Skip to main content
University of Gothenburg
Image
Financial economics deals with financial markets and financing decisions

Financial Economics

Financial economics, or simply finance, covers a wide range of topics broadly related to financial markets and the financing decisions of firms.

The finance group at the Department of Economics at the University of Gothenburg has been expanding greatly over the past ten years, and finance is now a very active and successful research area.

Some of the current research interests of the faculty include: Asset pricing with non-standard preferences; Effects of tournament-like rewards schemes, such as those faced by fund managers; Competition in the hedge fund industry; Incentive structures in private equity funds; High-frequency trading and its impact of financial markets; Volatility modeling; Return predictability; Credit risk modeling.

Dr. Evert Carlsson (University of Gothenburg, 2008)
Pension, Incentive Systems, Corporate Governance

Dr. Dawei Fang (University of Oxford, 2013)
Corporate Finance, Competition Theory, Private Equity, Contests and Tournaments

Dr. Adam Farago (Stockholm School of Economics, 2014)
Asset pricing, Portfolio Choice, Behavioral Finance, Financial Econometrics

Dr. Alexander Herbertsson (University of Gothenburg, 2007)
Financial Mathematics, Credit Risk Modeling, Financial Engineering

Prof. Erik Hjalmarsson (Yale University, 2005)
Empirical Asset Pricing, Empirical Market Microstructure, Financial Econometrics

Prof. Martin Holmén (University of Gothenburg, 1998)
Corporate Finance, Corporate Governance, Experimental Finance

Dr. Charles Nadeau (Iowa State University, 1996)
International Finance, Financial Crisis, Financial Market Regulation

Dr. Marcin Zamojski (VU Amsterdam, 2017)
Empirical Asset Pricing, Financial Econometrics, Hedge Funds

Dr. Ming Zeng (Singapore Management University, 2018)
Empirical Asset Pricing, International Finance

Dr. Jian Hua Zhang (University of Gothenburg, 1999)
Corporate Governance, Executive Compensation, Emerging Market Finance

Visiting Researchers

Guest Prof. Michael Kirchler (Universtity of Innsbruck, 2006)
Experimental Finance, Behavioral Finance, Bubbles, Information Economics, Market Efficiency

Dawei Fang, Thomas Noe, and Philipp Strack (2019). “Turning Up the Heat: The Discouraging Effect of Competition in Contests”. Journal of Political Economy, Forthcoming.

Adam Farago and Erik Hjalmarsson (2019). “Stock Price Co-Movement and the Foundations of Pairs Trading”. Journal of Financial and Quantitative Analysis 54, 629-665.

Dawei Fang (2017). “Dry powder and short fuses: Private equity funds in emerging markets”. Journal of Corporate Finance, Forthcoming.

Adam Farago and Romeo Tedongap (2018). “Downside Risks and the Cross-Section of Asset Returns", Journal of Financial Economics, 129, 69-86.

Erik Hjalmarsson (2018). “Maximal predictability under long-term mean reversion”, Journal of Empirical Finance, 45, 269-282.

Evangelos Benos, James Brugler, Erik Hjalmarsson, and Filip Zikes (2017). “Interactions among High-Frequency Traders”, Journal of Financial and Quantitative Analysis 52, 1375-1402.

Magnus Dahlquist, Adam Farago, and Romeo Tedongap (2017). “Asymmetries and Portfolio Choice", Review of Financial Studies 30, 667-702

Erik Hjalmarsson and Pär Österholm (2017). “Households’ mortgage-rate expectations – more realistic than at first glance?”, Sveriges Riksbank Economic Review, No. 2, 2017, 56-63.

Annalisa Fabretti, Stefano Herzel, Martin Holmen, and Tommy Gärling (2017). “Convex Incentives in Financial Markets: an Agent-Based Analysis”, Decisions in Economics and Finance 40, 375-395.

Dawei Fang, Martin Holmen, Michael Kirchler, and Daniel Kleinlercher (2017). “How tournament incentives affect asset markets: A comparison between winner-take-all tournaments and elimination contests”, Journal of Economic Dynamics and Control 75, 1-27.

