Finance Department
A leading centre for finance research in Germany
The emphasis in research and teaching is in the areas of Banking, Corporate Finance, Risk Management, Financial Regulation, and Asset Management. Members of the finance department regularly publish in leading finance journals, including the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics, and they frequently present their research at leading international finance conferences.
HEAD OF FINANCE DEPARTMENT
Ulf Moslener
Professor für Sustainable Energy Finance
+49 69 154008-831
u.moslener@fs.de
Faculty
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Doctoral Students
Jonas Camargos Jensen
Daniil Gerchik
Ixart Miquel Flores
Felix Martini
Giorgio Mondini
Sophie-Dorothee Rotermund
Vittorio Maria Ruffo
Robin Schaal
Jana-Lynn Schuster
Cevher Berat Telkök
Affiliated Department Members
Falko Fecht
Wolfgang Reittinger
Uwe Wystup
Finance Seminars
Upcoming Finance Seminars
Upcoming Finance Seminars
4 March 2026
11 March 2026
18 March 2026
25 March 2026
ACADEMIC PROGRAMMES
Explore academic programmes offered by faculty from the Finance Department.
Master of Finance
Master in Financial Technology
Master in Real Estate
Master of Leadership in Sustainable Finance (Online)
Doctoral (Finance)
Research Centres
Blockchain Center
The Frankfurt School Blockchain Center (FSBC) is a think tank and research center focused primarily on investigating the implications of blockchain technology.
Centre for Central Banking
The Centre for Central Banking (CFCB) fosters research and best practices in central banking.
Centre for European Transformation
The Centre for European Transformation (CfET) powers excellence across all areas of scholarship crucial for advancing Europe's sustainable transformation.
Real Estate Institute
The Frankfurt School Real Estate Institute (FS REI) is a centre of excellence for real estate and finance studies, research and impact events with international appeal.
Frankfurt School–UNEP Collaborating Centre for Climate & Sustainable Energy Finance
The FS-UNEP Centre works towards sourcing and directing funding flows to critical projects that make long-lasting impacts and offer compelling net benefits
Research Centres
Blockchain Center
The Frankfurt School Blockchain Center (FSBC) is a think tank and research center focused primarily on investigating the implications of blockchain technology.
Centre for Central Banking
The Centre for Central Banking (CFCB) fosters research and best practices in central banking.
Centre for European Transformation
The Centre for European Transformation (CfET) powers excellence across all areas of scholarship crucial for advancing Europe's sustainable transformation.
Real Estate Institute
The Frankfurt School Real Estate Institute (FS REI) is a centre of excellence for real estate and finance studies, research and impact events with international appeal.
Frankfurt School–UNEP Collaborating Centre for Climate & Sustainable Energy Finance
The FS-UNEP Centre works towards sourcing and directing funding flows to critical projects that make long-lasting impacts and offer compelling net benefits
Research Centres
Blockchain Center
The Frankfurt School Blockchain Center (FSBC) is a think tank and research center focused primarily on investigating the implications of blockchain technology.
Centre for Central Banking
The Centre for Central Banking (CFCB) fosters research and best practices in central banking.
Centre for European Transformation
The Centre for European Transformation (CfET) powers excellence across all areas of scholarship crucial for advancing Europe's sustainable transformation.
Real Estate Institute
The Frankfurt School Real Estate Institute (FS REI) is a centre of excellence for real estate and finance studies, research and impact events with international appeal.
Frankfurt School–UNEP Collaborating Centre for Climate & Sustainable Energy Finance
The FS-UNEP Centre works towards sourcing and directing funding flows to critical projects that make long-lasting impacts and offer compelling net benefits
Selected Publications
Klingler, S., Sundaresan, S., Moran, M., 2025. Corporate Pension Risk Transfers, Management Science. (forthcoming)
Klingler, S., Syrstad, O., 2025. The SOFR Discount, Journal of Financial Economics Vol. 164(103989).
