Chair of International Financial Markets
Chair ofInternational Financial Markets
At the Chair of International Financial Markets, we are interested in markets and information intermediaries. Our teaching and research interests lie at the intersection of secondary financial markets and real economic activity. Specific topics include asset pricing, real effects of prices, information transfer, political risk, financial misconduct, and the gravity of culture for finance. We believe that financial markets have a major role to play in inducing sustainable development and in achieving intra- and inter-generational justice. Our work attempts to help redirect finance to its primary function of lubricant that greases the wheels of real economic activity. On the methodological front, we espouse a strong theory-driven empirical and interdisciplinary stance.
- Prof. Dr. Houdou Basse Mama
The team
Teaching
In teaching finance courses, we believe in (i) hands-on experience and making students acquire knowledge rather than learning facts only, and (ii) hard work. Our sense is that research should inform and affect teaching, while knowledge acquisition in finance runs substantially through theory-driven empirical analyses using historical data from financial markets. How would one ever learn how to swim if one never touches water?
The Chair of International Financial Markets offers a diversified portfolio of courses with a strong empirical component in different programs of the School:
Master in
Management
- International Finance
- International Capital Markets
- Portfolio Management
- Empirical Methods in Finance
PhD
Programme
- Publication Seminar (joint teaching with professors K. Alfes, M. Bick, and R. Wilken)
Other
Course offers
- Sustainable and Responsible Investments
- Ethics in Finance
- Causal Inference for Social Sciences (Ph.D. level)
Research
Research at the intersection of financial markets and real economic activity
Research approach
In keeping with the remit of the professorship, markets and information intermediaries, not financial institutions, form the testbed of our research. We do research at the intersection of financial markets and real economic activity, cover international equity and fixed-income markets, and espouse a strong theory-driven empirical and interdisciplinary focus. Our work focuses on five main areas of interest as discussed below.
Research topics
Real Effects of Financial Markets
At the core of investigation is the question of whether or not real-decision makers (should) learn from prices formed on secondary financial markets.
Empirical Asset Pricing
This line of research seeks to understand stock market pricing dynamics – that is, to empirically uncover how investors impound information into security prices, and the role of investor biases in digesting information.
Information Transfer in Financial Markets
This strand of our research centers on how investors obtain information about firms. We specifically explore the effects of information transmission through information intermediaries, investor relations departments, and central bank communications.
International Finance
Here, we are interested in the nexus of foreign direct investment and environmental policy, political risk, financial market development, and in the ability of culture to affect finance.
Sustainable Finance
We tackle such themes as financial market misconduct, stakeholder engagement, sustainable and responsible investments, impact investing, and microfinance.
Publications
Find an overview
Academic Articles
2023
How to reinforce the effectiveness of the EU emissions trading system in stimulating low-carbon technological change? Taking stock and future directions
ENERGY POLICY, 181
Academic Articles
2022
Do investors care about carbon emissions under the European Environmental Policy?
BUSINESS STRATEGY AND THE ENVIRONMENT, 31 (1), 268-283
ESCP Impact Papers
2022
Implications for investor portfolio choice of salience shifts regarding geopolitical risks and sustainability issues
ESCP Impact Papers, 2022-25-EN
Academic Articles
2019
Does the EU Emissions Trading System induce investment leakage? Evidence from German multinational firms
ENERGY ECONOMICS, 81, 479-492
Academic Articles
2018
Innovative efficiency and stock returns: Should we care about nonlinearity?
FINANCE RESEARCH LETTERS, 24, 81-89
Academic Articles
2018
Nonlinear Capital Market Payoffs to Science-led Innovation
RESEARCH POLICY, 47(6), 1084-1095
Academic Articles
2017
The interaction between stock prices and corporate investment: Is Europe different?
REVIEW OF MANAGERIAL SCIENCE, Vol. 11, Issue 2, pp. 315-351
Academic Articles
2017
Neglected Disciplinary Effects of Investor Relations: Evidence from Corporate Cash Holdings
JOURNAL OF BUSINESS ECONOMICS, Vol. 87, Issue 2, pp. 221-261
Academic Articles
2017
What’s in the news? The ambiguity of the information content of index reconstitutions in Germany
REVIEW OF QUANTITATIVE FINANCE AND ACCOUTING, 49(4), 1087-1119
Academic Articles
2013
Contagion effects in the electric utility industry following the Fukushima nuclear accident
APPLIED ECONOMICS, 45(24), 3421-3430
Team and contact
