you are here: KU.de  Faculties  Ingolstadt School of Management (WFI)  Finance

Welcome at the Department of Finance and Banking

Univ.- Prof. Dr. Thomas Mählmann

  • Teaching

    Announcement research leave

    We would like to inform you that due to Professor Mählmann's research leave in the upcoming winter semster 2019/20 only the following lectures will take place:

    • Investment, Finance and Capital Markets (Bachelor)
    • Seminar Finance and Banking A (Master)

    Please note that the lectures Bank Management (Bachelor) and Credit Risk Modeling (Master) will be cancelled.

    WS 19/20
    Guest lecture Ingo Mainert, CIO Allianz Global Investors

    We are pleased to announce that Ingo Mainert, CIO of Allianz Global Investors, will be giving a guest lecture as a part of the course “Capital Market Theory”.

    12th May 2019
    BVH Stock Pitch Competition

    Stock Pitch Competition of FNI on the 28th May 2019: Five teams will be presenting their investments. Are you interested? Register for the Competition on the homepage of FNI, come by and watch the pitches!

    12th May 2019
    Guest lecture Olaf Scheer, senior partner zeb Consulting

    We are pleased to announce that Olaf Scheer, senior partner of zeb, will be giving a guest lecture on the "European Banking Study" as a part of the course “Risk Management”. The lecture will take place on Wednesday, 21st May 2019 in room NB 201.

    28th September 2018
    Upcoming Events Finance Network Ingolstadt e.V.

    You are interested in financial topics? Stop by when members of the FNI present their club on October 17, 2018.

    On October 22, 2018 the first part of the „Börsenführerschein“ lecture-series will be held. Jonas Walter will talk about exchanges, capital markets and trading. Afterwards, join the „Börsenstammtisch“ for a get-together at „Das Mo“.

    Refer to the FNI homepage for further details: www.financenetwork.de/events.

    12th September 2018
    Potential Research Topic for a Master Thesis

    The Department of Finance and Banking is looking for a Student, interested in writing her/his master thesis in the field of private equity and private debt. Knowledge of a statistic program (Stata or R) is required.

    If you are interested, please contact Prof. Dr. Mählmann (Thomas.Maehlmann(at)ku.de).

    10th September 2018
    Börsenführerschein winter term 2018/19

    Starting this winter semester, passing the „Börsenführerschein“, provided by the Bundesverband der Börsenvereine at German Universities (BVH e.V.) and carried out at the WFI by the Finance Network Ingolstadt e.V., will be awarded with 2 ECTS. Please fill out a transfer credit agreement (Teilstudienvertrag) to add the 2 ECTS to your transcript (only for Bachelor students).

    The following topics will be covered:

    I. Exchanges, Capital Markets and Trading: Jonas Walter, Club President FNI

    II. Stocks, Fixed Income and Funds: Florian Goldbrunner, Club President FNI

    III. Options and Certificates: Holger Scholze, exchange host

    IV. Investmentstrategy and Psychology of Exchanges: Pascal Saugy, self-employed exchange trader

    Find out more about this and other events at www.financenetwork.de/events.

    09th July 2018
    Vacancy 

    The BMW Group announced a vacancy for a credit risk modeling and regulatory specialist. Graduating students have the opportunity to apply for this position. Take a closer look on the vacancy if you are interested.

    15th May 2018
    Vacancy Intern/Analyst Sales at Barclays

    Barclays announced a vacancy as an intern or analyst at the German, Swiss & Austiran Sales Team. You find the vacancy here

    02nd May 2018
    Internship vacancy portfolio management

    Tecta Invest GmbH, investment company of Versicherungskammer Bayern offers an internship in the field of portfolio management. The duration of the internship is three months. The internship is primarily targeted to students with study focus on Finance, Econometrics or Asset Management. You can find the vacancy here.  

    10th April 2018

    Seminar Digitalization in Finance

    This summer semester, we offer the seminar "Digitalization in Finance" for master students. Please check out our topics and further relevant information in Ilias, if you cannot make it to the official topic presentation on Tue, 10/04/2018. The registration deadline is 23rd April 2018.

