Department of Finance


You can find the most recent placements of our job market and PhD candidates here - the list shows the first placement of the student after finishing the program and includes graduates from the year 2015 and onwards

You can find the most recent placements of our job market and PhD candidates here. The list shows the first placement of the student after finishing the program and includes graduates from the year 2015 and onwards.

Placements overseas

Placements Europe

  • Chicago University (Booth)
  • Cornerstone Research NY
  • Federal Reserve Bank of New York
  • Incheon Development Institute in South Korea
  • University of Virginia (Darden)
  • Federal Reserve Board of Washington DC
  • Yale School of Management

  • ATP
  • BI Norwegian Business School
  • Bocconi University Milan
  • Cass Business School
  • Danica Pension
  • Danmarks Nationalbank
  • Karolinska Institutet
  • McKinsey
  • PWC Zurich
  • Saxo Bank
  • Selandia Capital
  • University of Sussex
  • WU Vienna
  • Ørsted
  • Rotterdam School of Management

Job Market Placements 2022/2023

Andreas Brøgger joins Rotterdam School of Management

Theis Ingerslev Jensen joins Yale School of Management

Job Market Placements 2021/2022

Jakob Ahm Sørensen joins Bocconi University

Nicola Giommetti

Job Market Placements 2020/2021

Benjamin Knox joins Federal Reserve Board of Washington DC

Job Market Placements 2019/2020

Thomas Kjær Poulsen joins BI Norwegian Business School

Job Market Placements 2018/2019

Stine Louise Daetz joins Danmarks Nationalbank

Niels Joachim Gormsen joins Chicago University (Booth)

Christian Skov Jensen joins Bocconi University Milan

Andreas Bang Nielsen joins Cornerstone Research (US)

Job Market Placements 2017/2018

Sven Klingler joined BI Oslo

Davide Tomio joined University of Virginia (Darden)

Job Market Placements 2016/2017

Kay Sun Park joined Incheon Development Institute in South Korea

Aleksandra Rzeźnik joined WU Vienna University of Economics and Business

Desi Volker joined the Federal Reserve Bank of New York

Job Market Placements 2015/2016

Mamdouh Medhat joined Cass Business School, London


Full list of Job Market Candidates










Andreas Brøgger


Personal website


Areas of Interest: Sustainable Investing, ESG, Macro Finance, Asset Pricing, Corporate Finance


Job Market Paper: Skills and Sentiment in Sustainable Investing


We document a significant difference in the returns to sustainable investing across investor types. Investors with strict ESG mandates earn 3.1% less than flexible investors. The mechanism is that flexible investors are able to react on expected ESG improvements. They buy stocks that subsequently experience ESG score increases. After ESG improvements have realized, demand from strict mandate investors pushes up stock prices, resulting in positive returns for flexible investors. These returns are higher when accompanied by rising climate sentiment, as seen during the 2010s. Our channel accounts for 51% of the return difference between strict and flexible ESG investment mandates.


Placement: Rotterdam School of Management

Theis Ingerslev Jensen

Personal website

Areas of Interest: Empirical asset pricing, subjective expectations, machine learning


Job Market Paper: Subjective Risk and Return


I use subjective risk and return expectations to infer required returns, yielding three new findings for stocks, equity factors, and asset pricing models: (i) For individual stocks, the required compensation for risk is strongly positive. Nevertheless, the realized compensation for risk is weak due to offsetting excessive cash flow expectations for risky stocks. (ii) Required returns cannot explain the realized return of most equity factors. (iii) Recent empirical asset pricing models explain realized returns well but required returns poorly - while the reverse is true for traditional models like the CAPM.


Placement: Yale School of Management










Jakob Ahm Sørensen

Personal website



Areas of Interest: Empirical asset pricing, macro-finance and corporate finance.


Job Market Paper: Risk Neglect in the Corporate Bond market



I present an equilibrium model for valuing corporate bonds and stocks to distinguish investors’ rational risk aversion from diagnostic expectations. Motivated by the model, I construct a novel empirical measure of credit market sentiment, denoted yield-for-risk, which measures the compensation investors require for credit risk in the cross-section of corporate bonds. I find evidence of diagnostic expectations in the form of risk neglect: Low yield-for-risk predicts low returns to credit and an inversion of the risk-return relationship among both corporate bonds and stocks. Firms exploit this effect by increasing their debt issuance when yield-for-risk is low, especially high-risk firms.


