Publikationen

• The Economics of Capital Allocation in Firms: Evidence from Internal Capital Markets (with Sebastian Gatzer und Martin Ruckes), 2023.
  Management Science, Accepted for Publication
  2014 Meeting of the European Financial Management Association (Rome), 2014 Meeting of the German Economic Association of Business Administration (Regensburg), 2014 Meeting of the Financial Management Association (Nashville), 2015 Annual Conference of the Swiss Society for Financial Market Research (Zurich), 2015 Annual Conference of the German Association for Business Research VHB (Vienna), 2015 International Conference of the French Finance Association, 2015 Annual Meeting of the German Finance Association (Leipzig)
  Internet Appendix.
  Previous version: Internal Capital Markets and Diversified Firms: Theory and Practice, 2015.

• IQ, Expectations, and Choice (with Francesco D'Acunto, Maritta Paloviita and Michael Weber).
  Review of Economic Studies, 2023, 90(5), 2292-2325.
  2019 European Finance Association (Carcavelos), 2018 NBER Monetary Economics Meeting (Boston), 2018 Summer Conference of the Cowles Foundation for Research in Economics, 2018 Bank of Finland.
  
  
• Managing Households' Expectations with Unconventional Policies (with Francesco D'Acunto and Michael Weber).
  Review of Financial Studies, 2022, 35(4), 1597–1642. Editor's Choice / Lead Article
  2018 AEA Annual Meeting (Chicago), 2017 CES-ifo Venice Summer Institute, 2016 AEA Annual Meeting (San Francisco), 2015 NBER Monetary Economics Meeting, 2015 Annual Meeting of the Society for Economic Dynamics SED (Warsaw), 2015 EEA Annual Meeting (Mannheim), 2015 Econometric Society World Congress (Montreal), 2015 Bocconi (Milan), 2015 Notre Dame, 2015 Deutsche Bundesbank (Frankfurt), 2015 Federal Reserve Bank of Atlanta (Atlanta), 2015 Reserve Bank of Australia (Sydney)

• Cognitive Abilities and Inflation Expectations (with Francesco D'Acunto and Michael Weber).
  American Economic Review (Papers & Proceedings), 2019, 109(5), 562-566.
  2019 AEA Annual Meeting of the American Economic Association (Atlanta)
  
  
• Unconventional Fiscal Policy (with Francesco D'Acunto and Michael Weber).
  American Economic Review (Papers & Proceedings), 2018, 108(5), 519-523.
  2018 AEA Annual Meeting of the American Economic Association (Chicago)

• Informed Headquarters and Socialistic Internal Capital Markets (with Martin Ruckes).
  Review of Finance, 2015, 19, 1105-1141.
  2008 CEPR European Summer Symposium (Gerzensee), 2009 Annual Meeting of the German Finance Association (Münster), 2009 Annual Meeting of the Swiss Society for Financial Market Research (Zürich), 2010 WHU New Year’s Conference (Vallendar), 2010 Midwest Finance Conference (Las Vegas), 2008 ESCP/EAP Paris, 2009 ESMT Berlin, 2009 Humboldt University Berlin, 2010 Helsinki School of Economics/Aalto University, 2010 University of California Berkeley
  
  
• Corporate Risk Management, Product Market Competition, and Disclosure (with Martin Ruckes).
  Journal of Financial Intermediation, 2016, 30, 107-121.
  2011 International Risk Management Conference at University of Amsterdam, 2014 Meeting of the German Economic Association of Business Administration (Regensburg), 2015 Annual Conference of the German Association for Business Research VHB (Vienna), 2015 9th Accounting Research Workshop (Zurich); 2015 Helsinki School of Economics/Aalto University, 2015 Annual Meeting of the German Finance Association (Leipzig)
  
  
• Machine Learning Methods in Finance: Recent Applications and Prospects (with Kevin Wiegratz).
  EFM Special Issue “Advancing Machine Learning in Finance”, 2022, Forthcoming.
  2022 Meeting of the Financial Management Association Europe (Lyon)

Intersection of Finance and Accounting

• Picking Winners: Managerial Ability and Capital Allocation in Internal Capital Markets (with Andreas Benz, Peter Demerjian, Martin Ruckes), 2023. Working Paper
  2023 Dolomites Summer Finance Conference 2023, 2023 Annual Meeting of the German Finance Association (Hohenheim), 2023 Aalto University, 2023 Goethe University
  
  
• The Economics of Capital Allocation in Firms: Evidence from Internal Capital Markets (with Sebastian Gatzer und Martin Ruckes), 2022. Internet Appendix.
  Revise and Resubmit at Management Science
  2014 Meeting of the European Financial Management Association (Rome), 2014 Meeting of the German Economic Association of Business Administration (Regensburg), 2014 Meeting of the Financial Management Association (Nashville), 2015 Annual Conference of the Swiss Society for Financial Market Research (Zurich), 2015 Annual Conference of the German Association for Business Research VHB (Vienna), 2015 International Conference of the French Finance Association, 2015 Annual Meeting of the German Finance Association (Leipzig)
  
  Previous version: Internal Capital Markets and Diversified Firms: Theory and Practice, 2015.
  
