Max Bruche

Professor of Finance, Humboldt-Universität zu Berlin

This is my personal homepage. See also the webpage of the Finance Group at HU, and my official HU webpage.

Contact Info
Wirtschaftswissenschaftliche Fakultät
Humboldt-Universität zu Berlin
Dorotheenstr. 1, 10099 Berlin
Email: max.bruche [ at ] hu-berlin.de

CV (pdf)

Research interests
Corporate finance, financial intermediation, debt financing, debt markets

Work in progress

• "What Do Lead Banks Learn from Leveraged Loan Investors?," with Ralf Meisenzahl and David Xiaoyu Xu.
  

• "Dealer Funding and Market Liquidity," with John C. F. Kuong.
  [Paper on SSRN]

• "Pipeline Risk in Leveraged Loan Syndication," with Frederic Malherbe and Ralf Meisenzahl.
  Review of Financial Studies, December 2020, 33(12), 5660-5705.
  [Paper] [Paper on SSRN] [Open Access paper at Oxford University Press]
• "Debt Maturity and the Liquidity of Secondary Debt Markets," with Anatoli Segura.
  Journal of Financial Economics, June 2017, 124(3), 599-613. [Paper] [Paper on SSRN] [Paper on ScienceDirect] [Online Appendix]
• "Preventing Zombie Lending," with Gerard Llobet.
  Review of Financial Studies, March 2014, 27(3), 923-956. [Paper] [Paper on SSRN] [Paper at Oxford University Press] [Non-technical description on VoxEU]
• "Creditor Coordination, Liquidation Timing, and Debt Valuation."
  Journal of Financial and Quantitative Analysis, October 2011, 46(5), 1407-1436. [Paper] [Paper on SSRN] [Paper at Cambridge Journals Online]
• "A Structural Model of Debt Pricing with Creditor-Determined Liquidation," with Hassan Naqvi.
  Journal of Economic Dynamics and Control, May 2010, 34(5), 951-967. [Paper] [Paper on SSRN]
  
• "Recovery Rates, Default Probabilities, and the Credit Cycle," with Carlos González-Aguado.
  Journal of Banking and Finance, April 2010, 34(4), 713-723. [Paper] [Paper on SSRN] [Presentation] [Sample Matlab Code] [Web appendix]
• "Deposit Insurance and Money Market Freezes," with Javier Suárez.
  Journal of Monetary Economics, January 2010, 57(1), 45-61. [Paper] [Paper on SSRN] [Presentation] [Non-technical description on VoxEU]

• "Estimating Structural Models of Corporate Bond Prices." [Paper]
  Reprinted in World Scientific Reference on Contingent Claims Analysis in Corporate Finance (Singapore: World Scientific, 2019), Volume 3: pp. 179-211. [DOI]
  

• I supervise PhD students who have been accepted into the Berlin School of Economics structured PhD programme, a Berlin-wide program. Participating institutions include DIW Berlin, WZB, Humboldt-Universität zu Berlin, Freie Universität Berlin, Technische Universität Berlin, ESMT, and Hertie School of Governance.
• If you are interested in having me as a supervisor, please apply for the programme here and let me know once you have applied.

• The Second Workshop on Financial Intermediation and Corporate Debt Markets, co-organized together with Philipp König, took place on March 23 and 24, 2023, at Deutsche Bundesbank in Frankfurt a. M.
• The Workshop on Financial Intermediation and Corporate Debt Markets, co-organized together with Philipp König, took place on October 14 and 15, 2021, at Deutsche Bundesbank in Frankfurt a. M.
• The Second Workshop on Corporate Debt Markets, co-organized together with Francesc Rodríguez-Tous, took place on May 15, 2018, at Cass Business School.
• The First Workshop on Corporate Debt Markets took place on March 10, 2017, at Cass Business School.
• A Breakfast Seminar on Leveraged Finance in Europe (which I co-organized together with Roody Munean at Dealogic) took place on July 5, 2017, at Cass Business School.

Miscellaneous
I have a page about useful software for economists, and one on which I put up some code that I wrote.