Mathematics and Economics

1: Institutes.
2: Studies and teaching.
- 2.1: Study paths.
  - 2.1.1: Mathematics and Management (Bachelor).
  - 2.1.2: Mathematics and Management.
  - 2.1.3: Management and Economics (Bachelor).
  - 2.1.4: Management and Economics.
  - 2.1.5: Mathematics (B. Sc.).
  - 2.1.6: Mathematics (M. Sc.).
  - 2.1.7: Mathematical Biometry (B. Sc.).
  - 2.1.8: Computational Science and Engineering (B.Sc.).
  - 2.1.9: Finance Master.
  - 2.1.10: Mathematics (teacher-training course).
  - 2.1.11: Diploma study paths.
  - 2.1.12: Additional qualifications.
- 2.2: Studienfachberatung.
- 2.3: Study abroad.
- 2.4: Courses.
- 2.5: Committees.
- 2.6: Legal issues.
- 2.7: Information for students.
- 2.8: Information for school leavers.
3: Research.
4: Organisation.
5: Alumni.
6: Ranking.
7: Job websites.
8: Press.
9: Faculty events.
10: Contact.

Finance (Master of Science)

Welcome to the web pages of the Master in Finance! We offer a two-year program that blends finance and mathematics. It is quantitative yet practical.

To obtain more information about the program, please follow the links below:

+++ NEWS +++ NEWS +++ NEWS +++

October 2011 Weekend Trip to the Alps

The new 1st-year Master students went on a welcome trip to the nearby Austrian alps together with finance faculty members. The program included a canyon walk, a paper bridge building competition, and a mountain walk.

September 2011 Award for Master Thesis

Shiyuan Fan, who finished her Master degree in 2011, has won the first prize in this year’s Acatis Value Competition. The prize was awarded by the investment company Acatis for her master thesis. In the thesis, Shiyuan examined the performance of several stock selection strategies in emerging markets. A value strategy based on book-to-market ratios generates the highest returns. In terms of success, it is followed by strategies based on earnings-to-price ratios and analyst earnings forecast revisions. Momentum returns are smaller than in developed markets. No evidence of short- and long-term mean reversal is identified in this study.

April 2011 Award for Master Thesis

Christian de le Torre, who finished his Master degree in 2010, has received an award from the French Association of Mutual Funds (3000 Euros) for his master thesis. The prize was awarded in Paris at a commemorative event. Speakers included the chairman of La Poste and the chairman of the French association of universities. In his thesis, Christian examined empirically whether superior fund managers can be identified based on past performance. While past returns alone provide little guidance, incorporating the steadiness of past performance through t-statistics helps identify superior fund managers for the future.

March 2011

In a ranking of the British Council, Germany was named to be the most supportive country for overseas students. This prompted the BBC to ask: "Is Germany better at teaching university courses in English than universities in English-speaking countries?" - Our answer is: come to Ulm and find out. You will not regret it.

February 2011

We are pleased to announce that one of our 2nd year students has received a scholarship award for the Financial Risk Manager Exam from the Global Association of Risk Professionals. Through the course program of the MSc Finance, our students are well prepared for this globally recognized certification.

January 2011

The German business weekly Wirtschaftswoche has published a ranking of Germany’s 100 largest cities. The ranking is based on a set of criteria including security, employment, and perspectives for the future. Ulm was ranked number 3 out of 100. Another very good reason for studying in Ulm!

December 2010

On Wednesday, 08.12.2010 Prof. Loeffler and his team invited the Master in Finance students to a very special evening event: a Potluck Dinner! Eating and having a good time together right before Christmas.

November 2010

The Institute of Finance invites to a Risk Management Competition in the LBBW Trading Room.

October 2010 Weekend-Trip to the Alps

On Friday, 15.10.2010, Prof. Loeffler and his team invited the 1^st year Master of Finance students to a trip to Oberstdorf to get to know to each other and explore the landscape. The photo shows a part of the group in the Breitach canyon.

July 2010

Institut of Finance offers positions for summer research project. Read more here.

There is a summer school in stochastic finance at the University of Ulm. If you are a student of the University of Ulm and participate, you can apply for a scholarship that covers the cost (60 Euros). Send your application to Mrs Nacca (with current transcript).

March 2009
Isaac Ankumah, who graduated in December 2008, has received a prestigious award (5000 Euros) for his master thesis entitled „Portfolio selection: optimization works better than you think!“
The prize, which is sponsored by the French association Centre des Professions Financières was awarded in Paris. Congratulations!

: Isaac Ankumah receives the award in Paris

Contact

You can reach us via: mscfinance(at)uni-ulm.de

Program Director: Prof. Gunter Löffler
Assistant: Mrs Eva Nacca

See what we are working on

Recent publications by MSc Finance faculty members

_{Robert Stelzer, The Multivariate SupOU Stochastic Volatility Model.
Mathematical Finance.}

_{Gunter Löffler, Can market discipline work in the case of rating agencies? Some lessons from Moody's stock price. Journal of Financial Services Research.}

_{Gunter Löffler,Tower building and stock market returns (2011).}

_{_{Gunter Löffler, Peter N. Posch:} _{Wall Street's bail-out bet: Market reactions to house price releases in the presence of bail-out expectations. (2011).}}

_{Gunter Löffler, Peter N. Posch: Credit Risk Modeling Using Excel and VBA. JohnWiley & Sons (2011).}

_{Stefanie Eckel, Gunter Löffler, Alina Maurer, Volker Schmidt: Measuring the effects of geographical distance on stock market correlation. Journal of Empirical Finance (2011).}

_{Mikhail Urusov: Deterministic criteria for the absence of arbitrage in one-dimensional diffusion models. Finance and Stochastics (2011).}

Selected recent theses by MSc Finance students

Algorithmic Trading of Fixed Income Products | Statistical modeling of football match outcomes to identify betting market inefficiencies | Which assets provide a good hedge against inflation? | Stock selection strategies in emerging markets | Idiosyncratic risk on the Chinese stock market | Portfolio allocation and non-normal stock returns in emerging markets | The price of gold | A family of valuation schemes in the energy markets: The case of swing contracts | Comparsion of model risk in calibrating the Libor market model and affine models | Cross Section of Expected Returns – Evidence from the Chinese Stock Market | Estimation Risk of Popular Risk Measures | Impact of Catastrophes on Insurers' Stock Returns: An Event Study | Stochastic Modelling of Spatial Claims in Storm Insurance | Mutual Fund Performance | Stress Test, High Risk Scenarios and Extremes | Valuation of Insurance and Pensions Contracts under Stochastic Mortality: the Guaranteed Annuity Option Case | Treatment of Missing Data in Hedge Fund Analysis