Department of Finance

Articles in refereed journals

39

The impact of regulation on risk and return

Koziol, C./Kuhn, S., Economics Letters, 2023, Vol. 228.

38

ESG Risk Premia and the Impact of ESG Awareness: Differences between the US and the EMU market

Koziol, C./Kuhn, S., Journal of Portfolio Management, 2023, Vol. 49 (6), p.158-171.

37 Company Cost of Capital and Leverage: A Simplified Textbook Relationship Revisited
Haag, V./Koziol, C., Schmalenbach Journal of Business Research (SBUR), 2023, Vol.75 (1), p.37-69.
36

Contingent Convertible Bonds: Optimal Call Strategy and the Impact of Refinancing

Koziol, C./Roßmann, P., Journal of Corporate Finance, 2022, Vol. 77. 

35

The Price of Being Green

Koziol, C./Proelss, J./Roßmann, P./Schweizer, D., Finance Research Letters, 2022, Vol. 50.

34

Tail Risk Management and the Skewness Premium

Kipp, M./Koziol, C., Journal of Asset Management, 2022, Vol. 23 (6), p. 534-546.

33

Does model complexity improve pricing accuracy? The case of CoCos

Koziol, C./Weitz, S., Review of Derivatives Research, 2021, Vol. 24 (3), p. 261-284.

32

An explanation for momentum with a rational model under symmetric information – Evidence from cross country equity markets

Koziol, C./Proelss, J., Journal of International Financial Markets, Institutions and Money, 2021, Vol. 70.

31

Which is the Correct Discount Rate? Arithmetic Versus Geometric Mean

Kipp, M./Koziol, C., Credit and Capital Markets, 2020, Vol. 53 (3), p. 355-381.

30

Capital Market Equilibrium With Imperfect Competition: The Case of the ECB’s Asset Purchase Programme

Koziol, C./Neus, W., Schmalenbach Business Review (sbr), 2020, Vol. 72 (3), p. 369-391.

29

How Do Speculators in Agricultural Commodity Markets Impact Production Decisions and Commodity Prices? A Theoretical Analysis

Koziol, C./Treuter, T., European Financial Management, 2019, Vol. 25 (3), p. 718-743.

28

Contingent CDS: Accurate and Approximate Pricing

Koziol, C./Schön, T., Journal of Credit Risk, 2016, Vol. 12 (1), p. 75-95.

27

How to Pay Envious Managers – A Theoretical Analysis

Crummenerl, M./Doll, T./Koziol, C., European Financial Management, 2015, Vol. 21 (4), p. 811-832.

26

Do Correlated Defaults Matter for CDS Premia? An Empirical Analysis

Koziol, C./Koziol, P./Schön, T., Review of Derivatives Research, 2015, Vol. 18 (3), p. 191-224.

25

From Wall Street to Main Street How Banks can offload their Asset Risk onto Retail Investors

Crummenerl, M./Koziol C., Schmalenbach Business Review (sbr), 2015, Vol. 67 (3), p. 290-332.

24

What drives Contagion in Financial Markets? Liquidity Effects versus Information Spill-Over

Haß, L./Koziol, C./Schweizer, D., European Financial Management, 2014, Vol. 20 (3), p. 548-573.

23

Contingent capital makes credit crunches less likely - but do banks want to have it?

Crummenerl, M./Heldt, K./Koziol, C., Review of Managerial Science, 2014, Vol. 8 (2), p. 175-196.

22

A simple correction of the WACC discount rate for default risk and bankruptcy costs

Koziol, C., Review of Quantitative Finance and Accounting, 2014, Vol. 42 (4), p. 653-666.

21

Bank Financing with Structured Products – How to make Contingent Convertibles work

Crummenerl, M./Koziol, C., Die Unternehmung – Swiss Journal of Business Research and Practice, 2014, Vol. 68 (2), p. 108-128.

20

Are Private Equity Investors Boon or Bane for an Economy? - A Theoretical Analysis

Ernst , S./Koziol, C./Schweizer, D., European Financial Management, 2013, Vol. 19 (1), p. 180-207.

19 Contingent convertibles. Solving or seeding the next banking crisis?

Koziol, C./Lawrenz, J., Journal of Banking and Finance, 2012, Vol. 36 (1), p. 90-104.

18

Creeping-In als neues Instrument der Unternehmenskontrolle – Taktische Meisterleistung oder unkalkulierbares Risiko?

