Professoren
o. Univ.-Prof. Mag. Dr. Josef Zechner

Josef Zechner is a professor of finance and investments at the WU Vienna University of Economics and Business and the speaker of the PhD Program Vienna Graduate School of Finance (VGSF). Before joining the WU Vienna University of Economics and Business, he was Professor of Finance at the University of Vienna.
Josef Zechner has published in leading finance and economics journals such as the Journal of Finance, the Review of Financial Studies or the Journal of Political Economy. He was the Managing Editor of the Review of Finance (joint with Marco Pagano) from 2003 to 2012. Since 2015 he is Associate Editor of Foundations and Trends® in Finance. He is also past president of the European Finance Association, the German Finance Association and the Western Finance Association. He is a full member of the Austrian Academy of Sciences, holds a honorary doctoral degree from the Ludwig-Maximilians-Universität Munich and is a Research Fellow at the Centre for Economic Policy Research (CEPR).
His research covers a broad range of topics in the areas of corporate finance, banking and asset management. Prof. Zechner has consulted for several financial institutions and is a member of the scientific board of Spängler IQAM Invest, an Austrian Asset Management Company.

Curriculum Vitae

REFEREED JOURNALS

• Jaewon Choi, Dirk Hackbarth, and Josef Zechner "Corporate Debt Maturity Profiles", forthcoming, The Journal of Financial Economics, 2017
• Otto Randl, Josef Zechner, “Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation”, German Economic Review, 2016
• Russ Wermers, Youchang Wu, and Josef Zechner, "Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds", The Review of Financial Studies, 29, 2016, pp. 3428-3470.
• Michael Halling, Jin Yu, and Josef Zechner, "Leverage Dynamics over the Business Cycle", The Journal of Financial Economics, 122, 2016, pp. 21-41.
• Klaus Gugler, Natalia Ivanova, and Josef Zechner, „Ownership and Control in Central and Eastern Europe”, Journal of Corporate Finance, 26, 2014, pp. 145–163.
• Nils Friewald, Christian Wagner, and Josef Zechner, "The Cross-Section of Credit Risk Premia and Equity Returns”, The Journal of Finance, 69, 2014, pp. 2419-2470.
• Christopher A. Hennessy and Josef Zechner, “A Theory of Debt Market Illiquidity and Leverage Cyclicality”, The Review of Financial Studies, 24, 2011, pp. 3369-3400.
• Neal Stoughton, Youchang Wu and Josef Zechner, “Intermediated Investment Management’’, The Journal of Finance, 66, 2011, pp. 947-980.
• Jonathan Berk, Richard Stanton and Josef Zechner, “Human Capital, Bankruptcy and Capital Structure”, The Journal of Finance, 65, 2010, pp. 891-92.
• Thomas Dangl, Youchang Wu and Josef Zechner, "Market Discipline and Internal Governance in the Mutual Fund Industry", The Review of Financial Studies, 21, 2008, pp. 2307-2343.
• Josef Zechner "Börsennotierungen: Warum und wo? Evidenz aus Theorie und Empirie", Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, 60, 2008, pp. 195-210.Paper presented at the award ceremony for honorary doctoral degree at Ludwig-Maximilians-Universität, Munich
• Michael Halling, Marco Pagano, Otto Randl and Josef Zechner, "Where Is the Market? Evidence from Cross-Listings in the United States", The Review of Financial Studies, 21, 2008, pp. 725-761.
• Neal Stoughton and Josef Zechner, "Optimal Capital Allocation using RAROC and EVA", Journal of Financial Intermediation, 16, 2007, pp. 312-342.
• Thomas Dangl and Josef Zechner, "Credit Risk and Dynamic Capital Structure Choice", Journal of Financial Intermediation, 2, 2004, pp. 183-204.
• Marco Pagano, Ailsa A. Röell and Josef Zechner, "The Geography of Equity Listing: Why Do Companies List Abroad?", The Journal of Finance, 57, 2002, pp. 2651-2694.
• Sudipto Bhattacharya, Manfred Plank, Günter Strobl and Josef Zechner, "Bank Capital Regulation With Random Audits", Journal of Economic Dynamics and Control, 26, 2002, pp. 1301-1321.
