Department of Finance

  • Center for Financial Frictions
Associate professor

Room: SOL/A4.34

Ramona Westermann is an Assistant Professor in Finance at Copenhagen Business School. She holds a PhD from the University of Geneva and the Swiss Finance Institute. Her main research interest is corporate finance, in particular the usage of structural models and their applications such as credit risk. In one of her current projects, Ramona investigates the effects of manager-shareholder agency conflicts on corporate policies in a structural model with intertemporal macroeconomic risk.

Primary research areas

Corporate Finance

Structural Models

Agency Conflicts

Credit Risk

Administrative tasks

Link to this homepage

Corporate Finance, Fall 2013/2014


Other teaching activities

Selected publications

"Growth options, macroeconomic conditions, and the cross section of credit risk”, with M. Arnold and A.F. Wagner, 2013, Journal of Financial Economics, 107, 350–385.

Publications sorted by:
Ramona Westermann / Measuring Agency Costs over the Business Cycle
In: Management Science, Vol. 65, No. 12, 2018, p. 5748-5768
Journal article > peer review
Marc Arnold; Ramona Westermann / Creditor Governance and Corporate Policies : The Role of Debt Covenant Renegotiations.
Paper presented at The 28th Annual Conference of the Northern Finance Association. NFA 2016, 2016
Paper > peer review
Marc Arnold; Ramona Westermann / Debt Covenant Renegotiation and Investment
St. Gallen : Universität St. Gallen 2015, 48 p. (SOF Working Paper, No. 2015/14)
Working paper
Marc Arnold; Alexander F. Wagner; Ramona Westermann / Growth Options, Macroeconomic Conditions, and the Cross Section of Credit Risk
In: Journal of Financial Economics, Vol. 107, No. 2, 2.2013, p. 350–385
Journal article > peer review
Academic Interests

Research Projects
Outside activities

Nothing to report