Thomas Paul Gehrig


Chair in Finance, Department of Finance, University of Vienna
Vienna Graduate School of Finance (VGSF), Faculty Member
Visiting LSE, London, Spring 2018
Centre for Economic Policy Research (CEPR), London, Research Fellow in Financial Markets and in Industrial Organization
European Corporate Governance Institute (ECGI), Brussels, Research Associate
National Bureau of Economic Research (NBER), Boston, Member of the Market Microstructure Research Group
Systemic Risk Centre (SRC), LSE, London, Research Associate


1997-2010Chair in Economic Theory and Director of the Institute for Research on Economic Evolution,
Albert-Ludwigs University of Freiburg (D)
1998-2000Adjunct Professor, Rice University, Houston (USA)
1995-1997Associate Professor, University of Basel (CH)
1993-1995Assistant Professor, University of Basel (CH)
1992-1993Visiting Assistant Professor, Managerial Economics and Decision Science Department (MEDS), Kellogg Graduate School of Management,
Northwestern University, Evanston (USA)
1989-1992Assistant Professor, University of Basel (CH)
1987-1989Research Assistant, Financial Markets Group, (Directors: Professors Charles Goodhart and Mervyn King), London School of Economics (UK)
Teaching Assistant, Economics Department, London School of Economics (UK)


asset pricing in incomplete markets
banking, trading, and financial intermediation
information acquisition and price discovery
industrial structure in financial sytems
financial regulation
financial geography
financial history


1995Habilitation, Universität Basel
1990Ph.D. in Economics, London School of Economics
1986Diplomvolkswirt, University of Bonn
- 1984/5Exchange Program, UC Berkeley
- 1983Vordiplom in Mathematics, University of Frankfurt
- 1982Vordiplom in Economics, University of Frankfurt
1979Abitur, Gymnasium Tutzing


Bendheim Center for Finance, Princeton, USA
CEMFI, Banco d´Espagna, Madrid, Spain
CentER, Tilburg University, Tilburg, The Netherlands
Collegio Carlo Alberto, Moncalieri, Torino, Italy
ECARE, Université Libre de Bruxelles, Bruxelles, Belgium
Federal Reserve Bank of Minneapolis, Minneapolis, USA
HECER, Helsinki, Finland
Institut d'Analisi Economica CSIC, Barcelona, Spain
Kellogg Graduate School of Management, Northwestern University, Evanston, USA
LSE, London, UK
Rice University, Houston, USA
SOAS, University of London, London, UK
Université Louis Pasteur, Strasbourg, France
Wharton School, University of Pennsylvania, Philadelphia, USA


2018Visiting Professorship, LSE
2014SOAS-Centenary Fellowship, University of London
2011Principal Investigator, VGSF, Wien
2009Senior FRIAS-Research Fellowship, Freiburg
2009 Hanken Distinguished Senior Fellowship, Helsinki
2008Research Group "Pricing of Risk in Incomplete Markets" of the University of Freiburg funded by the German Excellence Initiative
2008Senior Research Fellowship, Collegio Carlo Alberto, Moncalieri
2007Targeted Research Fellowship, Ente Luigi Einaudi, Roma (deferred)
2005Hanken Distinguished Senior Fellowship, Helsinki
2003Volkswagen Research Grant: "Information Acquisition in Economical and Political Systems"
2003Hanken Distinguished Senior Fellowship, Helsinki
2001Alexander-von-Humboldt Grant (TransCoop): "Banks, Regulation, and the Performance of Early Securities Markets"
2001European Commission Fifth Framework Programme: "Privatisation and Development"
2001Hanken Distinguished Senior Fellowship, Helsinki
2001Chaired offer in Economic Theory, University of Nürnberg-Erlangen
1998Banque de France Research Grant: "Costs, Competitiveness, and the Changing Structure of European Banking"
1996Chaired offer "Monetäre Ökonomie und Finance", University of Zürich
1995European Commission Human Capital Mobility Program: "The New Economic Geography of Europe", FP 3
1990Junior Lectureship, London School of Economics, London
1990Swiss Bank Corporation Award for Outstanding Dissertation
1987-89Doctoral Fellowship of the Studienstiftung des Deutschen Volkes (LSE London)
1986-87Fellowship of the Deutscher Akademischer Austauschdienst (LSE London)
1984-85Fellowship Deutscher Akademischer Austauschdienst (UC Berkeley)
1980-86Fellowship of the Freistaat Bayern for excellent students (Stiftung Maximilianeum)


