Prof. Dr. Wolfgang Bessler
Deutsche Börse Senior Professor of Empirical Capital Market Research
Wolfgang Bessler is the Deutsche Börse Senior Professor of Empirical Capital Market Research at the University of Hamburg and a member of the Center for Financial Studies at the University of Frankfurt. He is also an Emeritus Professor of Finance and Banking at the Justus-Liebig University Giessen. Before he was a Professor of International Financial Management at the University of Hamburg, a Professor of Financial Markets and Institutions at Rensselaer Polytechnic Institute, in Troy, N.Y., and a Visiting Professor of Finance at Syracuse University, N.Y., U.S.A. He received his Ph.D. from the University of Hamburg, an M.B.A. from McGill University in Montreal and Bachelor and Master Degrees in Business Administration and Education from the University of Hamburg. Wolfgang is currently a member of the Advisory Board of the Private Institute for Quantitative Capital Market Research at Deka Investment, a member of the European Shadow Financial Regulatory Committee and a board member of the Multinational Finance Society. He published his research in leading international academic journals such as Review of Finance, Journal of Banking and Finance, Journal of Financial Stability, Journal of Corporate Finance and European Journal of Operational Research. Wolfgang has organized a number of international conferences and has presented more than 400 papers at international conferences.
Advisory Board and Associate Editor
Wolfgang Bessler is a member of advisory and editorial boards of the following international academic journals.
 Journal of International Financial Markets, Institutions & Money
 International Review of Financial Analysis
 European Journal of Finance
 Journal of Multinational Financial Management
 Global Finance Journal
 Multinational Finance Journal
 Financial Markets and Portfolio Management
 Journal of Risk Management
 Journal of Banking Law and Banking
Research Areas and Selected Publications
Wolfgang Bessler’s three major research areas are Corporate Finance & Corporate Governance, Asset Management & Derivatives, and Financial Markets & Institutions. Below is a list of his books and of ten selected articles for each of the three research areas.
Zinsrisikomanagement in Kreditinstituten (Management of Interest Rate Risk in Financial Institutions). Wiesbaden: Deutscher UniversitätsVerlag, 1989, 359 pages.
Börsen, Banken und Kapitalmärkte (Stock Exchanges, Banks and Capital Markets). Special Monograph dedicated to Hartmut Schmidt, Duncker and Humblot Verlag, Berlin, 2006, 820 pages.
Asset Management in International Financial Markets, W.Bessler, W. Drobetz and C. Adcock (eds.), Routledge, 2013, 192 pages.
Corporate Finance & Corporate Governance
Agency Problems and the Performance of Venture-backed IPOs in Germany: Lock-up Periods, Bank Ownership and Exit Strategies, with A. Kurth, European Journal of Finance, 2007, 29-63.
Conflicts of Interest and Research Quality of Affiliated Analysts: Evidence from IPO Underwriting, with M. Stanzel, European Financial Management 15, 2009, 757-786.
Financing Shipping Companies and Shipping Operations: A Risk Management Perspective, with S. Albertijn and W. Drobetz, Journal of Applied Corporate Finance, Fall 2011, 70-82.
Information Asymmetry and Financing Decisions, with W. Drobetz and M. Grüninger, International Review of Finance, 2011, 123-154.
The Listing and Delisting of German firms on NYSE and NASDAQ: Where are the Benefits? with F.R. Kaen, P. Kurmann, and J. Zimmermann, Journal of International Financial Markets, Institutions & Money, 2012, Vol. 22, No. 4, 1024-1053.
Share Repurchases of Initial Public Offerings: Motives, Valuation Effects, and the Impact of Market Regulation, with W. Drobetz and M. Seim, European Journal of Finance, 20, 2013, 232-263.
The International Zero Leverage Phenomenon, with W. Drobetz, R. Haller, I. Meier, Journal of Corporate Finance 23, 2013, 196-221.
The Returns to Hedge Fund Activism in Germany, with W. Drobetz and J. Holler, European Financial Management, 2015, 106-147.
Bidder Contests in International Mergers and Acquisitions: The Impact of Toeholds, Preemptive Bidding, and Termination Fees, with C. Schneck and J. Zimmermann, International Review of Financial Analysis 42, 2015, 4-23.
Equity Issues and Stock Repurchases of Initial Public Offerings, with W. Drobetz, M. Seim and J. Zimmermann, European Financial Management, 2016, 31-62.
Asset Management & Derivatives
Equity Returns, Bond Returns and the Risk Premium in the German Capital Market, European Journal of Finance 5, 1999, 186-201.
Ship Funds as a New Asset Class: An Empirical Analysis of the Relationship between Spot and Forward Prices in Freight Markets, with W. Drobetz and J. Seidel, Journal of Asset Management 9, 2008, 102-120.
Conditional Performance Evaluation for German Equity Mutual Funds, with W. Drobetz and H. Zimmermann, European Journal of Finance 15, 2009, 287-316.
Hedge Funds and Optimal Asset Allocation: Bayesian Expectations, Time Varying Investment Opportunities and Mean Variance Spanning, with Ph. Kurmann, Financial Markets and Portfolio Management, 25 Anniversary Issue, 2012, 26, 109-141.
Hedging European Government Bond Portfolios during the Sovereign Debt Crisis, with D. Wolff, Journal of International Financial Markets, Institutions & Money 33, 2014, 379-399.
Do Commodities add Value in Multi-Asset-Portfolios? An Out-of-Sample Analysis for different Commodity Groups, with D. Wolff, Journal of Banking and Finance 60, 2015, 1-20.
