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o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"/> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"/> <v:f eqn="sum @0 1 0"/> <v:f eqn="sum 0 0 @1"/> <v:f eqn="prod @2 1 2"/> <v:f eqn="prod @3 21600 pixelWidth"/> <v:f eqn="prod @3 21600 pixelHeight"/> <v:f eqn="sum @0 0 1"/> <v:f eqn="prod @6 1 2"/> <v:f eqn="prod @7 21600 pixelWidth"/> <v:f eqn="sum @8 21600 0"/> <v:f eqn="prod @7 21600 pixelHeight"/> <v:f eqn="sum @10 21600 0"/> </v:formulas> <v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"/> <o:lock v:ext="edit" aspectratio="t"/> </v:shapetype><v:shape id="Immagine_x0020_1" o:spid="_x0000_i1025" type="#_x0000_t75" alt="Description: Description: Description: Description: uni_logo.gif" style='width:242.25pt;height:67.5pt;visibility:visible;mso-wrap-style:square'> <v:imagedata src="index_file/image001.gif" o:title=" uni_logo"/> </v:shape><![endif]--><![if !vml]><img width=323 height=90 src="index_file/image003.jpg" alt="Description: Description: Description: Description: uni_logo.gif" v:shapes="Immagine_x0020_1"><![endif]></span><span style='mso-spacerun:yes'> </span><span style='font-size:22.0pt;mso-bidi-font-size:11.0pt;line-height: 115%;color:white;mso-themecolor:background1'>Department of Finance</span></p> </td> </tr> <tr style='mso-yfti-irow:1;height:35.0pt'> <td width=954 colspan=4 style='width:715.8pt;background:#B8CCE4;mso-background-themecolor: accent1;mso-background-themetint:102;padding:0cm 5.4pt 0cm 5.4pt;height:35.0pt'> <p class=MsoNormal align=center style='margin-top:12.0pt;text-align:center'><b style='mso-bidi-font-weight:normal'><span style='font-size:22.0pt;mso-bidi-font-size: 11.0pt;line-height:115%'>Maria Chiara Iannino<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:2;height:125.2pt'> <td width=1066 valign=top style='width:799.5pt;background:white;mso-background-themecolor: background1;padding:0cm 5.4pt 0cm 5.4pt;height:125.2pt'> <p class=MsoNormal style='margin-top:0cm;margin-right:0cm;margin-bottom:0cm; margin-left:135.85pt;margin-bottom:.0001pt'>&nbsp;</p> <p class=MsoNormal style='margin-top:12.0pt;margin-right:0cm;margin-bottom: 10.0pt;margin-left:135.85pt'><b style='mso-bidi-font-weight:normal'><span style='font-size:14.0pt;mso-bidi-font-size:11.0pt;line-height:115%'><a href="File/CV%202016.pdf">CV</a><span class=MsoHyperlink><o:p></o:p></span></span></b></p> <p class=MsoNormal style='margin-left:135.85pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:14.0pt;mso-bidi-font-size:11.0pt;line-height: 115%'><a href="#_Research">Research</a></span></b></p> <p class=MsoNormal style='margin-left:135.85pt'><b style='mso-bidi-font-weight: normal'><span style='font-size:14.0pt;mso-bidi-font-size:11.0pt;line-height: 115%'><a href="#_Teaching">Teaching</a><o:p></o:p></span></b></p> </td> <td width=302 valign=top style='width:8.0cm;background:white;mso-background-themecolor: background1;padding:0cm 5.4pt 0cm 5.4pt;height:125.2pt'> <p class=MsoNormal style='line-height:normal'><span style='font-size:12.0pt'>&nbsp;<o:p></o:p></span></p> <p class=MsoNormal style='line-height:normal'><span class=SpellE><span lang=EN style='mso-ansi-language:EN'>Universitt</span></span><span lang=EN style='mso-ansi-language:EN'> Wien<o:p></o:p></span></p> <p class=MsoNormal style='line-height:normal'><span lang=EN style='mso-ansi-language: EN'>Department of Finance<o:p></o:p></span></p> <p class=MsoNormal style='line-height:normal'><span lang=EN style='mso-ansi-language: EN'>Oskar-<span class=SpellE>Morgernster</span> <span class=SpellE>Platz</span> 1, 1090,<span style='mso-spacerun:yes'> </span>Vienna<o:p></o:p></span></p> <p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt'><span lang=EN style='mso-ansi-language:EN'>Email:</span><span lang=EN style='font-size:12.0pt;line-height:115%;mso-ansi-language:EN'> </span><span style='mso-bidi-font-size:12.0pt;line-height:115%'><a href="mailto:maria.chiara.iannino@univie.ac.at">maria.chiara.iannino@univie.ac.at</a></span><span style='font-size:12.0pt;line-height:115%'><o:p></o:p></span></p> </td> <td style='padding:0cm 5.4pt 0cm 5.4pt;height:125.2pt'></td> <td style='padding:0cm 5.4pt 0cm 5.4pt;height:125.2pt'></td> </tr> <tr style='mso-yfti-irow:3;height:5.05pt'> <td width=1066 valign=top style='width:799.5pt;background:#B8CCE4;mso-background-themecolor: accent1;mso-background-themetint:102;padding:0cm 5.4pt 0cm 5.4pt;height:5.05pt'> <p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt'><span class=style21><b style='mso-bidi-font-weight:normal'><span style='font-size: 5.0pt;mso-bidi-font-size:11.