Oege Dijk and Martin Holmen (2017). “Charity, Incentives, and Performance”, Journal of Behavioral and Experimental Economics 66, 119-128.

Tom Berglund and Martin Holmen (2016). “Employees on Corporate Boards”, Multinational Finance Journal 20, 237–271.

Hsin-Hui Chiu, Lars Oxelheim, Clas Wihlborg, and Jian Hua Zhang (2016). “Macroeconomic Fluctuations as Sources of Luck in CEO Compensation”, Journal of Business Ethics 136, 371–384

Martin Holmen and Peng Wang (2015). “Pyramid IPOs on the Chinese Growth Enterprise Market”, Emerging Markets Finance and Trade 51, 160-173.

Taylan Mavruk and Evert Carlsson (2015). How long is a long-term-firm investment in the presence of governance mechanisms? Eurasian Business Review 5, 117—149.

Daniel Peterson, Anders Carlander, Amelie Gamble, Tommy Gärling and Martin Holmen (2015). “Lay people beliefs in professional and naïve stock investors’ proneness to judgmental biases”, Journal of Behavioral and Experimental Finance 5, 27-34.

Tomasz Bielecki, Areski Cousin, Stephane Crépey, and Alexander Herbertsson (2014). Dynamic Hedging of Portfolio Credit Risk in a Markov Copula Model. Journal of Optimization Theory and Applications 161, 90-102.

Tomasz Bielecki, Areski Cousin, Stephane Crépey, and Alexander Herbertsson (2014). “A Markov Copula Model of Portfolio Credit Risk with Stochastic Intensities and Random Recoveries”, Communications in Statistics - Theory and Methods 43, 1362-1389.

Benjamin Chiquoine, Alain Chaboud, Erik Hjalmarsson, and Clara Vega (2014). “Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market”, Journal of Finance 69, 2045-2084.

Oege Dijk, Martin Holmen, and Michael Kirchler (2014). “Rank Matters - The impact of social competition on portfolio choice”, European Economic Review 66, 97-110.

Alexander Herbertsson and Rudiger Frey (2014). “Parameter Estimation in Credit Models Under Incomplete Information”, Communications in Statistics - Theory and Methods 43, 1409-1436.

Martin Holmen, Michael Kirchler, Daniel Kleinlercher (2014). “Do Option-like Incentives Induce Overvaluation? Evidence from Experimental Asset Markets”, Journal of Economic Dynamics and Control 40, 179-194

Dawei Fang, Thomas Noe, and Philipp Strack (2019). “Turning Up the Heat: The Discouraging Effect of Competition in Contests”. Journal of Political Economy, Forthcoming.

Adam Farago and Erik Hjalmarsson (2019). “Stock Price Co-Movement and the Foundations of Pairs Trading”. Journal of Financial and Quantitative Analysis 54, 629-665.

Adam Farago and Romeo Tedongap (2018). “Downside Risks and the Cross-Section of Asset Returns", Journal of Financial Economics, 129, 69-86.

Magnus Dahlquist, Adam Farago, and Romeo Tedongap (2017). “Asymmetries and Portfolio Choice", Review of Financial Studies 30, 667-702

Evangelos Benos, James Brugler, Erik Hjalmarsson, and Filip Zikes (2017). “Interactions among High-Frequency Traders”, Journal of Financial and Quantitative Analysis 52, 1375-1402.

Benjamin Chiquoine, Alain Chaboud, Erik Hjalmarsson, and Clara Vega (2014). “Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market”. Journal of Finance 69, 2045-2084.

Erik Hjalmarsson (2011). “New Methods for Inference in Long-Horizon Regressions”, Journal of Financial and Quantitative Analysis 46, 815-839.

Erik Hjalmarsson (2010). “Predicting Global Stock Returns”, Journal of Financial and Quantitative Analysis 45, 49-80.

David Berger, Alain Chaboud, and Erik Hjalmarsson (2009). “What Drives Volatility Persistence in the Foreign Exchange Market?”, Journal of Financial Economics 94, 192-213.

Martin Holmen and John Knopf (2004). “Minority Shareholder Protection and Private Benefits of Control for Swedish Mergers”, Journal of Financial and Quantitative Analysis 39, 167-191.