Koziol, C./Noël, P./Schweizer, D., Zeitschrift für Betriebswirtschaft (ZfB), 2011, Vol. 81, p. 833-854.

17 Who Should Merge with Whom? Financial Benefits and Costs from Mergers and Acquisitions

Koziol, C./Theis, M., Kredit und Kapital, 2011, Vol. 44 (3), p. 393-417.

16

Do Institutional Investors Care About the Ambiguity of Their Assets? – Evidence From Portfolio Holdings in Alternative Investments

Koziol, C./Proelss, J./Schweizer, D., International Journal of Theoretical and Applied Finance, 2011, Vol. 14, p. 465-484.

15

Optimal Design of Rating-Trigger Step-Up Bonds: Agency Conflicts Versus Asymmetric Information

Koziol, C./Lawrenz, J., Journal of Corporate Finance, 2010, Vol. 16, p. 182-204.

14

Why Adding Firm Value With a Put Feature in Debt Contracts is Better Than Renegotiation

Koziol, C., Review of Managerial Science, 2010, Vol. 4, p. 53-90.

13

Impact of Imperfect Information on the Optimal Exercise Strategy for Warrants

Koziol, C., European Financial Management, 2010, Vol. 16, p. 374-399.

12

What Makes a Bank Risky? --- Insights From the Optimal Capital Structure of Banks

Koziol, C./Lawrenz, J., Journal of Banking and Finance, 2009, Vol. 33, p. 861-873.

11

Optimal Credit Ratings

Herzog, S./ Koziol, C./Thabe, T., International Journal of Theoretical and Applied Finance, 2008, Vol. 11, p. 225-247.

10

Valuation of Bond Illiquidity: An Option-Theoretical Approach

Koziol, C./Sauerbier, P., Journal of Fixed Income, 2007, Vol. 16 (4), p. 81-107.

9

Do Good or Bad Firms Pledge More Collateral?

Koziol, C., International Journal of Managerial Finance, 2007, Vol. 3 (2), p. 132-163.

8

Bond Portfolio Optimization: A Risk Return Approach

Korn, O./Koziol, C., Journal of Fixed Income, 2006, Vol. 15 (4), p. 48-60.

7

Empirical Exercise Behavior of Warrant Holders and its Consequences for Warrant Values

Koziol, C., International Journal of Theoretical and Applied Finance, 2006, Vol. 9 (2), p. 245-268.

6

Optimal Debt Service: Straight vs. Convertible Debt

Koziol, C., Schmalenbach Business Review (sbr), 2006, Vol. 58 (2), p. 124-151.

5

Optimal Exercise Strategies for Corporate Warrants

Koziol, C., Quantitative Finance, 2006, Vol. 6 (1), p. 37-54.

4

When Does Single-Source Versus Multiple-Source Lending Matter?

Koziol, C., International Journal of Managerial Finance, 2006, Vol. 2 (1), p. 19-48.

3

Streben Unternehmen nach ihrem optimalen Rating? Theorie und Evidenz vom deutschen Kapitalmarkt

Koziol, C./Thabe, T., Zeitschrift für Betriebswirtschaft (ZfB), 2005, Vol. 75 (10), p. 919-946.

2

Pflichtwandelanleihen: Bewertung und Aktienkursreaktion bei Emission

Koziol, C./Sauerbier, P., Die Betriebswirtschaft (DBW), 2005, Vol. 65 (1), p. 21-42.

1

Valuation of Convertible Bonds with Sequential Conversion

Bühler, W./Koziol, C., Schmalenbach Business Review (sbr), 2002, Vol. 54 (4), p. 302-334.

   

Monographs

2

Optimale Gestaltung von Fremdkapitaltiteln

Koziol, C., Habilitationsschrift, 2007, Universität Mannheim.

1

Valuation of Convertible Bonds when Investors Act Strategically

Koziol, C., Beiträge zur betriebswirtschaftlichen Forschung, 2004, Bd. 110 (braune Reihe).

   

Further publications

14

Corporate Green Bonds: Kosten oder Ersparnis durch eine nachhaltige Unternehmensfinanzierung

Koziol, C./Roßmann, P., CORPORATE FINANCE, 2022, Nr. 5-6/2022, S. 130-135.