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></b></span></p> </td> <td width=463 valign=top style='width:347.3pt;background:#B8CCE4;mso-background-themecolor: accent1;mso-background-themetint:102;padding:0cm 5.4pt 0cm 5.4pt;height:5.05pt'> <p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt'><span class=style21><b style='mso-bidi-font-weight:normal'><span style='font-size: 5.0pt;mso-bidi-font-size:11.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></b></span></p> </td> <td width=350 colspan=2 valign=top style='width:262.75pt;background:#B8CCE4; mso-background-themecolor:accent1;mso-background-themetint:102;padding:0cm 5.4pt 0cm 5.4pt; height:5.05pt'> <p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt'><i style='mso-bidi-font-style:normal'><span style='mso-bidi-font-size:14.0pt; line-height:115%'><o:p>&nbsp;</o:p></span></i></p> </td> </tr> <tr style='mso-yfti-irow:4;height:125.2pt'> <td width=954 colspan=4 valign=top style='width:715.8pt;background:white; mso-background-themecolor:background1;padding:0cm 5.4pt 0cm 5.4pt;height: 125.2pt'> <h1 style='margin-top:12.0pt;margin-right:18.55pt;margin-bottom:3.0pt; margin-left:15.85pt'><a name="_Research"></a><i style='mso-bidi-font-style: normal'><span style='font-size:20.0pt;mso-bidi-font-size:16.0pt;line-height: 115%;mso-fareast-font-family:"Times New Roman"'>Research <o:p></o:p></span></i></h1> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 10.0pt;margin-left:15.85pt;text-align:justify'><b style='mso-bidi-font-weight: normal'><i style='mso-bidi-font-style:normal'><span style='font-size:14.0pt; mso-bidi-font-size:11.0pt;line-height:115%'>Research interests<o:p></o:p></span></i></b></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 10.0pt;margin-left:15.85pt;text-align:justify'><span style='font-size:12.0pt; line-height:115%'>Empirical Finance, Behavioural finance, Herding, Financial Econometrics.<o:p></o:p></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 10.0pt;margin-left:15.85pt;text-align:justify'><i style='mso-bidi-font-style: normal'><o:p>&nbsp;</o:p></i></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 10.0pt;margin-left:15.85pt;text-align:justify'><b style='mso-bidi-font-weight: normal'><i style='mso-bidi-font-style:normal'><span style='font-size:14.0pt; mso-bidi-font-size:11.0pt;line-height:115%'>Most recent papers<o:p></o:p></span></i></b></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span class=style31><b style='mso-bidi-font-weight:normal'><span style='font-size:12.0pt;mso-bidi-font-family: Garamond'>Did the Basel Process of Capital Regulation Enhance the Resiliency of European Banks?</span></b></span><span class=style31><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'><o:p></o:p></span></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><i style='mso-bidi-font-style: normal'>(with Thomas Gehrig)<o:p></o:p></i></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><i style='mso-bidi-font-style: normal'><a href="http://cepr.org/active/publications/discussion_papers/dp.php?dpno=11920">CEPR DP11920</a><o:p></o:p></i></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'>This paper analyses the evolution of the resiliency of the European banking sector after the implementation of the Basel Capital Accord. In particular, by analysing SRISK and <span class=SpellE>CoVaR</span> we trace systemic risk and measures of systematic risk as the Basel process unfolds. We observe that, though systematic risk for European banks has been decreasing over the last three decades, systemic risk has heightened especially for the largest systemic banks. While the Basel process has succeeded in containing systemic risk of small banks, it has been less successful for the larger institutions. The latter ones opportunistically exploited the option of self-regulation by employing internal models and effectively increasing SRISK. Hence, the sub-prime crisis found the largest and more systemic banks ill-prepared and lacking resiliency. This condition was even aggravated during the European sovereign crisis.