Department of Finance

  • Center for Financial Frictions
Associate professor

Room: SOL/A4.34

Ramona Westermann is an Associate Professor of Finance at Copenhagen Business School. She holds a Ph.D. from the University of Geneva and the Swiss Finance Institute. Her main research interest is corporate finance, in particular agency conflicts, corporate liquidity management, credit risk, capital structure, and investment. Ramona’s work is published in the Journal of Financial Economics and Management Science. One of her current projects investigates the effects of personal taxes on corporate liquidity management and received a grant from the Independent Research Fund Denmark.

Primary research areas

Corporate Finance, Agency Conflicts, Corporate Liquidity, Capital Structure, Credit Risk, Investment

Link to this homepage

Advanced Corporate Finance (Ph.D. level), 2016, 2018, 2019

Corporate Finance (Graduate level), 2013, 2014, 2018

Corporate Finance (Graduate level), joint with K.M. Nielsen, 2019

Selected publications

“Measuring agency costs over the business cycle,” 2018, Management Science 64(12), 5748-5768

"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:
Marc Arnold; Ramona Westermann / Debt Renegotiations Outside Distress
In: Review of Finance, 9.9.2022
Journal article > peer review
Jens Dick-Nielsen; Kristian R. Miltersen; Ramona Westermann / The Tax Asymmetry Motive to Hold Corporate Cash
Paper presented at European Financial Management Association 2019 Annual Meetings, 2019
Paper > peer review
Ramona Westermann / Measuring Agency Costs over the Business Cycle
In: Management Science, Vol. 64, No. 12, 12.2018, p. 5748-5768
Journal article > peer review
Marc Arnold; Ramona Westermann / The Impact of Renegotiable Debt on Firms
Paper presented at The 16th International Paris December Finance Meeting, 2018
Paper > 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
Outside activities
  • Member of the panel “Economic Sciences” of the Swiss National Science Foundation (SNSF), since October 2019
  • Assessment committee work for SDU in spring 2020 and fall 2020/2021