Prof. Dr. Karl Ludwig Keiber

Wirtschaftswissenschaftliche Fakultät (Wiwi)
Lehrstuhlinhaber
Große Scharrnstraße 59
15230 Frankfurt (Oder)
🏠 HG 227
☏ +49 335 5534 2911
📠 +49 335 5534 2357
✉ keiber@europa-uni.de
Web: Lehrstuhl für Betriebswirtschaftslehre, insb. Finance
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
2006 | Forschungsaufenthalt, Visiting Scholar, Finance Department, Kellogg School of Management, Northwestern University, Evanston, Illinois, USA, Februar-März |
2005 | Habilitation, Venia Legendi, Betriebswirtschaftslehre, Wissenschaftliche Hochschule für Unternehmensführung (WHU) |
2000 | Doktor der Wirtschaftswissenschaften (summa cum laude), Universität St. Gallen |
1998 | Doktorandenkurs, The Economics of Information and Learning, Prof. Xavier Vives, Studienzentrum Gerzensee |
1997 | Doktorandenkurs, Market Microstructure, Prof. Maureen O'Hara, Zürich |
1997 | Doktorandenkurs, Empirical Asset Pricing, Prof. John Y. Campbell, Studienzentrum Gerzensee |
1997-1998 | Doktorandenstudium, Finanzen und Kapitalmärkte, Universität St. Gallen |
1996 | Diplom-Wirtschaftsingenieur, Universität Karlsruhe (TH) |
1990-1996 | Studium, Wirtschaftsingenieurwesen, Universität Karlsruhe (TH) |
1989 | Allgemeine Hochschulreife |
Berufliche Tätigkeiten
2007- | Europa-Universität Viadrina, Frankfurt (Oder), Inhaber des Lehrstuhls für Betriebswirtschaftslehre, insbes. Finance |
2006-2007 | Europa-Universität Viadrina, Frankfurt (Oder), Vertretung (cum spe) des Lehrstuhls für Wirtschaftswissenschaften insb. International Finance |
2003-2006 | Wissenschaftliche Hochschule für Unternehmensführung (WHU), Vallendar, Leitung des Post-Doctorate für Unternehmensfinanzierung |
2003 | Johannes Gutenberg Universität, Mainz, Vertretung des Lehrstuhls für Betriebswirtschaftslehre insb. Bankbetriebslehre, Sommersemester |
2000-2003 | Wissenschaftliche Hochschule für Unternehmensführung (WHU), Vallendar, Wissenschaftlicher Assisstent, Dresdner Bank Stiftungslehrstuhl für Finanzwirtschaft |
1997-1999 | Universität St. Gallen, Schweiz, Assistent in Forschung und Lehre, Schweizerisches Insitut für Banken und Finanzen |
1989-1990 | Wehrdienst Luftwaffe, Roth und Karlsruhe |
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
ESCP Europe, Berlin | 2011 | Options and Corporate Finance |
2010 | Options and Corporate Finance | |
Europa-Universität Viadrina, Frankfurt (Oder) | 2011 |
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Johannes Gutenberg Universität, Mainz | 2003 |
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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-