</span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span class=style31><b style='mso-bidi-font-weight:normal'><span style='font-size:12.0pt;mso-bidi-font-family: Garamond'><o:p>&nbsp;</o:p></span></b></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span class=style31><b style='mso-bidi-font-weight:normal'><span style='font-size:12.0pt;mso-bidi-font-family: Garamond'><o:p>&nbsp;</o:p></span></b></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span class=style31><b style='mso-bidi-font-weight:normal'><span style='font-size:12.0pt;mso-bidi-font-family: Garamond'>Acquirers Gains from Earnouts in High vs. Low Periods of EMVCs</span></b></span><span class=style31><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'><o:p></o:p></span></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><i style='mso-bidi-font-style: normal'>(with Leonidas G. <span class=SpellE>Barbopoulos</span>)<o:p></o:p></i></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'>We examine the wealth effects of earnouts (i.e., contingent payments) on a comprehensive sample of US deals, comparing booming versus depressed market periods. Previous literature has accommodated the impact of earnouts in foreign deals and yet, the impact of Equity Market valuation Condition (EMVCs) within the same context has been overlooked. Our results convey that the payment method chosen to finance foreign deals matters, and earnouts create value for the acquirer only in deals announced during periods of high-EMVCs. We argue that earnouts offer a great alternative in the financing process of foreign deals during high-EMVCs by reducing the extent of high valuation risk in foreign deals and also by diminishing the home-bias in foreign assets. Our results offer an important contribution to the workings and valuation effects of earnouts in foreign deals, the participation of which has been tripled since 1990s.</span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><o:p>&nbsp;</o:p></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><o:p>&nbsp;</o:p></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span class=style31><b style='mso-bidi-font-weight:normal'><span style='font-size:12.0pt;mso-bidi-font-family: Garamond'><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2587113"><span class=SpellE>Signaling</span> through Timing of Stock Splits</a></span></b></span><span class=style31><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'> <o:p></o:p></span></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><i style='mso-bidi-font-style: normal'>(with </i><i style='mso-bidi-font-style:normal'><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'>Sergey <span class=SpellE>Zhuk</span>)</span><o:p></o:p></i></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'>The paper proposes a dynamic structural model of stock splits, which allows us to estimate the preferences of investors about nominal share price levels from stock split announcements data. The split announcement premium depends not only on such preferences, but also on the degree of asymmetric information between managers and investors. If information is symmetric there is no announcement <o:p></o:p></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span class=GramE><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'>premium</span></span><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'>. Our model allows us to decompose the effect of these factors. We estimate the model with a generalized method of moments, and our results are consistent with non-trivial nominal share price preferences. When prices decrease by 50% from the optimal level, investors require an additional premium of 23 basis points.<o:p></o:p></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><b style='mso-bidi-font-weight: normal'><i style='mso-bidi-font-style:normal'><span style='font-size:14.0pt; mso-bidi-font-size:11.0pt'><o:p>&nbsp;</o:p></span></i></b></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span class=style31><b style='mso-bidi-font-weight:normal'><span style='font-size:12.0pt;mso-bidi-font-family: Garamond'>Analysts' Forecast Dispersion and Stock Split Announcements</span></b></span><span class=style31><span style='mso-bidi-font-family:Garamond'><o:p></o:p></span></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'>This paper is an empirical investigation of the relation between the dispersion on analysts' earnings forecasts and the future performance following a change in the nominal price of shares. On a sample of US splits occurred from 1993 to 2013, we observe a change in the distribution of analysts' forecasts after the announcement of the event. In particular, we observe an increase in forecasts' dispersion. We distinguish the two components of private and common information, and we find that asymmetric information significantly increases after the announcement of stock splits, while no change is evinced in uncertainty. While we do not observe any relationship between dispersion and future returns in our sample of stocks, we shed light on the literature on disagreement observing a negative relation between asymmetric information and both future returns and cumulative abnormal returns post-split. We conclude observing that stock splits have a stronger positive effect on future performance for shares with lower prior asymmetric information.