Inhaltspezifische Aktionen

PD Dr. Alexander Kerl, CFA








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  • Kerl, A.; Schäfer, N. (2015): Do capital markets discriminate against analysts with foreign sounding names?
  • Arand, D.; Kerl, A. (2012): Analyst research and investor reactions: Evidence from the 2008 financial crisis. [Link]
  • Bonini, S.; Kerl, A. (2012): Private information, subjective valuation and target price accuracy. Revise & Resubmit. [Link]
Fachzeitschriften, erschienen:
  • Kerl, A.; Miersch, E., Walter, A. (2018): Evaluation of Academic Finance Conferences, in: Journal of Banking & Finance, Vol. 89, p. 26-38. [Link]
  • Kerl, A.; Ohlert, M. (2015): Star-analysts‘ forecast accuracy and the role of corporate governance, in: Journal of Financial Research, Vol. 38, No. 1, p. 93-120. [Link]

  • Arand, D.; Kerl, A. (2015): Sell-side analyst research and reported conflicts of interest, in: European Financial Management, Vol. 21, No. 1, p. 20-51.

  • Arand, D.; Kerl, A.; Walter, A. (2015): When do sell-side analyst reports really matter? shareholder protection, institutional investors and the informativeness of equity research, in: European Financial Management, Vol. 21, No. 3, p. 524-555. [Link]
  • Kerl, A.; Schürg, C.; Walter, A. (2014): The impact of Financial Times Deutschland news on stock prices – post announcement drifts and inattention of investors, in: Financial Markets and Portfolio Management, Vol. 28, No. 4, p.409-436. [Link] 
  • Franck, A.; Kerl, A. (2014): The impact of fund characteristics on the use of analyst forecasts, in: Journal of Asset Management, Vol. 15, p. 92-109. [Link]

  • Kerl, A.; Pauls, T. (2014): Analyst herding and investor protection: a cross-country study, in: Applied Financial Economics, Vol. 24, No. 8, p. 533–542. [Link]

  • Franck, A.; Kerl, A. (2013): Analyst forecasts and European mutual fund trading, in: Journal of Banking & Finance, Vol. 37, No. 8, p. 2677–2692. [Link]
  • Kerl, A.; Stolper, O; Walter, A. (2012): Tagging the triggers: an empirical analysis of information events prompting sell-side analyst reports, in: Financial Markets and Portfolio Management, Vol. 26, No. 2, p. 217–246. [Link]
  • Kerl, A. (2011): Target price accuracy, in: BuR Business Research Journal, Vol. 4, No. 1, p. 74–96. [Link]
  • Kerl, A.; Walter, A. (2009): Long-run performance evaluation of journalists’ stock long-run performance evaluation of journalists’ stock recommendations, in: Kredit und Kapital, Vol. 42, No. 2, p. 213–243.
  • Naujoks, M.; Aretz, K.; Kerl, A.; Walter, A. (2009): Do German security analysts herd?, in: Financial Markets and Portfolio Management, Vol. 23, No. 1, p. 3–29. [Link]
  • Kerl, A.; Walter, A. (2008): Never judge a book by its cover. What security analysts have to say beyond recommendations, in: Financial Markets and Portfolio Management, Vol. 22, No. 4, p. 289–321.
  • Kerl, A.; Walter, A. (2008): The usual suspects - The effects of attention on journalists’ stock recommendations, in: Applied Financial Economics Letters, Vol. 4, 1-3, p. 97–101.
  • Kerl, A.; Walter, A. (2007): Market responses to buy recommendations issued by personal finance magazines: Effects of information, price-pressure, and company characteristics, in: Review of Finance, Vol. 11, No. 1, p. 117–141. 



  • Franck, A.; Kerl, A. (2013): Analystenresearch beeinflusst Investitonsverhalten, in: Börsen-Zeitung, Nr. 22.
  • Kerl, A.; Arand, D. (2011): Sind Kursziele wirklich unabhängig?, in: Börsen-Zeitung, Nr. 252.
  • Kerl, A. (2009): Wie Analysten mit ihren Aktienempfehlungen Kurse beeinflussen, in: Börsen-Zeitung, Nr. 231.


  • Informational content of financial experts’ recommendations and their impact on capital markets. Dissertationsschrift (Universität Tübingen 2008). Alexander Kerl.
  • Grunert, J.; Kerl, A. (2008): Asset Backed Securities am Beispiel der Programme der Kreditanstalt fuer Wiederaufbau, in: Wirtschaftswissenschaftliches Studium, Vol. 6, p. 327–331.