Institut für Finance & Banking

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Anmeldung zum Hauptseminar im Wintersemester 2022/23


Hauptseminar Finance & Banking: Is there a Replication Crisis in Finance?

Organizational Issues

Lecturer: Prof. Dr. Ralf Elsas / Valentin Luz

Language: English

Credits: 6 ECTS, M&F-BWL

Cycle: Every semester

Typical class size: 20 students

Date & Place:

  • Kick-off meeting: October 19, 2022, 10-12 o'clock, online
  • Seminar: December 12, 2022, 10:30-16:30 o'clock, Edmund-Rumpler-Str. 9, A 180


In this seminar, we try to answer the question whether there is a replication crisis in finance. There is an increasing amount of empirical evidence that academic studies in finance cannot be replicated. Even if they can be replicated, critics say that the results are driven by "p-hacking" (testing hypotheses until one finds significant results and publishing only the significant ones). The constantly increasing availability of large-scale data sets and the continuous development of modern estimation techniques (e.g. machine learning) make the need for economic interpretability more important than ever.

We will focus within the seminar on specific topics in the broad area of asset pricing and in doing so gain a deeper understanding of factor models, anomalies, and asset pricing in general. This will help us to understand whether the critique is justified.


Students have to write an essay and present their results in front of other students.
The course language is English. The final grade is determined by the grade of the essay and by the grade of the presentation.
A successful participation in the seminar will be credited with 6 ECTS.


Participating successfully in this seminar grants eligibility for writing a bachelor thesis at the Institute for Finance & Banking.


The courses "Commercial Banking" and "Proseminar Matlab for Finance" are recommended for participants in the seminar, but they are not a prerequisite.