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Humboldt-Universität zu Berlin - Finance Group


Publications in Refereed Journals



Tim Adam, Valentin Burg, Tobias Scheinert, and Daniel Streitz, 2018, Managerial Biases and Debt Contract Design: The Case of Syndicated Loans, Management Science, forthcoming.


Tim Adam, Chitru Fernando and Jesus Salas, 2017, Why Do Firms Engage in Selective Hedging? Evidence from the Gold Mining Industry, Journal of Banking and Finance, Vol. 77, 269–282.

Beatriz Mariano, Daniel Ferreira and Miguel Ferreira, 2017, “Creditor Control Rights and Board Independence,” Journal of Finance, forthcoming.

Lukas Menkhoff, Lucio Sarno, Maik Schmeling and Andreas Schrimpf, 2017, Currency Value, Review of Financial Studies 30:2, 416-441.

Tabea Herrmann, Olaf Hübler, Lukas Menkhoff and Ulrich Schmidt, 2017, Allais for the Poor: Relations to Ability, Information Processing and Risk Attitudes, Journal of Risk and Uncertainty, forthcoming.


Tim Adam and Daniel Streitz, 2016, Hold-Up and the Use of Performance-Sensitive Debt, Journal of Financial Intermediation, Vol. 26, 47-67.

Max Bruche and Anatoli Segura, 2016, Debt Maturity and the Liquidity of Secondary Debt Markets, Journal of Financial Economics, forthcoming.

Lukas Menkhoff, Lucio Sarno, Maik Schmeling and Andreas Schrimpf, 2016, Information Flows in Foreign Exchange Markets: Dissecting Customer Currency Trades, Journal of Finance Vol. 71:2, 601-633.

Michael Halling, Pegaret Pichler and Alex Stomper: The Politics of Related Lending. Journal of Financial and Quantitative Analysis, 2016, Vol. 51(1), pp. 333-358.

Daniel Streitz: The Impact of Credit Default Swap Trading on Loan Syndication. Review of Finance, 2016, Vol. 20(1), pp. 265 – 286.


Tim Adam, Chitru Fernando and Jesus Salas: Why Do Firms Engage in Selective Hedging? Evidence from the Gold Mining Industry. Journal of Banking and Finance, available online June 10th 2015.

Tim Adam, Chitru Fernando and Evgenia Golubeva: Managerial Overconfidence and Corporate Risk Management. Journal of Banking and Finance, 2015, Vol. 60, pp. 195 – 208.

Tim Adam and Andre Güttler: Pitfalls and Perils of Financial Innovation: Evidence from CDS Usage in the Mutual Fund Industry. Journal of Banking & Finance, Vol. 55, pp. 204 – 214.

Beatriz Mariano and Josep Tribó, 2015,“Creditor Control Rights, Investment and Growth Opportunities,” Journal of Financial Services Research, vol. 47, pp. 203-228.

Antonia Grohmann, Roy Kouwenberg, and Lukas Menkhoff, 2015, Childhood Roots of Financial Literacy, Journal of Economic Psychology 51, 114-133.

M. Halling, P. Pichler, and A. Stomper, 2015, The Politics of Related Lending, Journal of Financial and Quantitative Analysis, 51(1), 333-358.

Tobias Berg, Anthony Saunders and Sascha Steffen: The Total Costs of Corporate Borrowing in the Loan Market: Don’t Ignore the Fees. Journal of Finance, 2015, Accepted Author Manuscript.

Tobias Berg and C. Kaserer: Does Contingent Capital Induce Excessive Risk. Journal of Financial Intermediation, 2015, Vol. 24(3), pp. 356 – 385.


Max Bruche and Gerard Llobet, 2014, Preventing Zombie Lending, Review of Financial Studies, 27(3), 923-956.

P.Pichler, and A. Stomper, 2014, IPO Pricing Mechanisms in the Presence of When-Issued Markets, Quarterly Journal of Finance, 4(3).

E. Hayden, A. Stomper, and A. Westerkamp, 2014, Selection vs. Averaging of Logistic Credit Risk Models, Journal of Risk, 16(5), 39-52.

