannheim                                             Executive Compensation Contracts, Review of Financial Studies,
                                                                  26, pp. 3182-3224.

Selected Memberships:                                             Dittmann, Ingolf, Ernst Maug, and Oliver Spalt, 2010, Sticks or
• American Finance Association                                    Carrots? Optimal CEO Compensation when Managers are Loss-
• Society for Financial Studies                                   averse, Journal of Finance, 65, pp. 2015-2050.
• Deutsche Gesellschaft für Finanzierung
                                                                  Maug, Ernst and Kristian Rydqvist, 2009, Do Shareholders Vote
                                                                  Strategically? Voting Behavior, Proposal Screening, and Majority
Prizes, Awards, Honors:                                           Rules, Review of Finance 13, pp.47-79. (Winner of the GSAM Best
• 2011: Best Discussant Award, 8th IDC Herzliya Conference        Paper Award)
• 2010: "Highly Commended Paper Award", 8th International
  Conference on Corporate Governance, Birmingham UK               Dittmann, Ingolf and Ernst Maug, 2007, Lower Salaries and No
• Teaching Award (Fachschaftslehrpreis), University of Mannheim   Options: The Optimal Structure of Executive Pay, Journal of Fi-
• 2009: GSAM Best Paper Award for the best paper in the           nance 62, pp. 303-343.
  Review of Finance for “When Shareholders Vote Strategically”
• 2005: Outstanding Paper Award of the German Finance             Maug, Ernst and Bilge Yilmaz, 2002, Two-class voting: A Mecha-
  Association (for “How Preussag became TUI”)                     nism for Conflict Resolution, American Economic Review 92, pp.
• 2004: JFE – ECGI Clinical Paper Competition (3rd prize)         1448-1471.
• Six Teaching Awards at Duke University, Humboldt University,
  and the University of Mannheim
Professor Dr. Alexandra Niessen-Ruenzi
                                          Chair of Corporate Governance
                                          Phone: +49(0)621/181-1595, Fax: +49(0)621/181-1519

                                          Main Fields of Research:
                                          Corporate Finance
                                          Executive Compensation
                                          Corporate Governance
                                          Asset Management, Behavioral Finance

Curriculum Vitae:                                               Selected Editorial Activities:
2005        Diplom-Kauffrau (Diploma in Business                Ad-hoc reviewer for Review of Financial Studies, Review of
            Administration), University of Cologne              Economic Studies, Management Science
2008        Visiting Scholar, Finance Department, Kellogg
            School of Management, Northwestern University,
            Chicago                                             Significant Publications:
2009        Visiting Scholar, Finance Department, McCombs       Public Opinion and Executive Compensation, 2012, in: Manage-
            School of Business, University of Texas at Austin   ment Science, Vol. 58, pp. 1249-1272 (with Camelia M. Kuhnen).
2009        Dr. rer. pol. (Ph.D. in Business), University of
            Cologne                                             Local Investors and Corporate Governance, 2012, in: Journal of
2010, 2011, 2013 Visiting Researcher, Finance Department,       Accounting and Economics, Vol. 54, pp. 42-67 (with Vidhi Chhao-
            Australian School of Business, University of        racchia and Alok Kumar).
            New South Wales
2009-2012 Assistant Professor of Banking and Finance,           Low Risk and High Return - Affective Attitudes and Stock Market
            University of Mannheim                              Expectations, 2011 (with Christoph Merkle and Alexander Kempf).
Since 2012 Associate Professor of Business Administration,      European Financial Management, forthcoming.
            Corporate Governance, University of Mannheim
                                                                The Early News Catches the Attention: On the Relative Price Im-
                                                                pact of Similar Economic Indicators, 2010, in: Journal of Futures
Selected Memberships:                                           Markets, Vol. 30, pp. 909-937 (with Dieter Hess).
• American Economic Association
• American Finance Association                                  Political Connectedness and Firm Performance – Evidence from
• European Economic Association                                 Germany, 2010, in: German Economic Review. Vol. 11, pp. 441 –
• European Finance Association                                  464 (with Stefan Ruenzi).
• German Finance Association
                                                                How Do Commodity Futures Respond to Macroeconomic News?,
                                                                2008, in: Financial Markets and Portfolio Management, Vol. 22,
Prizes, Awards, Honors:                                         pp. 127-146 (with Dieter Hess and He Huang).
• Best Conference Paper, Rothschild Cesarea (IDC) conference,
  May 20-21 2012, Herzliya, Israel                              The Impact of Sentiment on the German Stock Market, 2012, in:
• Emerald Best Student Paper Award, Academy of Management       Zeitschrift für Betriebswirtschaft, Vol. 82, pp. 133-163 (with
  Annual Meetings 2008, Anaheim, USA                            Philipp Finter and Stefan Ruenzi).
• Best Conference Paper, Midwest Finance Association
  Meetings 2008, San Antonio, USA
• Best Conference Paper Award, Annual meeting of the
  Society for the Advancement of Behavioral Economics,
  2008, New York, USA
• DGF Outstanding Paper Award, Annual meeting of the
  German Finance Association, 2006, EBS, Germany

