Department of Economics and Business Economics

Stefan Hirth

Associate Professor

Stefan Hirth


Teaching and research interests
Corporate Finance
Real Options
Capital Structure
Strategic Interaction
Credit Rating Agencies


Selected publications
Measuring the value of intangibles, Journal of Corporate Finance, Vol. 40, October 2016, pp. 110-127.

Credit rating dynamics and competition, Journal of Banking & Finance, Vol. 49, December 2014, pp. 100-112.
Asset Liquidity, Corporate Investment, and Endogenous Financing Costs, co-Authored with Christian Riis Flor, Journal of Banking and Finance, Vol. 37, No. 2, February 2013, pp. 474–489. (
Investment Timing When External Financing Is Costly, co-Authored with Marliese Uhrig-Homburg, Journal of Business Finance & Accounting, Volume 37, Issue 7-8, September/October 2010, pp. 929-949 (
Investment Timing, Liquidity, and Agency Costs of Debt, co-Authored with Marliese Uhrig-Homburg, Journal of Corporate Finance, Volume 16, Issue 2, April 2010, pp. 243-258 (


Personal homepage


Member of section: Accounting and Finance
Research Secretaries: Lene Engelst Christensen, Pernille Vorsø Jachobsen

Dr. rer. pol., Universität Karlsruhe, Germany, 2007
Dipl.-Wi.-Ing., Universität Karlsruhe (TH), 2002

Stefan Hirth earned a Dipl.-Wi.-Ing. degree in 2002 and a Dr. rer. pol. in 2007, both degrees awarded with distinction by Universität Karlsruhe (TH), Germany. Since 2007 he has been a faculty member at Aarhus University, Denmark, currently holding a position as an Associate Professor. Stefan conducted studies abroad at University of Massachusetts, Amherst, USA, and he was a visiting researcher at AUT University, Auckland, New Zealand and at Columbia University, New York, USA. Stefan’s research deals with the interaction of investment and financing decisions in corporations and with conflicts of interests between different stakeholders in the firm. Most recently, Stefan has also been analyzing the effects of competition on the market of Credit Rating Agencies.

Full curriculum vitae

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