  • Research

    The DKS Award 2019 for the best master thesis goes to Ingo Geburtig
    Congratulations to Ingo Geburtig on winning the DKS prize for the best master thesis!

    The DKS (Verein Deutsche Kreditmarkt-Standards e.V.) dedicates oneself in research funding and supports empirical studies on the (inter-)national lending business and financial transactions on the credit market. The prize for the best master thesis in 2019 goes to Ingo Geburtig who did research about the “Liquididtätsbereitstellung und Transaktionskosten auf dem Sekundärmarkt für Unternehmenskredite“. In turnaround situations, his findings, which are based on a large data set, can be used not only for the Leveraged Loan sector but also for other credit markets (extract of the report of Jens Nawrath, chairman of the DKS).

     Simon Gloßner receives Cubist Systematic Strategies PhD Candidate Award for Outstanding Research 

    The working paper "The Price of Ignoring ESG Risks" by Simon Gloßner won an award at the Western Finance Association Conference 2018 held from 17-20 June in Coronado, USA. The award is called the "Cubist Systematic Strategies PhD Candidate Award for Outstanding Research". A full version of the paper can be found here .

    June Issue of Creditflux Magazine has Summary of "Private Equity Debt Investors"

    The June issue of the Creditflux Magazine covers a short summary of recent findings in "Private Equity Debt Investors" -- a new working paper by Roberto Liebscher and Thomas Mählmann. Written for practitioners like institutional investors the Creditflux article displays central results like the finding of an "own debt bias" -- a tendency of CLO managers to invest in loans of companies owned by an affiliated private equity arm. 

    The Working Paper "Idiosyncratic Risk, Costly Arbitrage and Asymmetry: Evidence from Pairs Trading" has been accepted for a presentation at the 23rd annual meeting of the DGF and the 2016 Annual Meeting of the FMA

    The working paper "Idiosyncratic Risk, Costly Arbitrage and Asymmetry: Evidence from Pairs Trading" by Stephanie Riedinger has been accepted at the 23rd annual meeting of the "Deutsche Gesellschaft für Finanzwirtschaft" (DGF) from 29.-31. September in Bonn and at the annual meeting of the Financial Management Association (FMA) from 19.-22. October in Las Vegas. A full version of the paper can be accessed here.

    How social screening affects bond mutual fund performance: Paper published in the Journal of Banking and Finance

    Hans-Martin Henke identifies excess returns of ESG (environmental, social and governance) funds as a consequence of their own filter criterias in his recently published paper: "The effect of social screening on bond mutual fund performance"  The results suggest, that investments in ESG funds have a superior risk-return profile to traditional strategies.

    Paper Accepted for Publication in "Management Science"

    The paper "Are Professional Investment Managers Skilled? Evidence from Syndicated Loan Portfolios" from Roberto Liebscher and Thomas Mählmann has been accepted for publication in Management Science. Within this work the authors study the role of management skill on syndicated loan portfolio outcomes. The results add to the understanding of the interaction between market efficiency and skill-based performance heterogeneity. Management Science is a scholarly journal that covers a wide range of management research.

    Review of Finance Published Article on the "Boom Bias" of Agency Ratings

    Mark Dilly and Thomas Mählmann show in a recent study that agency ratings suffered from a "boom bias". They argue that this result is neither due to a change in rating standards nor a consequence of increased competitive pressure. The results rather point at an incentive-based explanation of the "boom bias". The Review of Finance has now published this work titled "Is there a Boom Bias in Agency Ratings?".

    Working Paper "The Influence of Social Preferences on Bond Investor Flows" Accepted for Presentation at the DGF Annual Meeting

    Hans-Martin Henke is going to present his recent research on the influence of social preferences on investor behaviour in the bond fund market at the 22nd annual meeting of the DGF. The conference takes place at the 25th of September in Leipzig. For further information on the programme please visit the organizers' webpage: www.dgf2015.de.

