Prof. Dr. Karl L. Keiber

Karl L. Keiber

Faculty of Business Administration and Economics (Wiwi)

Chair Holder

Karl Ludwig Keiber graduated with a degree in industrial engineering from the University of Karlsruhe (TH) in 1996. Immediately following his studies, he worked until 1999 as an assistant in research and teaching at the Chair of Empirical Financial Market Research at the Swiss Institute of Banking and Finance at the University of St. Gallen. Gallen, received his doctorate with highest honours in 2000 and was awarded the Amicitia Prize for the best doctorate in economics at the University of St. Gallen in 2001.

In the spring of 2000, he moved to the Dresdner Bank Endowed Chair of Finance at the WHU (Wissenschaftliche Hochschule für Unternehmensführung) as a research assistant. In the summer of 2003, he held the Chair of Business Administration, in particular Banking, at the Johannes Gutenberg University of Mainz. From September 2003, he was a lecturer in corporate finance at WHU. With the successful completion of the habilitation process in December 2005, he was awarded a teaching licence - the Venia Legendi - for the subject of business administration. In spring 2006, he was a visiting scholar in the USA at the Kellogg School of Management at Northwestern University in Evanston, Illinois. Since 2007, he has been a full university professor and holder of the Chair of Business Administration, in particular Finance, at the European University Viadrina (EUV) in Frankfurt (Oder). He was also a lecturer at ESCP Europe, Berlin.

His university teaching experience consists of the courses Finance and Investments, Capital Market Theory, Corporate Finance, Active Portfolio Management, Market Microstructure Theory, Microeconomics of Financial Markets and Asset Pricing. He has also taught in various continuing education programmes at WHU. In addition, he has been a lecturer in the MBA programme of the EUV and, since autumn 2002, for the German Association for Financial Analysis and Asset Management (DVFA).

His research interests include issues of market microstructure theory, behavioural finance and asset pricing. His research findings have been published in international peer-reviewed journals, among others.

  • By appointment.
  • Registration required at keiber@europa-uni.de.

  • Financial Economics
  • Information economics
  • Market microstructure theory
  • Behavioural Finance
  • Asset Pricing

Referierte Publikationen

  • On the Linkage of Momentum and Reversal – Evidence from the G7 Stock Markets, Journal of Economics and Finance, June 2024. (mit Daniel Hofmann und Adalbert Luczak) https://doi.org/10.1007/s12197-024-09676-9
  • Tug of War with Noise Traders? Evidence from the G7 Stock Markets, The Quarterly Review of Economics and Finance, Vol. 95, June 2024, S. 234-243. (mit Aghamehman Hajiyev und Adalbert Luczak) https://doi.org/10.1016/j.qref.2024.03.011
  • 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)

Arbeitspapiere

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 in Bearbeitung

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

Awards

  • Amicitia Prize, Best Doctorate in Economics, University of St. Gallen, 2001.
  • Best Teaching Award, Best Evaluation in the context of lecturer assessment, Unternehmensfinanzierung II / Corporate Finance II, WHU, 2005.
  • Best Teaching Award, Best Evaluation in the context of lecturer assessment, Markt Mikrostruktur Theorie / Market Microstructure Theory, WHU, 2006. 

Academic career

2006 Research stay, Visiting Scholar, Finance Department, Kellogg School of Management, Northwestern University, Evanston, Illinois, USA, February-März
2005 Habilitation, Venia Legendi, Business Administration, Wissenschaftliche Hochschule für Unternehmensführung (WHU)
2000 Doctor of Economics (summa cum laude), University of St. Gallen
1998 Doctoral course, The Economics of Information and Learning, Prof. Xavier Vives, Gerzensee Study Centre
1997 Doctoral course, Market Microstructure, Prof Maureen O'Hara, Zürich
1997 Doctoral course, Empirical Asset Pricing, Prof. John Y. Campbell, Gerzensee Study Centre
1997-1998 Doctoral studies, Finance and Capital Markets, University of St. Gallen
1996 Diploma in Industrial Engineering, University of Karlsruhe (TH)
1990-1996 Studies, Industrial Engineering and Management, University of Karlsruhe (TH)
1989 General higher education entrance qualification


Professional activities

2007- European University Viadrina, Frankfurt (Oder), holder of the Chair of Business Administration, in particular Finance
2006-2007 European University Viadrina, Frankfurt (Oder), deputy (cum spe) to the Chair of Economics, in particular International Finance
2003-2006 Wissenschaftliche Hochschule für Unternehmensführung (WHU), Vallendar, Head of the Post-Doctorate in Corporate Finance
2003 Johannes Gutenberg University, Mainz, Deputy Chair of Business Administration, in particular Banking, summer semester
2000-2003 Wissenschaftliche Hochschule für Unternehmensführung (WHU), Vallendar, Research Assistant, Dresdner Bank Endowed Chair of Finance
1997-1999 University of St. Gallen, Switzerland, Research and Teaching Assistant, Swiss Institute of Banking and Finance
1989-1990 Air force military service, Roth and Karlsruhe

