Researchers

• Empirical banking
• Bank risk governance
• Pricing structured financial products

Key publications:

Pugachev, L. and A. Schertler. Neglecting Peter to fix Paul: How shared directors transmit bank shocks to non-financial firms. 
Journal of Financial and Quantitative Analysis (forthcoming). https://doi.org/10.1017/S0022109020000587

Bornemann, S., T. Kick, A. Pfingsten and A.Schertler. Earnings baths by CEOs during turnovers: Empirical evidence from German savings banks. Journal of Banking and Finance, 53 (4), 188-201. 2015. https://doi.org/10.1016/j.jbankfin.2014.12.005

Schertler, A. Pricing effects when competitors arrive: The case of discount certificates in Germany. Journal of Banking and Finance, 68, 84-99. 2016. https://doi.org/10.1016/j.jbankfin.2016.03.009

• Financial market microstructure
• Blockchain finance and cryptocurrency markets
• Portfolio choice and investment decisions

Key publications:

Brauneis, A., Mestel, R., 2018. Price discovery of cryptocurrencies:
Bitcoin and beyond. Economics Letters 165. 
https://doi.org/10.1016/j.econlet.2018.02.001 

Brauneis, A., Mestel, R., Palan, S. 2013. Inducing Low-Carbon Investment in the Electric Power Industry through a Price Floor for Emissions Trading. Energy Policy 53. https://doi.org/10.1016/j.enpol.2012.10.048

Cela, E., Hafner, S., Mestel, R., Pferschy, U.  2021. Mean-variance portfolio optimization based on ordinal information. Journal of Banking and Finance 122.  https://doi.org/10.1016/j.jbankfin.2020.105989

• Experimental finance
• Perception of risk and return
• Mispricing and anomalies in capital markets

Key publications:

Giamattei, M., Huber, J., Lambsdorff, J. G., Nicklisch, A., Palan, S., 2020. Who inflates the bubble? Forecasters and traders in experimental asset markets, Journal of Economic Dynamics and Control. 110. doi.org/10.1007/s10683-019-09631-0

Huber, J., Palan, S., Zeisberger, S., 2019. Does investor risk perception drive asset prices in markets? Experimental evidence. Journal of Banking & Finance 108. dx.doi.org/10.2139/ssrn.3007878

Kirchler, M., Palan, S., 2018. Immaterial and monetary gifts in economic transactions. Evidence from the field. Experimental Economics 21(1), 205–230. doi.org/10.1007/s10683-017-9536-1

• Experimental finance
• Market anomalies (esp. post-earnings-announcement drift)

• Experimental finance
• Kapitalmarktanomalien (insb. post-earnings-announcement drift)

• Empirical banking
• Banking regulation

• Behavioral economics (Verhaltensökonomie)
• Experimental migration research (Experimentelle Migrationsforschung)

• Financial market microstructure

Key publications:

Mestel, R./Steffen, V. in Laurer/M.Schütz/Kammel/Ratka,
BWG Kommentierung des Bankwesengesetzes sowie der CRR,
Art 242-270e CRR, 5. Auflage.

Fleiß, J./Gutschelhofer, A./Mestel, R./Steffen, V.: Digitalisierung und Kundenverhalten im Retail Banking am Beispiel der Millennials, in: Pernsteiner, U./Sumer, H./Ulusan Polat, M. (Hrsg.): Behavioral Finance, Wien 2019, S. 113-132.

• Financial market microstructure