FWF (VGSF - doc.funds)
FWF (VGSF - Doktoratskolleg)
Jubiläumsfonds, ÖNB
DFG-Excellence Initiative (FRIAS)
Deutsche Bundesbank
Volkswagen Foundation
DFG-Mercator Program
European Commission - Fifth Framework Program
DAAD and Academy of Finland
Alexander-von-Humboldt Foundation
European Commission - Human Capital Mobility Program
Schweizerische Bankiervereinigung
Schweizerischer Nationalfonds (SNF)


Research FellowCentre for Economic Policy Research (CEPR), London, since 1992
Research AssociateEuropean Corporate Governance Institute (ECGI), Brussels
Research AssociateSystemic Risk Centre (SRC), LSE, London
Member Market Microstructure Research Group, National Bureau for Economic Research (NBER), Boston
Invited MemberCommittee on Industrial Economics, VfSP
Committee on Theory and Policy of the Corporation, VfSP
ExpertEuropean Research Council, since 2008
DirectorWorking Group "Financial Crises" of the ÖFG (Austrian Research Association), since 2012
Scientific Advisory Board Center for Advanced Studies in Management (CASiM), Handelshochschule Leipzig, since 2012
Executive Committee European Association of Research in Industrial Economics (EARIE), 2005-2011
Editor-in-ChiefBusiness Research, since 2017
Field Editor FinanceBusiness Research, since 2015
Associate EditorE-Journal Economics, since 2013
Associate EditorEconomica, 1996-2008
Academic MembershipsAmerican Economic Association
American Finance Association
Econometric Society
European Association for Research in Industrial Economics
European Economic Association
European Finance Association
German Association for Economics and Business Administration
Verein für Socialpolitik (German Economic Association)
Western Finance Association
VertrauensdozentStudienstiftung des Deutschen Volkes

REFEREEING (selection)

American Economic Review, B.E. Journal in Theoretical Economics, Economica, Econometrica, Economic Design, Economic Journal, Economic Theory, European Economic Review, Games and Economic Behaviour, International Journal of Central Banking, International Journal of Industrial Organization, Journal of Banking & Finance, Journal of Finance, Journal of Financial Intermediation, Journal of Economic & Management Strategy, Journal of Economic Behaviour and Organization, Journal of Economic Theory, Journal of Empirical Finance, Journal of the European Economic Association, Journal of Financial Services Research, Journal of Financial Stability, Journal of Industrial Economics, Journal of Law, Economics & Organization, Journal of Money, Credit and Banking, Journal of Political Economy, Journal of Public Economics, Journal of Regulatory Economics, Oxford Economic Papers, RAND-Journal, Regional Science and Urban Economics, Review of Economic Studies, Review of Finance, Review of Financial Studies, Scandinavian Journal of Economics, Small Business Review.


EFA, since 1997
EARIE, since 2008
World Finance Association, since 2014
Swiss Winter Conference in Financial Intermediation, Lenzerheide, since 2015
VHB-Pfingsttagung, since 2013
EEA, ESEM, FMA, German Finance Association, Verein für Socialpolitik: occasionally or regularly