  
• Corporate Diversification and Capital Structure (with Andreas Benz), 2021.
  Winner of the Larry Lang Best Paper Award in Corporate Finance 2019
  Revise and Resubmit at the Review of Finance
  2021 Meeting of the French Finance Association (Nantes), 2020 Meeting of the Financial Management Association (New York), 2020 17th Corporate Finance Day (Liège), 2019 Meeting of the German Economic Association of Business Administration (Rostock), 2019 Meeting of the European Financial Management Association (Ponta Delgada), 2018 3rd SDU Finance Workshop (Odense), 2017 University of Mainz, 2017, University of Würzburg
  
  
• Do Nonfinancial Firms Hold Risky Financial Assets: Evidence from Germany (with Andreas Benz, Fabian Silbereis, and Raphael Stengel), 2022.
  Revise and Resubmit at the Journal of Banking and Finance
  2021 Annual Conference of the European Financial Management Association (Leeds, UK), 2021 International Conference of the French Finance Association (Nantes, France), 2021 Annual Meeting of the Southwestern Finance Association (Galveston, TX, USA)
  

Household Finance

• Human Frictions in the Transmission of Economic Policy (with Francesco D'Acunto, Maritta Paloviita and Michael Weber), 2021. NBER Working Paper No. 29279.
  Reject and Resubmit at the Journal of Finance
  2018 Chicago, 2018 CES-ifo Venice Summer Institute, 2018 Fed Board, 2018 European Central Bank, 2018 Aalto University, 2018 CEPR Conference on Household Finance (Sicily).
  
  
• Effective Policy Communication: Targets versus Instruments (with Francesco D'Acunto, Maritta Paloviita and Michael Weber, 2020. BFI Working Paper No. 2020-148.
  2020 Bank of Finland Economics Seminar
  
  
• The Effect of Unconventional Fiscal Policy on Consumption Expenditure (with Francesco D'Acunto und Michael Weber), 2016. NBER Working Paper No. 22563.
  Results partially subsumed in "Managing Households' Expectations with Unconventional Policies"
  
  Previous version: Inflation Expectations and Consumption Expenditure, 2015, Chicago Booth Global Markets Working Paper

• The Effect of Unconventional Fiscal Policy on Consumption Expenditure (with D'Acunto, F. and Weber, M.).
  ifo DICE Report, 2017, 15 (1), p. 9-11.
• Country Risk – Cost of Equity Measurement: Methodologies and Implications (with Emmel, M., Gatzer, S., Horn, M.P., Lahmann, A.).
  CORPORATE FINANCE 2017, 09-10. Internet Appendix. reprinted in: Jahrbuch der Unternehmensbewertung 2018.
• Ratenkreditvertrieb über Online-Vergleichsportale (with Drehmann-Westermann, H.).
  Die Bank: Zeitschrift für Bankpolitik und Praxis, 2014, 4
• Profit Pools – Analyse und Bewertung von Geschäftsfeldern in der Energiewirtschaft (with Kloster, D.).
  Energiewirtschaftliche Tagesfragen, 2016, 66, 1/2

• Unconventional Fiscal Policy to Exit the COVID-19 Crisis (with D'Acunto, F. and Weber, M.).
  VoxEU, June 08, 2020.

• Dall’Iva una spinta ai consumi per far partire la ripresa (with D'Acunto, F. and Weber, M.).
  LaVoce, June 26, 2020.

• Fighting Deflation with Unconventional Fiscal Policy (with D'Acunto, F. and Weber, M.).
  VoxEU, April 27, 2016.

• Inflation Expectations Spur Consumption (with D'Acunto, F. and Weber, M.).
  VoxEU, June 09, 2015.

• Steigende Inflationserwartungen stimulieren Konsum (with D'Acunto, F. and Weber, M.).
  Ökonomenstimme, July 03, 2015.