Martin, T., 2025. Real Effects of Centralized Markets: Evidence from Steel Futures, Review of Financial Studies. (forthcoming)
Mönch, E., Stein, T., 2025. Equity Premium Predictability over the Business Cycle, Journal of Financial and Quantitative Analysis. (forthcoming)
de Roure, C., Mönch, E., Pelizzon, L., Schneider, M., 2025 . OTC Discount, Management Science. (forthcoming)
Sannino, F., 2025. Committing to Trade: A Theory of Intermediation, Journal of Financial Economics. (forthcoming)
Acharya, V., Engle, R., Jager, M., Steffen, S., 2024. Why Did Bank Stocks Crash during COVID-19?, Review of Financial Studies Vol. 37(9), pp. 2627-2684.
Happel, J., Karabulut, Y., Schäfer, L., Tüzel, S., 2024. Shattered housing, Journal of Financial Economics Vol. 153(103835).
Gomes, F., Jansson, T., Karabulut, Y., 2024. Do Robots Increase Wealth Dispersion?, Review of Financial Studies Vol. 37(1), pp. 119-160.
Barrot, J., Martin, T., Sauvagnat, J., Vallée, B., 2024. The Labor Market Effects of Loan Guarantee Programs, Review of Financial Studies Vol. 37(8), pp. 2315-2354.
Martin, T., Otto, C., 2024. The Downstream Impact of Upstream Tariffs: Evidence from Investment Decisions in Supply Chains, Journal of Financial and Quantitative Analysis Vol. 59(6), pp. 2695-2732.
Menkveld, A., Rintamäki, P., Vilkov, G., et al., 2024. Nonstandard Errors, Journal of Finance Vol. 79(3), pp. 2339-2390.
Dow, J., Han, J., Sangiorgi, F., 2024. The Short-Termism Trap: Catering to Informed Investors with Limited Horizons, with James Dow and Jungsuk Han. Journal of Financial Economics, Journal of Financial Economics Vol. 159(103884).
Sannino, F., 2024. The Equilibrium Size and Value Added of Venture Capital, Journal of Finance Vol. 79(2), pp. 1297-1352.
Saunders, A., Spina, A., Steffen, S., Streitz, D., 2024. Corporate loan spreads and economic activity, Review of Financial Studies Vol. 38(2), pp. 507-546.
Pazarbasi, A., Schneider, P., Vilkov, G., 2024. Dispersion of Beliefs Bounds: Sentimental Recovery, Management Science Vol. 70(12), pp. 8284-8300.
Buss, A., Sundaresan, S., 2023. More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency, Review of Financial Studies Vol. 36(12), pp. 4713-4758.
Aymanns, C., Georg, C., Golub, B., 2023. Exit Spirals in Coupled Networked Markets, Operations Research Vol. 71(5), pp. 1472-1497.
Bali, T., Gunaydin, A., Jansson, T., Karabulut, Y., 2023. Do the Rich Gamble in the Stock Market? Low Risk Anomalies and Wealthy Households, Journal of Financial Economics Vol. 150(2,103715).
Herskovic, B., Kind, T., Kung, H., 2023. Micro uncertainty and asset prices, Journal of Financial Economics Vol. 149(1), pp. 27-51.
Corhay, A., Kind, T., Kung, H., Morales, G., 2023. Discount Rates, Debt Maturity, and the Fiscal Theory, Journal of Finance Vol. 78(6), pp. 3561-3620.
Kempf, E., Luo, M., Schäfer, L., Tsoutsoura, M., 2023. Political ideology and international capital allocation, Journal of Financial Economics Vol. 148(2), pp. 150-173.
Lent, L., Sautner, Z., Vilkov, G., Zhang, R., 2023. Pricing Climate Change Exposure, Management Science Vol. 69(12), pp. 7540-7561.
Sautner, Z., Lent, L., Vilkov, G., Zhang, R., 2023. Firm-level Climate Change Exposure, Journal of Finance Vol. 78(3), pp. 1449-1498.
Chabi-Yo, F., Dim, C., Vilkov, G., 2023. Generalized Bounds on the Conditional Expected Excess Return on Individual Stocks, Management Science Vol. 69(2), pp. 922-939.
Badarinza, C., Ramadorai, T., Shimizu, C., 2022. Gravity, Counterparties, and Foreign Investment, Journal of Financial Economics Vol. 145(2,A), pp. 132-152.