    Recent Research Covered in the Review of Quantitative Finance and Accounting

    The article "Market Share and Risk Taking: The Role of Collateral Asset Managers in the Collapse of the Arbitrage CDO Market" by Thomas Mählmann has been published in the February edition of the Review of Quantitative Finance and Accounting. In this paper the relation between managers' market share and product quality is studied in the context of ABS CDOs. The results show that deals of managers with a high market share suffered most from the economic downturn during the financial crisis.

    Creditflux Magazine Features our Research

    In the February edition of Creditflux Roberto Liebscher and Thomas Mählmann give a brief overview of their current research. In the article the authors discuss the role of asset management on CLO performance. They conclude that in the leveraged loan market some managers are able to exploit price inefficiencies. The Creditflux Magazine is published monthly and is predominantly read by credit traders and structurers.

    Stephanie Riedinger receives Best PhD Student Paper Award at 21st DGF conference

    During the joint conference of DGF (German Finance Association) and the Karlsruher Symposium Finance, Banking and Insurance, Stephanie Riedinger was awarded the Best PhD Student Award for her work “Far from Close Economic Substitutes: The Effect of Volatility and Correlation on Pairs Trading”. She shares her prize, which was sponsored by the German saving banks, with Patrick Grüning, PhD student at Goethe-University Frankfurt. In her work, Ms. Riedinger examines the influence of volatility and correlation on the return characteristics of the hedge fond trading strategy “pairs trading”. With her valuable insights she contributed to gaining a better understanding of arbitrage strategies and in turn allows for a better comprehension of chances and risks in practice.

    Master Thesis awarded the 2014 BVAI Science Award

    Katja Rademacher has been awarded the Bundesverband Alternative Investment (BVAI) Science Award for her master thesis on manager quality in CLO markets. In her thesis she analyzes the returns on the most risky tranches in CLOs and its determinants. She finds strong persistence in manager performance suggesting that some market participants are superior skilled. Furthermore, she describes several channels through which higher performance evolves. More on the BVAI Science Award and this year's winners can be found here.

    Working Paper Accepted for Presentation at the 12th International Paris Finance Meeting

    The working paper "Are Professional Investments Managers Skilled? Evidence from Syndicated Loan Portfolios" by Roberto Liebscher and Thomas Mählmann has been accepted for presentation at the 12th International Paris Finance Meeting. Learn more about the conferences' program here.

    DFB - students win the WELT Finance Essay Award 2013

    A team, which was supported by the department of Finance and Banking, won the WELT Finance Award.

    The team members were Thilo Berg, Benjamin Buchwitz, Anne Falkenberg, Maximilian Gerum and Tobias Püschel. They handed in an scientific paper as well as a short summary of their results as an essay. They analysed the relation between public and banking finance. With the essay they won the first price and got their work honored as being the best work considering journalistic aspects. You will find more information about the Finance Award under the following link: www.postbank.de/postbank/ka_finance_award_ueberblick.html

    We congratulate our students for winning this price.

    New A-journal publication at the department of Finance and Banking

    The paper Hedge funds, CDOs and the financial crisis: An empirical investigation of the “Magnetar trade” written by Prof. Dr. Thomas Mählmann has been accepted by the Journal of Banking & Finance for publication.

    Find out more about this publication when following the links:
    Professor Dr. Mählmann
    Publications

    DFB students won price for their thesis!

    We are proud to announce that DFB student Mr. Paul Dechant won the first DZ banking and carrer price with its master thesis. The price is endowed with 7.500 €. Furthermore the student Mr. Martin Schwab won the second DZ banking and carrer price in the categorie bachelor thesis. He won 3.000 € with his scientific paper which was also written with the support of professor Dr. Thomas Mählmann. We congratulate our students. The winner of the price were picked out by a high-class jury which had to read more than 160 thesis. See more under the following link (www.karrierepreis.de)

    New A-journal publication at the department of Finance and Banking

    The paper "Did investors outsource their risk analysis to rating agencies? Evidence from ABS-CDOs" written by Prof. Dr. Thomas Mählmann has been accepted by the Journal of Banking & Finance for publication.