Joint Interdisciplinary Conference on "The Ethics of Business, Trade & Global Governance" of Department of Finance, University Vienna in cooperation with St. Anselm College, Center for Ethics in Business and Governance (USA) and University of St. Andrews, Center for Responsible Banking & Finance (UK), Portsmouth, New Hampshire, USA, November 2018
7. Workshop: "Banken und Finanzmärkte" (with Thilo Pausch and Peter Welzel), Deutsche Bundesbank, Eltville, October 2017
ÖFG-Panel: "Unintended Consequences of Financial Regulation" , Jahreskonferenz des Verein für Socialpolitik, Wien, September 2017
ÖFG-Conference: "Regulation of Financial Institutions as a Factor of Systemic Risk" (with Matthias Bank, Alfred Wagenhofer and Josef Zechner), Innsbruck, November 2016
6. Workshop: "Banken und Finanzmärkte" (with Thilo Pausch and Peter Welzel), Wien, October 2016
Joint Finance Seminar with the Hebrew University (jointly with Yishay Yafeh), Wien, September 2016
Econometric Society: Session on "Financial Crises in Historical Perspective" (with Markus Brunnermeier, Charles Calomiris and Gary Gorton), ASSA-Meetings, San Francisco, January 2016
5. Workshop: "Banken und Finanzmärkte" (jointly with Thilo Pausch and Peter Welzel), Augsburg, November 2015
ÖFG-Conference: "Accounting, Information, and Financial Crises" (jointly with Matthias Bank, Alfred Wagenhofer and Josef Zechner), Graz, November 2015
"32nd Annual Conference of the European Association of Law and Economics- EALE 2015" (jointly with Peter Lewisch and Wolfgang Weigel), Vienna, September 2015
ÖFG-Panel Discussion: "Comprehensive Assessment of the ECB: How resilient are European banks?" (with Claus Puhr), Vienna, November 2014
Transatlantic Conference on Banks and Government in Globalized Markets (with Enrique Mendoza, Linda Tesar and Martin Summer) sponsored by CEPR, University of Michigan, University of Pennsylvania and OeNB, Vienna, September 2013
ÖFG-Conference: Die Finanzkrisen des 21. Jahrhunderts (jointly with Erich Kirchler, Dennis Müller, Reinhard Neck, Alfred Wagenhofer and Josef Zechner), Vienna, October 2012
CEPR-OeNB-Conference: Bank Supervision and Resolution - National and International Challenges (with Gyoengyi Loranth, Peter Mooslechner and Martin Summer), Vienna, October 2011
FRIAS-CEPR-RFS Workshop: Information, Liquidity and Trust in Incomplete Financial Markets (with Ernst Eberlein), Freiburg, October 2010
Deutsche Bundesbank-FRIAS Workshop: Information and Liquidity in Incomplete Financial Markets (with Ernst Eberlein and Hans-Helmut Kotz), Eltville, March 2010
CEPR-ETH Workshop: Banking and the Macroeconomy (with Franklin Allen, Hans Gersbach, Martin Hellwig, Dimitri Vayanos, Jaume Ventura), Zürich, November 2007
Yrjö-Jahnsson Foundation Conference: Competition Strategies and Customer Relations (with Rune Stenbacka), Helsinki, November 2004.
TransCoop Conference of the Alexander-von-Humboldt Foundation in Cooperation with CEPR and the Review of Finance: Early Securities Markets (with Caroline Fohlin and Richard Stehle), Berlin, October 2004.
EU-Conference (3rd FP): Privatisation, Corporate Governance, and Financial Markets Development (with Bernardo Bortolotti, Francesco Giavazzi, William Megginson, Enrico Perotti and Carlo Scarpa), Milano, July 2002.
CEPR-Workshop: The Geography of Financial Markets (with Marco Pagano), Napoli, May 1996.

Participation in Major Conferences or International Workshops (selection)

