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Schwerpunkt Finance, Banking & Insurance
SchwerpunktFinance, Banking & Insurance

Foto: UHH

Prof. Dr. Wolfgang Bessler

Portrait von Professor Wolfgang Bessler

Foto: privat

Senior Professor

Deutsche Börse Senior Professor of Empirical Capital Market Research

Anschrift

Universität Hamburg
Fakultät für Betriebswirtschaft
Deutsche Börse Seniorprofessor für empirische Kapitalmarktforschung
Moorweidenstrasse 18
20148 Hamburg

Büro

Moorweidenstrasse 18
Raum: 0035

Kontakt

Tel.: +49 40 42838-1516

Short Biography

Short Biography

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, Associate and Special Issue Editor and Organized Conferences

Wolfgang Bessler is a member of advisory and editorial boards of the below listed international academic journals. He also edited special journal issues and organized a number of international conferences. 

Editor of Journals

  1. Journal of International Financial Markets, Institutions & Money

  2. International Review of Financial Analysis

  3. European Journal of Finance

  4. Finance Research Letters

  5. Journal of Multinational Financial Management

  6. Global Finance Journal

  7. Multinational Finance Journal

  8. Financial Markets and Portfolio Management

  9. Journal of Risk Management

  10. Journal of Banking Law and Banking

Special Issue Editor

  1. Journal of Banking and Banking Law, Special Issues on Securities Markets, Asset Management and Banking, 2016.

  2. Journal of Applied Corporate Finance, Corporate Governance and Financial Markets in Germany, 2015.

  3. European Journal of Finance, Asset Management and International Financial Markets, 2009, 447-605.

  4. Financial Markets and Portfolio Management, New Asset Classes and Portfolio Management, 2007, 95-215.

  5. Financial Markets and Portfolio Management, Alternative Investments: Hedge Funds and Venture Capital, 2006, 367-491.

Organized Conferences

  1. "New Frontiers in Banking and Capital Markets Conference", Sapienza University, Rome, December 15-16, 2022.

  2. Symposium “Capital Markets and Capital Market Law”, University of Giessen, June 2012.

  3. “Asset Management”, Special Conference of the European Financial Management Association (EFMA), Hamburg, April 12-14, 2012.

  4. Annual European Conference of the Financial Management Association International (FMA), Hamburg, June 9-11, 2010.

  5. Center for Financial Studies (CFS) International Conference: „Asset Management and International Capital Markets“, Commerzbank Auditorium, Frankfurt, May 29-30, 2008.

  6. Symposium for „Zeitschrift für Bankrecht und Bankwirtschaft“: „Die Umsetzung der Richtlinie über Märkte für Finanzinstrumente (MiFID)“, Alte Börse, Frankfurt,  November 29, 2007.

  7. „Börsen, Banken und Kapitalmärkte“, Symposium for Hartmut Schmidt, Hamburg Stock Exchange, Hamburg, October 26-27, 2006.

Research Areas and Selected Publications

The three major research areas of Professor Bessler are Corporate Finance & Corporate Governance, Asset Management & Derivatives, and Financial Markets & Institutions. Below is a list of his books and of selected articles for each of the three research areas.

Books

  1. Zinsrisikomanagement in Kreditinstituten (Management of Interest Rate Risk in Financial Institutions). Wiesbaden: Deutscher UniversitätsVerlag, 1989, 359 pages.

  2. Börsen, Banken und Kapitalmärkte (Stock Exchanges, Banks and Capital Markets). Special Monograph dedicated to Hartmut Schmidt, Duncker and Humblot Verlag, Berlin, 2006, 820 pages.

  3. Asset Management in International Financial Markets, W.Bessler, W. Drobetz and C. Adcock (eds.), Routledge, 2013, 192 pages.

Asset Management & Derivatives

  1. Equity Returns, Bond Returns and the Risk Premium in the German Capital Market, European Journal of Finance 5, 1999, 186-201.

  2. 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.

  3. Conditional Performance Evaluation for German Equity Mutual Funds, with W. Drobetz and H. Zimmermann, European Journal of Finance 15, 2009, 287-316.

  4. 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.

  5. Hedging European Government Bond Portfolios during the Sovereign Debt Crisis, with D. Wolff, Journal of International Financial Markets, Institutions & Money 33, 2014, 379-399.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. Fund Flows, Manager Change and Performance Persistence? with D. Blake, P. Lückoff and I. Tonks, Review of Finance, 2018, 1911-1947. 

  11. 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.