Professor Dr. Stefan Ruenzi
                                          Chair of International Finance
                                          Phone: +49(0)621/181-1646, Fax: +49(0)621/181-1664

                                          Main Fields of Research:
                                          Asset Management & Mutual Funds
                                          Empirical Asset Pricing
                                          Advertising & Media

Curriculum Vitae:                                              Significant Publications:
2000       Diploma (M.Sc.) in Economics,                       CEO Ownership, Stock Market Performance, and Managerial
           University of Konstanz                              Discretion (with Ulf von Lilienfeld-Toal), 2014, in: Journal of
2005       Dr. rer. pol. (Ph.D. in Business),                  Finance, Vol. 69 (3), pp. 1013-1050.
           University of Cologne
2007-2009 Assistant Professor (Visiting),                      Is a Team Different from the Sum of Its Parts? Team Management
           University of Texas at Austin                       in the Mutual Fund Industry (with Michaela Bär and Alexander
Since 2009 Professor of Business Administration, especially    Kempf), 2011, in: Review of Finance, Vol. 15 (2), pp. 359-396.
           International Finance, University of Mannheim
                                                               Politically Connected Firms – Evidence from Germany (with Alex-
                                                               andra Niessen), 2010, in: German Economic Review, Vol. 11 (4),
Selected Memberships:                                          pp. 441–464.
• American Finance Association (AFA)
• European Finance Association (EFA)                           Employment Risk, Compensation Incentives, and Managerial Risk
• Deutsche Gesellschaft für Finanzwirtschaft (DGF)             Taking: Evidence from the Mutual Fund Industry (with Alexander
                                                               Kempf and Tanja Thiele), 2009, in: Journal of Financial Econo-
                                                               mics, Vol. 92 (1), pp. 92-108.
Prizes, Awards, Honors:
• BSI Gamma Foundation Grant                                   Tournaments in Mutual Fund Families (with Alexander Kempf),
• Global Finance Conference Best Paper Award                   2008, in: Review of Financial Studies, Vol. 21 (2), pp. 1013–1036.
• Swisscanto Award
• DGF Outstanding Paper Award
• SABE Best Conference Paper Award
• SWFA Best Conference Paper Award
• Academy of Management Emerald Award
• Rothschild Caesarea Center Best Conference Paper Award

Professor Dr. Eva Terberger
                                          Chair of Development Finance
                                          Phone: +49(0)621/181-3016, Fax: +49(0)621/181-1665

                                          Main Fields of Research:
                                          Development Finance, esp. Microfinance
                                          Evaluation of Development Impacts
                                          Development of Financial Markets, Corporate Finance