</span><span style='font-size:12.0pt'><o:p></o:p></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><o:p>&nbsp;</o:p></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span class=style31><b style='mso-bidi-font-weight:normal'><span style='font-size:12.0pt;mso-bidi-font-family: Garamond'><a href="http://finance.univie.ac.at/fileadmin/user_upload/inst_finanzwirtschaft/Working_Papers/stock_splits_and_informational-based_herding.pdf">Stock splits and Herding</a></span></b></span><span class=style31><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'><o:p></o:p></span></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span style='font-size:12.0pt;mso-bidi-font-family:Garamond'>The relation between institutional herding and stock splits is being examined. Using data on buying and selling activity of US institutional investors I compared the abnormal correlation of trades in a sample of companies that have announced at least a stock split, with the rest of the market. The results show a significant level of convergence in both groups, slightly higher for splitting companies between 1998 and 2001, and a stabilizing effect of herding in the future returns of splitting companies. Decomposing the correlation of trades into the contributions of several types of herding, there is evidence of a significant impact of informational-based herding for companies under analysis.</span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span style='font-size:12.0pt'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><span style='font-size:12.0pt'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:0cm;margin-bottom:.0001pt;text-align:justify;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><b style='mso-bidi-font-weight: normal'><span style='font-size:12.0pt;font-family:"Garamond",serif; mso-bidi-font-family:Garamond'><o:p>&nbsp;</o:p></span></b></p> <p class=MsoNormal style='margin-top:0cm;margin-right:18.55pt;margin-bottom: 0cm;margin-left:15.85pt;margin-bottom:.0001pt;line-height:normal;mso-layout-grid-align: none;text-autospace:none'><b style='mso-bidi-font-weight:normal'><span style='font-size:12.0pt;font-family:"Garamond",serif;mso-bidi-font-family: Garamond'><o:p>&nbsp;</o:p></span></b></p> <p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal;mso-layout-grid-align:none;text-autospace:none'><i style='mso-bidi-font-style: normal'><span style='font-size:12.0pt;mso-bidi-font-size:11.0pt'><o:p>&nbsp;</o:p></span></i></p> </td> </tr> <tr style='mso-yfti-irow:5;height:11.45pt'> <td width=954 colspan=4 valign=top style='width:715.8pt;background:#B8CCE4; mso-background-themecolor:accent1;mso-background-themetint:102;padding:0cm 5.4pt 0cm 5.4pt; height:11.45pt'> <p class=MsoNormal style='margin-bottom:0cm;margin-bottom:.0001pt'><b style='mso-bidi-font-weight:normal'><span style='font-size:8.0pt;mso-bidi-font-size: 11.0pt;line-height:115%'><o:p>&nbsp;</o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:6;height:125.2pt'> <td width=954 colspan=4 valign=top style='width:715.8pt;background:white; mso-background-themecolor:background1;padding:0cm 5.4pt 0cm 5.4pt;height: 125.2pt'> <h1 style='margin-left:15.85pt;tab-stops:8.75pt'><a name="_Teaching"></a><i style='mso-bidi-font-style:normal'><span style='font-size:20.0pt;mso-bidi-font-size: 16.0pt;line-height:115%;mso-fareast-font-family:"Times New Roman"'>Teaching</span></i><i style='mso-bidi-font-style:normal'><span style='font-size:18.0pt;mso-bidi-font-size: 16.0pt;line-height:115%;mso-fareast-font-family:"Times New Roman";font-weight: normal;mso-bidi-font-weight:bold'><o:p></o:p></span></i></h1> <p class=MsoNormal style='margin-top:12.0pt;margin-right:0cm;margin-bottom: 10.0pt;margin-left:15.85pt;line-height:150%;tab-stops:8.75pt'><strong><i style='mso-bidi-font-style:normal'><span style='font-size:12.0pt;line-height: 150%;font-family:"Calibri",sans-serif'>Teaching at the University of Vienna (Dept. Finance)</span></i></strong></p> <p class=MsoNormal style='margin-top:1.5pt;margin-right:0cm;margin-bottom: 1.5pt;margin-left:51.85pt;text-indent:-18.0pt;line-height:normal;mso-list: l0 level1 lfo2;tab-stops:8.75pt list 36.0pt'><![if !supportLists]><span style='font-size:10.0pt;mso-bidi-font-size:12.