News
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18-21 Aug 2027
We host the 54th European Finance Association (EFA) Annual Meeting in Aarhus.
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9-10 Dec 2026
We present “Informative Financial Markets and Real Efficiency” at the Corporate Policies and Asset Prices Conference in Nice.
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13 Nov 2026
Anil Kumar presents “Financial Flexibility and Debt Maturity Concentration” at the Boca Finance and Real Estate Conference in Boca Raton.
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3 Nov 2026
A new version of “Financial Flexibility and Debt Maturity Concentration” is available at SSRN.
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22 Oct 2026
Students nominated me for Teacher of the Year on the Politics and Economics programme (Årets Underviser på Politik og Økonomi 2026) for my teaching in Mathematics for Economists, and I was one of the finalists. Thank you to all students who voted!
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26 Sep 2026
I present “Informative Financial Markets and Real Efficiency” and discuss “Context Matters: How Thematic Discourse Moderates the Value of CSR in Retail Analyst Recommendations” at the German Finance Association in Düsseldorf.
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16 Sep 2026
A new version of “Credit Rating Under Ambiguity” is available at SSRN.
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11 Sep 2026
hirth.dk moved to GitHub Pages.
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1 Sep 2026
Welcome to Christian Hellum Bertelsen at Aarhus University! Christian will be a PhD student under my co-supervision.
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14 Aug 2026
Itay Goldstein presents “Informative Financial Markets and Real Efficiency” at the Happy Valley Finance Conference in State College, PA.
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10 Aug 2026
A new version of “Informative Financial Markets and Real Efficiency” is available at SSRN.
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5-7 Aug 2026
I organize a PhD course “The social value of financial-market information” in Aarhus, taught by Philip Bond.
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2-4 Aug 2026
We organize the Aarhus Finance Forum - keynote speaker will be Philip Bond, University of Washington.
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10 Jul 2026
A new version of “Credit Rating Under Ambiguity” is available at SSRN.
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8 Jul 2026
A new version of “Financial Flexibility and Debt Maturity Concentration” is available at SSRN.
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9 Jun 2026
I present “Informative Financial Markets and Real Efficiency” and discuss “Manipulation-Free Trading Mechanisms: Auction Design Approach” at the SKEMA Conference on The Industrial Organization of Financial Markets in Sophia Antipolis / Nice.
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3 Jun 2026
Matthias Lassak presents “Informative Financial Markets and Real Efficiency”, and I discuss “Value-Maximization Spillovers in Merger Markets” at the SDU Finance Workshop in Odense.
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1 Jun 2026
I present “Financial Flexibility and Debt Maturity Concentration” at the Lake District Workshop in Corporate Finance in Bowness-on-Windermere / Lancester.
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19 May 2026
I present “Informative Financial Markets and Real Efficiency” in the Finance Research Seminar at Deakin University, Burwood / Melbourne.
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12 May 2026
“Information sharing with blockchain” is published in Research Policy.
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13-17 Apr 2026
I organize a PhD course “Modeling Behavioral Biases in Economics and Finance” in Aarhus, taught by Simon Gervais.
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16 Apr 2026
A new version of “Financial Flexibility and Debt Maturity Concentration” is available at SSRN.
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29 Jan 2026
A new version of “Credit Rating Under Ambiguity” is available at SSRN.
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8 Dec 2025
I moved to a new work address, namely Universitetsbyen 55, Building 1816, office 539, DK-8000 Aarhus C.
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27-28 Nov 2025
I organize the Young Scholars Nordic Finance Workshop 2025 in Aarhus - keynote speaker is Marcus Opp, Stockholm School of Economics.
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12 Nov 2025
The program for the Young Scholars Nordic Finance Workshop 2025 in Aarhus is now available.
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8 Oct 2025
Congratulations to Fynn Sowinski, who today defended his PhD thesis “Essays on Financial Decision-Making”.
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11 Sep 2025
I present “ESG Alignment and Supply Chain Dynamics: Evidence from U.S. Customer-Supplier Relationships”, and Anil Kumar presents “Financial Flexibility and Debt Maturity Concentration”, at the Corporate Finance Day in Groningen.