Curriculum Vitae:                                                 Significant Publications:
1980         MBA (Diplomexamen) of the University of Frankfurt    Terberger, Eva (2012): The Microfinance Approach: Does it deliver
1986         Conferral of a doctorate (Ph.D.) in Business         on its promise?, in: Swiss Journal of Business Research (Die Un-
             Administration, University of Frankfurt/M.           ternehmung), Vol. 66, pp. 358-370.
1993         Habilitation, University of Frankfurt/M.
             (Business Administration)                            Schäfer, Dorothea / Siliverstovs, Boriss / Terberger, Eva (2010):
1980-1985    Research Assistant at the Chair of Corporate         Banking competition, good or bad?: The case of promoting micro
             Finance, Department of Economics,                    and small enterprise finance in Kazakhstan, in: Applied Econo-
             University of Frankfurt/M.                           mics, No. 475.
1986-1989    Temporary teaching appointments,
             European Business School, Oestrich-Winkel            Terberger, Eva (2009): Subprime-Krise, strukturierte Finanzierung
             (1986) and University of Trier (1987-1989)           und die Förderung der Mikrokreditvergabe, in: DIW Vierteljahres-
1986-1992    Research Assistant at the Department of Economics,   hefte, Vol. 78, Issue 1, pp. 40-55.
             University of Frankfurt/M.
1992-1993    Representation of the Professorship of Business      Terberger, Eva (2003): Microfinance institutions in the develop-
             Administration, University of Trier                  ment of financial markets, in: United Nations, Cepal Review 81,
1993-2008    Professor of Banking and Finance at the Alfred       pp. 187-202, also published in Spanish: Instituciones de microfi-
             Weber Institute for Economics, University of         nanciación en el desarrollo de mercados financieros, in: Naciones
             Heidelberg                                           Unidas, CEPAL (Comisíon Económica para America Latina y el Ca-
Since 2008   Professor of Development Finance,                    ribe) Revista de la CEPAL 81, pp. 195-211.
             University of Mannheim
2008-2018    Academic leave of absence to head the Financial      Terberger, Eva (2003): The German Financial System: Great Insti-
             Cooperation Evaluation Department at KfW             tutional Change and Little Effect?, in: JITE, Vol. 159, No. 4, pp.
             Entwicklungsbank (development bank)                  707–716.

                                                                  Terberger, Eva (2003): Überlegungen zu einem Insolvenzrecht für
Selected Memberships:                                             Staaten, in: Dabrowski, M. / Fisch, A. / Gabriel, K. und Lienkamp,
• Verein für Socialpolitik, VHB (German Academic Association      C. (Hrsg.): Diskussion um ein Insolvenzrecht für Staaten, Volks-
  for Business Research), German Finance Association              wirtschaftliche Schriften, Issue 530, pp. 271–281.
• Since 2013 Member of the Evaluation Advisory Panel at FMO
  (Dutch Entrepreneurial Development Bank)                        Terberger, Eva (2002): Basel II: Keine direkte Benachteiligung
• 1998-2009 Member of the scientific advisory board at the Fe-    des Mittelstandes, in: Betriebsberater, 57. Jg., Heft 14, Suppl. Ban-
  deral Ministry for Economic Cooperation and Development,        ken und Versicherungen, pp. 12–19.
  2000-2004 Chairwoman
• 2004/2005 Member of the organizing committee of the Con-        Schmidt, Reinhard H. / Terberger, Eva (2006): Grundzüge der In-
  ference on Bank Relationships, Credit Extension, and the Ma-    vestitions- und Finanzierungstheorie, 4th ed., reprint, Wiesbaden.
  croeconomy (2005) at the DIW in Berlin
• 2000-2003 Member of the university council, University of       Terberger, Eva (1994): Neo-institutionalistische Ansätze, Entste-
  Heidelberg                                                      hung und Wandel - Anspruch und Wirklichkeit, Habilitation,

Professor Dr. Erik Theissen
                                          Chair of Finance
                                          Phone: +49(0)621/181-1517, Fax: +49(0)621/181-1519

                                          Main Fields of Research:
                                          Empirical Research in Financial Markets
                                          Market Microstructure
                                          Corporate Finance