Placement: Bocconi University

Nicola Giommetti

Personal website



Areas of Interest: asset pricing, valuation, and portfolio allocation with illiquid assets.


Job Market Paper: "Risk Adjustment of Private Equity Cash Flows"


Existing stochastic discount factor methods for the valuation of private equity funds result in unrealistic time discounting. We propose and evaluate a modified method. Valuation has a risk-neutral component plus a risk adjustment, and we fix the risk-neutral component by constraining the subjective term structure of interest rates with market data. We show that (i) our approach allows for economically meaningful measurement and comparison of risk across models, (ii) existing methods estimate implausible performance when time discounting is particularly degenerate, and (iii) our approach results in lower variation of performance across funds.













Benjamin Knox


Personal website




Areas of Interest: Asset Pricing, Insurance, Financial Intermediaries, FinTech, Monetary Policy


Job Market Paper: "Asset-Driven Insurance Pricing"


We develop a theory that connects insurance premiums, insurance companies’ investment behavior, and equilibrium asset prices. Consistent with the model's key predictions, we show empirically that (1) insurers with more stable insurance funding take more investment risk and, therefore, earn higher average investment returns; (2) insurance premiums are lower when expected investment returns are higher, both in the cross section of insurance companies and in the time series, and both for life insurance companies and the property and casualty industry. Consistent with a causal interpretation of these results, we find insurance premiums move similarly when investment returns change exogenously due to mergers.


Placement: Federal Reserve Board in Washington
















Thomas Kjær Poulsen


Personal website




Areas of Interest: Asset pricing, Corporate Finance, Financial Economics


Job Market Paper: "Does Debt Explain the Investment Premium?"


The investment premium - the finding that firms with low asset growth deliver high average returns - is an integral part of recent factor models. I document empirically that the investment premium (1) reflects leverage, (2) does not exist among zero-leverage firms, and (3) increases with firms' refinancing intensities. This new evidence challenges prominent explanations of the investment premium including the q-theory of investment and behavioral finance. To explain the evidence, I develop a model in which firms make both optimal investment and financing decisions. The model shows that the investment premium reflects both leverage and refinancing intensities consistent with my empirical findings.


Placement: BI Norwegian Business School



Stine Louise Daetz


Personal Website



Areas of Interest: Debt and Fixed Income Markets; Credit, Liquidity and Systemic Risk; Monetary Policy and Central Banking; Corporate Finance

Job Market Paper: "The Value of Bond Underwriter Relationships"

We show that corporate bond issuers benefit from utilizing existing underwriter relationships when rolling over bonds, but at the same time become exposed to underwriter distress. A strong relationship enables the underwriter to credibly certify the issuer resulting in lower direct issuance costs and lower underpricing. However, if the underwriter becomes distressed, this spills over to the issuer's credit risk, because it weakens the relationship and increases the risk of involuntary relationship termination. The credit risk spillover is more pronounced for risky, opaque issuers with high rollover exposure, i.e., those issuers most in need of certification by an underwriter. 

Placement: Danmarks Nationalbank                                                      






























Niels Joachim Gormsen


Personal Website




See a video Niels Joachim Gormsen, where he talks about his research and his placement at the University of Chicago here.

Areas of Interest: Financial economics, Empirical asset pricing

Primary Job Market Paper: “Time Variation in the Equity Term Structure”

I document that the term structure of holding-period equity returns is counter-cyclical: it is downward sloping in good times, but upward sloping in bad times. This new stylized fact implies that long-maturity risk plays a central role in asset price fluctuations, consistent with theories of long-run risk and habit, but these theories cannot explain the average downward slope. At the same time, the cyclical variation is inconsistent with recent models constructed to match the average downward slope. I present the theoretical source of the puzzle and suggest a new model as a resolution. My model also shows that the counter-cyclical term structure has implications for real activity, which I verify empirically: in bad times, long-duration firms decrease their investment and capital-to-labor ratio relative to short-duration firms.


