Portrait of Professor Roman Kraussl

Professor Roman Kraussl

Professor of Finance

Bayes Business School , Finance

Contact

About

Overview

Dr. Roman Kräussl is Professor of Finance at Bayes Business School (formerly Cass), Visiting Fellow at the Hoover Institution at Stanford University, Research Fellow at the Centre for Economic Policy Research (CEPR), and Research Fellow at the Center for Financial Studies (CFS). He has studied Economics at the University of Bielefeld and got his PhD in Financial Economics at the Center for Financial Studies (CFS) at Goethe University, Frankfurt/Main. As Head of Quantitative Research at Cognitrend GmbH, a spin-off from Deutsche Bank specializing in Behavioral Finance, he was closely involved with the financial industry. His academic research focuses on Alternative Investments, including private equity, infrastructure, art, and green finance. When he engages with the real world, he mostly consults on art as an asset class, dealing with valuation of artworks and construction of art market indices. His work has been published in the leading economic journals such as Journal of Finance, Review of Financial Studies, and Management Science, and has been featured in WSJ, FT, Economist, and on CNBC. He has taught numerous (Executive) MBA courses at the Amsterdam School of Finance, Goizueta Business School and at Bayes.

Expertise

Primary topics

  • Asset Pricing
  • Financial Markets
  • Finance

Publications

Book

  1. Kräussl, R. (2003). Sovereign Risk, Credit Ratings and the Recent Financial Crisis in Emerging Markets Empirical Analysis and Policy Implications. ISBN 9783831426102.

Chapters (7)

  1. Kraussl, R. (2014). Risk and return characteristics of the Middle Eastern & Northern African art markets. Art as an Alternative Asset Class: Risk and Return Characteristics of the Middle Eastern & Northern African Art Markets
  2. Brown, C. and Kraeussl, R. (2012). Risk and Return Characteristics of Listed Private Equity. The Oxford Handbook of Private Equity (pp. 549-578). Oxford University Press. ISBN 0195391586.
  3. Kräussl, R., Krause, S. and Manigart, S. (2012). A Comparative Analysis of Venture Capital Investment In the United States and Europe. The Oxford Handbook of Venture Capital (pp. 864-896). Oxford University Press. ISBN 0195391594.
  4. Kräussl, R. (2012). Art Price Indices. (pp. 63-86). Wiley. ISBN 9781576603338.
  5. Kräussl, R. and Topper, M. (2007). Size does matter-firm size and the gains from acquisitions on the Dutch market. International Mergers and Acquisitions Activity Since 1990 Recent Research and Quantitative Analysis (pp. 279-293).
  6. Kräussl, R. and Topper, M. (2007). Size does matter—firm size and the gains from acquisitions on the Dutch market. International Mergers and Acquisitions Activity Since 1990 (pp. 279-293). Elsevier. ISBN 9780750682893.
  7. Campbell, R.A. and Kraeussl, R. (2007). A survey of the venture capital industry in Central and Eastern Europe. Venture Capital in Europe (pp. 51-70). Elsevier. ISBN 9780750682596.

Journal articles (39)

  1. Whitaker, A. and Kräussl, R. (2025). Art collectors as venture-stage investors. Journal of Cultural Economics, 49(4), pp. 659-687. doi:10.1007/s10824-024-09528-8

    [publisher’s website]

  2. Fridgen, G., Kräussl, R., Papageorgiou, O. and Tugnetti, A. (2025). Pricing dynamics and herding behaviour of NFTs. European Financial Management, 31(2), pp. 670-710. doi:10.1111/eufm.12506

    [publisher’s website]

  3. Kräussl, R., Kräussl, Z., Pollet, J. and Rinne, K. (2024). The performance of marketplace lenders. Journal of Banking & Finance, 162, pp. 107124-107124. doi:10.1016/j.jbankfin.2024.107124

    [publisher’s website]

  4. Kräussl, R. and Tugnetti, A. (2024). Non‐Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities. Journal of Economic Surveys, 38(2), pp. 555-574. doi:10.1111/joes.12597

    [publisher’s website]

  5. Kräussl, R., Oladiran, T. and Stefanova, D. (2023). A review on ESG investing: Investors’ expectations, beliefs and perceptions. Journal of Economic Surveys. doi:10.1111/joes.12599

    [publisher’s website]

  6. AUBRY, M., KRÄUSSL, R., MANSO, G. and SPAENJERS, C. (2023). Biased Auctioneers. The Journal of Finance, 78(2), pp. 795-833. doi:10.1111/jofi.13203

    [publisher’s website]

  7. Félix, L., Kräussl, R. and Stork, P. (2021). Strategic bias and popularity effect in the prediction of economic surprises. Journal of Forecasting, 40(6), pp. 1095-1117. doi:10.1002/for.2764