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Conference papers with review process

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 Behavioural 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.
  • Rationalising 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.
  • Rationalising 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, Association of University Professors of Business Administration, 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 Characterisation 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.
  • Valuation of Growth Companies on the Neuer Markt, German Finance Association, Vienna. (presented by André Kronimus)

Conference contributions

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? Internalisation 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)
  • Price Reactions to the Announcement of Going Private Transactions on the German Capital Market, 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 Behaviour 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. (by Randi Naes and Bernt Arne Odegaard)

2000

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

1999

  • Consistent Modelling in Portfolio Theory, 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 and Sorin Tuluca)

Other scientific presentations

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.

University teaching experience

ESCP Europe, Berlin 2011 Options and Corporate Finance
  2010 Options and Corporate Finance
European University Viadrina, Frankfurt (Oder) 2011
  • Capital market theory
  • Asset Pricing
  • PhD Colloquium in Finance
  • Corporate Finance
  2010
  • Capital market theory
  • Market Microstructure Theory
  • Corporate Finance
  • Microeconomics of Financial Markets
  • Active Portfolio Management (SS)
  2009
  • Capital market theory
  • Asset pricing
  • Corporate Finance
  • Market Microstructure Theory
  • Active Portfolio Management (SS, WS)
  2008
  • Financial Economics and Capital Market Theory
  • Microeconomics of Financial Markets
  • Corporate Finance
  • Market Microstructure Theory
  • Active Portfolio Management (SS, WS)
  2007
  • Financial Economics and Capital Market Theory
  • Microeconomics of Financial Markets
  • Corporate Finance
  • Market Microstructure Theory
  • Active Portfolio Management (SS, WS)
  2006
  • Financial Economics and Capital Market Theory
  • Microeconomics of Financial Markets
  • Active Portfolio Management (WS)
Wissenschaftliche Hochschule für Unternehmensführung (WHU) 2006
  • Market Microstructure Theory, 7th semester (Fall term)
  • Market Microstructure Theory, 8th semester (Spring term)
  2005
  • Asset Pricing, 7th semester (Fall term)
  • Corporate Finance II, 8th semester
  • Asset Pricing, 8th semester (Spring term)
  2004
  • Corporate Finance I, 7th semester
  • Market Microstructure Theory, 7th semester
  • Corporate Finance II, 8th semester
  • Asset Pricing, 8th semester
  2003
  • Corporate Finance I, 7th semester
  • Market Microstructure Theory, 7th semester
  • Capital Market Theory, 6th semester
  • Asset Pricing, 8th semester
  2002
  • Market Microstructure Theory, 7th semester
  • Capital Market Theory, 6th semester
  2001
  • Market Microstructure Theory, 7th semester
  • Asset Pricing, 7th semester
  • Capital Market Theory, 6th semester
  2000
  • Market Microstructure Theory, 7th semester
  • Capital Market Theory, 6th semester
Johannes Gutenberg University, Mainz 2003
  • Capital Market Theory, 6th semester

 

University teaching activity / further education

European University Viadrina, MBA programme, 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)

  • Project financing, 2005, 2006, 2007, 2008, 2009, 2010, 2011
    • .
  • International Corporate Finance and International Investment, 2004.
  • International Financial Planning, 2003, 2002.

Dynamit Nobel AG, WHU Executive Development Programme, Vallendar

  • Cash flow and cash flow analysis, 2004.

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

  • Bourses and market systems, 2000.
  • Capital Asset Pricing Model, 2000.

 Assessor

  • Economic Inquiry, 2008-
  • Business Research, 2008-
  • Schmalenbach Business Review, 2007-
  • Journal of Business Administration, 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 Management, 2000-

University Self-Governance

  • Member of the Commission for Safeguarding Good Scientific Practice, WHU, 2002-2005
    • .
  • Member of the Appointment Committee, Chair of Business Administration, in particular Corporate Finance, WHU, 2004
    • .
  • Member of the habilitation committee, habilitation procedure Dr B. Wei&sz;enberger, WHU, 2002.
  • Judge in the selection procedure for new students, WHU, 2001.
  • Member of the doctoral committee, since 2001.
  • EDP administration (hardware and software), Dresdner Bank Endowed Chair of Finance, WHU, 2000-2003.

Memberships

  • 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-
  • German University Association, DHV, 2001-
  • German Society for Financial Economics, DGF e.V., 1997-
Persons

Contact

Main Building (HG)
Große Scharrnstraße 59
15230 Frankfurt (Oder)
  • HG 227

+49 335 5534 2911 keiber@europa-uni.de