Curriculum Vitae:                                                  Selected Editorial Activities:
1992         Diplom-Kaufmann (M.Sc. in Business Administration),   • Zeitschrift für betriebswirtschaftliche Forschung
             University of Gießen                                  • Schmalenbach Business Review
1992–1995    Research Assistant and Ph.D. candidate, Department    • Review of Behavioral Finance
             of Economics and Business Administration,
             University of Gießen
1995–1998    Research Assistant and Ph.D. candidate, Department    Significant Publications:
             of Economics and Business Administration,             Strategic Trading and Trade Reporting by Corporate Insiders.
             University of Frankfurt                               Forthcoming in: Review of Finance. (with André Betzer, Jasmin
1998–2000    Assistant Professor in Finance, Department of         Gider, Daniel Metzger).
             Economics and Business Administration,
             University of Frankfurt                               Should I Stay or Should I Go? Former CEOs as Monitors. Forth-
1999–2000    Visiting Assistant Professor at Groupe HEC, Jouy-     coming in: Journal of Corporate Finance. (with Christian Andres,
             en-Josas, France (funded by a TMR postdoctoral        Erik Fernau).
2004–2005    Visiting Professor, Thammasat University, Bangkok     Short sale constraints, divergence of opinion and asset prices: Evi-
2000–2009    Professor, Department of Economics,                   dence from the Laboratory. Journal of Economic Behavior and
             University of Bonn                                    Organisation 101 (2014), 113-127. (with Gerlinde Fellner).
since 2009   Professor, Finance Area, University of Mannheim
                                                                   Market Response to Investor Sentiment. Journal of Business Fi-
                                                                   nance and Accounting 40 (2013), 901-917. (with Jördis Hengel-
Selected Memberships:                                              brock, Christian Westheide).
• European Finance Association
• American Finance Association                                     Sooner or Later: Delays in Trade Reporting by Corporate Insiders.
• Western Finance Association                                      Journal of Business Finance and Accounting 37 (2010), 130-147.
• Deutsche Gesellschaft für Finanzwirtschaft                       (with André Betzer).
• Verband der Hochschullehrer für Betriebswirtschaft e.V. (VHB)
  (German Academic Association for Business Research)              Competition Between Exchanges: Euronext versus Xetra. Euro-
• Schmalenbach-Gesellschaft                                        pean Financial Management 15 (2009), 181-207. (with Maria
• Verein für Socialpolitik                                         Kasch).

                                                                   Setting a Fox to Keep the Geese: Does the Comply-or-Explain
Prizes, Awards, Honors:                                            Principle Work? Journal of Corporate Finance 14 (2008), 289-
• Best Paper Award, German Finance Association                     301. (with Christian Andres).
• Research Award sponsored by Bethmann Bank
• Best Paper Award, Verband der Hochschullehrer für                Does Anonymity Matter in Electronic Limit Order Markets? Review
  Betriebswirtschaft                                               of Financial Studies 20 (2007), 1707-1747. (with Thierry Foucault,
• Dissertation Award sponsored by Deutsches Aktieninstitut         Sophie Moinas).
• Fellowship awarded by the German National Academic
  Foundation (Studienstiftung des deutschen Volkes)                Estimating the Probability of Informed Trading - Does Trade Mis-
                                                                   classification Matter? Journal of Financial Markets 10 (2007), 26-
                                                                   47. (with Ekkehart Boehmer, Joachim Grammig).
Professor Dr. Dr. h.c. Martin Weber
                                            Chair of Finance, especially Banking
                                            Phone: +49(0)621/181-1532, Fax: +49(0)621/181-1534

                                            Main Fields of Research:
                                            Empirical Research on Capital Markets
                                            Experimental Economics
                                            Decision Theory

Curriculum Vitae:                                                    Significant Publications:
1975       Diplom-Mathematiker (M.Sc. in Mathematics),               Jacobs, H., S. Müller and M. Weber (2014), How Should Individual
           University of Aachen                                      Investors Diversify? - An Empirical Evaluation of Alternative Asset
1977       Diplom-Wirtschaftsmathematiker (M.B.A.),                  Allocation Policies, Journal of Financial Markets, 19, 62-85.
           University of Aachen
1981       Dr. rer. pol. (Ph.D. in Business), University of Aachen   Kaufmann, C., Weber, M. and E. Haisley, (2013), The Role of Ex-
1988       Habilitation in Business Administration,                  perience Sampling and Graphical Displays on One's Investment
           University of Aachen                                      Risk Appetite, Management Science, 59, 323-340.
1988-1989 Professor of Business Administration,
           School of Management, University of Cologne               Jacobs, H. and M. Weber (2012), The Trading Volume Impact of
1989-1993 Professor of Business Administration,                      Local Bias: Evidence from a Natural Experiment, Review of Fi-
           especially Decision Theory, University of Kiel            nance, 16, 867-901.
Since 1993 Professor of Business Administration, especially
           Banking and Finance, University of Mannheim               Baucells, M., Weber, M. and F. Welfens (2011), Reference Point
                                                                     Formation and Updating, Management Science, 57, 506-519.