2018EWFS (St. Moritz), CEPR 3rd Annual Spring Symposium (Imperial, London), DFG-SAFE Conference on Macroeconomic Performance and Financial Stability (Frankfurt), VHB (Magdeburg), Bank of England-CEPR-Imperial: Competition and Regulation in Financial Markets (London), EFMA (Milano), 6th CEPR Economic History Symposium (Banca d'Italia, Roma)
2017National Bank of Belgium (Brussels), SWCFI (Lenzerheide), Chapman (LA), Bank of Finland (Helsinki), VHB (St. Gallen), EFA (Mannheim), EEA/ESEM (Lisboa), Verein für Socialpolitik (Wien), Bundesbank (Eltville), Santiago Finance Workshop (Chile)
2016ASSA-ES (San Francisco), SWCFI (Lenzerheide), CEPR 1st Annual Spring Symposium (Imperial, London), VHB (München ), SAFE-CFS (Frankfurt), European Conference in Banking and Finance (Bologna), Verein für Socialpolitik (Augsburg), GEABA (Basel), NBER (Boston), Ridge-Banco Central de Uruquay (Montevideo)
2015SWCFI (Lenzerheide), CEPR (Oxford), IO (Berlin-ESMT), Verein für Socialpolitik (Münster), EFA (Vienna), EALE (Vienna), Bank of Ireland (Dublin)
2014ÖAW (Wien), SOAS (London), EARIE (Milano), ESEM (Toulouse), Bundesbank (Eltville)
2013SWCFI (Lenzerheide), EWFS (Obertauern), FIRS (Dubrovnik), CEPR-ÖNB-Michigan-Philadelphia (Wien), GEABA (Regensburg), Liberty Fund (Vienna), DFG/MPI - Confernce on Banking Structure (Bonn), ECB-Banque de France (Paris)
2012Credit Risk and Liquidity (Freiburg), IO (München), DGF (Hannover), Paris Corporate Finance Spring, Norges Bank (Oslo), GEABA (Graz), CEPR-ECB-RoF (Frankfurt), Heidelberg Center for American Studies
2011IO (Wien), EWSF (Hermagor), Paris Corporate Finance, ECGI (Brussels), EFA (Stockholm), GEABA (Zürich), CEPR-ÖNB (Wien), Fondazione Palazzo Strozzi (Florence)
2010FRIAS-Bundesbank (Eltville), Historical Stock Markets in Perspective (Cambridge), ESSFM (Gerzensee), FRIAS-CEPR-RFS (Freiburg), MTS-Conference in Financial Markets (London), CEPR (St. Gallen)
2009 ZEW (Mannheim), ESSET (Gerzensee), EARIE (Ljubliana), FRIAS (Freiburg)
2008 ASSA-AEA (New Orleans), ESSFM (Gerzensee), EEA (Milano), Bundesbank-Cesifo (Müchen)
2007 ASSA-AFA (Chicago), ESSFM (Gerzensee), EARIE (Valencia), CEPR (Zürich)
2006 IO (Boston), EFA (Zürich), ESEM (Wien), Bank of Canada (Toronto)
2005 ...

Invited Lectures (selection)

2018HU Berlin, Bank of England, Royal Holloway, Glasgow
2017LSE, Newcastle, ÖNB, DIW Berlin
2016VJES, SAFE-Policy Frankfurt, BIS, Nice, St. Gallen, Harvard
2015 BMWFW, SAFE-Micro Frankfurt, Bank of Finland
2014Eichstätt, SOAS-London, Wien, VGSF
2013National Bank of Serbia, Augsburg, HHL Leipzig, DLS Law Vienna
2012Linz, Regensburg, Würzburg, HECER Helsinki, Norges Bank (Oslo)
2011 EBS-Wiesbaden, ÖNB, Wien
2010 ESMT Berlin, U. Michigan, Ross School, Ann Arbor, IHS
2009 Edinburgh, Düsseldorf, Karslruhe, Wien
2008 HU Berlin, Collegio Carlo Alberto (Moncalieri), Bochum
2007 MPI Jena, Gothenburg, Mannheim
2006 ...


