Wolfgang Breuer
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Prof. Dr. rer. pol.

Wolfgang Breuer


Chair of Business Administration and Finance


Building: Sammelbau 1050

Room: 416

Templergraben 64

52056 Aachen

Consultation Hours

By appointment only


Wolfgang Breuer was born in 1966 in Cologne. He studied business administration at the Universities of Siegen and Cologne, gaining a doctoral degree and a post-doctoral Habilitation degree from the latter. In 1995, Wolfgang Breuer obtained the Chair of Business Administration at the University of Bonn and, in 2000, he joined RWTH Aachen University, where he has since held the Chair of Business Administration and Finance.

Research Interests

  • Corporate Valuation/Capital Budgeting (e.g. Construction of Power Plants)
  • Financing Decisions (e.g. Household Finance, Behavioral Finance)
  • Capital Market Theory (in particular Portfolio Management and Currency Management)
  • Real Estate Finance

Selected Publications

  • Breuer, W.; Knetsch, A.; Salzmann, A. (2020): What Does it Mean when Managers Talk about Trust? In: Journal of Business Ethics, 166 (3), S. 473-488. 10.1007/s10551-018-4072-2
  • Breuer, W.; Ghufran B.; Salzmann, A. (2018): National Culture, Managerial Preferences, and Takeover Performance. In: Inter­natio­nal Business Review, 27, S. 1270-1289. 10.1016/j.ibusrev.2018.05.008
  • Breuer W.; Müller, T.; Rosenbach, D.; Salzmann, A. (2018): Corporate Social Responsibility, Investor Protection, and Cost of Equity: A Cross-Country Comparison. In: Journal of Banking and Finance, 96, S. 34-45. 10.1016/j.jbankfin.2018.07.018
  • Breuer, W.; Rieger, M.O., Soypak, K.C. (2017): Corporate Cash Holdings and Ambiguity Aversion. In: Review of Finance, 21, S. 1933-1974. 10.1093/rof/rfw025
  • Breuer, W.; Felde, M.; Steininger, B.I. (2017): The Financial Impact of Firm Withdrawals from „State Sponsor of Terrorism“ Countries. In: Journal of Business Ethics, 144, S. 533-547. 10.1007/s10551-015-2814-y
  • Breuer, W.; Felde, M. (2015): Wealth Effects of the SEC’s "Terror Tool". In: European Journal of Finance, 21, S. 527-547. 10.1080/1351847X.2013.856331
  • Breuer, W.; Soypak, K.C. (2015): Framing Effects in Intertemporal Choice Tasks and Financial Implications. In: Journal of Economic Psychology 51, 151-167. 10.1016/j.joep.2015.09.004
  • Breuer, W.; Hens, T.; Salzmann, A.; Wang, M. (2015): On the Determinants of Household Debt Maturity Choice. In: Applied Economics 47, 449-465. 10.1080/00036846.2014.972547
  • Breuer, W.; Rieger, O.; Soypak, K.C. (2014): The Behavioral Foundations of Corporate Dividend Policy – A Cross-Country Analysis. In: Journal of Banking and Finance 42, 247-265. 10.1016/j.jbankfin.2014.02.001
  • Breuer, W.; Schuhmacher, F. (2014): When All Risk-Adjusted Performance Measures are the Same: in Praise of the Sharpe Ratio – A Comment. In: Quantitative Finance 14, 775-776. 10.1080/14697688.2013.872284
  • Breuer, W.; Riesener, M.; Salzmann, A. (2014): Risk Aversion vs. Individualism: What Drives Risk Taking in Household Finance?. In: European Journal of Finance 20, 446-462. 10.1080/1351847X.2012.714792
  • Breuer, W.; Fuchs, D.; Mark, K. (2014): Estimating Cost of Capital in Firm Valuations with Arithmetic or Geometric Mean – or Better Use the Cooper Estimator?. In: European Journal of Finance 20, 568-594. 10.1080/1351847X.2012.733717