Selected Memberships:                                                Norden, L. and M. Weber (2010), Credit Line Usage, Checking
• Member of Sections in the Verein für Socialpolitik: Ausschuss      Account Activitiy, and Default Risk of Bank Borrowers, Review of
  für Unternehmenstheorie, Theoretischer Ausschuss (1993-2005)       Financial Studies, 23, 3665-3699.
  und Socialwissenschaftlicher Ausschuss (President 1997-1999)
• Board Member of the Economic Science Association                   Müller, S. and M. Weber (2010), Financial Literacy and Mutual
  (European Secretary,1996-1999)                                     Fund Investments: Who Buys Actively Managed Funds?, Schma-
• Research Fellow at the CEPR, London, since 2002                    lenbach Business Review, 62, 126-153.
• Fachkollegium der Wirtschaftswissenschaften der DFG
  (Review Committee, 2004-2008)                                      Biais, B. and M. Weber (2009), Hindsight Bias, Risk Perception and
• Member of The German Academy of Natural Scientists                 Investment Performance, Management Science, 55, 1018-1029.
  Leopoldina and of the Berlin-Brandenburg Academy of
  Sciences and Humanities                                            Glaser, M. and M. Weber (2009), Which Past Returns Affect
                                                                     Trading Volume?, Journal of Financial Markets, 12, 1-31.

Prizes, Awards, Honors:                                              Klos, A. and M. Weber (2006), Portfolio Choice in the Presence of
Honorary Doctoral Degree, University of Münster (2007)               Nontradeable Income: An Experimental Analysis, German Econo-
                                                                     mic Review, 7, 427-448.

Selected Editorial Activities:                                       Klos, A., Weber, E.U., and M. Weber (2005), Investment Decisions
• Management Science (1998-2002)                                     and Time Horizon: Risk Perception and Risk Behavior in Repeated
• Journal of Risk and Uncertainty                                    Gambles, Management Science, 51, 1777-1790.
• Perspektiven der Wirtschaftspolitik
• The Journal of Behavioral Finance                                  Abdellaoui, M., Vossmann, F., and M. Weber (2005), Choice-based
• Annals of Finance                                                  Elicitation and Decomposition of Decision Weights for Gains and
• Review of Managerial Science                                       Losses under Uncertainty, Management Science, 51, 1384-1399.
• Die Betriebswirtschaft (DBW)

Dr. Inga van den Bongard
                                           Chair of Finance
                                           Phone: +49(0)621/181-1524

                                           Main Fields of Research:
                                           Corporate Governance
                                           Corporate Finance

Curriculum Vitae:                                                  Significant Publications:
2007       Diplom-Volkswirtin (M.Sc. in Economics),                Is Busy Really Busy? Board Governance Revisited (with C. Andres
           University of Bonn                                      and M. Lehmann), Journal of Business Finance and Accounting,
2013       Dr.rer.pol. (Ph.D. in Economics), University of Bonn    Vol. 40 (2013), pp. 1221-1246.
Since 2014 Assistant Professor of Finance,
           University of Mannheim                                  The Information Content of Dividend Surprises: Evidence from
                                                                   Germany (with C. Andres, A. Betzer, C. Haesner and E. Theissen),
                                                                   Journal of Business Finance and Accounting Vol. 40 (2013), pp.

                                                                   Das Ende der Deutschland AG [The Demise of Germany Inc.] (with
                                                                   C. Andres and A. Betzer), Kredit & Kapital, Vol. 44 (2011), pp. 185-

                                           Professor Irem Demirci, Ph.D.
                                           Assistant Professorship of Finance
                                           Phone: +49(0)621/181-1699

                                           Main Fields of Research:
                                           Capital Structure, Stakeholder Relations
                                           Banking and Mortgage Markets

Curriculum Vitae:
2005         BA in Economics, Koc University, Istanbul
2007         MA in Economics, Koc University, Istanbul
2013         PhD in Finance, University of Texas at Austin
Since 2013   Assistant Professor of Finance,
             University of Mannheim
Dr. Markus Doumet
                                         Chair of Finance
                                         Phone: +49(0)621/181-1525

                                         Main Fields of Research:
                                         Empirical Corporate Finance
                                         Corporate Governance

