Philipp Schuster
Philipp Schuster
University of Stuttgart – Institute of Business Administration (BWI), Chair of Finance
Welcome! I am a Professor of Finance at University of Stuttgart, Germany. My research focuses on asset pricing, market microstructure, and applications of the blockchain technology. Current projects investigate liquidity, frictions, and intermediation in bond and options markets, mutual funds and ETFs, and decentralized exchanges.
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Working papers
  • Intermediation Dynamics in Corporate Bond Markets (with Marius Schmidt, Marliese Uhrig-Homburg), 2025. SSRN
  • Measuring Option Liquidity (with Alexander Götz, Ryan Riordan, Marliese Uhrig-Homburg), 2025. SSRN
  • Drawing the Line between Bond Dealer and Bandit (with John J. Merrick Jr., Vladimir A. Atanasov), 2025. SSRN
  • Asset Pricing Results in Options Markets: True, Spurious, or Overlooked? (with Jelena Eberbach, Matthias Molnar, Marliese Uhrig-Homburg), 2025. SSRN
  • Once a Trader, Always a Trader: The Role of Traders in Fund Management (with Gjergji Cici, Franziska Weishaupt), 2026. SSRN
  • Option Trade Classification: Limits, Corrections, and Implications for Stock Returns (with Caroline Grauer, Marliese Uhrig-Homburg), 2025. SSRN
  • Expected Bond Liquidity (with Marcel Müller, Michael Reichenbacher, Marliese Uhrig-Homburg), 2025. SSRN · Code · Data
  • Liquidity Forecasts and Stock Returns (with Claus Schmitt), 2023. SSRN
Publications
  • Reichenbacher, M.; Schuster, P.; Uhrig-Homburg, M. (2022). Size-Adapted Bond Liquidity Measures and Their Asset Pricing Implications. Journal of Financial Economics, 146(2), 425–443. DOI · Data & code · SSRN
  • Atanasov, V.A.; Merrick, J.J.; Schuster, P. (2022). Mismarking in Mutual Funds. Management Science, 69(2), 1275–1300. DOI
  • Schuster, P.; Theissen, E.; Uhrig-Homburg, M. (2020). Finanzwirtschaftliche Anwendungen der Blockchaintechnologie. Schmalenbach Journal of Business Research, 72, 125–147. DOI
  • Gehde-Trapp, M.; Schuster, P.; Uhrig-Homburg, M. (2018). The Term Structure of Bond Liquidity. Journal of Financial and Quantitative Analysis, 53(5), 2161–2197. DOI
  • Atanasov, V.; Merrick, J.J.; Schuster, P. (2017). Why Do Dealers Buy High and Sell Low? An Analysis of Persistent Crossing in Extremely Segmented Markets. Review of Finance, 21(2), 719–760. DOI
  • Schestag, R.; Schuster, P.; Uhrig-Homburg, M. (2016). Measuring Liquidity in Bond Markets. Review of Financial Studies, 29(5), 1170–1219. DOI
  • Schuster, P.; Uhrig-Homburg, M. (2015). Limits to Arbitrage and the Term Structure of Bond Illiquidity Premiums. Journal of Banking & Finance, 57, 143–159. DOI
  • Menkveld, A. et al. (2023). Non-Standard Errors. Journal of Finance, 79(3), 2339–2390. DOI
Vita
  • Since 2020: Chair of Department III (Finance), University of Stuttgart
  • 2019: Habilitation (venia legendi), Karlsruhe Institute of Technology (KIT)
  • 2017–2020: Head of Junior Research Group, KIT
  • 2014: Visiting Scholar, College of William and Mary
  • 2010–2014: Dr. rer. pol., KIT
  • 2007–2008: M.Sc. Industrial Engineering, Georgia Institute of Technology
  • 2004–2009: Diploma in Industrial Engineering and Management, Universität Karlsruhe (TH)
Contact

Prof. Dr. Philipp Schuster
Dept. III – Chair of Finance, Institute of Business Administration, University of Stuttgart
Keplerstr. 17, 70174 Stuttgart, Germany (Room 7.036)
Tel.: +49 711 685 86001
Office hours: Wednesdays 10:00–11:00 (on request)

Email: philipp.schuster@bwi.uni-stuttgart.de

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