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17-19 Aug 2025
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28 Jul 2025
“Information sharing with blockchain” is accepted for publication in Research Policy.
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8 Jul 2025
I present “ESG Alignment and Supply Chain Dynamics: Evidence from U.S. Customer-Supplier Relationships” in the Research Seminar Sustainable Accounting, Finance and Taxation at Georg-August-Universität Göttingen.
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3 Jul 2025
I present “Financial Flexibility and Debt Maturity Concentration” and discuss “Two sides of the same coin: artificial intelligence, agency theory, and the evolving governance landscape” at the PFN 2025 Conference in Vilamoura.
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1 Jul 2025
I act as member of the Assessment Committee at Zhuolu Gao’s PhD Defence at Copenhagen Business School.
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13 Jun 2025
I present “Financial Flexibility and Debt Maturity Concentration” and discuss “A Model of Greenwashing” at the FMA European Conference in Limassol.
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4 Jun 2025
Negar Ghanbari presents “Financial Flexibility and Debt Maturity Concentration”, and I discuss “Creating Intangible Capital” at the SDU Finance Workshop in Odense.
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28 May 2025
I present “Financial Flexibility and Debt Maturity Concentration” and “ESG Alignment and Supply Chain Dynamics: Evidence from U.S. Customer-Supplier Relationships” and discuss “State Aid in Times of Crisis, How Did Fixed Cost Grants Help Firms to Cope with COVID-19?” and “The Strategic ESG Talk and Investor Bias” at the conference of the Association Française de Finance (AFFI) in Dijon.
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22 May 2025
I present “Financial Flexibility and Debt Maturity Concentration” in the Brownbag Seminar at the University of Mannheim | Business School.
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23 Apr 2025
A new version of “Information sharing with blockchain” is available at SSRN.
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19 Apr 2025
I am starting a new position as Visiting Researcher at University of Mannheim.
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9 Apr 2025
A new version of “Credit Rating Under Ambiguity” is available at SSRN.
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21 Mar 2025
The Carlsberg Foundation supports our Third Aarhus Workshop on Strategic Interaction in Corporate Finance with DKK 80’000 (10’725€).
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7 Mar 2025
A new working paper “Financial Flexibility and Debt Maturity Concentration” is available at SSRN.
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15 Jan 2025
A new working paper “ESG Alignment and Supply Chain Dynamics: Evidence from U.S. Customer-Supplier Relationships” is available at SSRN.
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6 Jan 2025
A new version of “Digital Rights Management in Finance: Evidence from M&A” is available at SSRN.
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19 Dec 2024
I present “Efficiency Implications of Knowledge Generation: Private versus Public Firms” and discuss “Security Lending Market, Secondary Market Arbitrageurs, and ETF Mispricing” at the December Finance Meeting in Paris.
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9 Dec 2024
The Call for Papers for the Third Aarhus Workshop on Strategic Interaction in Corporate Finance is published.
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30 Sep 2024
A new working paper “Information sharing with blockchain” is available at SSRN.
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28 Sep 2024
Matthias Lassak presents “Efficiency Implications of Knowledge Generation: Private versus Public Firms” at the German Finance Association in Aachen.
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28 Sep 2024
I present “Credit Rating under Ambiguity” and discuss “Bonding with risk: corporate investment and savings in risky financial assets” at the German Finance Association in Aachen.
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13 Sep 2024
Matthias Lassak presents “Efficiency Implications of Knowledge Generation: Private versus Public Firms” at the Corporate Finance Days in Leuven.
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18-20 Aug 2024
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7 May 2024
I discuss “Crises, Exchange Rates, and Supply-Chain Changes” at the PhD Nordic Finance Workshop in Bergen.
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2&3 May 2024
I co-organize the DFI Research Fellow Retreat 2024 at Sandbjerg Manor, Sønderborg.
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15 Mar 2024
I act as commentator for the 50%-seminar of PhD student Hamid Cheraghali at University of Stavanger.
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8 Feb 2024
I received DKK 66’000 from the Carlsberg Foundation to support the Second Aarhus Workshop on Strategic Interaction in Corporate Finance. Submission deadline 20 Feb 2024 approaching!
