Manfred Frühwirth is Associate
Professor and Vice Head of the Institute for Finance, Department of
Corporate Finance, at Vienna University of Economics and Business
Administration, where he achieved both his doctorate in 1999 and his
habilitation in 2003.
He designed and held courses at
Vienna University of Economics and Business Administration, at Bordeaux
Business School, at the University of Bratislava, at Budapest University of
Economic Sciences, at Kiev National University of Economic Sciences, at the
University of Applied Sciences (field "Banking and Finance") and at various
other organizations. The courses held contain capital budgeting, financial
management, portfolio management, cost of capital, financial planning,
international finance, mergers and acquisitions, bond pricing, option
pricing and cost accounting. Intercultural experience was particularly
gained by teaching various courses in the JOSZEF program (special program
for young Eastern European students becoming future top managers), in the
CEMS program, in the International MBA program organized by the University
of South Carolina and Vienna University of Economics and Business
Administration and in the MBA for Supply-Chain Management program organized
by the Swiss Federal Institute of Technology Zürich (ETH Zürich). For the
Finance course in the International MBA program 2001/2002 he was awarded the
Outstanding Teaching Award. For the Global Finance I course in the
International MBA program 2004 he was awarded the Teacher of the Year Award.
He was invited for a visiting professorship at Bordeaux School of Management
in the spring terms 2003 and 2004. His research activities focus on
theoretical and practical problems in bond pricing (e.g. yield computation,
term structure estimation, interest rate risk, credit risk, pricing of
floating rate notes), capital structure optimization, business valuation,
estimation of the market risk premium, earnings management, real options, as
well as taxes and accounting (cost accounting, tax strategies).
He held
research presentations at Vienna University of Economics and Business
Administration, at the University of Vienna, at the Technical University of
Vienna, at Karl-Franzens-University in Graz, at Leopold-Franzens-University
in Innsbruck, at the Danube University in Krems, at Ludwig-Maximilians
University in Munich, at Johann Wolfgang Goethe University in Frankfurt, at
Friedrich-Alexander University Erlangen-Nürnberg, at Copenhagen Business
School, at Bocconi University in Milano, at University of Lille, at the
Swiss-Italian University in Lugano, at Hamburg University, at the University
of Konstanz, at Boston University, at Vienna Stock Exchange, at the Austrian
Institute of Economic Research and at the Austrian Institute of Advanced
Studies. For the summer term 2003 he was invited for the Chair in Risk
Management Research at the University of Antwerp.
He
published research papers, among others, on pricing floating rate notes
subject to default risk ("A Pricing Model for Secondary-Market-Yield Based
Floating Rate Notes Subject to Default Risk", in the European Journal of
Operational Research), on the optimal capital structure with special
attention to equity tax shields (in "Zeitschrift für betriebswirtschaftliche
Forschung", together with Stefan Bogner and Andreas Höger), on the
Heath/Jarrow/Morton duration and convexity ("The Heath/Jarrow/Morton
Duration and Convexity - A Generalized Approach", in the International
Journal of Theoretical and Applied Finance), on the optimal timing of the
transfer of hidden reserves ("The Optimal Timing of the Transfer of Hidden
Reserves in the German and Austrian Tax Systems", in the International
Journal of Intelligent Systems in Acounting, Finance and Management) and on
business valuation with special attention to equity tax shields (in "Schmalenbach
Business Review", together with Stefan Bogner and Markus Schwaiger). In
addition, he published books on yield computation and on the pricing of
floating rate notes subject to credit risk. For his research performance he
received the Stephan-Koren Prize for the best Ph.D. thesis at Vienna
University of Economics and Business Administration in 1999.
He is a
member of the Austrian Working Group on Banking and Finance, the German
Finance Association, the Association of University Professors of Management,
the European Financial Management Association, the European Accounting
Association, the EURO Working Group on Financial Modelling and the American
Accounting Association. He was a member of the Programme Committee of the
2004 European Financial Management Association Conference in Basel. He was a
referee for the European Journal of Operational Research, for the
International Journal of Intelligent Systems in Accounting, Finance and
Management, for Schmalenbach Business Review, for Journal für
Betriebswirtschaft, for Campus for Finance and for the Annual Conference of
the Swiss Society for Financial Markets Research. From 2000 until 2002 he
was head of the area "Financial Markets" at the University of Applied
Sciences (field "Banking and Finance") in Vienna. In addition, he consulted
in the establishment of the curriculum of the Ueberreuter Portfolio Academy.
