http://hirth.dk (last change: 7 August 2016)

Stefan Hirth

Associate Professor
Dr. rer. pol., Dipl.-Wi.-Ing.

Aarhus BSS, Aarhus University
Department of Economics and Business Economics
Building 2622, room C107
Fuglesangs Allé 4
DK-8210 Aarhus V
+45 87 16 53 29
official web: au.dk/en/shirth@econ.au.dk
e-mail: shirth [at] econ.au.dk

AREAS OF INTEREST

Research: Corporate Finance, Real Options, Capital Structure, Strategic Interaction, Credit Rating Agencies, Household Finance
Teaching: Corporate Finance, Real Options, Portfolio Theory, Credit Risk, Investments

EDUCATION

Universität Karlsruhe (TH) Finance 2002-2007 Dr. rer. pol. (2007)
University of Massachusetts, Amherst, MA Economics 2000-2001 Ph.D. level, non-degree
Universität Karlsruhe (TH) Business Engineering 1997-2002 Dipl.-Wi.-Ing. (2002)

DISSERTATION

“Liquide Mittel und Investitionsentscheidungen - Ein optionstheoretischer Ansatz.”
(“Liquid Funds and Investment Decisions - An Option Theoretical Approach.”)
Advisor: Prof. Marliese Uhrig-Homburg, Karlsruhe Institute of Technology

DIPLOMA THESIS

“Das Nutzerverhalten in Dynamischen Fahrgemeinschaften aus der Sicht der Evolutionären Spieltheorie.”
(“Behavior of Dynamic Carpool Service Users Seen From Evolutionary Game Theory Perspective.”)
Advisor: Prof. Werner Rothengatter, Karlsruhe Institute of Technology

EXPERIENCE

Academic:

Aarhus BSS, Aarhus University Associate Professor 2010-today
University of Zurich, Switzerland Visiting Scholar 2013
Columbia University, New York, USA Visiting Scholar 2011
AUT University, Auckland, New Zealand Visiting Researcher 2008
Aarhus BSS, Aarhus University Assistant Professor 2007-2010
Universität Karlsruhe (TH) Research & Teaching Assistant 2002-2007
United Asia Learning Resource Center, University of Massachusetts, Amherst, MA Tutor (Statistics, Economics, Computer Science) 2000-2001
Universität Karlsruhe (TH) Tutor (Statistics, Economics) 1998-2000
Ellental High School, Bietigheim, Germany Stand-In Teacher (Latin Workgroup) 1995

Industry:

Banque de France, Paris, France Visiting Scholar 2012
Daimler AG, Sindelfingen, Germany Intern & Diploma Thesis (Game Theory) 2001-2002
Commerzbank AG, Frankfurt, Germany Intern (Interest Rate Derivatives) 2000

TEACHING

Courses:

Supervision:

Various MSc Theses, BSc Theses, Diploma Theses, Seminars

PUBLICATIONS

Articles in peer-reviewed journals:

Monographies:

“Liquide Mittel und Investitionsentscheidungen - Ein optionstheoretischer Ansatz”
(“Liquid Funds and Investment Decisions - An Option Theory Approach”)
Beiträge zur betriebswirtschaftlichen Forschung 118, Gabler Verlag, Wiesbaden 2008

Contributions to books:

Jonathan Berk and Peter DeMarzo, “Corporate Finance”, Global Edition, 2010
Provided three data cases, joint with Pernille Jessen and Henrik Nørholm

WORKING PAPERS

RESEARCH PRESENTATIONS

“XXXit - How to exit a currency union” (predecessor of “X2Xit - How to relax a currency union”): “The Value of Intangibles” (published as “Measuring the value of intangibles”): “Asset liquidity and investment - empirical evidence”: “Credit Rating Dynamics and Competition” (previous versions entitled “Beyond Duopoly: The Credit Ratings Game - revisited”): “Financing Constraints, Cash-Flow Risk, and Corporate Investment” (previous versions entitled “The Non-Monotonic Effect of Financing Constraints on Investment Timing”): “Asset Liquidity, Corporate Investment, and Endogenous Financing Costs” (previous versions entitled “Financing Investment: The Cost Trade-Off”): “Investment Timing, Liquidity, and Agency Costs of Debt” (previous versions entitled “Investment Timing and Endogenous Default”): “Investment Timing When External Financing Is Costly”:

OTHER RELEVANT ATTENDANCES

ORGANIZATION OF PHD COURSES

REFEREE ACTIVITIES

Journals:

Conferences:

Foundations / Research Grants:

COMMITTEES AND ADMINISTRATION

PROFESSIONAL MEMBERSHIPS

HONORS AND GRANTS

Travel grant for research visit to Banque de France, Paris Fondation Banque de France 2012
Research grant for “The Credit Ratings Game - revisited” (10.000 €) Europlace Institute of Finance (EIF) 2011
Travel grant for research visit to Columbia University, New York, USA (20.000 DKK) Otto Mønsteds Fond 2011
Dr. rer. pol. with distinction Universität Karlsruhe (TH) 2007
2nd prize for co-advised student paper (20.000€) Postbank Finance Award 2006/07 2007
Graduate with distinction Universität Karlsruhe (TH) 2002
Outstanding service award United Asia Learning Resource Center, University of Massachusetts, Amherst, MA 2001