• Sudipto Bhattacharya, Manfred Plank, Günter Strobl and Josef Zechner, "Bank Capital Regulation With Random Audits", Journal of Economic Dynamics and Control, 26, 2002, pp. 1301-1321.
• Robert Heinkel, Alan Kraus and Josef Zechner, "The Effect of Green Investment on Corporate Behaviour", Journal of Financial and Quantitative Analysis, 36, 2001, pp. 431-450.
• Marco Pagano, Otto Randl, Ailsa Röell and Josef Zechner, "What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions", European Economic Review, 45, 2001, pp. 770-782.
• Neal Stoughton, Kit Pong Wong and Josef Zechner, "IPOs and Product Quality", The Journal of Business, 74, 2001, pp. 375-408.
• Klaus Gugler, Alex Stomper and Josef Zechner, "Ownership- and Board-Structures in Austria", ZfB-Ergänzungsheft, 1, 2000, pp. 23-43.
• Vojislav Maksimovic, Alexander Stomper and Josef Zechner, "Capital Structure, Information Acquisition and Investment Decisions in an Industry Framework", European Finance Review, 2, 1999, pp. 251-271.
• Neal Stoughton and Josef Zechner, "IPO-Mechanisms, Monitoring and Ownership Structure", Journal of Financial Economics, 49, 1998, pp. 45-77.
• Josef Zechner, "Comment on 'Monitoring, Implicit Contracting, and the Lack ofPermanence of Leveraged Buyouts’", European Finance Review, 1, 1997, pp. 165-168.
• Josef Zechner, "Financial Market - Product Market Interactions in Industry Equilibrium: Implications for Information Acquistion Decisions", European Economic Review, 40, 1996, pp. 883-896.
• Gerhard Ortner, Adolf Stepan and Josef Zechner, "Political Stock Markets, The Austrian Experiences", Zeitschrift für Betriebswirtschaft, Ergänzungsheft 4, 1995, pp. 123-136.
• Anat R. Admati, Paul Pfleiderer and Josef Zechner, "Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium", The Journal of Political Economy, 102, 1994, pp. 1097-1130.
• Robert Heinkel and Josef Zechner, "Financial Distress and Optimal Capital Structure Adjustments", Journal of Economics and Manangement Strategy, 2, 1993, pp. 531-565.
• Laurie Bagwell and Josef Zechner, "Influence Costs and Capital Structure", The Journal of Finance, 48, 1993, pp. 975-1008.
• Vojislav Maksimovic and Josef Zechner, "Debt, Agency Costs and Industry Equilibrium", The Journal of Finance, 46, 1991, pp. 1619-1643.
• Edwin O. Fischer and Josef Zechner, "Die Lösung des Risikoanreizproblems durch die Ausgabe von Optionsanleihen", Zeitschrift für betriebliche Forschung, 42, 1990, pp. 334-342.
• Zechner, "Tax Clienteles and Optimal Capital Structure under Uncertainty", The Journal of Business, 63, 1990, pp. 465-491.
• Robert Heinkel and Josef Zechner, "The Role of Debt and Preferred Stock as a Solution to Adverse Investment Incentives", Journal of Financial and Quantitative Analysis, 25, 1990, pp. 1-24.
• Edwin O. Fischer, Robert Heinkel and Josef Zechner, "Dynamic Recapitalization Policies and the Role of Call Premia and Issue Discounts", Journal of Financial and Quantitative Analysis, 24, 1989, pp. 427-446.
• Vojislav Maksimovic, Gordon Sick and Josef Zechner, "Comment on Forward Markets, Stock Markets and the Theory of the Firm", The Journal of Finance, 44, 1989, pp. 525-528.
• Edwin O. Fischer, Robert Heinkel and Josef Zechner, "Optimal Dynamic Capital Structure Choice: Theory and Tests", The Journal of Finance, 44, 1989, pp. 19-40.
• Ronald Giammarino, Eduardo Schwartz and Josef Zechner, "Market Valuation of Bank Assets and Deposit Insurance in Canada", Canadian Journal of Economics, 22, 1989, pp. 109-127.
• Michael J. Brennan, Vojislav Maksimovic and Josef Zechner, "Vendor Financing", The Journal of Finance, 43, 1988, 1127-1141.
• Peter Swoboda and Josef Zechner, "The Critical Implicit Tax Rate and Capital Structure", Journal of Banking and Finance, 10, 1986, pp. 327-341.
• Peter Swoboda and Josef Zechner, "Unternehmenssteuerung und Risikokapitalbildung", Betriebswirtschaftliche Forschung and Praxis, 5, 1985, pp. 403-420.
• Moon Lee and Josef Zechner, "Debt Taxes and International Equilibrium", Journal of International Money and Finance, 3, 1984, pp. 345-357.