Curriculum Vitae:                                               Significant Publications:
2003       Diplom Volkswirt (M.Sc. in Economics),               Disentangling the Link Between Stock and Accounting Perfor-
           University of Bonn                                   mance in Acquisitions. European Journal of Finance (2014, forth-
2007       Banque Audi, Lebanon                                 coming), 2-16 (with André Betzer and Marc Goergen).
           Research department
2008       zeb/rolfes.schierenback.associates, Germany          Auswirkungen guter Corporate Governance und Compliance auf
           Financial Services Consulting                        den Unternehmenswert. Kölner Zeitschrift für Wirtschaftsrecht
2013       Dr. rer. pol. (Ph.D. in Business),                   1.13 (2013), 92-96 (with Christian Andres, Andre Betzer, Peter
           University of Mannheim                               Limbach).
Since 2013 Assistant Professor of Finance,
           University of Mannheim                               How Policy Changes Affect Shareholder Wealth: The Case of the
                                                                Fukushima Daiichi Nuclear Disaster. Applied Economic Letters 20
                                                                (2012), 799-803 (with Andre Betzer, Ulf Rinne).

                                         Dr. Erik Fernau
                                         Chair of Finance
                                         Phone: +49(0)621/181-1526

                                         Main Fields of Research:
                                         Corporate Governance
                                         Corporate Finance

Curriculum Vitae:                                               Significant Publications:
2008       Diplom-Volkswirt (M.Sc. in Economics),               Should I stay or should I go? Former CEOs as monitors (with Chri-
           University of Bonn                                   stian Andres and Erik Theissen), Journal of Corporate Finance,
2013       Dr. rer. pol. (Ph.D. in Business),                   forthcoming.
           University of Mannheim
Since 2013 Assistant Professor of Finance,
           University of Mannheim

Dr. Heiko Jacobs
                                         Chair of Business Administration and Finance, esp. Banking
                                         Phone: +49(0)621/181-3453, Fax: +49(0)621/181-1534

                                         Main Fields of Research:
                                         Behavioral Finance, Empirical Capital Market Research
                                         Market Efficiency

Curriculum Vitae:                                                Significant Publications:
2006       Diplom-Kaufmann (M.Sc. in Business                    "Media makes momentum", with A. Hillert and S. Müller, 2014,
           Administration), Saarland University                  Review of Financial Studies, forthcoming.
2011       Dr. rer. pol. (Ph.D. in Business),
           University of Mannheim                                "How should individual investors diversify? An empirical evalua-
Since 2012 Assistant Professor of Finance,                       tion of alternative asset allocation policies", with S. Müller and
           University of Mannheim                                M. Weber, Journal of Financial Markets 19, 62-85, 2014.
Fall 2014 Visiting Scholar, University of New South Wales,
           Sydney, Finance Department                            "The trading volume impact of local bias: Evidence from a natural
                                                                 experiment", with M. Weber, in: Review of Finance 16, 867-901,
Prizes, Awards, Honors:                                          2012.
2013       Research grant, BNP Paribas Hedge Fund Centre,
2012       PhD Thesis Award (first prize), Deutsches

                                         Dr. Tim Alexander Kröncke
                                         Chair of Chair of Finance
                                         Phone: +49(0)621/181-1586, Fax: +49(0)621/181-1519

                                         Main Fields of Research:
                                         Asset Pricing, Asset Management
                                         Financial Econometrics

Curriculum Vitae:                                                Significant Publications:
2009       Diplom-Volkswirt (M.Sc. in Economics),                International Diversification Benefits with Foreign Exchange
           University of Freiburg                                Investment Styles (with Felix Schindler and Andreas Schrimpf),
2009-2013 Researcher, Centre for European Economic Research      Review of Finance, forthcoming.
           (ZEW) Mannheim, Department of International
           Finance and Financial Management                      International Diversification with Securitized Real Estate and the
2013       Dr. rer. pol. (Ph.D. in Finance),                     Veiling Glare from Currency Risk (with Felix Schindler), Journal of
           University of Mannheim                                International Money and Finance 2012, 31, 1851-1866.
Since 2013 Assistant Professor of Finance,
           University of Mannheim

Dr. Nhan Le
                                           Chair of Corporate Finance
                                           Phone: +49(0)621/181-1973

                                           Main Fields of Research:
                                           Behavior Finance and Corporate Bankruptcy

Curriculum Vitae:                                                 Significant Publications:
1998         Bachelor of Finance, University of Economics,        Contagious Negative Sentiment – Evidence from Local Corporate
             Vietnam                                              Bankruptcy (with Jawad Addoum and Alok Kumar), Working
1998-2002    Audit Senior at Ernst & Young, Vietnam               paper, Northern Finance Association Conference 2014.
2003         Master of Financial Management, University of
             Queensland, Australia                                Spillover Effects from Industry Bankruptcy Filings - Working
2003-2005    Investment Officer at Mekong Capital, a private      paper, Northern Finance Association Conference 2012.
             equity fund in Vietnam
2005-2007    Instructor at Corporate Training Center – VCCI
             (Vietnam Chamber of Commerce and Industry)
2012         PhD in Finance, University of Colorado at Boulder,
Since 2012   Assistant Professor in Finance,
             University of Mannheim

