Prof. Dr. Karl Ludwig Keiber

Publikationen

Referierte Publikationen

• Up and Down Together? On the Linkage of Momentum and Reversal, Global Finance Journal, Vol. 54, November 2022, 100754, 2022. (mit Daniel Hofmann und Adalbert Luczak) https://doi.org/10.1016/j.gfj.2022.100754
• Seasonalities in the German Stock Market, Financial Markets and Portfolio Management, Vol. 35, No. 2, S. 151-192, 2021. (mit Daniel Hofmann) https://doi.org/10.1007/s11408-020-00373-1
• The Pricing of Sentiment Risk in European Stock Markets, The European Journal of Finance, Vol. 25, No. 3, S. 279-302, 2019. (mit Helene Samyschew)
• The World Price of Sentiment Risk, Global Finance Journal, Vol. 32, No. 1, S. 62-82, 2017. (mit Helene Samyschew)
• The Role of Sentiment in Global Risk Premia, Applied Economics, Vol. 47, No. 20, S. 2073-2091, 2015. (mit Helene Samyschew)
• Price Discovery in the Presence of Boundedly Rational Agents, Quantitative Finance, Vol. 8, No. 3, S. 235-249, 2008.
• Reconsidering the Impossibility of Informationally Efficient Markets, Applied Financial Economics, Vol. 17, No. 14, S. 1113-1122, 2007.
• Insider Trading Rules and Price Formation in Securities Markets - An Entropy Analysis of Strategic Trading, International Journal of Theoretical and Applied Finance, Vol. 9, No. 8, S. 1215-1243, 2006.
• The Informational Content of Transactions, Financial Markets and Portfolio Management, Vol. 19, No. 1, S. 47-60, 2005.
• Bewertung von Wachstumsunternehmen am Neuen Markt, Zeitschrift für Betriebswirtschaft (ZfB), Nr. 72, Heft 7, S. 735-764, 2002. (mit André Kronimus und Markus Rudolf)
• Zur Bedeutung des Aktienindexmanagements: Preiseffekte beim SMI und dem S&P 500, Journal für Betriebswirtschaft (JfB), Nr. 50, Heft 1, S. 5-19, 2000. (mit Andreas Grünbichler und Andreas Schneller)
• Zur Finanzierungsproblematik von Gründungsunternehmen aus optionstheoretischer Sicht, Zeitschrift für Betriebswirtschaft (ZfB), Ergänzungsheft 3/99, S. 151-168, 1999. (mit Andreas Grünbichler)

Sonstige Publikationen

• Dividenden-Bewertungsmodelle, in: Schacht, U. und M. Fackler (Hrsg.), Praxishandbuch Unternehmensbewertung - Grundlagen, Methoden, Fallbeispiele, Gabler, Wiesbaden, 2. Auflage, S. 335-358, 2009.
• Wolfgang Bessler (ed.): Exchanges, Banks, and Capital Markets - (in German: Börsen, Banken und Kapitalmärkte), Financial Markets and Portfolio Management, Vol. 21, No. 1, S. 139-142, 2007.
• Dividenden-Bewertungsmodelle, in: Schacht, U. und M. Fackler (Hrsg.), Praxishandbuch Unternehmensbewertung - Grundlagen, Methoden, Fallbeispiele, Gabler, Wiesbaden, S. 313-337, 2005.
• Stochastische Modelle der Unternehmensbewertung, in: Richter, F. und C. Timmreck (Hrsg.), Unternehmensbewertung - Moderne Instrumente und Lösungsansätze, Schäffer-Poeschel, Stuttgart, S. 421-443, 2004.
• Wagnisfinanzierung bei Konkurrenz, in: Baecker, P., U. Hommel und M. Scholich (Hrsg.), Reale Optionen - Konzepte, Praxis und Perspektiven strategischer Unternehmensfinanzierung, Springer, Berlin, S. 431-450, 2003.
• Essays on the Economics of Information, Habilitationsschrift, WHU, 2004.
• Asymmetrische Information, beschränkte Rationalität und Preisbildung auf Aktienmärkten, Dissertation, Universität St. Gallen, 2000.

Arbeitspapiere

• Insider Trading and Sentiment Trading, Working Paper.
• Penal Law, Prosecution of Insider Trading, and the Informational Efficiency of Securities Markets, Working Paper.
• Managerial Compensation Contracts and Overconfidence, Working Paper.
• The Intertemporal Role of Overconfidence in Competitive Securities Markets, Working Paper.
• Overconfidence in the Continuous-Time Principal-Agent Problem, Working Paper.
• Merging the State-Space Representation and the Mean-Variance Characterization of the Efficient Frontier, Working Paper.