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1 Jan 2024
“The Information Value of Distress” just appeared finally “printed” in Management Science, Volume 70, Issue 1, January 2024, Pages 78–97.
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1 Dec 2023
The Call for Papers for the Second Aarhus Workshop on Strategic Interaction in Corporate Finance is published.
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16 Nov 2023
I received a DFI Publication Scholarship of DKK 43’301 for “The Information Value of Distress”.
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24-26 Oct 2023
I organize the PhD course “Continuous-Time Models for Empirical Corporate Finance” taught by Christopher Hennessy.
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29 Sep 2023
I present “Investment Timing and Market Feedback” at the German Finance Association in Stuttgart-Hohenheim.
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26 Sep 2023
A new version of “Credit Rating under Ambiguity” is available at SSRN.
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14 Sep 2023
I present “Credit Rating under Ambiguity” at SDU in Odense.
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31 Aug 2023
I present “Credit Rating under Ambiguity” at the Econometric Society European Meeting in Barcelona.
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13-15 Aug 2023
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8 Aug 2023
Christian Hilpert presents “Credit Rating under Ambiguity” at the Australasian Meeting of the Econometric Society in Sydney.
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30 Jun 2023
Christian Hilpert presents “Credit Rating under Ambiguity” at the Asian Meeting of the Econometric Society in Beijing.
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23 Jun 2023
I present “Investment Timing and Market Feedback” at the FTG Summer School in Seattle.
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14 Jun 2023
Aarhus Workshop on Strategic Interaction in Corporate Finance: Program available!
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8 Jun 2023
I present “Investment Timing and Market Feedback” and discuss “R&D activities narrative disclosure: A new measure” at the FMA European Conference in Aalborg.
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7 Jun 2023
I discuss “Process Intangibles and Agency Conflicts” at the SDU Finance Workshop in Odense.
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18 Mar 2023
I present “Investment Timing and Market Feedback” and discuss “Ambiguity and Corporate Yield Spreads” at the Midwest Finance Association Annual Meeting in Chicago.
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20 Dec 2022
“The Information Value of Distress” is published online in Management Science.
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25 Nov 2022
I discuss “Investment-q Sensitivity under Endogenous Truncation” at the Young Scholars Nordic Finance Workshop in Oslo.
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22 Nov 2022
A new version of “Bankruptcy Prediction with Incomplete Accounting Information” is available at SSRN.
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16 Nov 2022
Aarhus Workshop on Strategic Interaction in Corporate Finance – call for papers and web page are online.
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1 Sep 2022
Welcome to Fynn Sowinski at Aarhus University! Fynn will be a PhD student under my supervision.
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19 Aug 2022
Our paper “The Information Value of Distress” is accepted for publication in Management Science.
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27 Jul 2022
A new version of “The Information Value of Distress” is available at SSRN.
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12 Jul 2022
I present “Bankruptcy Prediction with Incomplete Accounting Information” and discuss “Adverse Selection Without a Housing Boom: Evidence from Fannie Mae’s Credit Risk Transfers” at the FMA European Conference in Lyon.
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1 Jul 2022
Congratulations to Narmin Nahidi, who just defended her PhD thesis, which I had the pleasure to be co-supervising. All the best for your future journey!
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21&22 Apr 2022
I co-organize the DFI Research Fellow Retreat 2022 at Sandbjerg Manor, Sønderborg.
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23 Mar 2022
I present our new project “Investment Timing and Market Feedback” at Universitat Autònoma de Barcelona.
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1 Mar 2022
I present our new project “Bankruptcy Prediction with Incomplete Accounting Information” at the NFN Webinar.
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17 Feb 2022
I became a member of the board of the Nordic Finance Network (NFN) for Aarhus University.
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16 Aug 2021
Welcome to Narmin Nahidi at Aarhus University! Narmin is a PhD student at Ca’ Foscari University of Venice, visiting me for two months.
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02 Aug 2021
Welcome to Matthias Lassak at Aarhus University! Matthias is partly funded by my research project “Debt valuation and strategic interaction”.
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09 Dec 2020
I received a DKK 2.8 million grant from The Independent Research Fund Denmark. News article.
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09 Oct 2020
Added full CV.
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06 Oct 2020
hirth.dk moved to Google Sites.