Andersen, S., Badarinza, C., Liu, L., Marx, J., Ramadorai, T., 2022. Reference Dependence in the Housing Market, American Economic Review Vol. 112(10), pp. 3398-3440.
Bartscher, A., 2022. It Takes Two to Borrow: the Effects of the Equal Credit Opportunity Act on Housing, Credit, and Labor Market Decisions of Married Couples, Review of Financial Studies pp. 155-193.
Mönch, E., Soofi-Siavash, S., 2022. What Moves Treasury Yields?, Journal of Financial Economics Vol. 146(3), pp. 1016-1043.
Chabi-Yo, F., Dim, C., Vilkov, G., 2022. Generalized Bounds on the Conditional Expected Excess Return on Individual Stocks, Management Science Vol. 69(2), pp. 922-939.
Acharya, V., Borchert, L., Jager, M., Steffen, S., 2021. Kicking the Can Down the Road: Government Interventions in the European Banking Sector, Review of Financial Studies Vol. 34(9), pp. 4090-4131.
Klingler, S., Syrstad, O., 2021. Life after LIBOR, Journal of Financial Economics Vol. 141(2), pp. 783-801.
Dow, J., Han, J., Sangiorgi, F., 2021. Hysteresis in Price Efficiency and the Economics of Slow-Moving Capital, Review of Financial Studies Vol. 34(6), pp. 2857-2909.
Berg, T., Saunders, A., Schäfer, L., Steffen, S., 2021. Brexit and the Contraction of Syndicated Lending, Journal of Financial Economics Vol. 141(1), pp. 66-82.
Ilhan, E., Sautner, Z., Vilkov, G., 2021. Carbon Tail Risk, Review of Financial Studies Vol. 34(3), pp. 1540-1571.
Karabulut, Y., Haliassos, M., Jansson, T., 2020. Financial Literacy Externalities, Review of Financial Studies Vol. 33(2), pp. 950-989.
Acharya, V., Imbierowicz, B., Teichmann, D., Steffen, S., 2020. Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?, Journal of Financial Economics Vol. 138(2), pp. 342-365.
Breugem, M., Buss, A., 2019. Institutional Investors and Information Acquisition: Implications for Asset Prices and Informational Efficiency, Review of Financial Studies Vol. 32(6), pp. 2260-2301.
Buss, A., Dumas, B., 2019. The Dynamic Properties of Financial-Market Equilibrium with Trading Fees, Journal of Finance Vol. 74(2), pp. 795-844.
Klingler, S., Sundaresan, S., 2019. An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans, Journal of Finance Vol. 74(2), pp. 675-710.
Schäfer, L., 2019. Forgive but not Forget: The Behavior of Relationship Banks when Firms are in Distress, Review of Finance Vol. 23(6), pp. 1079-1114.
Grosse-Rueschkamp, B., Steffen, S., Streitz, D., 2019. A Capital Structure Channel of Monetary Policy, Journal of Financial Economics Vol. 133(2), pp. 357-378.
Jackwerth, J., Vilkov, G., 2019. Asymmetric Volatility Risk: Evidence from Option Markets, Review of Finance Vol. 23(4), pp. 777-799.
Fecht, F., Hackethal, A., Karabulut, Y., 2018. Is proprietary trading detrimental to retail investors?, Journal of Finance Vol. 73(3), pp. 1323-1361.
Klingler, S., Lando, D., 2018. Safe Haven CDS Premiums, Review of Financial Studies Vol. 31(5), pp. 1856-1895.
Ghysels, E., Horan, C., Mönch, E., 2018. Forecasting through the Rearview Mirror: Data Revisions and Bond Return Predictability, Review of Financial Studies Vol. 31(2), pp. 678-714.
Schäfer, L., Beck, T., Ioannidou, V., 2018. Foreigners vs. Natives: Bank Lending Technologies and Loan Pricing, Management Science Vol. 64(8), pp. 3469-3970.
Malamud, S., Vilkov, G., 2018. Non-Myopic Betas, Journal of Financial Economics Vol. 129(2), pp. 357-381.
