Dr. Christopher Fink

Universität Mannheim
Fakultät für Betriebswirtschaftslehre
Lehrstuhl für Finanzierung
D - 68131 Mannheim

Sprechstunde: nach Vereinbarung


Persönliche Homepage



Seit September 2010 Universität Mannheim, Center for Doctoral Studies in Business, Mannheim, Deutschland
Doktorand in der Finance Area
2008-2010 BI Norwegian Business School, Oslo, Norwegen
Master of Science in Financial Economics
2009-2010 Universitat Pompeu Fabra, Barcelona Graduate School of Economics, Barcelona, Spanien
Master of Science in Financial Economics
Doppelabschlussprogramm mit BI Norwegian Business School
2005-2008 European Business School (EBS), Oestrich-Winkel, Deutschland
Bachelor of Science in General Management
2007 York University, Schulich School of Business, Toronto, Kanada
2005 Alfred-Delp Schule, Hargesheim, Deutschland

Stipendien und Auszeichnungen

Since 2010 DFG Stipendium - Universität Mannheim
2012 Konferenzstipendium Stiftung Geld und Währung (Ökonomie neu denken)
2009 Gewinner der XII. WHU Case Challenge
2009 - 2010 Erasmus Stipendium für Doppelabschluss an der Universitat Pompeu Fabra, Spanien


  • Empirical Asset Pricing
  • Derivative Pricing
  • Market Microstructure
  • Empirical Corporate Finance
  • Behavioral Finance


Fink, C.; Schiereck, D.; Vogt, J (2010): Wealth Effects of Convertible Bond Issues - Further Evidence of Agency Costs and Managerial Entrenchment, in: Journal of Corporate Ownership and Control, Vol. 7, Issue 4, Summer 2010, pp. 34-50. (Aus den Resultaten von Christopher Fink's Bachelor Arbeit)

Arbeitspapiere und Work in Progress

Öffnet einen externen Link in einem neuen FensterMay I Have Your Attention Please: The Market Microstructure of Investor Attention (2013) Working Paper (joint with Thomas Johann)

Abstract: We analyse whether a stock's liquidity and returns are influenced by short term fluctuations in investor attention attached to the stock. Both returns and liquidity increase in times of high attention. We identify attention grabbing stocks by their Google search volume. In contrast to the existing literature, we measure daily changes in attention and use the category filters off ered by Google insights to get a more reliable estimate of investor attention. We correct for possible endogeneity in the relation with the exogenous event of stock index inclusions and deletions and find that the relation is stronger for stocks with a higher proportion of retail trading. We analyse the dynamics of the attention-liquidity relation in an attention-adjusted structural model based on Easley et al. (1996). We find that the liquidity increase on high attention days is due to more overall and less informed trading and particularly strong in small firms.

Conferences : HVB Doctoral Symposium (April 2012), GESS Research Day Uni Mannheim (November 2012), Auckland Finance Meetings (December 2012), Campus for Finance Research Conference and PhD Workshop (Jan. 2013), General Online Research Conference (GOR, March 2013), Kölner Finanzmarktkolloquium Asset Management Poster Presentation (April, 2013), European Retail Investment Conference PhD Workshop (ERIC, April 2013), French Finance Association (AFFI, May 2013),  7th Financial Risks International Forum Paris (March 2014).

Prices: Best PhD Paper Award - Campus for Finance Research Conference (Jan. 2013)

Paper Download: Öffnet einen externen Link in einem neuen Fensterhttp://ssrn.com/abstract=2139313

Dividend Taxation and Dax Futures Prices (2013) - Work in Progress (joint with Erik Theissen)

Abstract: Investors entering a DAX future contract intend to do this at the fair, arbitrage-free price. A pricing under perfect market assumptions ignoring dividend taxation can only give an approximation of this price. We examine the e ffect of dividend taxation on the future price of the total return index DAX. We analyse the historical tax regimes in Germany from 1990 until 2011, their implications for dividend taxation and thus DAX future prices.
The regimes di ffer considerably in manner and magnitude of dividend taxation and hence allow to empirically derive a tax eff ect. We fi nd a mispricing of the DAX future under the di fferent tax regimes due to tax distortions. Previous literature has tried to fi nd elaborated theoretical models incorporating tax effects on future prices but none of them has undertaken an extensive empirical evaluation of the tax e ffects over an extensive time period. Our analysis has implications for a correct DAX future valuation formula, the marginal investor in the futures market and its taxation as well as policy implications for the taxation of dividends.

Conferences : EFMA Rome (June 2014)

Do Mutual Funds Outperform During Recessions? International Evidence - Work in Progress (joint with Katharina Raatz and Florian Weigert)

Abstract: Glode (2011) shows theoretically and documents empirically that U.S. equity mutual funds have a systematically better performance during bad states of the economy and investors are willing to pay high fund fees for this insurance. In this paper we test these hypotheses out-of-sample using international mutual fund data from 16 di erent countries.
Surprisingly, we cannot confi rm that mutual funds outperform during recessions and do not fi nd that funds with high alphas during recessions can charge higher fees to investors. Hence, our study raises doubt on the validity of Glode (2011)'s model and asks for alternative explanations of mutual fund's state-speci c performance and optimal fee setting.

Conferences :  European FMA Maastricht (June 2014)




  • Index Future Arbitrage (FSS 2012)
  • High Frequency Trading and the Flash Crash of 2010 (FSS 2012)
  • Brand Awareness and Stock Prices (FSS 2013)


  • Analyst Coverage Terminations, Asymmetric Information and Asset Prices in Germany (HWS 2012)
  • Behavioral Biases and Market Microstructure (FSS 2013)
  • Earnings Distractions (HWS 2014)


  • Market Microstructure (FSS 2012, FSS 2013, FSS 2014)