Ao.Univ.Prof. Dr. Manfred Frühwirth

Ao.Univ.Prof. Dr. Manfred Frühwirth

Wirtschaftsuniversität Wien | Austria

Manfred Frühwirth is Associate Professor at the Department of Finance, Accounting and Statistics at the Vienna University of Economics and Business (WU) and permanent member of the faculty of WU Executive Academy. He was Vice Head of the Institute for Finance from 2004 to 2005 and Vice Head of the Institute for Corporate Finance at WU from 2008 to 2010. Over the academic year 2005/2006 he was visiting professor at Harvard University.

He held courses for WU, the Swiss Federal Institute of Technology in Zurich (ETH Zürich), the Continuing Education Center of the Vienna University of Technology, Modul University, the University of Bratislava, Budapest University of Economic Sciences, the Polytechnic University of Bucharest and Kiev National University of Economic Sciences. In the spring terms 2003, 2004 and 2005 he was visiting professor at Bordeaux Business School. The courses held include fixed income valuation and analysis, portfolio management, CAPM and cost of capital, business valuation, value-based controlling, capital budgeting, financial management, financial planning, international mergers and acquisitions, option pricing, cost accounting and structure and analysis of financial statements. He gained additional intercultural experience by teaching in the JOSZEF program (special program for young Eastern European students to become future top managers), in the CEMS program (Community of European Management Schools) and in the International MBA program of the University of South Carolina. For his teaching performance in this International MBA program he received Outstanding Teaching Awards for both the Finance course and the Global Finance I course. In 2009 he received the Award for Excellence in Teaching from WU. Moreover, he regularly provides Best Practice Examples to the Teaching & Learning Academy of WU.

His research activities focus on theoretical and practical problems in bond pricing (e.g. yield computation, empirical estimation of the term structure of interest rates, duration, credit risk, pricing of floating rate notes), corporate finance (capital structure optimization, business valuation, real options), accounting (tax strategies, earnings management), long-term investment strategies (cost averaging, savings plans) and behavioral finance (prospect theory, loss aversion, impact of weather on security prices).

He held research presentations at Harvard University, at the University of Minnesota, at Boston University, at Copenhagen Business School, at Bocconi University in Milan, at the University of Lille, at the Swiss-Italian University in Lugano, at the Johann-Wolfgang-Goethe University in Frankfurt, at Hamburg University, at the University of Karlsruhe, at the Ludwig-Maximilians-University in Munich, at the University of Konstanz, at Friedrich-Alexander-University in Erlangen-Nürnberg, at WU, at the University of Vienna, at Karl-Franzens-University in Graz, at Leopold-Franzens-University in Innsbruck, at the Vienna University of Technology, at Johannes Kepler University in Linz, at the Danube University in Krems, at Vienna Stock Exchange, at the Austrian Institute of Economic Research and at the Austrian Institute of Advanced Studies.
In the summer term 2003 he was invited speaker at the First European Deloitte & Touche Conference in Risk Management at the University of Antwerp.

He published books on yield computation and on floating rate note pricing as well as articles on the pricing of floating rate notes subject to default risk (in "European Journal of Operational Research"), on the Heath/Jarrow/Morton duration and convexity (in “International Journal of Theoretical and Applied Finance”), on the intersection of interest rate and exchange rate risk (in “Journal of Derivatives Markets” and “Multinational Finance Journal”), on the optimal timing of the transfer of hidden reserves (in “International Journal of Intelligent Systems in Accounting, Finance and Management”), on the optimal capital structure considering equity tax shields (in "Zeitschrift für betriebswirtschaftliche Forschung"), on business valuation considering equity tax shields (in “Journal für Betriebswirtschaft” and ”Schmalenbach Business Review”), on the empirical estimation of the Jarrow/Turnbull default risk model (in “European Journal of Finance“) and on the separation of bond-specific and issuer-specific spread of bonds (in “European Financial Management”).

For his achievements in research he was awarded the Stephan Koren Prize for the best Ph.D. thesis at WU. Moreover, he received the Capital Market Award for Research from the Austrian Association for Financial Analysis and Asset Management in 2009. In 2004, 2007, 2008 and 2009 he was a member of the program committee of the European Financial Management Association Conference. He is in the editorial board of the journal Investment Management and Financial Innovations. Furthermore, he was reviewer for the European Journal of Finance, for the European Journal of Operational Research, for Quantitative Finance, for the International Journal of Intelligent Systems in Accounting, Finance and Management, for the International Journal of Theoretical and Applied Finance, for Investment Management and Financial Innovations, for the Schmalenbach Business Review, for Zeitschrift für Betriebswirtschaft, for the FinanzArchiv, for the Journal für Betriebswirtschaft, for the BankArchiv, for Campus For Finance, for the European Winter Finance Summit and for the Annual Conference of the Swiss Society for Financial Market Research. Furthermore, he was in several reviewing committees for the accreditation of study programs in Germany.

He was Distinguished Instructor at the Merton H. Miller Doctoral Seminars of the European Financial Management Association in 2006, 2007 and 2008. In 2007, he was the Program Chair of the 16th Annual Conference of the European Financial Management Association in Vienna and from 2007 to 2008 he was President of the European Financial Management Association.


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