András Danis, Daniel Rettl and Toni Whited: Refinancing, Profitability, and Capital Structure. Journal of Financial Economics, 2014, Vol. 114(3), pp. 405 – 620.  


Maria Kasch and Massimiliano Caporin, 2013, Threshold Dynamic Conditional Volatility Correlations: An International Analysis, Journal of Financial Econometrics 11, pp. 706-742.

Christian D. Dick and Lukas Menkhoff, 2013, Exchange Rate Expectations of Chartists and Fundamentalists, Journal of Economic Dynamics and Control 37:7, 1362-1383.

Tobias Berg and C. Kaserer: Extracting the Equity Premium from CDS Spreads. Journal of Derivatives2013, Vol. 21(1), pp. 8 – 26.


Beatriz Mariano, 2012, “Market Power and Reputational Concerns in the Ratings Industry,” Journal of Banking and Finance, vol. 36(6), pp. 1616-1626.

Beatriz Mariano, María Gutiérrez, and Josep Tribó, 2012, Ownership Structure and Minority Expropriation: The Case for Multiple Blockholders, Applied Financial Economics, vol. 22(24), pp. 2075-2083.

Lukas Menkhoff, Lucio Sarno, Maik Schmeling and Andreas Schrimpf, 2012, Currency Momentum Strategies, Journal of Financial Economics 106:3, 660-684.

Lukas Menkhoff, Lucio Sarno, Maik Schmeling and Andreas Schrimpf, 2012, Carry Trades and Global Foreign Exchange Volatility, Journal of Finance 67:2, 681-718.

Alex Stomper, X. Giroud, H. Mueller and A. Westerkamp: Snow and Leverage. Review of Financial Studies, 2012, Vol. 25(3),  pp. 680 – 710.


Max Bruche, 2011, Creditor Coordination, Liquidation Timing, and Debt Valuation,
Journal of Financial and Quantitative Analysis, 46(5), 1407-1436.

Lukas Menkhoff, Carol Osler and Alexander Mende, 2011, Price Discovery in Foreign Exchange Markets, Journal of International Money and Finance 30:8, 1696-1718.

X. Giroud, H. Mueller, A. Stomper, and A. Westerkamp, 2011, Snow and Leverage, Review of Financial Studies, 25(3), 680-710.

Tobias Berg, Bernhard Gehra and Michael Kunisch: A Certification Model for Regulatory Arbitrage: Will Regulatory Arbitrage Persist under Basel III? Journal of Fixed Income, 2011, Vol. 21(2), pp. 39 – 56.


Max Bruche and Hassan Naqvi, 2010, A Structural Model of Debt Pricing with Creditor-Determined Liquidation, Journal of Economic Dynamics and Control, May 2010, 34(5), 951-967.

Max Bruche and Carlos González-Aguado, 2010, Recovery Rates, Default Probabilities, and the Credit Cycle, Journal of Banking and Finance, 34(4), 713-723.

Max Bruche and Javier Suárez, 2010, Deposit Insurance and Money Market Freezes, Journal of Monetary Economics, 57(1), 45-61.

Lukas Menkhoff, 2010, The Use of Technical Analysis by Fund Managers: International Evidence, Journal of Banking and Finance 34:11, 2573-2586.

Lukas Menkhoff and Maik Schmeling, 2010, Whose Trades Convey Information? Evidence from a Cross-Section of Traders, Journal of Financial Markets 13:1, 101-128.

Tobias Berg: From Actual to Risk-neutral Default Probabilities: Merton and Beyond. Journal of Credit Risk2010, Vol. 6(1), pp. 55 – 86.

Tobias Berg: The Term Structure of Risk Premia: New Evidence from the Financial Crisis, ECB Working Paper, 2010, No. 1165.


Tim Adam: Capital Expenditures, Financial Constraints, and the Use of Options. Journal of Financial Economics2009, Vol. 92(2), pp. 238 – 251.

Maria Kasch and Allan Zebedee, 2009, A Closer Look at Comovements among Stock Returns, 2009, Journal of Economics and Business 61, pp. 279-294.

