News - Teaching in times of the coronavirus

Online teaching will start in the week beginning on April 20, and you should be prepared to participate. Please enrol in the Moodle courses so that we can inform you when we upload the first course material.

We will offer: Finanzierung, Credit Analysis. Financial Modeling and the seminar.  The courses "Machine Learning and Decision Making" and "Issues in Emerging Market Finance" have to be cancelled because travel restrictions make it impossible for our visiting professor to come to Ulm. Please note that the course "Machine Learning and Decision Making" will be offered instead in November this year.


Current Research

Over the past 100 years, value stocks have outperformed other stocks.  But over the last decade, they have underperformed. Could this be due to increased investor interest in value investing? A study forthcoming in the Journal of Behavioral Finance shows that such fluctations in interest and value premia are nothing new.  It is therefore not obvious that more investor interest will lead to a disappearance of the value effect.

Despite intense criticism, agency credit ratings are still widely used in regulation and risk management. One possible alternative is to replace them with quantitative default risk measures. In a study that is forthcoming in the Journal of Financial Services Research, Prof. Löffler shows that using such measures would reduce systemically relevant losses in bond portfolios and thus help to improve financial stability.

Were the prices of internet and technology stocks really too high in early 2000? Or was the subsequent decline in prices too strong?  A study that is forthcoming in the Financial Review favors the second explanation. Whether there was a speculative bubble or not is thus much more difficult to decide than many observers think.