  12. 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.

  13. Mutual Fund Performance and Changes in Factor Exposure, with T. Conlon, D. V. de Mingo-López and J. C. Matallín-Sáez, Journal of Financial Research, (forthcoming).

  14. Fundamental Factor Models and Macroeconomic Risks - An Orthogonal Decomposition, with C. Adcock and T. Conlon, Journal of Empirical Finance, (forthcoming).

Corporate Finance & Corporate Governance

  1. 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 13, 2007, 29-63.

  2. Patents and the Performance of Technology Firms: An Empirical Analysis of Initial Public Offerings in Germany, with C. Bittelmeyer, Financial Markets & Portfolio Management 22, 2008, 323-356.

  3. Conflicts of Interest and Research Quality of Affiliated Analysts: Evidence from IPO Underwriting, with M. Stanzel, European Financial Management 15, 2009, 757-786.

  4. 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.

  5. Information Asymmetry and Financing Decisions, with W. Drobetz and M. Grüninger, International Review of Finance 11, 2011, 123-154.

  6. 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 22, 2012, 1024-1053.

  7. The performance of venture-backed IPOs in Europe, with M. Seim, Venture Capital: An International Journal of Entrepreneurial Finance 14, 2012, 215-240.

  8. 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.

  9. The International Zero Leverage Phenomenon, with W. Drobetz, R. Haller, I. Meier, Journal of Corporate Finance 23, 2013, 196-221.

  10. Corporate Finance in Germany: Structural Adjustments and Current Developments, with W. Drobetz, Journal of Applied Corporate Finance 27, Fall 2015, 44-57.

  11. The Returns to Hedge Fund Activism in Germany, with W. Drobetz and J. Holler, European Financial Management 21, 2015, 106-147.

  12. The Cross-Listing and Cross-Trading of German Companies in the US and of Foreign Companies in Germany, with F. Kaen and C. Schneck, Journal of Applied Corporate Finance 27, Fall 2015, 58-67.

  13. 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.

  14. Equity Issues and Stock Repurchases of Initial Public Offerings, with W. Drobetz, M. Seim and J. Zimmermann, European Financial Management 22, 2016, 31-62.

  15. Does Corporate Hedging Enhance Shareholder Value? A Meta-Analysis, with T. Conlon and Xing Huan, International Review of Financial Analysis 23, 2019, 196-221.

  16. Corporate Control and Shareholder Activism in Germany: An Empirical Analysis of Hedge Fund Strategies, with M. Vendrasco, International Review of Financial Analysis 83, 2022, 102254.

  17. Why Do Companies Become Hedge Fund Targets? Evidence from Shareholder Activism in Germany, with M. Vendrasco, Finance Research Letters 47, Part B, 2022, 102748.

Financial Markets & Institutions

  1. Managing Interest Rate Risk in Banking Institutions, with G.G. Booth and W.G. Foote, European Journal of Operational Research, 41, 1989, 302-313.

  2. Goal Programming Models for Managing Interest Rate Risk, with G.G. Booth, OMEGA - The International Journal of Management Science, 17, 1989, 81-89.

  3. An Interest Rate Risk Management Model for Commercial Banks, with G.G. Booth, European Journal of Operational Research 74, 1994, 243-256.

  4. 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.

  5. The Stock Market Reaction to Dividend Cuts and Omissions by Commercial Banks, with T. Nohel, Journal of Banking and Finance 20, 1996, 1485-1508.

  6. Asymmetric Information, Dividend Announcements, and Contagion Effects in Bank Stock Returns, with T. Nohel, Journal of Banking and Finance 24, 2000, 1831-1846.

  7. 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.

  8. 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.

  9. Dividend Policy of Bank Initial Public Offerings, co-authors J.P. Murtagh and D. Siregar, in: Bagella, Becchetti, and Hassan (eds.), Transparency, Governance, and Markets, Elsevier, Amsterdam, 2006, 189-219.

  10. 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.

  11. 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.

  12. The Global Financial Crisis and Stock Market Migrations: An Analysis of Family and Non-Family Firms in Germany, with J. Beyenbach, M.-S. Rapp, and M. Vendrasco, International Review of Financial Analysis 74, 2021, 101692.

  13. The 2020 European Short-Selling Ban and the Effects on Market Quality, with M. Vendrasco, Finance Research Letters 42, 2021, 101886.

  14. Empirical Capital Market Research in Germany, with R.H Schmidt, in: Ideengeschichte der Betriebswirtschaftslehre“ Band 2 hrsg. von W. Matiaske und D. Sadowski, 2022, 271-306.

