Prof. Dr. Stefan Ruenzi

University of Mannheim
Business School
Chair of International Finance
L9, 1-2, Room 310
D-68161 Mannheim
Phone: +49 (0)621 181 1646
Email: lsruenzi(at)

Office hours: on appointment



View CV

Current Position

Professor of Finance (since 09/2009)

Selected Publications

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

Selected Working Papers

  • "Advertising, Attention, and Financial Markets"
    (with Michael Ungeheuer and Florens Focke), 2017. Download here.
  • "The Impact of Role Models on Women's Self-Selection in Competitive Environments"
    (with Kristina Meier and Alexandra Niessen-Ruenzi), 2017. Download here.
  • "Extreme Downside Liquidity Risk"
    (with Michael Ungeheuer and Florian Weigert), 2017. Download here.
  • "Daily Winners and Losers"
    (with Alok Kumar and Michael Ungeheuer), 2017 (AFA 2018). Download here.

Academic Awards

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

Education and Academic Degrees

  • Habilitation (Postdoctoral dissertation): Essays on Investor Behavior and Determinants of Firm Performance (Universität zu Köln, 2005-2009)
  • Promotion (Doctorate): Fondsfamilien (Universität zu Köln, 2000-2005)
  • Diploma: Economics (Universität Konstanz, 1994-2000)

International Experience

  • Higher School of Economics (HSE), Moscow: Visiting Researcher (2016)
  • Hong Kong University of Science and Technology, Hong Kong: Visiting Professor at HKUST Business School (2016)
  • University of Texas, Austin: Assistant Professor of Finance (Visiting), Department of Finance, McCombs School of Business (2007-2009)
  • University of New South Wales: Visiting Research Scholar at the School of Banking and Finance (2013, 2012, 2011, 2006)
  • Georgia State University, Atlanta : Researcher at J. Mack Robinson College of Business als Visiting Professor (2005, 2010)
  • University of Adelaide: Studies abroad (1998)


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

Press Coverage

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