Current Affiliations:

  • Full Professor and DZ Bank Endowed Chair for Financial Economics at the Frankfurt School of Finance and Management, since May 2012
  • Deutsche Bundesbank Research Professor, since January 2010

New Papers:

Recent Publications: 

  • "Is proprietary trading detrimental to retail investors?" (with Andreas Hackethal and Yigitcan Karabulut), Journal of Finance, forthcoming.
  • "Variation in Market Liquidity and the Intraday Interest Rate" (with Puriya Abbassi and Johannes Tischer), Journal of Money, Credit, and Banking, forthcoming.
  • "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:

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


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