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol'><span style='mso-list:Ignore'><span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style='font-size:12.0pt'>Empirical Finance,&nbsp; MSc<o:p></o:p></span></p> <p class=MsoNormal style='margin-top:1.5pt;margin-right:0cm;margin-bottom: 1.5pt;margin-left:51.85pt;text-indent:-18.0pt;line-height:normal;mso-list: l0 level1 lfo2;tab-stops:8.75pt list 36.0pt'><![if !supportLists]><span style='font-size:10.0pt;mso-bidi-font-size:12.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol'><span style='mso-list:Ignore'><span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style='font-size:12.0pt'>Behavioural Finance, MSc<o:p></o:p></span></p> <p class=MsoNormal style='margin-top:1.5pt;margin-right:0cm;margin-bottom: 1.5pt;margin-left:51.85pt;text-indent:-18.0pt;line-height:normal;mso-list: l0 level1 lfo2;tab-stops:8.75pt list 36.0pt'><![if !supportLists]><span style='font-size:10.0pt;mso-bidi-font-size:12.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol'><span style='mso-list:Ignore'><span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style='font-size:12.0pt'>International Financial Management, UG and MSc <o:p></o:p></span></p> <p class=MsoNormal style='margin-top:1.5pt;margin-right:0cm;margin-bottom: 1.5pt;margin-left:51.85pt;text-indent:-18.0pt;line-height:normal;mso-list: l0 level1 lfo2;tab-stops:8.75pt list 36.0pt'><![if !supportLists]><span style='font-size:10.0pt;mso-bidi-font-size:12.0pt;font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol'><span style='mso-list:Ignore'><span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style='font-size:12.0pt'>Advanced Empirical Finance, MSc (SS 2012)<o:p></o:p></span></p> <p class=MsoNormal style='margin-top:12.0pt;margin-right:0cm;margin-bottom: 10.0pt;margin-left:15.85pt;tab-stops:8.75pt'><span style='font-size:12.0pt; line-height:115%'>&nbsp;<o:p></o:p></span></p> <p class=MsoNormal style='margin-top:12.0pt;margin-right:0cm;margin-bottom: 10.0pt;margin-left:15.85pt;tab-stops:8.75pt'><strong><i><span style='font-size:12.0pt;line-height:115%;font-family:"Calibri",sans-serif'>Previous teaching</span></i></strong><strong><i><span style='font-family:"Calibri",sans-serif'><o:p></o:p></span></i></strong></p> <p class=MsoNormal style='margin-left:30.0pt;text-indent:-14.15pt;tab-stops: -33.8pt 58.35pt'><span style='font-family:Symbol;mso-fareast-font-family: Symbol;mso-bidi-font-family:Symbol'></span><span class=style21><span style='font-size:12.0pt;line-height:115%;font-family:"Times New Roman",serif; mso-fareast-font-family:Symbol'>&nbsp;&nbsp;&nbsp;</span></span><i style='mso-bidi-font-style:normal'><span style='font-size:12.0pt;line-height: 115%'>Finance area</span></i><span style='font-size:12.0pt;line-height:115%'>: Investment Analysis, Financial Markets and Institutions, Financial Statement Analysis, Risk Management for Banks, Empirical Finance (Queen Mary University of London), Financial Institutions (<span class=SpellE>Universit</span> <span class=SpellE>degli</span> <span class=SpellE>Studi</span> di Brescia)</span></p> <p class=MsoNormal style='margin-left:30.0pt;text-indent:-14.15pt;tab-stops: -33.8pt 58.35pt'><span style='font-family:Symbol;mso-fareast-font-family: Symbol;mso-bidi-font-family:Symbol'></span><span class=style21><span style='font-size:12.0pt;line-height:115%;font-family:"Times New Roman",serif; mso-fareast-font-family:Symbol'>&nbsp;&nbsp;&nbsp;</span></span><i style='mso-bidi-font-style:normal'><span style='font-size:12.0pt;line-height: 115%'>Econometrics and Quantitative Methods area</span></i><span style='font-size:12.0pt;line-height:115%'>: Introductory Econometrics, Statistical Methods for Economics (QMUL, School of Economics and Finance), Quantitative Research Methods (QMUL, School of Business and Management), Applied Econometrics (City University London)</span></p> <p class=MsoNormal style='tab-stops:-33.8pt 58.35pt'><o:p>&nbsp;</o:p></p> </td> </tr> <tr style='mso-yfti-irow:7;mso-yfti-lastrow:yes;height:125.2pt'> <td width=954 colspan=4 valign=top style='width:715.8pt;background:white; mso-background-themecolor:background1;padding:0cm 5.4pt 0cm 5.4pt;height: 125.2pt'> <h1 style='margin-left:15.85pt;tab-stops:8.75pt'><i style='mso-bidi-font-style: normal'><span style='font-size:20.0pt;mso-bidi-font-size:16.0pt;line-height: 115%;mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></i></h1> </td> </tr> </table> <p class=MsoNormal><i style='mso-bidi-font-style:normal'><span lang=EN-US style='mso-ansi-language:EN-US'><o:p>&nbsp;</o:p></span></i></p> </div> </body> </html>