Prof. Dr. Sebastian Müller

TUM Campus
Heilbronn

Prof. Dr. Sebastian Müller

I am a Professor of Finance at TUM School of Management Campus Heilbronn. Previously, I served as Professor of Corporate Finance at the German Graduate School of Management and Law (Heilbronn) and as Assistant Professor in Finance at the University of Mannheim where I obtained my Ph.D. in Finance. I was a Visiting Scholar at the University of California, Berkeley, USA. I am interested in the functioning of financial markets and the behavior of financial market participants.

 

Curriculum Vitae
Since Sep 2019Professor of Finance, TUM School of Management, TUM Campus Heilbronn Germany
Jan 2016 – Sep 2019Professor of Corporate Finance, German Graduate School of Management and Law, Heilbronn, Germany
Jan 2011 – Dec 2015Chair of Prof. Dr. Dr. h.c. Martin Weber (Lehrstuhl für Allg. BWL, Finanzwirtschaft, insb. Bankbetriebslehre) Habilitand (Assistant Professor), University of Mannheim, Germany
Sep 2012 - Jun 2013Visiting Scholar, University of California, Berkley, USA
Sep 2006 - Dec 2010Chair of Prof. Dr. Dr. h.c. Martin Weber (Lehrstuhl für Allg. BWL, Finanzwirtschaft, insb. Bankbetriebslehre) Research and Teaching Assistant, PhD in Finance (summa cum laude), University of Mannheim, Germany

Awards

  • 7th SUERF/UniCredit Foundation Research Prize 2019 for the article “Anomalies across the globe: Once public, no longer existent?”
  • Spängler-IQAM award (Runner-Up) for Best Investments Paper in the Review of Finance 2018/2019 for the article “Economic links and cross-predictability of stock returns: Evidence from characteristic-based ‘styles’”
  • 1st prize of the Acatis Value Award 2018 for the article „Anomalies across the globe: Once public, no longer existent?“
  • 1st prize of the Acatis Value Award 2015 for the article „Media Makes Momentum“
  • 2nd prize of the competition for the finance compass (Finanzkompass) 2015, Finanzplatz Hamburg e.V.
  • Young talent award of the German Academic Association for Business Research (VHB) 2015 for the article „Media Makes Momentum“.

Research Areas

My research is quantitative/empirically oriented and focuses mostly on asset pricing, asset management, and behavioral finance. Within these fields, I am particularly interested in the price formation process of financial markets, the investment decisions of market participants, and the impact of digitalization and sustainability on corporations and markets. My research has been published in leading finance journals (e.g., Journal of Financial Economics, Review of Financial Studies).

Selected Publications


Jacobs H,  Müller S: “Anomalies Across the Globe: Once Public, No Longer Existent?”. Journal of Financial Economics. 2020; 135 (1): 213-230. Abstract


Müller S: “Economic Links and Cross-predictability of Stock Returns: Evidence from Characteristic-based ‘Styles’”. Review of Finance. 2019; 23 (2): 363-395. Abstract


Franke B, Müller S,  Müller S: “The q-Factors and Expected Bond Returns”. Journal of Banking and Finance. 2017; 83 (10): 19-35. Abstract


Hillert A, Jacobs H, Müller S: “Media Makes Momentum”. Review of Financial Studies. 2014; 27 (12): 3467-3501. Abstract


Jacobs H, Müller S, Weber M: “How should individual investors diversify? – An empirical evaluation of alternative asset allocation policies”. Journal of Financial Markets. 2014; 19 (3): 62-85. Abstract


Find out more details here.

Areas of interest

  • Asset pricing
  • Asset Management
  • Investor Behavior
  • Digital Finance
  • Sustainable Finance

Teaching

I am currently teaching finance courses in the Master in Management (MiM) program and Bachelor in Management and Technology (BMT) program at TUM. My teaching experience covers the areas of Corporate Finance, Investment and Asset Pricing, Banking, Behavioral Finance, Decision Analysis, Capital Markets as well as Investor Behavior. In addition, I regularly supervise seminars, Bachelor and Master thesis in collaboration with my research assistants.

Bachelor (Winter Term)

Information coming soon.

Bachelor (Summer Term)

The module will give students a broad understanding of the instruments to analyze and evaluate investment opportunities. It covers the following main areas:

  • Financial Statement Analysis (balance sheet analysis, analysis of profit and loss account)
  • Investment Analysis (net present value method, actuarial return)
  • Capital Budgeting (determination of free cashflows, choosing between alternatives)
  • Cost of Capital (equity costs, borrowing costs, capital costs)
  • Capital Structure

Master (Winter Term)

The aim of the course is to give a comprehensive overview on Digital Finance. Specifically, it comprises (but is not limited to) the following areas:

  • History of Digital Finance and how it relates to other financial research disciplines
  • Robo-Advisors
  • Crowd Funding/P2P lending
  • Social Media in Finance
  • Digital Payments
  • Cryptocurrencies
  • Digital Technologies (Big Data and Machine Learning; Textual Analysis; Blockchain)

Each semester a seminar is offered with a different generic topic. Topic examples include Digital Finance, Sustainable Finance, Anomalies in Financial Markets, Individual Investor Mistakes, etc. Student have to study a concrete topic in the related field and have to write a research report and give an oral presentation.

Master (Summer Term)

The module will give students a broad understanding of the instruments to analyze and evaluate investment opportunities. It covers the following main areas:

  • Financial Statement Analysis (balance sheet analysis, analysis of profit and loss account)
  • Investment Analysis (net present value method, actuarial return)
  • Capital Budgeting (determination of free cashflows, choosing between alternatives)
  • Cost of Capital (equity costs, borrowing costs, capital costs)
  • Capital Structure

Each semester a seminar is offered with a different generic topic. Topic examples include Digital Finance, Sustainable Finance, Anomalies in Financial Markets, Individual Investor Mistakes, etc. Student have to study a concrete topic in the related field and have to write a research report and give an oral presentation.

Students can find detailed course information in TUM Online.

I regularly supervise Bachelor and Master thesis in collaboration with my research assistants. TUM students can find a list of currently offered topics here.