Article
Ziadat SA, McMillan D & Herbst P (2022) Oil shocks and equity returns during bull and bear markets: The case of oil importing and exporting nations. Resources Policy, 75, Art. No.: 102461. https://doi.org/10.1016/j.resourpol.2021.102461
Contact details
- Email patrick.herbst@stir.ac.uk
- Telephone+44 (0)1786 467300
About me
I am an economist by education with a doctorate in Economics from the University of Tuebingen, Germany, and an MSc in Economics from the London School of Economics. After two years in equity portfolio management, I have rejoined academia, with a research focus in Finance and Economics. Prior to joining the University of Stirling in 2010, I worked at the Department of Management and Applied Microeconomics at Goethe University Frankfurt.
At the University of Stirling, I am currently Programme Director for the MSc International Accounting and Finance as well as Undergraduate Honours Year Coordinator. I am also a member of the Research programme Contextual Learning in Humans and Machines, as part of which I am collaborating with FinTech company Bambu, a Singapore-based robo-advisory solutions provider.
Research (1)
My current research focuses on two different areas, asset management and R&D management. This split in my research is due to my initial research interests and education (applied microeconomics / industrial organization) and my professional experience in asset management. Having worked in the mutual fund industry, I am leveraging my experience in order to analyze aspects neglected in the analysis of investment decisions by money managers. The common element in all my research is the role played by incentives and individuals’ or firms’ decisions.
Two of my current projects explore the impact equity research analysts have on investor attention as well as on firms‘ R&D decisions. A current project on long-run developments in asset management has been awarded a BA/Leverhulme Small Research Grant.
In a recently developed research area, I am part of the interdisciplinary Research programme Contextual Learning in Humans and Machines with a focus on potential applications in Finance. Within this programme, we are collaborating with FinTech company Bambu, a Singapore-based robo-advisory solutions provider.
Projects
Asset Management in the Long-run – the Scottish Investment Trust, 1888 - 2018
PI:
Funded by: The British Academy
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Outputs (12)
Outputs
Article
The Role of Oil as a Determinant of Stock Market Interdependence: The Case of the USA and GCC
McMillan D, Ziadat S & Herbst P (2021) The Role of Oil as a Determinant of Stock Market Interdependence: The Case of the USA and GCC. Energy Economics, 95, Art. No.: 105102. https://doi.org/10.1016/j.eneco.2021.105102
Article
Inter- and Intra-Regional Stock Market Relations for the GCC Bloc
Ziadat S, Herbst P & McMillan D (2020) Inter- and Intra-Regional Stock Market Relations for the GCC Bloc. Research in International Business and Finance, 54, Art. No.: 101292. https://doi.org/10.1016/j.ribaf.2020.101292
Article
IP-for-IP or Cash-for-IP? R&D Competition and the Market for Technology
Herbst P & Jahn E (2017) IP-for-IP or Cash-for-IP? R&D Competition and the Market for Technology. Review of Industrial Organization, 51 (1), pp. 75-101. https://doi.org/10.1007/s11151-016-9542-z
Article
The Design of Vertical R&D Collaborations
Herbst P & Walz U (2017) The Design of Vertical R&D Collaborations. Economica, 84 (333), pp. 54-77. https://doi.org/10.1111/ecca.12183
Preprint / Working Paper
Investor Attention to Stock Recommendations
Gavriilidis K, Herbst P & Kagkadis A (2016) Investor Attention to Stock Recommendations. University of Stirling Management School Working Papers. https://efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2017-Athens/papers/EFMA2017_0425_fullpaper.pdf
Article
Firms, Nonprofits, and Cooperatives: A Theory of Organizational Choice
Herbst P & Prufer J (2016) Firms, Nonprofits, and Cooperatives: A Theory of Organizational Choice. Annals of Public and Cooperative Economics, 87 (3), pp. 315-343. https://doi.org/10.1111/apce.12130
Article
The Influence of Buy-side Analysts on Mutual Fund Trading
Frey S & Herbst P (2014) The Influence of Buy-side Analysts on Mutual Fund Trading. Journal of Banking and Finance, 49, pp. 442-458. https://doi.org/10.1016/j.jbankfin.2014.01.007
Article
Measuring mutual fund herding - A structural approach
Frey S, Herbst P & Walter A (2014) Measuring mutual fund herding - A structural approach. Journal of International Financial Markets, Institutions and Money, 32, pp. 219-239. https://doi.org/10.1016/j.intfin.2014.05.006
Preprint / Working Paper
Labor Market Pooling and Human Capital Investment Decisions
Amend E & Herbst P (2009) Labor Market Pooling and Human Capital Investment Decisions. SSRN Working Paper Series. http://ssrn.com/abstract=1479393
Authored Book
Humankapital und lokale Arbeitsmarkte: Eine theoretische Analyse von Investitionsanreizen
Herbst P (2004) Humankapital und lokale Arbeitsmarkte: Eine theoretische Analyse von Investitionsanreizen [Human Capital and Local Labour Markets]. First ed. Berlin, Germany: Dissertation.de. http://www.econis.eu/PPNSET?PPN=396419682
Preprint / Working Paper
Real Options Valuation of Highly Uncertain Investments: Are UMTS-Licenses Worth their Money?
Herbst P & Walz U (2001) Real Options Valuation of Highly Uncertain Investments: Are UMTS-Licenses Worth their Money?. https://sites.google.com/site/patrickherbst/home/research
Teaching
Programme Director MSc International Accounting and Finance
My current and past teaching at Stirling includes
- Research Methods in Accounting and Finance (UG)
- Financial Statement Analysis (UG and PG)
- International Finance (UG and PG)
- Investments and Portfolio Management (PG)
- Investments: Fixed Income and Alternative Investments (PG)
- Behavioural Finance (PG)