                                           Dr. Christoph Merkle
                                           Chair of Finance and Banking
                                           Phone: +49(0)621/181-1531, Fax: +49(0)621/181-1534

                                           Main Fields of Research:
                                           Behavioral Finance, Decision Theory
                                           Household Finance

Curriculum Vitae:                                                 Significant Publications:
2007       Diplom-Volkswirt (M.Sc. in Economics),                 Second-order Beliefs and the Individual Investor (with Daniel Egan
           University of Cologne                                  and Martin Weber), Journal of Economic Behavior and Organiza-
2007-2010 Graduate School of Economic & Social Sciences,          tion, forthcoming.
           CDSB, Ph.D.-Student in Finance
2010-2011 Research and Teaching Assistant, Chair of Banking       Do Investors Put Their Money Where Their Mouth Is? Stock Mar-
           and Finance, University of Mannheim                    ket Expectations and Trading Behavior (with Martin Weber), Jour-
2011       Dr. rer. pol. (Ph.D. in Business),                     nal of Banking and Finance, 2014, Vol. 46, pp. 372–386.
           University of Mannheim
Fall 2013 Visiting Scholar, Aalto University,                     True Overconfidence: The Inability of Rational Information Pro-
           School of Business, Helsinki                           cessing to Account for Apparent Overconfidence (with Martin
Since 2012 Assistant Professor of Finance,                        Weber), Organizational Behavior and Human Decision Processes,
           University of Mannheim                                 2011, Vol. 116(2), pp. 262-271.

Dr. Sebastian Müller
                                           Chair of Finance and Banking
                                           Phone: +49(0)621/181-1540, Fax: +49(0)621/181-1534

                                           Main Fields of Research:
                                           Behavioral Finance
                                           Asset Pricing, Asset Management

Curriculum Vitae:                                                 Significant Publications:
2006       Diplom-Kaufmann (M.Sc. in Business                     Media makes momentum (with Alexander Hillert and Heiko Ja-
           Administration), University of Mannheim                cobs), Review of Financial Studies, forthcoming.
2011       Dr. rer. pol. (Ph.D. in Business),
           University of Mannheim                                 How should private investors diversify? - An empirical evaluation
Since 2011 Assistant Professor of Finance,                        of alternative asset allocation policies to construct a “world mar-
           University of Mannheim                                 ket portfolio" (with Heiko Jacobs and Martin Weber), Journal of
2012/2013 Visiting Scholar, University of California, Berkeley    Financial Markets, 19 (2014), 62-85.

                                                                  Is the Diversification Discount Caused by the Book Value Bias of
                                                                  Debt? (with Markus Glaser), Journal of Banking and Finance, 34
                                                                  (2010), 2307 - 2317.

                                           Dr. Christoph Schneider
                                           Chair of Corporate Finance
                                           Phone: +49(0)621/181-1949, Fax: +49(0)621/181-1980

                                           Main Fields of Research:
                                           Corporate Finance
                                           Corporate Governance

Curriculum Vitae:                                                 Significant Publications:
1999-2004 M.A. in Economics and Management Science,               “Bankers on the Boards of German Firms: What they do, what
           Humboldt University Berlin                             they are worth, and why they are (still) there”, with Ingolf Ditt-
2002-2003 EAP Reciprocity Student, University of California       mann and Ernst Maug, Review of Finance, 2010, 14, 35-71.
           at Berkeley
2004-2005 Ph.D. Student, School of Business and Economics,        “How Preussag became TUI: A Clinical Study of Institutional
           Humboldt University Berlin                             Blockholders and Restructuring in Europe”, with Ingolf Dittmann
2006-2009 Ph.D. Student, Business School,                         and Ernst Maug, Financial Management, 2008, 37, 571-598.
           University of Mannheim
2009       Dr. rer. pol. (Ph.D. in Finance),
           University of Mannheim
Since 2010 Assistant Professor, University of Mannheim

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