13

ESG-Risikomanagement und Renditeerwartung

Koziol, C./Roßmann, P., FIRM (Frankfurter Insitut für Risikomanagement und Regulierung) Jahrbuch 2022, S. 33-35.

12

Der Transparenz und dem mündigen Anleger verpflichtet

Johanning, L./Koziol, C./Müller, S./Rudolph, B./Schiereck, D., Zeitschrift für das gesamte Kreditwesen, 2019, Vol. 72 (17), p. 860-865.

11

Complexity of Financial Products: a Quantitative and Economic Approach

Koziol, C./Roßmann, P./Weitz, S., Discussion Paper (Deutscher Derivate Verband e.V. (DDV), the German Derivatives Association), 2018.

10

Risikomanagement als Erfolgsfaktor im Asset Management

Koziol, C., FIRM (Frankfurter Insitut für Risikomanagement und Regulierung) Jahrbuch 2018, S. 31-32.

9

Gesamtkosten und Kostenkomponenten bei der Anlage in Zertifikate

Müller, S./Johanning, J./Koziol, C./Schiereck, D./Rudolph, B., Discussion Paper (Deutscher Derivate Verband e.V. (DDV), the German Derivatives Association), 2017.

8

Do correlated defaults matter for CDS premia? An empirical analysis

Koziol, C./Koziol, P./Schön, T., Deutsche Bundesbank Discussion Paper, Nr. 21/2014, p. 1-40.

7

Praktische Umsetzung des WACC-Ansatzes bei Ausfallrisiko

Koziol, C./Treuter, T., Bewertungspraktiker, 2014, Nr. 1, p. 5-11.

6

Welche Auswirkungen hat eine Finanztransaktionssteuer auf Optionsmärkte?

Koziol, C.,  Discussion Paper (Deutscher Derivate Verband e.V. (DDV), the German Derivatives Association), 2012.

5

WACC-Bewertung und Default Risk

Koziol, C./Schweizer, D., Der Treasurer, 2012, Nr. 4, p. 24.

4

Warum steigt das Zertifikat, wenn der Basiswert stagniert?

Koziol, C., Finanz und Wirtschaft, 2011, Nr. 4, p. 16-20.

3

Gesetz zur Vorbeugung gegen missbräuchliche Wertpapier- und Derivategeschäfte

Elsas, R./Johanning, L./Koziol, C./Müller, S./Rudolph, B./Schiereck, D., Zeitschrift für das gesamte Kreditwesen, 2010, Vol. 63 (14), p. 747-749.

2

Procyclicality in a One-Period Model of Banking Regulation: in the Case of Limited Liability

Bühler, W./Koziol, C./Sygusch, V., in: Oehler, A./Terstege, U. (Hrsg.): Finanzierung, Investion und Entscheidung. Einzelwirtschaftliche Analysen zur Bank- und Finanzwirtschaft, 2008, Bank-Verlag Wien, p. 135-160.

1

Banking Regulation and Financial Accelerators: A One-Period Model with Unlimited Liability

Bühler, W./Koziol, C., in: Franz, W./Ramser, H.J./Stadler, M. (Hrsg.): Funktionsfähigkeit und Stabilität von Finanzmärkten, Wirtschaftswissenschaftliches Seminar Ottobeuren, 2005, Bd. 34, p. 183-210.

   

Awards

FIRM Jahrbuchpreis 2022 for the paper ESG-Risikomanagement und Renditeerwartung by Christian Koziol and Philipp Roßmann

Maravon Best Ph.D. thesis Award 2016: Thomas Schön

Analyse von Ausfallrisiken

RWT Best Ph.D. thesis Award 2016: Marc Crummenerl

Essays on Asset Pricing and Derivatives.

European Financial Management Readers' Choice Best Paper Award 2014 for the paper Are Private Equity Investors Boon or Bane for an Economy?, published in European Financial Management.

Outstanding Paper Award 2007 of the Emerald LiteratiNetwork for the paper When does single-source versus multiple-source lending matter?, published in the International Journal of Managerial Finance.
Award for Ph.D. thesis Valuation of Convertible Bonds when Inverstors Act Strategically. Subsidy award 2004 of the Prechel-Stiftung e.V. for outstanding academic achievements.
Outstanding Paper Award 2002 of the Deutsche Gesellschaft für Finanzwirtschaft (DGF) for the article Valuation of Bond Illiquidity: An Option-Theoretical Approach, co-authored by P. Sauerbier.