Maria Kasch and Erik Theissen, 2009, Competition between Exchanges: Euronext versus Xetra, European Financial Management 15, pp. 181-207.

Michael Melvin, Lukas Menkhoff and Maik Schmeling, 2009, Exchange Rate Management in Emerging Economies: Intervention via an Electronic Limit Order Book, Journal of International Economics 79:1, 54-63.


Tim Adam and Chitru Fernando: Can Companies Use Hedging Programs to Profit from the Market? Evidence from Gold Producers. Journal of Applied Corporate Finance, 2008, Vol. 20(4), pp. 91 – 102.

Tim Adam and Vidhan Goyal: The Investment Opportunity Set and its Proxy Variables: Theory and Evidence. Journal of Financial Research, 2008, Vol. 31(1), pp. 41 – 63.

Daniela Beckmann, Lukas Menkhoff and Megumi Suto, 2008, Does Culture Influence Asset Managers’ Views and Behavior?, Journal of Economic Behavior and Organization 67:3/4, 624-643.

Alex Stomper, P. Pichler and C. Zulehner: Why Leverage Affects Pricing. Review of Financial Studies, 2008, Vol. 21(4), pp. 1733 – 1765.


Tim Adam, Sudipto Dasgupta and Sheridan Titman: Financial Constraints, Competition, and Hedging in Industry Equilibrium. Journal of Finance, 2007, Vol. 62(5), 2445 – 2473.

Lukas Menkhoff and Mark P. Taylor, 2007, The Obstinate Passion of Foreign Exchange Professionals: Technical Analysis, Journal of Economic Literature 45:4, 936-972.


Tim Adam and Chitru Fernando: Hedging, Speculation and Shareholder Value, Journal of Financial Economics, 2006, Vol. 81, pp. 283 – 309.

Lukas Menkhoff, Doris Neuberger and Chodechai Suwanaporn, 2006, Collateral-Based Lending in Emerging Markets: Evidence from Thailand, Journal of Banking and Finance 30:1, 1-21.

Aussenegg W., P. Pichler, and A. Stomper, 2006, IPO Pricing with Bookbuilding and a When-Issued Market, Journal of Financial and Quantitative Analysis, 41(4), 829-862.

Alex Stomper: A Theory of Banks' Industry Expertise, Market Power, and Credit Risk. Management Science, 2006, Vol. 52(10), pp. 1618 – 1633.

Torsten Brozynski, Lukas Menkhoff, and with Ulrich Schmidt, 2006, The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence, European Economic Review 50:7, 1753-1766.


Tim Adam: Risk Management and the Credit Risk Premium. Journal of Banking and Finance, 2002, Vol. 26(2-3), pp. 243 – 269.

Tim Adam: Do Firms Use Derivatives to Reduce Their Dependence on External Capital Markets? Review of Finance (formerly European Finance Review), 2002, Vol. 6(2), pp. 163 – 187.


Alex Stomper: Capital Structure, Information Acquisition, and Investment Decisions in an Industry Framework. Review of Finance, 1999, Vol. 2, pp. 251 – 271.


Non-refereed publications


Tim Adam and Christian Debus: Rohstoff- und Energierisikomanagement in Industrie und Handelsunternehmen, Ergebnisse einer Umfrage bei Unternehmen in Deutschland, Österreich und der Schweiz. KPMG Survey, 2014.

Tim Adam, Chitru Fernando and Evgenia Golubeva: Do Managers Exhibit Loss Aversion in their Risk Management Practices? Evidence from the Gold Mining Industry. Advances in Financial Risk Management, J.A. Batten, P. MacKay and N. Wagner eds., Palgrave Macmillan, 2013, pp. 105 – 126.

Tim Adam and Amrita Nain: Strategic Risk Management and Product Market Competition. In Advances in Financial Risk Management, J.A. Batten, P. MacKay and N. Wagner eds., Palgrave Macmillan, 2013, pp. 3 – 29.

Alex Stomper, K. Gugler, S. Kalss and J. Zechner: The Separation of Ownership and Control: an Austrian Perspective. In Becht, M., and C. Mayer (ed.), The Control of Corporate Europe, 2001, Oxford University Press.