Stefan Hirth

Dr. rer. pol., Dipl.-Wi.-Ing.

Research Fellow, Danish Finance Institute

Associate Professor
Aarhus BSS, Aarhus University
Department of Economics and Business Economics

Building 2631(K), room 143
Fuglesangs Allé 4, DK-8210 Aarhus V, +45 8716 6023

official web:, e-mail: shirth [at] 


Research: Corporate Finance, Real Options, Capital Structure, Strategic Interaction, Credit Rating Agencies, Household Finance

Teaching: Corporate Finance, Real Options, Portfolio Theory, Credit Risk, Credit Rating Agencies


Universität Karlsruhe (TH): 2002-2007, Dr. rer. pol. (2007)

University of Massachusetts, Amherst, MA: 2000-2001, exchange studies

Universität Karlsruhe (TH): 1997-2002, Dipl.-Wi.-Ing. (2002)



Aarhus BSS, Aarhus University: Associate Professor, 2010-today (on leave while at SDU)

Nordic Finance Network (NFN): Board Member, 2022-today

University of Southern Denmark (SDU), Odense, Denmark: Professor (wsr, fixed term), 2017-2018

University of Zurich, Switzerland: Visiting Scholar, 2013

Columbia University, New York, USA: Visiting Scholar, 2011

Aarhus BSS, Aarhus University: Assistant Professor, 2007-2010

AUT University, Auckland, New Zealand: Visiting Researcher, 2008

Universität Karlsruhe (TH): Research & Teaching Assistant, 2002-2007


Banque de France, Paris, France: Visiting Scholar, 2012

Daimler AG, Sindelfingen, Germany: Intern & Diploma Thesis (Game Theory), 2001-2002

Commerzbank AG, Frankfurt, Germany: Intern (Interest Rate Derivatives), 2000