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Professorship of Finance


Please find below a list of our publications. You can find more information about our research on our team page.


  • Engelhardt, N., Ekkenga, J., & Posch, P. (2021). ESG Ratings and Stock Performance during the COVID-19 Crisis. Sustainability13(13), 7133.
  • Neukirchen, D., Engelhardt, N., Krause, M., & Posch, P. N. (2021). Firm efficiency and stock returns during the COVID-19 crisis. Finance Research Letters, 102037.
  • Swade, A., Köchling, G. & Posch, P.N. (2021) Managerial behavior in fund tournaments—the impact of TrueSkill. In: Journal of Asset Management 
  • Engelhardt, N., Krause, M., Neukirchen, D., & Posch, P. N. (2020). Trust and stock market volatility during the COVID-19 crisis. In: Finance Research Letters, 101873.
  • Köchling, G. Posch, P. N. Hahnenstein, L. (2020): Do Firms Hedge in Order to Avoid Financial Distress Costs? New empirical evidence using bank data. In: Journal of Business Finance & Accounting
  • Posch, P. N. Bücher, A. Schmidtke, P. (2020): Using the Extremal Index for Value-At-Risk Backtesting. In: Journal of Financial Econometrics
  • Engelhardt, N. Neukirchen, D. Krause, M. Posch, P. N. (2020): What Drives Stocks during the Corona-Crash? News Attention vs. Rational Expectation. In: Sustainability               
  • Köchling, G. Schmidtke, P. Posch, P. N. (2020): Volatility forecasting accuracy for Bitcoin . In: Economics Letters
  • Kranz, S. Löffler, G. Posch, P. N. (2019): Predatory Short Sales and Bailouts. In: German Economic Review
  • Köchling, G. Müller, J. Posch, P. N. (2019): Does the Introduction of Futures Improve the Efficiency of Bitcoin?. In: Finance Research Letters
  • Müller, J. Posch, P. N. (2019): Consumption volatility ambiguity and risk premium’s time-variation. In: Finance Research Letters
  • Rafeld, H. Fritz-Morgenthal, S. G. Posch, P. N. (2019): Whale Watching on the Trading Floor: Unravelling Collusive Rogue Trading in Banks. In: Journal of Business Ethics
  • Köchling, G. Müller, J. Posch, P. N. (2019): Price delay and market frictions in cryptocurrency markets. In: Economics Letters
  • Kunsteller, S. Müller, J. Posch, P. N. (2018): Do illiquid stocks jump more frequently?. In: Applied Economics
  • Bergmann, A. Posch, P. N. (2018): Mandatory Sustainability Reporting in Germany: Does Size Matter?. In: Sustainability
  • Müller, J. Posch, P. N. (2018): Wrong-way-risk in tails. In: Journal of Asset Management
  • Paraskevopoulos, T. Posch, P. N. (2017): A hybrid forecasting algorithm based on SVRs and Wavelets Decompositions. In: Quantitative Finance and Economics
  • Lübbers, J. Posch, P. N. Erhardt, J. (2017): Bail-in and asset encumbrance - Implications for banks' asset liability management. In: Journal of Banking Regulation
  • Posch, P. N. Ullmann, D. Bowden, R. J. (2017): Income distribution in troubled times: Disadvantage and dispersion dynamics in Europe 2005–2013. In: Finance Research Letters
  • Mayordomo, S. Posch, P. N. (2016): Does central clearing benefit risky dealers?. In: Journal of International Financial Markets, Institutions and Money
  • Lübbers, J. Posch, P. N. (2016): Commodities' common factor: An empirical assessment of the markets' drivers. In: Journal of Commodity Markets
  • Posch, P. N. Erhardt, J. Hard, T. (2015): The impact of commodity finance on resource availability.
  • Posch, P. N. Bowden, R. J. Bläsche, T. (2014): Data smoothing and end correction using entropic kernel compression. In: Stat
  • Posch, P. N. Kalteier, E. M. Molt, S. Nguyen, T. (2014): Value-based assessment of sovereign risk. In: Qualitative Research in Financial Markets
  • Posch, P. N. Kalteier, E. M. (2013): Sovereign asset values and implications for the credit market. In: Review of Financial Economics
  • Posch, P. N. Löffler, G. (2013): Wall Street’s bailout bet: Market reactions to house price releases in the presence of bailout expectations. In: Journal of Banking & Finance
  • Posch, P. N. Pollege, S. (2013): Managing and trading sovereign risk using credit derivatives and government markets. In: The Journal of Risk Finance
  • Posch, P. N. Bowden, R. J. (2013): In Contango Versus Backwardation, the Truth May Not be in Convenience: Disequilibrium States and the Spot-Forward Balance in Commodity Markets. In: Procedia Computer Science
  • Posch, P. N. (2013): Benford or Not-Benford? How to test for the First-Digit Law . In: Journal of Fundamental and Applied Statistics
  • Posch, P. N. Bowden, R. J. (2011): The bonus pool, mark to market and free cash flow: producer surplus and its vesting in the financial markets. In: Applied Financial Economics
  • Posch, P. N. (2011): Time to change. Rating changes and policy implications. In: Journal of Economic Behavior & Organization
  • Posch, P. N. Bowden, R. J. (2010): Quality Signalling and Ratings Credibility: Regulatory Reform for the Ratings Industry.
  • Posch, P. N. (2008): A survey on sequences and distribution functions satisfying the first-digit-law. In: Journal of Statistics and Management Systems
  • Posch, P. N. Löffler, G. (2007): How do Rating Agencies Score in Predicting Firm Performance.
  • Posch, P. N. Kreiner, W. A. (2006): Analysing digits for portfolio formation and index tracking. In: Journal of Asset Management

