Welcome to the Chair of International Finance

We offer courses at all levels (Bachelor, Master, MBA, PhD) and conduct research on various aspects of financial markets, with a focus on asset management & mutual funds, empirical asset pricing & liquidity, as well as media & advertising. For details, please see the specific pages on research or teaching.


Selected Publications:

Niessen-Ruenzi, A.Ruenzi, S. (2018): Sex Matters – Gender Bias in the Mutual Fund IndustryManagement Science (forthcoming).

Chabi-Yo F., Ruenzi, S., Weigert F. (2018): Crash Sensitivity and the Cross Section of Expected Stock ReturnsJournal of Financial and Quantitative Analysis, Vol. 53 (3), pp. 1059-1100.

Ruenzi, S., Hoechle, D., Schaub, N., Schmid, M. (2018): Financial Advice and Bank ProfitsReview of Financial Studies, Vol. 31 (11), pp. 4447-4492.

Agarwal, V., Ruenzi, S., Weigert, F. (2017): Tail Risk in Hedge Funds: A Unique View from Portfolio Holdings, Journal of Financial Economics, Vol. 125 (3), pp. 610-636.

Focke, F., Maug, E. G., Niessen-Ruenzi, A. (2017): The Impact of Firm Prestige on Executive Compensation, Journal of Financial Economics, Vol. 123 (2), pp. 313-336.

Koch, A., Ruenzi, S., Starks, L. T. (2016): Commonality in Liquidity: A Demand-Side Explanation, Review of Financial Studies, Vol. 29 (8), pp. 1943-1974.

von Lilienfeld-Toal, U., Ruenzi, S. (2014): CEO Ownership, Stock Market Performance, and Managerial DiscretionJournal of Finance, Vol. 69 (3), pp. 1013-1050.

Hillert, A., Jacobs, H., Müller, S. (2014), Media Makes Momentum, Review of Financial Studies, Vol. 27 (12), pp. 3467-3501.

Fang, J., Kempf, A., Trapp, M. (2014), Fund Manager Allocation, Journal of Financial Economics, Vol. 111 (3), pp. 661-674.

Kempf, A., Ruenzi, S., Thiele, T. (2009): Employment Risk, Compensation Incentives, and Managerial Risk Taking: Evidence from the Mutual Fund Industry, Journal of Financial Economics, Vol. 92 (1), pp. 92-108.

Kempf, A., Ruenzi, S. (2008): Tournaments in Mutual-Fund Families, Review of Financial Studies, Vol. 21 (2), pp. 1013-1036.


Office address:

Department of International Finance

University of Mannheim

L9, 1-2

68131 Mannheim


Tel. +49(0)621 181-1646