Secondary Job Market Paper (with Christian Skov Jensen): “Conditional Risk” 


We present a new direct methodology to study conditional risk, that is, the extra return compensation for time-variation in risk. We show theoretically that the conditional part of the CAPM can be captured by augmenting the standard market model with a conditional-risk factor, which is a specific market timing strategy. Both in the U.S. and global sample covering 23 countries, all major equity risk factors load on our conditional-risk factor, implying that each factor has a higher conditional market beta when the market risk premium is high or the market variance is low. Accordingly, these factor returns can be partly explained by conditional risk. Studying the economic drivers of these results, we find evidence that conditional risk arises from variation in discount rate betas (not cash flow betas) due to the endogenous effects of arbitrage trading.

Placement: University of Chicago (Booth) 














Christian Skov Jensen
Personal Website

Areas of Interest: Asset pricing, Fintech, Financial econometrics, Financial economics

Job Market Paper: "Higher-Moment Risk"


We show how the market's higher order moments can be estimated ex ante using methods based on Martin (2017). These ex ante higher order moments predict future realized higher order moments, whereas trailing realized moments have little predictive power. Higher-moment risks move together in the sense that skewness becomes more negative when kurtosis becomes more positive. In addition, higher-moment risk is high when volatility is low, suggesting that risk doesn't go away - it hides in the tails. Higher-moment risk has significant implications for investors; for example, the tail loss probability of a volatility-targeting investor varies from 3.6% to 9.7%, entirely driven by changes in higher-moment risk. We empirically analyze the economic drivers of these risks, such as financial intermediary leverage, market and funding illiquidity, and potential bubbles.

Placement: Bocconi University Milan













Andreas Bang Nielsen
Personal Website

Areas of Interest: Credit Risk, Foreign Exchange, Derivatives, Empirical Asset Pricing

Job Market Paper: "Forward-Looking Currency Betas"

I propose a model-free method to derive forward-looking betas to currency portfolios from cross-pair currency options. Using the dollar factor--an equal-weighted basket of foreign currencies against the U.S. dollar--as the systematic factor, I find that these option-implied betas are significantly better predictors of realized betas and currency excess returns compared to traditional rolling window betas. Constructing portfolios based on option-implied betas leads to a significantly positive relation between ex-ante betas and ex-post portfolio returns, whereas, there is an insignificant relation when historical betas are used. Furthermore, using the option-implied betas, I construct a measure for systematic volatility and provide evidence for a positive cross-sectional relation between returns to selling volatility derivatives and systematic volatility.

Placement: Cornerstone Research (US)











Sven Klingler
Areas of Interest: Asset Pricing, Financial Frictions, Hedge Funds, Limits of Arbitrage
I develop a simple model where hedge fund managers with a higher exposure to a common funding shock deliver lower subsequent returns. Empirically, I find that hedge funds with a higher loading on a simple funding risk measure generate lower returns than hedge funds with a lower loading on that measure. In line with the model predictions, I find that (i) this underperformance is driven by a high loading on adverse funding shocks, (ii) a higher loading on funding risk predicts lower fund flows, and (iii) the results are significantly weaker for funds that have a lockup provision.
Placement: Assistant professor at BI Oslo










Davide Tomio
Areas of Interest: Market Microstructure, Asset Pricing, Empirical Finance
Job Market Paper: Arbitraging Liquidity

This paper shows theoretically and empirically how arbitrage activity contributes to the convergence of liquidity across markets. Based on simple arbitrage arguments, I show theoretically how arbitrageurs’ market and limit orders create a co-movement across markets of bid prices, ask prices, and bid-ask spreads. Empirically, I document how the intensity of arbitrage activity is related to the co-movement of market liquidity between securities linked by arbitrage. I focus on Canadian stocks cross-listed in the United States and also consider commonality across stocks and corporate bonds linked by capital structure arbitrage.

