Research and publications

Centre of gravity

The focus of research is on modern finance. In particular, issues from the areas of

    • Financial Economics
    • Market Microstructure Theory
    • Behavioural Finance
    • Asset Pricing

both empirically and theoretically. The aim of the research is to make contributions

    • to explain the information efficiency of financial markets (financial economics),
    • to analyse and regulate insider trading in capital markets (Market Microstructure Theory)
    • on the effects of considering behavioural science findings on the capital market, corporate financing and management (Behavioural Finance)
      • on the valuation of securities in a descriptive and normative manner (asset pricing)

to perform at a high scientific level, which is internationally competitive and is reflected in high-ranking international publications.

Theoretical research utilises the methods of finance in both discrete and continuous time (continuous-time finance) and is grounded in microeconomics.

Publications

Publications by Prof Dr Karl Ludwig Keiber are ...

Referenced publications

  • On the Linkage of Momentum and Reversal - Evidence from the G7 Stock Markets, Journal of Economics and Finance, June 2024. (with Daniel Hofmann and 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, pp. 234-243. (with Aghamehman Hajiyev and 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. (with Daniel Hofmann and 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, pp. 151-192, 2021. (with 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, pp. 279-302, 2019. (with Helene Samyshev)
  • The World Price of Sentiment Risk, Global Finance Journal, Vol. 32, No. 1, pp. 62-82, 2017. (with Helene Samyshev)
  • The Role of Sentiment in Global Risk Premia, Applied Economics, Vol. 47, No. 20, pp. 2073-2091, 2015. (with Helene Samyshev)
  • Price Discovery in the Presence of Boundedly Rational Agents, Quantitative Finance, Vol. 8, No. 3, pp. 235-249, 2008.
  • Reconsidering the Impossibility of Informationally Efficient Markets, Applied Financial Economics, Vol. 17, No. 14, pp. 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, pp. 1215-1243, 2006.
  • The Informational Content of Transactions, Financial Markets and Portfolio Management, Vol. 19, No. 1, pp. 47-60, 2005.
  • Valuation of growth companies on the Neuer Markt, Zeitschrift für Betriebswirtschaft (ZfB), No. 72, Issue 7, pp. 735-764, 2002. (with André Kronimus and Markus Rudolf)
  • On the importance of stock index management: Price effects in the SMI and the S&P 500, Journal für Betriebswirtschaft (JfB), No. 50, Issue 1, pp. 5-19, 2000. (with Andreas Grünbichler and Andreas Schneller)
  • Zur Finanzierungsproblematik von Gründungsunternehmen aus optionstheoretischer Sicht, Zeitschrift für Betriebswirtschaft (ZfB), Ergänzungsheft 3/99, pp. 151-168, 1999. (with Andreas Grünbichler)

Working papers

Other publications

  • Dividend valuation models, in: Schacht, U. and M. Fackler (eds.), Praxishandbuch Unternehmensbewertung - Grundlagen, Methoden, Fallbeispiele, Gabler, Wiesbaden, 2nd edition, pp. 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, pp. 139-142, 2007.
  • Dividend valuation models, in: Schacht, U. and M. Fackler (eds.), Praxishandbuch Unternehmensbewertung - Grundlagen, Methoden, Fallbeispiele, Gabler, Wiesbaden, pp. 313-337, 2005.
  • Stochastic models of company valuation, in: Richter, F. and C. Timmreck (eds.), Unternehmensbewertung - Moderne Instrumente und Lösungsansätze, Schäffer-Poeschel, Stuttgart, pp. 421-443, 2004.
  • Competitive venture financing, in: Baecker, P., U. Hommel and M. Scholich (eds.), Reale Optionen - Konzepte, Praxis und Perspektiven strategischer Unternehmensfinanzierung, Springer, Berlin, pp. 431-450, 2003.
  • Essays on the Economics of Information, habilitation thesis, WHU, 2004.
  • Asymmetric Information, Bounded Rationality and Pricing in Stock Markets, dissertation, University of St. Gallen, 2000.

Prof Dr Karl L. Keiber

Professor of Business Administration, in particular Finance