M.Sc. Lukas Rier, Raiffeisenbank, Brunico
M.Sc. Florian Hausböck, ECB Frankfurt
M.Sc. Anita Sukan, BAWAG P.S.K., Wien
Ass. Prof. Dr. Maria-Chiara Iannino, University of St. Andrews, UK
M.Sc. Lukas Milanovic, Raiffeisenbank, Wien
M.Sc. Nastasa Celeketic, J.P. Morgan, London, UK
Ass. Professor Dr. Julio Crego, Tilburg University
M.Sc. Magdalena Goll, BMF, Wien
Dr. Marlene Haas, Cornerstone Research, Washington D.C., USA
Ass. Professor Dr. Johannes Schneider, Universidad Carlos III, Madrid
M.Sc. Canan Caliskan, ÖNB, Wien
Dr. Dominik Thaler, Banco de Espagna, Madrid
M.Sc. Iryna Murselovic, TradeEscort.Com, Wien
Ass. Professor Dr. Sebastian Ebert, Tilburg University
Dr. Stephan Gissler, Board of Governors, Washington D.C., USA
Dr. Rinat Mukminov, Swedish Competition Authority, Stockholm
M.Sc. Stephan Rössler, ERSTE Bank Sparinvest, Wien
Dr. Philipp Rindler, UBS, Zürich
M.Sc. Thomas Bergermayer, Erste Asset Management, Wien
M.Sc. Floris Daverfeldt, Ernst & Young, Zürich
M.Sc. Petra Butkova, Erste Bank, Wien
Ass. Professor Dr. Yinguan Gu, Liverpool University, UK
Dr. Hinnerk Gnutzmann, Leibniz Universität Hannover
M.Sc. Sarah Bieregger, ÖNB, Wien
M.Sc. Tetiana Palivonta, Credit Suisse, Zürich
M.Sc. Lukas Litschauer, PricewaterhouseCoopers Österreich, Wien
Ass. Professor Dr. Xiaojiang Zhu, Hong Kong University
M.Sc. Anna-Katharina Demmelmayr, KPMG, Wien
Dr. Ralf Keller, Volksbank Freiburg
Ass. Professor Dr. Havva Özlem Durssun-de Neef, Aarhus University
(now: Professor for Sustainable Banking, Johann-Wolfgang Goethe University of Frankfurt)
Dr. Michael Trost, AR Universität Hohenheim
Professor Dr. Eva Lütkebohmert-Holtz, Universität Freiburg
Dr. Mareille Drechsler, LSE, London
Dr. Tobias Brünner, Lincoln International Business School, UK
Dr. Matthias Bürker, OECD, Paris
M.Sc. Verena Bracke, Bank of England, London, UK
M.Sc. Frank Schneider, Deloitte Touche, Düsseldorf
M.Sc. Carola Gross, GfK Nürnberg
M.Sc. Thorsten Henne, Universität Basel
Dr. Stefan Witte, E.CA Economics, Berlin
Ass. Professor Dr. Jean Marie Meier, University of Texas, Dallas, USA
Dipl.Vw. Daniel Ruf, Universität St. Gallen
M.Sc. Heval Yüksin-Peval, Allianz, München
Ass. Professor Dr. Charensoek Banchongsan, UAE Abu Dhabi
Dr. Jin Cao, Norges Bank, Oslo
Dr. Rene Levinsky, MPI Jena, Charles University, Prag
Jun. Professor Dr. Marco Wöfle, Steinbeis Universität Berlin
Associate Professor Dr. Jianying Qiu, Nijmegen University
Professor Dr. Roland Füss, Hochschule St. Gallen
Professor Dr. Willem Spanjers, Kingston University, London, UK
Professor Dr. Philip Jung, Universität Dortmund
Dr. Anna-Katharina Greulich, Swiss Re, Zürich
Dr. Almira Buzaushina, Deutsche Bundesbank, Frankfurt
Dr. Stefan Berger, NERA, London
Associate Professor Dr. Sevtap Kestel, METU, Ankara
Dr. Torben Lütje, Deutsche Bank, Frankfurt
Dr. Frank Rietmann, Ergo Versicherung, Basel
Dr. Alexandra Petermann-Reifschneider, Camera Chilena de Construccion and Universidad Catolica, Santiago de Chile
Associate Prof. Dr. Martin Salm, Tilburg University
Professor Dr. Christoph Vanberg, Universität Heidelberg
Ass. Prof. Dr. Walter Beckert, University of Florida, USA
(now: Birbeck College, University of London, UK)
Dipl. Vw. Ralf Gleisberg, Blättchen&Partner, Stuttgart
Dr. Jürg Blum, Schweizerische Nationalbank, Zürich