Placement: Assistant professor at Darden School of Business, University of Virginia















Kay Sun Park
Areas of Interest: Empirical and Theoretical Corporate Finance, International Finance
We investigate how a firm jointly determines the amount of debt and its maturity in a dynamic capital structure. We find a firm with high volatility of earnings optimally issues debts of shorter maturity which helps it maintain its financial flexibility. Using simultaneous equations of leverage and maturity regression, we find that higher leverage is led by shorter maturity. Our results support the dynamic capital structure model in which a firm decides its leverage as a trade-off between bankruptcy costs and tax benefits, as well as optimally adjusting the maturity of its debt by taking account of their financial flexibility versus the costs of new debt issuance. These findings can explain why financial institutions with high volatility of earnings before the 2007-2009 financial crisis had higher leverage as well as huge short-term financing.
Placement: Research Fellow at Incheon Development Institute in South Korea















Aleksandra Rzeźnik
Areas of Interest: Empirical Asset Pricing, Liquidity, Institutional Investors, Real Estate
This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio - often referred to as a ‘flight-to-liquidity.’ In aggregate, mutual fund behaviour has implications for the market; the market driven flight-to-liquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard deviation increase in my measure of flight-to-liquidity yields a 0.63 standard deviation increase in the excess return required for holding illiquid securities.
Placement: Assistant professor at WU Vienna University of Economics and Business in Austria


Desi Volker











Desi Volker
Areas of Interest: Financial economics, Macro-finance, Empirical asset pricing, Monetary economics, Fixed income
This paper studies the effect of the uncertainty surrounding the future path of monetary policy on interest rates.  I proxy uncertainty with the cross-sectional dispersion in one year ahead fed funds rate forecasts from survey data. Within a flexible dynamic term structure model with observable and latent factors, I provide evidence in support of a link between uncertainty and interest rate dynamics. In particular I show that: (i) uncertainty is an important contributor to the variation in conditional yield volatilities and has a slope effect on the volatility term structure; (ii) monetary policy uncertainty risk is priced and affects expected excess returns at short horizons; and (iii) it can be interpreted as a pure volatility risk factor as it is weakly spanned by the cross-section of yields
Placement: Federal Reserve Bank of New York in the United States




Mamdouh medhat













Mamdouh Medhat

Areas of Interest: Asset pricing, Asset pricing implications of corporate finance theory, Credit risk

Job Market Paper: Liquidity Risk and Distressed Equity

I show theoretically and empirically that solvency and liquidity can help rationalize low distressed equity returns. In my model, levered firms facing financing constraints optimally choose liquidity reserves and optimally default when insolvent. I find empirical evidence consistent with the model's predictions: (1) In all solvency levels, the average firm holds enough liquid assets to cover its short-term liabilities; less solvent firms have (2) a higher fraction of their total assets in liquid assets and therefore (3) lower conditional betas and (4) lower returns; (5) the profits of strategies are concentrated among low liquidity firms; and (6) the profits of liquidity strategies are concentrated among low solvency firms. My results suggest that solvency and liquidity are essential to understanding the distress puzzle.


Placement: Assistant professor Cass Business School London


Other PhD Placements






Kirsten Tangaa Nielsen

PhD dissertation:
Essays on the Value of CEOs and Directors

My thesis consists of three essays investigating the importance of central corporate persons by examining the value contribution of CEOs and corporate directors to shareholders in publicly listed firms. Existing research has already established that these individuals demonstrate vast heterogeneity in terms of their abilities and characteristics, which in turn has been shown to lead to substantial cross-sectional variation in the value and performance of the firms they operate. Therefore, identifying the key characteristics of central corporate persons that drive shareholder value are of great interest to investors and corporate boards for succession planning purposes

Placement: TBA





Søren Bundgaard Brøgger

PhD dissertation:
Essays on Modern Derivatives Markets

I investigate the feedback effects that can arise when hedging flows from derivatives markets are large relative to the underlying market. I find that flows are efficiently absorbed when the underlying market is liquid (first chapter), but can distort the dynamics of the underlying asset(s) if not (second chapter). In the final chapter (with Jesper Andreasen), we show what happens to the value of cash if the zero lower bound on nominal rates is removed.

Placement: Saxo Bank
Alexander Alexander Kronies

PhD dissertation:
Opportunities and Risks in Alternative Investments

This thesis concerns alternative investments in equity and energy markets. The first chapter (with Andreas Brøgger) documents that only some investors with skill earn high returns when investing sustainably. In the second chapter, I provide evidence that large wind turbines outperform their smaller peers as they yield higher cash flows per production unit. Finally, chapter three shows that the allocation of private capital to renewable energy projects is largely driven by subsidy structures and very specific risk exposures.