BOOK CHAPTER

• Thomas Dangl, Otto Randl, and Josef Zechner, 2015. Risk Control in Asset Management: Motives and Concepts. In: Innovations in Quantitative Risk Management, Hrsg. Glau, Kathrin, Scherer, Matthias, Zagst, Rudi, 239-266. Cham Heidelberg New York Dordrecht London: Springer.
• Josef Zechner, "Aspekte der aktuellen Corporate Finance Diskussion: Konflikte und Lösungen zwischen Mehrheits- und Minderheitsgesellschaftern", Susanne Kalss and Peter Doralt (editors), Franz Klein "Vorreiter des modernen Aktien- und GmbH-Rechts", Manzsche Verlags- und Universitätsbuchhandlung, 2004, pp. 75-91.
• Neal Stoughton and Josef Zechner, "Konzepte zur Risiko-Ertragssteuerung in Kreditinstituten", Handbuch Risikomanagement, 2, Uhlenbruch Verlag, 2000, pp. 879-902.
• Josef Zechner, "Die Struktur der Kapitaladäquanzrichtlinie und resultierende Umsetzungsprobleme", P. Harold (editor), Kapitaladäquanz im BWG, 1997, pp. 44-59.
• Peter Swoboda and Josef Zechner, "Financial Structure and the Tax System", R. Jarrow, V. Maksimovic, and B. Ziemba (editors), Handbooks in Operations Research and Management Science, Elsevier Science Publishers, 1995, pp. 767-790.
• Vojislav Maksimovic and Josef Zechner, "Vendor Financing", The New Palgrave Dictionary of Money and Finance, 1992, pp. 759-761.
• Maurice Levi and Josef Zechner, "Foreign Currency Exposure", R. Aliber (editor), Handbook of International Financial Management, Dow Jones Irwin, 1989, pp. 411-443.
• Josef Zechner, "Corporate and Personal Income Taxes and Optimal Capital Structure", H. Göppl and R. Henn (editors), Geld, Banken und Versicherungen, Band II, 1984, pp. 1169-1173.
• Edwin O. Fischer and Josef Zechner, "Diffusion Process Specifications for Interest Rates", G. Bamberg and K. Spremann (editors), Lecture Notes in Economics and Mathematical Systems, Vol. 227. Risk and Capital, Springer Verlag, Berlin Heidelberg, 1984, pp. 64-73.

ARTICLES IN PROCEEDINGS

• Edwin O. Fischer and Josef Zechner, „Diffusion Process Specifications for Interest Rates“, Lecture Notes in Economics and Mathematical Systems, Vol.227. Risk and Capital. Hrsg. G. Bamberg and K. Spremann. Springer Verlag, Berlin Heidelberg, 1984, pp. 64-73.
• Josef Zechner, “Technological Change and Firms´ Choice of Stock Markets”, Das Neue Millenium – Zeit für ein neues ökonomisches Paradigma?”, 28. Volkswirtschaftliche Tagung 2000, pp. 164-171.
• Klaus Gugler, Susanne Kalss, Alexander Stomper and Josef Zechner, „The Separation of Ownership and Control in Austria“, in „The Control of Corporate Europe“, Editors: Fabricio Barca and Marco Becht, Oxford University Press, 2001.

MONOGRAPHS

• Peter Swoboda, Adolf Stepan und Josef Zechner „Kostenrechnung und Preispolitik“ 21., erweiterte Auflage, Linde Verlag Wien, 2001.
• Josef Zechner, „Der Einfluß von Steuern auf die optimale Kapitalstuktur von Unternehmungen“, Österreichische Akademie der Wissenschaften, Wien, 1989.

WORKING PAPERS

• Daniel A. Rettl, Alex Stomper, and Josef Zechner "The Stability of Dividends and Wages: Effects of Competitor Inflexibility", SSRN Working Paper Series 2858926, 2018
• Jaewon Choi, Dirk Hackbarth, and Josef Zechner "Corporate Debt Maturity Profiles", SSRN Working Paper Series 1966613, 2017
• Paul Schneider, Christian Wagner, and Josef Zechner "Low Risk Anomalies?", SSRN Working Paper Series 2593519, 2017
• Otto Randl, Arne Westerkamp, and Josef Zechner "Policy Portfolios When Some Assets are Non-Tradeable", 2014
• Johann Reindl, Neal Stoughton, and Josef Zechner, "Market Implied Costs of Bankruptcy", SSRN Working Paper Series 2324097, 2017
• Matthias M. M. Buehlmaier and Josef Zechner, "Financial Media, Price Discovery, and Merger Arbitrage". SSRN Working Paper Series 2858999, 2017
• Engelbert J. Dockner, Manuel Mayer, and Josef Zechner, “Sovereign Bond Risk Premiums”. SSRN Working Paper Series 2275916, 2013
• Russ Wermers, Youchang Wu and Josef Zechner, “Portfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Managers”. SSRN Working Paper Series 687142, 2008
• Thomas Dangl and Josef Zechner, “Debt Maturity and the Dynamics of Leverage”. SSRN Working Paper Series 890228, 2016
• Neal Stoughton and Josef Zechner, “The Dynamics of Capital Allocation”. SSRN Working Paper Series 249987, 2000

Alle Veröffentlichungen auch auf der Website von Prof. Dr. Josef Zechner.