Arbeitspapiere in Bearbeitung

• Rationalizing the policy of credit rating agencies, Working Paper. (mit Gunter Löffler)

Auszeichnungen

• Amicitia-Preis, Bestes Doktorat der Wirtschaftswissenschaften, Universität St. Gallen, 2001.
• Best Teaching Award, Beste Evaluation im Rahmen der Dozentenbewertung, Unternehmensfinanzierung II / Corporate Finance II, WHU, 2005.
• Best Teaching Award, Beste Evaluation im Rahmen der Dozentenbewertung, Markt Mikrostruktur Theorie / Market Microstructure Theory, WHU, 2006. 

Lebenslauf / Vita

Akademischer Werdegang

Berufliche Tätigkeiten

Konferenzbeiträge mit Begutachtungsprozess

2011

• Penal Law, Prosecution of Insider Trading and the Informational Efficiency of Securities Markets, German Economic Association of Business Administration, Zurich.

2006

• Insider Trading Rules and Price Formation in Securities Markets - An Entropy Analysis of Strategic Trading, European Financial Management Association, Madrid.
• Insider Trading Rules and Price Formation in Securities Markets - An Entropy Analysis of Strategic Trading, Verband der Hochschullehrer für Betriebswirtschaft, Dresden.
• Managerial Compensation Contracts and Overconfidence, Symposium on Behavioral Finance, European Financial Management Association, Durham.
• Insider Trading Rules and Price Formation in Securities Markets - An Entropy Analysis of Strategic Trading, Swiss Society for Financial Market Research, Zurich.

2005

• Insider Trading Rules and Price Formation in Securities Markets - An Entropy Analysis of Strategic Trading, Symposium on Finance, Banking, and Insurance, Karlsruhe.
• Insider Trading Rules and Price Formation in Securities Markets - An Entropy Analysis of Strategic Trading, German Finance Association, Augsburg.
• The Intertemporal Role of Overconfidence in Competitive Securities Markets, German Economic Association of Business Administration, Freiburg.
• Managerial Compensation Contracts and Overconfidence, European Financial Management Association, Milan.
• Overconfidence in the Continuous-Time Principal-Agent Problem, European Financial Management Association, Milan.
• Insider Trading Rules and Price Formation in Securities Markets - An Entropy Analysis of Strategic Trading, Global Finance Conference, Dublin.
• The Intertemporal Role of Overconfidence in Competitive Securities Markets, Verband der Hochschullehrer für Betriebswirtschaft, Kiel.
• Rationalizing the Policy of Credit Rating Agencies, Swiss Society for Financial Market Research, Zurich.

2004

• The Intertemporal Role of Overconfidence in Competitive Securities Markets, German Finance Association, Tübingen.
• Rationalizing the Policy of Credit Rating Agencies, German Finance Association, Tübingen.
• The Intertemporal Role of Overconfidence in Competitive Securities Markets, European Finance Association, Maastricht.
• The Intertemporal Role of Overconfidence in Competitive Securities Markets, European Financial Management Association, Basel.
• Overconfidence in the Continuous-Time Principal-Agent Problem, Verband der Hochschullehrer für Betriebswirtschaft, Graz.
• The Intertemporal Role of Overconfidence in Competitive Securities Markets, Swiss Society for Financial Market Research, Zurich.

2003

• Overconfidence in the Continuous-Time Principal-Agent Problem, German Finance Association, Mainz.
• Overconfidence in the Continuous-Time Principal-Agent Problem, German Economic Association of Business Administration, Frankfurt.
• Price Discovery in the Presence of Boundedly Rational Agents, European Financial Management Association, Helsinki.
• Overconfidence in the Continuous-Time Principal-Agent Problem, Global Finance Conference, Frankfurt.
• Managerial Compensation Contracts and Overconfidence, Verband der Hochschullehrer für Betriebswirtschaft, Zurich.
• Overconfidence in the Continuous-Time Principal-Agent Problem, Swiss Society for Financial Markets Research, Zurich.
• Merging the State-Space Representation and the Mean-Variance Characterization of the Efficient Frontier, Swiss Society for Financial Market Research, Zurich.
• Overconfidence in the Continuous-Time Principal-Agent Problem, Gesellschaft für Klassifikation, Cottbus.

2002

• Managerial Compensation Contracts and Overconfidence, Symposium on Finance, Banking, and Insurance, Karlsruhe.
• Managerial Compensation Contracts and Overconfidence, German Finance Association, Cologne.
• Managerial Compensation Contracts and Overconfidence, German Economic Association of Business Administration, Berlin.
• Price Discovery in the Presence of Boundedly Rational Agents, Swiss Society for Financial Market Research, Basel.