    [publisher’s website]

  8. Andonov, A., Kräussl, R. and Rauh, J. (2021). Institutional Investors and Infrastructure Investing. The Review of Financial Studies, 34(8), pp. 3880-3934. doi:10.1093/rfs/hhab048

    [publisher’s website]

  9. Adams, R.B., Kräussl, R., Navone, M. and Verwijmeren, P. (2021). Gendered Prices. The Review of Financial Studies, 34(8), pp. 3789-3839. doi:10.1093/rfs/hhab046

    [publisher’s website]

  10. Whitaker, A. and Kräussl, R. (2020). Fractional Equity, Blockchain, and the Future of Creative Work. Management Science, 66(10), pp. 4594-4611. doi:10.1287/mnsc.2020.3633

    [publisher’s website]

  11. Félix, L., Kräussl, R. and Stork, P. (2020). Implied volatility sentiment: a tale of two tails. Quantitative Finance, 20(5), pp. 823-849. doi:10.1080/14697688.2019.1696018

    [publisher’s website]

  12. Ferreira, P.H., Kräussl, R., Landsman, W.R., Borysoff, M.N. and Pope, P.F. (2019). Reliability and relevance of fair values: private equity investments and investee fundamentals. Review of Accounting Studies, 24(4), pp. 1427-1449. doi:10.1007/s11142-019-09509-9

    [publisher’s website]

  13. Félix, L., Kräussl, R. and Stork, P. (2019). Single Stock Call Options as Lottery Tickets: Overpricing and Investor Sentiment. Journal of Behavioral Finance, 20(4), pp. 385-407. doi:10.1080/15427560.2018.1511792

    [publisher’s website]

  14. Kräussl, R., Lehnert, T. and Rinne, K. (2017). The search for yield: Implications to alternative investments. Journal of Empirical Finance, 44, pp. 227-236. doi:10.1016/j.jempfin.2017.11.001

    [publisher’s website]

  15. Kräussl, R. and Mirgorodskaya, E. (2017). Media, sentiment and market performance in the long run. The European Journal of Finance, 23(11), pp. 1059-1082. doi:10.1080/1351847x.2016.1226188

    [publisher’s website]

  16. Bosman, R., Kräussl, R. and Mirgorodskaya, E. (2017). Modifier words in the financial press and investor expectations. Journal of Economic Behavior & Organization, 138, pp. 85-98. doi:10.1016/j.jebo.2017.04.002

    [publisher’s website]

  17. Kräussl, R., Lehnert, T. and Stefanova, D. (2016). The European sovereign debt crisis: What have we learned? Journal of Empirical Finance, 38, pp. 363-373. doi:10.1016/j.jempfin.2016.04.005

    [publisher’s website]

  18. Kräussl, R., Lehnert, T. and Senulytė, S. (2016). Euro crash risk. Journal of Empirical Finance, 38, pp. 417-428. doi:10.1016/j.jempfin.2016.01.007

    [publisher’s website]

  19. Félix, L., Kräussl, R. and Stork, P. (2016). The 2011 European short sale ban: A cure or a curse? Journal of Financial Stability, 25, pp. 115-131. doi:10.1016/j.jfs.2015.10.002

    [publisher’s website]

  20. Korteweg, A., Kräussl, R. and Verwijmeren, P. (2016). Does it Pay to Invest in Art? A Selection-Corrected Returns Perspective. Review of Financial Studies, 29(4), pp. 1007-1038. doi:10.1093/rfs/hhv062

    [publisher’s website]

  21. Kräussl, R., Lehnert, T. and Martelin, N. (2016). Is there a bubble in the art market? Journal of Empirical Finance, 35, pp. 99-109. doi:10.1016/j.jempfin.2015.10.010

    [publisher’s website]

  22. Jegadeesh, N., Kräussl, R. and Pollet, J.M. (2015). Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices. Review of Financial Studies, 28(12), pp. 3269-3302. doi:10.1093/rfs/hhv046

    [publisher’s website]

  23. Kräussl, R., Lucas, A., Rijsbergen, D.R., van der Sluis, P.J. and Vrugt, E.B. (2014). Washington meets Wall Street: A closer examination of the presidential cycle puzzle. Journal of International Money and Finance, 43, pp. 50-69. doi:10.1016/j.jimonfin.2013.11.003

    [publisher’s website]

  24. Kräussl, R. and Krause, S. (2014). Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985–2009. European Financial Management, 20(1), pp. 179-205. doi:10.1111/j.1468-036x.2013.12012.x

    [publisher’s website]

  25. Botshekan, M., Kraeussl, R. and Lucas, A. (2012). Cash Flow and Discount Rate Risk in Up and Down Markets: What Is Actually Priced? Journal of Financial and Quantitative Analysis, 47(6), pp. 1279-1301. doi:10.1017/s0022109012000567