  15. Why Do Firms Down-list or Exit from Securities Markets? Evidence from the German Stock Exchange, with J. Beyenbach, M. S. Rapp, M. Vendrasco, Review of Managerial Science, 2022.

  16. Short-Selling Restrictions and Financial Stability in Europe: Evidence from the Covid-19 Crisis, with M. Vendrasco, Journal of International Financial Markets, Institutions & Money 80, 2022, 101612.

Institutional Studies

  1. Corporate Governance und aktivistische Investoren in Deutschland, with M. Vendrasco, Working Paper, Institut für Mitbestimmung und Unternehmensführung (I.M.U.) der Hans-Böckler-Stiftung, Düsseldorf, 2023. 

  2. Die Hauptversammlung im Zeitalter institutioneller Investoren, with M. S. Rapp, Mitbestimmungsreport Nr. 72, Institut für Mitbestimmung und Unternehmensführung (I.M.U.) der Hans-Böckler-Stiftung, Düsseldorf, 2022. 

  3. Die Rolle institutioneller Investoren als Eigentümer börsennotierter Gesellschaften in Deutschland, with M. S. Rapp, Mitbestimmungsreport Nr. 71, Institut für Mitbestimmung und Unternehmensführung (I.M.U.) der Hans-Böckler-Stiftung, Düsseldorf, 2022. 

  4. 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 White Paper, 2021. 

Current Working Papers

  1. Development and Performance of Different Dual-Class Shares Structures in the Netherlands, with M. Vendrasco and A. van de Poll, 2023.

  2. The Relevance of Dual-Class Shares in Europe: A Corporate Governance and Performance Perspective, with M. Vendrasco, 2023.

  3. Return Forecast Models and Out-of-Sample Portfolio Optimization: Evidence for Industry Portfolios, with D. Wolff, 2021.

  4. Portfolio Optimization Models and Performance Sensitivity, with D. Wolff and G. Taushanov, 2021.

  5. A Two-Stage Allocation Process for Multi-Asset Portfolios, with D. Wolff and G. Taushanov, 2021.

  6. The Effect of Creditor Rights on Dividend Payout with Changes in the Information Environment, with H. Gonenc and M. H. Tinoco, 2021.

Recent Publications

Recent Publications

  1. Kapitalmärkte: Motor für Innovation und Wohlstand oder Wurzel allen Übels, with W. Drobetz, in: „Die Welt steht Kopf“„Abschied von den Illusionen – Konzepte für eine neue Wirtschaftspolitik“, N. Berthold and J. Quitzau (eds.), Vahlen, 2023.

  2. Short-Selling Restrictions and Financial Stability in Europe: Evidence from the Covid-19 Crisis, with M. Vendrasco, Journal of International Financial Markets, Institutions & Money 80, 2022, 101612.

  3. Corporate Control and Shareholder Activism in Germany: An Empirical Analysis of Hedge Fund Strategies, with M. Vendrasco, International Review of Financial Analysis 83, 2022, 102254.

  4. Why Do Firms Down-list or Exit from Securities Markets? Evidence from the German Stock Exchange, with J. Beyenbach, M. S. Rapp, M. Vendrasco, Review of Managerial Science, 2022.

  5. Why Do Companies Become Hedge Fund Targets? Evidence from Shareholder Activism in Germany, with M. Vendrasco, Finance Research Letters 47, Part B, 2022, 102748.

  6. Empirical Capital Market Research in Germany, with R.H Schmidt, in: Ideengeschichte der Betriebswirtschaftslehre, Band 2, W. Matiaske and D. Sadowski (eds.), 2022.

  7. Mutual Fund Performance and Changes in Factor Exposure, with T. Conlon, D. V. de Mingo-López and J. C. Matallín-Sáez, Journal of Financial Research 45, 2022, 17-52.

  8. Fundamental Factor Models and Macroeconomic Risks - An Orthogonal Decomposition, with C. Adcock and T. Conlon, Journal of Empirical Finance, 2022.

  9. 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 White Paper, 2021. 

  10. 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 Analysis 74, 2021, 101692.

  11. The 2020 European Short-Selling Ban and the Effects on Market Quality, with M. Vendrasco, Finance Research Letters 42, 2021, 101886.

  12. 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.

  13. 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.

  14. Passive Investments, with H. Hockmann, in: Investment Banking, H. Hockmann and F. Thiessen (eds.), 2021, 357-380.