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Frankfurt School's Finance Department is one of the biggest centres for financial research in Germany.

The emphasis in research and teaching is put on the areas of Banking, Corporate Finance, Mergers & Acquisitions, Risk Management, Financial Regulation, Asset and Liquidity Management, Quantitative Finance, and Development Finance. Members of the finance department publish in leading finance journals, including the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics, and frequently present their research at leading international finance conferences.

The department is very internationally oriented, with many of its faculty members having worked at leading international business schools such as Wharton, INSEAD, LSE or Oxford. Members of the department teach in Frankfurt School’s Bachelor, Master, and Doctoral Programmes. A strong network and connections with the financial industry and central banks guarantee significant contributions to topical issues in finance.

Head of Department


Faculty Members

Affiliated Faculty

Research Centres

The members of our Finance Department cluster their expertise in two different research centres.

Each centre has its own clearly defined area of specialisation and conducts an ongoing expert exchange with representatives of experts from other universities, the financial community and journalists. In their projects, the researchers study current issues in the economy and provide well-founded approaches for the resolution of these issues.


In the following, we present selected publications by the faculty in our Finance Department, that have been published in prestigious journals since 2009 or have been accepted for publication.

Representative Publications

Berg, T., 2018. Got Rejected? Real Effects of Not Getting a Loan, Review of Financial Studies. (forthcoming)

Fecht, F., Hackethal, A., Karabulut, Y., 2018. Is proprietary trading detrimental to retail investors?, Journal of Finance. (forthcoming)

Schäfer, L., Beck, T., Ioannidou, V., 2018. Foreigners vs. Natives: Bank Lending Technologies and Loan Pricing, Management Science. (forthcoming)

Jochem, T., Ladika, T., Sautner, Z., 2018. The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting, Review of Financial Studies. (forthcoming)

Malamud, S., Vilkov, G., 2018. Non-Myopic Betas, Journal of Financial Economics. (forthcoming)

Berg, T., Saunders, A., Steffen, S., Streitz, D., 2017. Mind the Gap: the Difference between U.S. and European Loan Rates, Review of Financial Studies Vol. 30(3), p. 948-987.

Sangiorgi, F., Spatt, C., 2017. Opacity, Credit Rating Shopping, and Bias, Management Science Vol. 63(12), S. 4016-4036.

Humphery-Jenner, M., Sautner, Z., Suchard, J., 2017. Cross-Border Mergers and Acquisitions: The Role of Private Equity Firms, Strategic Management Journal Vol. 38(8), p. 1688-1700.

Berg, T., Saunders, A., Steffen, S., 2016. The total costs of corporate borrowing in the loan market: Don't Ignore the Fees, Journal of Finance Vol. 71(3), p. 1357-1392.

McCahery, J., Sautner, Z., Starks, L., 2016. Behind the Scenes: the Corporate Governance Preferences of Institutional Investors, Journal of Finance Vol. 71(6), p. 2905-2932.

Berg, T., 2015. Playing the Devil's Advocate: The Causal Effect of Risk Management on Loan Quality, Review of Financial Studies Vol. 28(12), p. 3367-3406.

Mele, A., Sangiorgi, F., 2015. Uncertainty, Information Acquisition and Price Swings in Asset Markets, Review of Economic Studies Vol. 82(4), p. 1533-1567.

Acharya, V., Steffen, S., 2015. The "Greatest" Carry Trade Ever?: Understanding Eurozone Bank Risks, Journal of Financial Economics Vol. 115(2), p. 215-236.

Fulghieri, P., Strobl, G., Xia, H., 2014. The Economics of Solicited and Unsolicited Credit Ratings, Review of Financial Studies Vol. 27(2), p. 484-518.

Strobl, G., 2013. Earnings Manipulation and the Cost of Capital, Journal of Accounting Research Vol. 51(2), p. 449-473.

Glaser, M., Lopez-de-Silanes, F., Sautner, Z., 2013. Opening the Black Box: Internal Capital Markets and Managerial Power, Journal of Finance Vol. 68(4), p. 1577-1631.

Strobl, G., Van Wesep, E., 2013. Publicizing Performance, Management Science Vol. 59(4), p. 918-932.

Buss, A., Vilkov, G., 2012. Measuring Equity Risk with Option-Implied Correlations, Review of Financial Studies Vol. 25(10), p. 3113-3140.

Fecht, F., Nyborg, K., Rocholl, J., 2011. The Price of Liquidity: the Effects of Market Conditions and Bank Characteristics, Journal of Financial Economics Vol. 102(2), p. 344-362.

Garcia, D., Sangiorgi, F., 2011. Information Sales and Strategic Trading, Review of Financial Studies Vol. 24(9), p. 3069-3104.

Cremers, M., Huang, R., Sautner, Z., 2011. Internal Capital Markets and Corporate Politics in a Banking Group, Review of Financial Studies Vol. 24(2), p. 358-401.

Puri, M., Rocholl, J., Steffen, S., 2011. Global retail lending in the aftermath of the US financial crisis: distinguishing between supply and demand effects, Journal of Financial Economics Vol. 100(3), p. 556-578.

Saunders, A., Steffen, S., 2011. The costs of being private: evidence from the loan market, Review of Financial Studies Vol. 24(12), p. 4091-4122.

Garcia, D., Strobl, G., 2011. Relative Wealth Concerns and Complementarities in Information Acquisition, Review of Financial Studies Vol. 24(1), p. 169-207.

Driessen, J., Maenhout, P., Vilkov, G., 2009. The Price of Correlation Risk: evidence from Equity Options, Journal of Finance Vol. 64(3), p. 1377-1406.

Finance Seminars

Frankfurt School’s Finance Research Seminars provide a forum for researchers of all disciplines to present and discuss their research. They usually take place on Wednesdays from 11:30 a.m. to 1:00 p.m. during the semester. Before or after the talk there is the opportunity to meet and exchange with members of the faculty in individual discussions.

External guests are welcome to attend! In case of interest, you may subscribe via e-mail in order to get invitations for our research seminar and other events.

We would like to thank the Interessengemeinschaft Frankfurter Kreditinstitute for their generous support of this series of talks.

We would like to thank the Interessengemeinschaft Frankfurter Kreditinstitute for their generous support of this series of talks.