Timo Haber (University of Cambridge), X. Förderkongress "Junge Wissenschaft und Wirtschaft" of the Hanns-Martin-Schleyer Foundation, Berlin, Mai 2018
Natasa Celeketic, Internship at J.P. Morgan, London 2017
Emina Sadic, Internship at Raiffeisen Bank, Wien 2017
Magdalena Goll, Master Student Award of the Faculty of Business, Economics and Statistics, Wien 2016
Lukas Milanovic, Master Student Award of the Faculty of Business, Economics and Statistics, Wien 2016
Magdalena Goll, Internship at the European Parliament, Brussels 2016
Raphael Lauber, Master Student Award of the Faculty of Business, Economics and Statistics, Wien 2014
Marlene Haas, Scholarship for 5th Lindau Symposium of Nobel Laureates, Konstanz 2014
Havva Özlem Durssun, VGSF Best Paper Award, Wien 2012
Thorsten Henne, Friedrich-August-von-Hayek Award for the Best Diplom, Freiburg 2010
Marco Wölfle, Constantin-von-Dietze Prize for the Dissertation, Freiburg, 2010
Tobias Brünner, Südwestmetall Prize for the Dissertation, Freiburg, 2010
Michael Trost, Fellowship to participate at the TARK 2009 Conference (Theoretical Aspects of Rationality and Knowledge), Stanford 2009
Rene Lewinsky, W2-Research Professorship, Max-Planck-Institute, Jena, 2006
Tobias Brünner, Scholarship for 2nd Lindau Symposium of Nobel Laureates, Konstanz 2006
Marco Wölfle, Scholarship for 2nd Lindau Symposium of Nobel Laureates, Konstanz 2006
Stephan Gissler, Baden-Württemberg Scholarship to visit Yale University (New Haven), 2005
Alexandra Petermann-Reifschneider, Friedrich-August-von-Hayek Award for Best Dissertation, Freiburg 2003
Philip Jung, Baden-Württemberg Scholarship to visit the University of Pennsylvania (Philadelphia), 2003
Philip Jung, 1. Prize for Diplomarbeiten, Deutsches Aktieninstitut, Frankfurt, 2001
Jürg Blum, Best Paper Award Journal of Banking & Finance, 2001
Ralf Gleisberg, 2. Prize for Diplomarbeiten, Deutsches Aktieninstitut, Frankfurt, 2000


since 12/2010Principal Investigator and Coordinator at the University of Vienna, Vienna Graduate School of Finance
since 10/2013Vice Director, Department of Finance
since 10/2015Member of the Board for Doctoral Studies
6/2015-1/2018Member of the Research Board
9/2015-6/2016Member of the Joint Curricular Working Group: Master of Business and Master of Banking & Finance
6/2015-12/2015Member of the Strategy Board
10/2014-09/2016Member of the Fakultätskonferenz
6/2013-09/2014Vice Director of Studies: Management, Finance and QEMF
2013-2015Member of the Program Advisory Board, 650 Years University of Vienna
2013Member of the Curricular Working Group: Master of Economics
10/2012-12/2014Director "Ethical Finance", Postgraduate Studies
10/2012-09/2014Vice Dean for International Affairs
1/2011-09/2013Founding Director, Department of Finance

12/2008-08/2010Founding Board Member of the Interdisciplinary Research Center for Security and Society (Economics, Law, Microsystem and Computer Technology, Political Science, Psychology, Sociology in Cooperation with Fraunhofer Gesellschaft and the Max-Planck Institute Freiburg), Albert-Ludwigs Universität Freiburg
2/2002-08/2010Departmental Director of International Affairs, Albert-Ludwigs Universität Freiburg
4/1997-08/2010Member of the Faculty Board, Albert-Ludwigs Universität Freiburg
4/1997-08/2010Member of the Examination Board in Economics, Albert-Ludwigs Universität Freiburg
10/2004-9/2008Associate Dean, Department of Economics and Behavioural Sciences, Albert-Ludwigs Universität Freiburg
9/2001-3/2008Founding Director of the Integrated Masters Program in Economics and Speaker of the Master of Finance, Albert-Ludwigs Universität Freiburg
3/2002-7/2005Director of the Examinations Board in Economics (Vice Director 2005-2010), Albert-Ludwigs Universität Freiburg