2001

• Price Discovery in the Presence of Boundedly Rational Agents, German Finance Association, Vienna.
• Bewertung von Wachstumsunternehmen am Neuen Markt, German Finance Association, Vienna. (presented by André Kronimus)

Konferenzbeiträge

2010

• Contingent Convertibles. Solving or Seeding the Next Banking Crisis?, Discussion, German Economic Association of Business Administration, Frankfurt. (by Christian Koziol and Jochen Lawrenz))

2008

• Optimal Contracts for Lenient Supervisors, Discussion, German Economic Association of Business Administration, Augsburg. (by Thomas Giebe and Oliver Gürtler)

2006

• On the Appropriateness of Performance-Based Compensation for Supervisory Board Members - An Agency Theoretic Approach, Discussion, German Economic Association of Business Administration, Bielefeld. (by Barbara Pirchegger and Jens Schöndube)
• Switching to a Temporary Call Auction in Times of High Uncertainty, Discussion, European Financial Management Association, Madrid. (by David Abad and Roberto Pascual)
• Difference in Interim Performance and Risk Taking, Discussion, Swiss Society for Financial Market Research, Zurich. (by Dmitry Makarov)

2005

• A Common Factor Analysis for the US and the German Stock Markets During Overlapping Trading Hours, Discussion, Symposium on Finance, Banking, and Insurance, Karlsruhe. (by Michael Flad and Robert C. Jung)
• Is Best Really Better? Internalization in Xetra BEST, Discussion, German Finance Association, Augsburg. (by Joachim Grammig and Erik Theissen)
• When Does Single-Source versus Multiple-Source Lending Matter?, Discussion, German Economic Association of Business Administration, Freiburg. (by Christian Koziol)
• Executive Stock Options: Value to the Executive and Cost to the Firm, Discussion, European Financial Management Association, Milan. (by Ashay Kadam, Peter Lakner, and Anand Srinivasan)
• Optimal Debt Service: Straight vs. Convertible Debt, Discussion, Swiss Society for Financial Market Research, Zurich. (by Christian Koziol)

2004

• Order Imbalance, Investor Sentiment, and the Probability of Informed Trading, Discussion, German Finance Association, Tübingen. (by Harald Henke)
• Kursreaktionen auf die Ankündigung von Going Private-Transaktionen am deutschen Kapitalmarkt, Discussion, German Economic Association of Business Administration, Bonn. (by Florian Eisele and Andreas Walter)
• Modelling Price Pressure in Financial Markets, Discussion, European Finance Association, Maastricht. (by Elena Asparouhova and Peter Bossaerts)
• Dynamic Order Submission Strategies with Competition between a Dealer Market and a Crossing Network, Discussion, European Financial Management Association, Basel. (by Hans Degryse, Mark Van Achter, and Gunther Wuyts)
• Momentum Returns in the Spanish Stock Market: Model Misspecification or Investor Irrationality?, Discussion, European Financial Management Association, Basel. (by Carlos Forner Rodriguez and Joaquin Marhuenda Fructuoso)
• Dealer Quotes, Order Flow, and Indirect Foreign Currency Utility in a Multiple Dealership Market, Discussion, Swiss Society for Financial Market Research, Zurich. (by Alexis Derviz)

2003

• On the Trend Recognition and Forecasting Ability of Professional Traders, Discussion, German Finance Association, Mainz. (by Markus Glaser, Thomas Langer, and Martin Weber)
• Noise Trader Risk Exists ... but the noise traders are not who you think they are, Discussion, European Financial Management Association, Helsinki. (by Andrew Jackson)
• Disposition Theory: On the Behavior of Individual Investors and Implications for Over- and Underreaction, Discussion, Global Finance Conference, Frankfurt. (by Matthias Bank)
• Asset Pricing in the Production Economy Subject to Monetary Shocks, Discussion, Swiss Society for Financial Market Research, Zurich. (by Olesya Grishchenko)
• Market Dynamics Around Public Information Arrivals, Discussion, Swiss Society for Financial Market Research, Zurich. (by Angelo Ranaldo)
• Overconfidence in the Continuous-Time Principal-Agent Problem, Campus for Finance, Vallendar.

