Tim Kroencke

Former Full Professor of Finance


Tim A. Kroencke was Professor of Finance at the University of Neuchâtel until 31 July 2023. His research focuses on empirical asset pricing. His projects deal with the following: Why do stocks earn large average returns? Why are returns predictable over time and in the cross-section of firms; and how can investors benefit from predictability? How does monetary policy and macroeconomic news affect a firm`s value? Why do investors shift their portfolios from bonds to equities? How can investors benefit from investing internationally, in real estate or human capital? His work has been published in journals such as the Journal of Finance and the Review of Finance.

He studied at the Universities of Freiburg and Basel, and earned his Ph.D. in Finance at the University of Mannheim. Before joining the faculty in Neuchâtel, he was an Assistant Professor at the University of Basel. In the past, he worked at the Centre for European Economic Research (ZEW) in Mannheim and for the Skandinaviska Enskilda Banken (SEB).


  • Empirical Asset Pricing (Macroeconomic Risks; Return Predictability: Time-Series & Firm Characteristics)
  • International Finance (Equity, Bond, Real Estate and FX Markets; Investment Styles and Asset Allocation)


  • Principles of Finance
  • Asset Pricing
  • Current Issues in Portfolio Management (until 2019-2020)
  • Portfolio Management
  • Quantitative Methods for Finance
  • Research in Financial Analysis

Selected publications

"Robust Inference for Consumption-based Asset Pricing with Power", Critical Finance Review, forthcoming

Recessions and the Stock MarketJournal of Monetary Economics, Volume 131, October 2022, Pages 61-77

The FOMC Risk Shift (with Maik Schmeling and Andreas Schrimpf), Journal of Monetary Economics, 120, May 2021, p. 21-39 

Asset Pricing without Garbage, Journal of Finance 2017, 72, 47-98

International Diversification Benefits with Foreign Exchange Investment Styles (with Felix Schindler and Andreas Schrimpf), Review of Finance 2014, 18, 1847-1883

International Diversification with Securitized Real Estate and the Veiling Glare from Currency Risk (with Felix Schindler), Journal of International Money and Finance 2012, 31, 1851-1866