Location & approach

The campus of TU Dort­mund University is located close to interstate junction Dort­mund West, where the Sauerlandlinie A 45 (Frankfurt-Dort­mund) crosses the Ruhrschnellweg B 1 / A 40. The best interstate exit to take from A 45 is "Dort­mund-Eichlinghofen" (closer to Campus Süd), and from B 1 / A 40 "Dort­mund-Dorstfeld" (closer to Campus Nord). Signs for the uni­ver­si­ty are located at both exits. Also, there is a new exit before you pass over the B 1-bridge leading into Dort­mund.

To get from Campus North to Campus South by car, there is the connection via Vogelpothsweg/Baroper Straße. We recommend you leave your car on one of the parking lots at Campus North and use the H-Bahn (suspended monorail system), which conveniently connects the two campuses.

TU Dort­mund University has its own train station ("Dort­mund Uni­ver­si­tät"). From there, suburban trains (S-Bahn) leave for Dort­mund main station ("Dort­mund Hauptbahnhof") and Düsseldorf main station via the "Düsseldorf Airport Train Station" (take S-Bahn number 1, which leaves every 20 or 30 minutes). The uni­ver­si­ty is easily reached from Bochum, Essen, Mülheim an der Ruhr and Duisburg.

You can also take the bus or subway train from Dort­mund city to the uni­ver­si­ty: From Dort­mund main station, you can take any train bound for the Station "Stadtgarten", usually lines U41, U45, U 47 and U49. At "Stadtgarten" you switch trains and get on line U42 towards "Hombruch". Look out for the Station "An der Palmweide". From the bus stop just across the road, busses bound for TU Dort­mund University leave every ten minutes (445, 447 and 462). Another option is to take the subway routes U41, U45, U47 and U49 from Dort­mund main station to the stop "Dort­mund Kampstraße". From there, take U43 or U44 to the stop "Dort­mund Wittener Straße". Switch to bus line 447 and get off at "Dort­mund Uni­ver­si­tät S".

The H-Bahn is one of the hallmarks of TU Dort­mund University. There are two stations on Campus Nord. One ("Dort­mund Uni­ver­si­tät S") is directly located at the suburban train stop, which connects the uni­ver­si­ty directly with the city of Dort­mund and the rest of the Ruhr Area. Also from this station, there are connections to the "Technologiepark" and (via Campus Süd) Eichlinghofen. The other station is located at the dining hall at Campus Nord and offers a direct connection to Campus Süd every five minutes.

The AirportExpress is a fast and convenient means of transport from Dortmund Airport (DTM) to Dortmund Central Station, taking you there in little more than 20 minutes. From Dortmund Central Station, you can continue to the university campus by interurban railway (S-Bahn). A larger range of international flight connections is offered at Düsseldorf Airport (DUS), which is about 60 kilometres away and can be directly reached by S-Bahn from the university station.

The facilities of TU Dortmund University are spread over two campuses, the larger Campus North and the smaller Campus South. Additionally, some areas of the university are located in the adjacent "Technologiepark".

Street navigation from and to the TU Dortmund University:

OpenStreetMap Routing Machine

The document and the graphic represent the motorways and federal highways around the TU Dortmund University in a very simplified way:

Environment map (PDF)

Environment map (graphic)

This interactive map helps you find and navigate between facilities and buildings on campus:

Interactive campus map

This document contains a simple campus map in German and English:

Campus map (PDF)