2002

• Trader Anonymity, Price Formation and Liquidity, Discussion, German Finance Association, Cologne. (by Erik Theissen)
• Information and the Cost of Capital, Discussion, European Finance Association, Berlin. (by David Easley and Maureen O'Hara)

2001

• Equity Trading by Institutional Investors. To Cross or not to Cross?, Discussion, German Finance Association, Vienna. (von Randi Naes and Bernt Arne Odegaard)

2000

• The Importance of Liquidity in Index Futures Pricing: Modeling and Empirical Evidence, Discussion, Swiss Society for Financial Market Research, Zurich. (by Alexander Kempf)

1999

• Konsistente Modellierung in der Portfoliotheorie, Discussion, Swiss Society for Financial Market Research, St. Gallen. (by Hans-Jürgen Wolter)

1997

• Determinants of Bid-Offer Spreads in Interest Rate Swaps: an Empirical Investigation, Discussion, European Financial Management Association, Zurich. (by S. V. Jayanti, Alan K. Reichert und Sorin Tuluca)

Sonstige wissenschaftliche Vorträge

2005

• Managerial Compensation Contracts and Overconfidence, Research Seminar, Centre for Financial Research (CFR), University of Cologne, Cologne.

2004

• The Intertemporal Role of Overconfidence in Competitive Securities Markets, WHU Research Seminar, Vallendar.

2003

• Overconfidence in the Continuous-Time Principal-Agent Problem, Simon - Kucher and Partners, Bonn.
• Valuation of Growth Companies - The Case of Neuer Markt, Seminar of the Institute for Mergers and Acquisition, University Witten/Herdecke, Witten.
• Overconfidence in the Continuous-Time Principal-Agent Problem, Finance Seminar Series, Goethe-University, Frankfurt.

2002

• Overconfidence in the Continuous-Time Principal-Agent Problem, Hypo-Vereinsbank Stiftungsfonds Seminar, Eltville.
• Managerial Compensation Contracts and Overconfidence, WHU Research Seminar, Vallendar.
• Reconsidering the Impossibility of Informationally Efficient Markets, WHU Research Seminar, Vallendar.

2001

• Price Discovery in the Presence of Boundedly Rational Agents, European Business School Research Seminar, Oestrich-Winkel.
• Price Discovery in the Presence of Boundedly Rational Agents, WHU Research Seminar, Vallendar.

Universitäre Lehrerfahrung

Außeruniversitäre Unterrichtstätigkeit / Weiterbildung

Europa-Universität Viadrina, MBA-Programm, Frankfurt (Oder)

• Capital Structure and Options in Corporate Finance, 2010.
• Introduction to Options, Futures, and Other Derivatives, 2007, 2008, 2009.

Deutsche Vereinigung für Finanzanalyse und Asset Management (DVFA) GmbH, Frankfurt (Main)

• Projektfinanzierung, 2005, 2006, 2007, 2008, 2009, 2010, 2011.
• Internationale Unternehmensfinanzierung ind Internationale Investition, 2004.
• Internationale Finanzplanung, 2003, 2002.

Dynamit Nobel AG, WHU Executive Development Program, Vallendar

• Cash Flow und Cash Flow Analyse, 2004.

Dresdner Bank AG, WHU on Finance, Frankfurt (Main)

• Börsen und Marktsysteme, 2000.
• Capital Asset Pricing Model, 2000.

 Gutachtertätigkeit

• Economic Inquiry, 2008-
• Business Research, 2008-
• Schmalenbach Business Review, 2007-
• Zeitschrift für Betriebswirtschaft, 2007-
• Global Finance Journal, 2007-
• Applied Economics, 2007-
• Quantitative Finance, 2005-
• The European Journal of Finance, 2005-
• Oxford University Press, 2005.
• Financial Markets and Portfolio Managment, 2000-

Universitäre Selbstverwaltung

• Mitglied der Kommission zur Sicherung guter wissenschaftlicher Praxis, WHU, 2002-2005.
• Mitglied der Berufungskommission, Lehrstuhl für Betriebswirtschaftslehre insb. Unternehmensfinanzierung, WHU, 2004.
• Mitglied des Habilitationskollegiums, Habilitationsverfahren Frau Dr. B. Weißenberger, WHU, 2002.
• Juror im Auswahlverfahren für Studienanfänger, WHU, 2001.
• Mitglied des Promotionsausschusses, seit 2001.
• EDV-Administration (Hardware und Software), Dresdner Bank Stiftungslehrstuhl für Finanzwirtschaft, WHU, 2000-2003.

Mitgliedschaften

• Western Finance Association, WFA, 2005-
• American Finance Association, AFA, 2004-
• European Finance Association, EFA, 2003-
• German Economic Association of Business Administration, GEABA e.V., 2002-
• Deutscher Hochschulverband, DHV, 2001-
• Deutsche Gesellschaft für Finanzwirtschaft, DGF e.V., 1997-