Current Affiliations:

• Professor for Financial Economics at the Frankfurt School of Finance and Management, since May 2012

• Deutsche Bundesbank Research Professor, since January 2010

New Papers:

• "Financial Fragility in Open-ended Mutual Funds: The Role of Liquidity Management Tools" (with Peter Dunne, Lorenz Emter, Raffaele Giuliana, and Oana Peia), mimeo.

• "Information Transmission between Banks and the Market for Corporate Control" (with Christian Bittner, Melissa Pala and Farzad Saidi), mimeo.

• "Banks' Equity Stakes in Firms: A Blessing or Curse in Credit Markets?" (with José-Luis Peydró, Günseli Tümer-Alkan and Yuejuan Yu), mimeo.

• "Liquidity Support in Financial Institutions" (with Egemen Genc and Yigitcan Karabulut), mimeo.

• "Contagious Zombies" (with Christian Bittner and Co-Pierre Georg), mimeo.

• "Managerial Overconfidence and Access to Funding: Do Banks Help Managers to Avoid Investment Mistakes?" (with Regina Opaleva), mimeo.

• "The Fire-Sale Channels of Universal Banks in the European Sovereign Debt Crisis" (with Giulio Bagattini and Patrick Weber), Deutsche Bundesbank Discussion Paper 43/2019.

• "Are Some Banks Structurally Prone to Borrow from the Euro Area's Overnight Lender-of-The-Last-Resort Facility?" (with Patrick Weber), mimeo.

• "Strains on money market makers and money market liquidity" (with Stefan Reitz and Patrick Weber), mimeo.

• "Collateral, Central Bank Repos, and Systemic Arbitrage" (with Kjell Nyborg, Jörg Rocholl, and Jiri Woschitz), mimeo.

• "A Theory of the Boundaries of Banks with Implications For Financial Integration and Regulation" (with Roman Inderst and Sebastian Pfeil), mimeo.

Recent Publications:

• "Cross-Border Interbank Liquidity, Crises, and Monetary Policy" (with Puriya Abbassi, Falk Bräuning, and José-Luis Peydró), Journal of International Economics (forthcoming).

• "Fear, Deposit Insurance Schemes, and Deposit Reallocation in the German Banking System" (with Stefan Thum and Patrick Weber), Journal of Banking and Finance, 2019, Vol. 105, pp. 151-165.

• "Dealer behaviour in the Euro money market during times of crisis" (with Stefan Reitz) Applied Economics. 2019, Vol. 50, No. 48, pp. 5204-5219.

• "Is proprietary trading detrimental to retail investors?" (with Andreas Hackethal and Yigitcan Karabulut), Journal of Finance, 2018, Vol. 73, No. 3, pp. 1323-1361.

• "Variation in Market Liquidity and the Intraday Interest Rate" (with Puriya Abbassi and Johannes Tischer), Journal of Money, Credit, and Banking, 2017, Vo. 49, No. 4, pp. 733-765.

• "Relationship Lending in the Interbank Market and the Price of Liquidity" (with Falk Bräuning), Review of Finance, 2017, Vol. 21, No. 1, pp. 33-75.

• "The dark and the bright side of liquidity risks: Evidence from open-end real estate funds in Germany” (with Michael Wedow), Journal of Financial Intermediation, 2014, Vol. 23, No. 3, pp. 376-399.

• "Financial Integration, Specialization, and Systemic Risk" (with Hans Peter Grüner and Philipp Hartmann), Journal of International Economics, 2012, Vol. 88, pp. 150-161.

• "The Price of Liquidity: The Effects of Market Conditions and Bank Characteristics" (with Kjell Nyborg and Jörg Rocholl), Journal of Financial Economics, 2011, Vol. 102, No. 2, pp. 344-362.

Recent Media Appearance:

• "Should ECB End This Crisis Fighting Policy?", article in WSJ, 17.6.2015.

• "Harsche Kritik an EZB-Sicherheitenregeln", article in Börsenzeitung, 11.6.2015, drawing on a recent study "Collateral, Central Bank Repos, and Systemic Arbitrage" with Kjell Nyborg, Jörg Rocholl, and Jiri Woschitz.

• "Eurozone interbank lending market during the Global and EZ crises", Voxeu.org Column, 2. April 2015

• "Die EZB steht sich selbst im Weg", article in NZZ, 15.4.2015, putting my recent research on interbank markets and monetary policy instruments in perspective.

• "Banken sollen Anlegern Aktien angedreht haben", an article in FAZ, 11.9.2013, covering our recent study "Is Proprietary Trading Detrimental to Retail Investors?" with A. Hackethal and Y. Karabulut.

• "Banken laden unliebsame Aktien bei ihren Kunden ab", another article in Süddeutsche Zeitung, 11.9.2013, on our study.

• "Banken jubeln Kunden unbeliebte Aktien unter", an article in Wirtschaftswoche, 13.9.2013, also featuring our study "Is Proprietary Trading Detrimental to Retail Investors?" with A. Hackethal and Y. Karabulut.

• "Trau Deiner Bank nicht!", another article in FAS, 15.9.2013, about our study on "Is Proprietary Trading Detrimental to Retail Investors?".

• "Ökonom will die Banken vom Tropf der EZB trennen", an article in WSJ Germany, 7.3.2013, based on an interview I gave on recent interbank market developments and monetary policy implementation.

Research Interests:

• Theory of Financial Intermediation and Microeconomics of Banking

• Liquidity Crises and Liquidity Provision

• Open Market Operations and Interbank Markets

• Economics of Payment Systems

• Financial Regulation and Bail Out Policies

My CV