Capacity Effects and Winner Fund Performance: The Relevance and Interactions of Fund and Family Characteristics, with L. Kryzanowski, P. Kurmann, and P. Lückoff, European Journal of Finance 22, 2016, 1-27.
Analyzing Hedging Strategies for Fixed Income Portfolios: A Bayesian Approach for Model Selection, with A. Leonhardt and D. Wolff, 2016, International Review of Financial Analysis 46, 2016, 239-246
Multi-Asset Portfolio Optimization and Out-of-Sample Performance: An Evaluation of Black-Litterman, Mean Variance and Naïve Diversification Approaches, with D. Wolff, European Journal of Finance, 2017, 23 (1), 1-30.
Fund Flows, Manager Change and Performance Persistence? with D. Blake, P. Lückoff and I. Tonks, Review of Finance, 2018, 1911-1947.
Financial Markets & Institutions
Managing Interest Rate Risk in Banking Institutions, with G.G. Booth and W.G. Foote, European Journal of Operational Research, 41, 1989, 302-313.
Goal Programming Models for Managing Interest Rate Risk, with G.G. Booth, OMEGA - The International Journal of Management Science, 17, 1989, 81-89.
An Interest Rate Risk Management Model for Commercial Banks, with G.G. Booth, European Journal of Operational Research 74, 1994, 243-256.
Interest Rate Sensitivity of Bank Stock Returns in a Universal Banking System, with G.G. Booth, Journal of International Financial Markets, Institutions, and Money 3, 1994, 117-136.
The Stock Market Reaction to Dividend Cuts and Omissions by Commercial Banks, with T. Nohel, Journal of Banking and Finance 20, 1996, 1485-1508.
Asymmetric Information, Dividend Announcements, and Contagion Effects in Bank Stock Returns, with T. Nohel, Journal of Banking and Finance 24, 2000, 1831-1846.
The Stock Market Reaction to Cross-border Acquisitions of Financial Services Firms: An Analysis of Canadian Banks, with J. Murtagh, Journal of International Financial Markets, Institutions, and Money, 2002, 419-440.
A Dynamic Model of Bank Production with Adjustment Costs and Multiple Risk Effects, with J.R. Norsworthy, in: I. Hasan and W.C. Hunter (eds.), Research in Banking and Finance, Elsevier Science 3, 2003, 115-146.
Bank Risk Factors and Changing Risk Exposures of Banks: Capital Market Evidence Before and During the Financial Crisis, with Philipp Kurmann, Journal of Financial Stability, 13, 2014, 151-166.
Time-Varying Systematic and Idiosyncratic Risk Exposures of US Bank Holding Companies, with P. Kurmann and T. Nohel, Journal of International Financial Markets, Institutions & Money 35, 2015, 45-68.
Current Working Papers
Fundamental Factor Models and Macroeconomic Risks - An Orthogonal Decomposition, with C. Adcock and T. Conlon, 2020.
The Effect of Creditor Rights on Dividend Payout with Changes in the Information Environment, with H. Gonenc and M. H. Tinoco, 2020.
Securities Market Reforms and Market Segments for IPOs: An Analysis of Listing and Delisting Decisions in Germany, with J. Beyenbach, M.-S. Rapp, M. Vendrasco, 2020.
Return Forecast Models and Out-of-Sample Portfolio Optimization: Evidence for Industry Portfolios, with D. Wolff, 2020.
A two-stage allocation process for multi-asset portfolios, with D. Wolff and G. Taushanov, 2020.
Corporate Governance and the Relevance of Shares with Unequal Voting Rights in Europe, with M. Vendrasco, 2020.
Does Corporate Hedging Enhance Shareholder Value? A Meta-Analysis, with T. Conlon and Xing Huan, International Review of Financial Analysis 23, 2019, 196-221.
Do Mergers and Acquisitions Increase Default Risk? Evidence from the European Market, with H. Steenbeck and W. Westerman, Central European Review of Economics and Management 3, 2019, 7-51.
Stock Market Reactions to Financing and Payment Decisions for European Mergers and Acquisitions, with D. Kruizenga and W. Westerman, Central European Review of Economics and Management 4, 2020, 41-89.
Passive Investments, with H. Hockmann, in: Investment Banking, H. Hockmann and F. Thiessen (eds.), 2021, 357-380.
The 2020 European Short-Selling Ban and the Effects on Market Quality, with M. Vendrasco, Finance Research Letters 42, 2021, 101886.
The Global Financial Crisis and Stock Market Migrations: An Analysis of Family and Non-Family Firms in Germany, with J. Beyenbach, M.-S. Rapp, M. Vendrasco, International Review of Financial Anaysis 74, 2021, 101692.
Optimal Asset Allocation Strategies for International Equity Portfolios: A Comparison of Country versus Industry Optimization, with G. Taushanov, D. Wolff, Journal of International Financial Markets, Institutions & Money 72, 2021, 101343.
Factor-Investing and Asset Allocation Strategies: A Comparison of Factor versus Sector Optimization, with G. Taushanov, D. Wolff, Journal of Asset Management 22, 2021, 488-506.
Strategien zur nachhaltigen Finanzierung der Zukunft Deutschlands. Die Leistungsfähigkeit unseres Kapitalmarktes: Was wir tun müssen, um das Potenzial zu nutzen, with T. Book, Deutsche Börse Whitepaper, 2021. Die Studie ist hier verfügbar.