    [publisher’s website]

  26. Kraeussl, R. and Wiehenkamp, C. (2012). A call on art investments. Review of Derivatives Research, 15(1), pp. 1-23. doi:10.1007/s11147-011-9061-x

    [publisher’s website]

  27. Kräussl, R., Lucas, A. and Siegmann, A. (2012). Risk aversion under preference uncertainty. Finance Research Letters, 9(1), pp. 1-7. doi:10.1016/j.frl.2011.08.001

    [publisher’s website]

  28. Konijn, S.J.J., Kräussl, R. and Lucas, A. (2011). Blockholder dispersion and firm value. Journal of Corporate Finance, 17(5), pp. 1330-1339. doi:10.1016/j.jcorpfin.2011.06.005

    [publisher’s website]

  29. Muller, A. and Kräussl, R. (2011). The Value of Corporate Philanthropy During Times of Crisis: The Sensegiving Effect of Employee Involvement. Journal of Business Ethics, 103(2), pp. 203-220. doi:10.1007/s10551-011-0861-6

    [publisher’s website]

  30. Muller, A. and Kräussl, R. (2011). Doing good deeds in times of need: a strategic perspective on corporate disaster donations. Strategic Management Journal, 32(9), pp. 911-929. doi:10.1002/smj.917

    [publisher’s website]

  31. Calcagno, R., Kraeussl, R. and Monticone, C. (2011). An analysis of the effects of the severance payment reform on credit to Italian SMEs. Journal of Financial Economic Policy, 3(3), pp. 243-261. doi:10.1108/17576381111152227

    [publisher’s website]

  32. Hayat, R. and Kraeussl, R. (2011). Risk and return characteristics of Islamic equity funds. Emerging Markets Review, 12(2), pp. 189-203. doi:10.1016/j.ememar.2011.02.002

    [publisher’s website]

  33. Kraeussl, R. and Logher, R. (2010). Emerging art markets. Emerging Markets Review, 11(4), pp. 301-318. doi:10.1016/j.ememar.2010.07.002

    [publisher’s website]

  34. MULLER, A. and KRÄUSSL, R. (2010). SOCIAL IRRESPONSIBILITY, FIRM VALUE AND PHILANTHROPY: THE CORPORATE RESPONSE TO HURRICANE KATRINA. Academy of Management Proceedings, 2010(1), pp. 1-6. doi:10.5465/ambpp.2010.54493700

    [publisher’s website]

  35. Koopman, S.J., Kräussl, R., Lucas, A. and Monteiro, A.B. (2009). Credit cycles and macro fundamentals. Journal of Empirical Finance, 16(1), pp. 42-54. doi:10.1016/j.jempfin.2008.07.002

    [publisher’s website]

  36. MULLER, A. and KRÄUSSL, R. (2008). DO MARKETS LOVE MISERY? STOCK PRICES AND CORPORATE PHILANTHROPIC DISASTER RESPONSE. Academy of Management Proceedings, 2008(1), pp. 1-6. doi:10.5465/ambpp.2008.33640714

    [publisher’s website]

  37. Campbell, R.A. and Kräussl, R. (2007). Revisiting the home bias puzzle: Downside equity risk. Journal of International Money and Finance, 26(7), pp. 1239-1260. doi:10.1016/j.jimonfin.2007.06.013

    [publisher’s website]

  38. (2007). Venture Capital in Europe. . doi:10.1016/b978-0-7506-8259-6.x5000-3

    [publisher’s website]

  39. Kräussl, R. (2005). Do credit rating agencies add to the dynamics of emerging market crises? Journal of Financial Stability, 1(3), pp. 355-385. doi:10.1016/j.jfs.2005.02.005

    [publisher’s website]

Working papers (5)

  1. Whitaker, A. and Kraeussl, R. Democratizing Art Markets: Fractional Ownership and the Securitization of Art. Elsevier BV.
  2. Adams, R.B., Krrussl, R., Navone, M.A. and Verwijmeren, P. Is Gender in the Eye of the Beholder? Identifying Cultural Attitudes with Art Auction Prices. Elsevier BV.
  3. Adams, R.B., Kraeussl, R., Navone, M.A. and Verwijmeren, P. Gendered Prices. Elsevier BV.
  4. Ferreira, P., Kraeussl, R., Landsman, W.R., Nykyforovych, M. and Pope, P.F. Reliability and Relevance of Fair Values: Private Equity Investments and Investee Fundamentals. Elsevier BV.
  5. Andonov, A., Kraeussl, R. and Rauh, J.D. The Subsidy to Infrastructure as an Asset Class. Elsevier BV.