Placement: TBA







Julie Marx


PhD dissertation:

Households in the housing market


Housing typically is the largest household asset and decisions in the housing market significantly impacts wealth, welfare, and opportunities of households. This PhD thesis uses Danish register data to study household decision-making, in particular in the housing market. The thesis covers the full circle of homeownership: buying, selling, and relocation, as well as the topics of negotiation, reference dependence, household heterogeneity, and education.


Placement: Copenhagen Business School







Benjamin Christoffersen


PhD dissertation:
Corporate Default Models: Empirical Evidence and Methodological Contributions


Modelling the joint distribution of defaults is a key part of bottom-up models for the loss of a corporate debt portfolio. Two of the chapters in the thesis concerns default models to account for time-varying unobservable effects and how to estimate these models. The other two chapters are applications of such models.


Placement: KTH Royal Institute of Technology





Frederik Ørnsholt Regli

PhD dissertation:
Essays on Crude Oil Tanker Markets

This thesis studies freight rates, which have sparked the interest of maritime economists at least since the seminal work by Tinbergen (1931) and Koopmans (1939). This thesis has special emphasis on how freight rates evolve, how they are linked to oil prices through the floating storage arbitrage relationship, and how they reflect the relative bargaining power of shipowners and charterers. The thesis consists of three chapters, which can be read independently.


Placement: Ørsted







Pia Mølgaard


PhD dissertation:
Essays on Corporate Loans and Credit Risk


The thesis consists of three self-contained essays. The first essay investigates the trading pattern of managers of collateralized loan obligations (CLO) and how it affects the performance of the CLO. The second essay investigates how post issuance ratings and prices of corporate loans depends on the relationship the firm has with its bank connection. The third essay investigates how microstructural noise components in asset prices affect test results of the lead-lag relationship between corporate bond and CDS spreads. 


Placement: Danmarks Nationalbank






Niklas Kohl


PhD dissertation:
Essays on Stock Issuance


Firms which issue new equity subsequently have lower returns than other firms. The essays explore whether the strength of this effect depends on differences in issuer characteristics, and between issuers in different markets. Moreover, I investigate whether issuer underperformance can be explained by information asymmetry.


Placement: Company-owner of Selandia Capital




Nina Lange


PhD dissertation:
Correlation in Energy Markets

The dissertation consists of four essays within the overall topic of energy markets. The first essay studies the relationship of volatility in oil prices and the EURUSD rate. The remaining three essays study the so-called energy quanto options – a contract paying the product of two options. These essays cover both the use and the pricing of such contracts.

Placement: University of Sussex



Søren Korsgaard




Søren Korsgaard


PhD dissertation:
Payments and Central Bank Policy 


The thesis consists of three chapters. The first chapter examines the market for retail payments, specifically the role of interchange fees in payment card networks. The second chapter looks at how banks' liquidity shape outcomes in the money market. Finally, the third chapter explores how central banks use collateral policy to support lending


Placement: Danmarks Nationalbank





Mads Vestergaard Jensen


PhD dissertation:
Financial Frictions - Implications for Early Option Exercise and Realized Volatility


The first chapter (with Lasse Heje Pedersen) shows that the classic rule that one should never exercise a call option early breaks down when frictions are severe enough. The second chapter documents that underlying stocks underperform after early exercise, consistent with private information leading to early exercise. The final chapter (with Christian Skov Jensen) finds that, consistent with an increase in differences of opinion, a positive demand shift for shorting a stock predicts higher volatility for the affected stock.


Placement: Danica Pension


Mikael Reimer Jensen


PhD dissertation:
Interbank Markets and Frictions


The thesis consists of three chapters. The first chapter examines how banks’ liquidity position shapes outcomes in the money market. The second chapter investigates the decomposition of interbank rates into credit and liquidity risk. Finally, the third chapter explores how the classical no-arbitrage pricing framework can be extended by assuming that the underlying asset can be used in a repo transaction.


Placement: ATP



Sebastian Fux


PhD dissertation:

Essays on Return Predictability and Term Structure Modelling


The thesis is available here


Placement: PWC, Zürich



The page was last edited by: Department of Finance // 10/24/2023