Doctoral Programme in Quantitative Economics and Finance

Department of Economics

University of Konstanz Imprint

Published by: University of Konstanz D-78457 Konstanz Tel.: +49 (0)75 31/88-0 www.uni-konstanz.de

Edition: December 2004

Photography: Ralf Metzger Jochen Staudacher

Layout: Sylvia Zapf, University of Konstanz Maps www.br-promotions.com

Universität Konstanz D-78457 Konstanz www.uni-konstanz.de 1

Contents

Welcome from the Director 2 The Structure of the Doctoral Programme 4 ■ The Preparatory Year 4 ■ The Core Fields 5 ■ The Research Fields 5 ■ Courses in Economic Theory 7 ■ Courses in Econometrics 8 ■ Courses in Finance 9 ■ Courses in Labour Economics 9 ■ Courses in Public Economics 10 ■ Seminars 10 The Department of Economics 12 The Thurgau Institute of Economics 14 The Staff of the Doctoral Programme 15 The University of Konstanz 22 ■ The University Library 23 ■ The Computer Centre 24 ■ The Language Institute 24 ■ The International Ofﬁce 25 ■ The Career Service 25 ■ The Student Welfare Service 25 ■ Sport 26 ■ The Choir, Orchestra, Big Band and Theatre 26 Constance 28 Financial Support 30 Further Facilities 30 Application 31 Contact 31 Finding your way to us 32 2

Welcome from and public economics. This training opens the Director up a broad spectrum of research possi- bilities for doctoral students and equips On behalf of our department and our them with the skills to undertake a thesis doctoral students, it is my pleasure to in line with the highest internationally introduce you to the Konstanz Doctoral recognised standards. Programme in Quantitative Economics and Finance. This programme, supported by Our doctoral students benefit from an the German Academic Exchange Service American-style curriculum. A goal-ori- and the Ministry of Science, Research and ented programme of instruction covering the Arts Baden-Württemberg, has been our core and research fields is effectively launched by the Department of Economics combined with special research training of the University of Konstanz in response measures, such as doctoral seminars and to the growing international mobility of the completion of research papers. Each graduates. Our policy is to provide doc- student is guided and supported through- toral students with a comprehensive, state out the programme by two supervisors. of the art and internationally competitive These factors enable students to identify scientific education. The programme builds their own research agenda as early as pos- on the success and reputation of our sible and to complete their thesis within existing doctoral education and offers a the three-year schedule. three-year structured programme of postgraduate study and research in quantita- The programme is open to highly moti- tive economics and finance. vated graduates with an outstanding master’s degree or German “Diplom” in The goal of the programme is twofold. economics or business economics. For To provide students with an advanced graduates of related fields and economics knowledge of the newest theoretical graduates requiring an advanced back- concepts and quantitative methods of eco- ground in economic theory or economet- nomics and finance, and to give students rics, we offer a preparatory year before proficiency in the programme’s highly access to the programme. relevant and scientifically productive research fields: finance, labour economics 3

Our doctoral graduates typically embark Constance is one of Germany’s choice des- upon impressive academic careers in tinations. Its unique setting on the shores national and international universities of the River Rhine and Lake Constance, and research institutes. Others move on to the nation’s largest lake, and its proxim- leading positions in international organi- ity to the Alps, Switzerland, Austria and sations, government institutions, national Liechtenstein, make it the ideal location and multinational companies, management for study and leisure. consultancies, banks or insurance companies. If you believe that our Doctoral Pro- gramme in Quantitative Economics and The Department of Economics of the Uni- Finance meets your academic aspirations, versity of Konstanz is one of the premier then please do not hesitate to apply. If departments of its kind in Germany and you have any further questions, feel free enjoys an outstanding reputation in teach- to contact us. We look forward to meeting ing and research. With 15 professors from you in Constance. the ﬁelds of economics, business economics, statistics, and business and economics education, as well as over 40 researchers, an intellectually stimulating and productive research environment exists for doctoral students. Prof. Dr. Winfried Pohlmeier Director of the Doctoral Programme in The University of Konstanz is a role model Quantitative Economics and Finance for the integration of research into teaching. It is strong in research funding and is a truly international university, maintaining relations with 200 universities worldwide. The University’s ﬁrst-rate infrastructure includes an excellent 24-hour library, up-to-date computer facilities and the provision of German and other foreign language courses. The Preparatory Year

The Structure of the the area of the planned thesis. Students Doctoral Programme who fulfil these requirements are then admitted as doctoral candidates by the The three-year Doctoral Programme in Head of Department. Quantitative Economics and Finance com- mences in mid-October, at the beginning In the second and third years, students of the academic year. In the first year, primarily concentrate on their doctoral students take two courses in economic thesis. In each of these years, they also theory, two courses in econometrics and attend one doctoral seminar, designed to two courses in one of the research fields: guide and monitor their research progress. finance, labour economics or public eco- Each seminar is assessed by means of a nomics. Each course is generally assessed presentation and a working paper. by means of a two-hour written examination. At the beginning of each course, the Students should complete their thesis by lecturer can decide upon an equivalent the end of the third academic year. After examination form. In addition, students the successful oral defence of the thesis, attend two doctoral seminars, which are the doctoral degree is awarded. each assessed by means of a presentation. By the end of the first year, students must ■ The Preparatory Year have passed the six examinations and two Previous experience has shown us that seminars. Moreover, they should have a there is a wide variation in the method- proposal for their doctoral thesis, together ological and theoretical background of with two supervisors whose research is in doctoral students. This is particularly the The Core Fields The Research Fields

case among economics graduates from Econometrics abroad and increasingly the case among The objective of the core field econo- German economics graduates. Graduates of metrics is to provide doctoral students related disciplines often have an extensive with a broad overview of major econo- methodological background, but lack the metric methods at the advanced level. experience in the scientific application of The courses are mainly designed for these methods. For promising applicants future econometric users, but they also without the necessary background to serve as a starting point for students qualify for direct entry to the three-year planning to specialise in econometrics. programme, we offer a preparatory year, in which students can take courses in ■ The Research Fields econometrics, economic theory and other Finance economics subjects. Finance doctoral candidates tend to be well versed in the field of finance, hav- ■ The Core Fields ing normally completed their master’s Economic Theory studies in finance. In our doctoral level In the core field economic theory, finance courses, students start by learn- courses are designed to equip doctoral ing about the subjects of asset pricing, students with the necessary tools to corporate finance and econometrics. apply rigorous theoretical reasoning to The programme focuses on individual all areas of economics and finance, and choices first, leading to the portfolio to introduce specific mathematical top- problem of optimal investment and to ics that are motivated by the analysis of the question of asset pricing, which is economic problems. 6

also concerned with valuing complex economic issues of the labour market financial instruments and analysing are addressed in a course on search the efficiency of financial markets. In and matching models, with particular the field of corporate finance, agency emphasis on wage dispersion, labour considerations compound the problems. market turnover, job creation and job More advanced courses extend these destruction flows. In a course on labour questions to equilibrium settings. In market institutions, institutional dif- addition, information economics in ferences across countries are analysed, market microstructure is addressed. All focusing in particular on the effects of of these courses have a theoretical side minimum wages, unemployment benefit to them and an empirical part, in which regulation and employment protection we look at tests of the theories, espe- regulation. Courses on panel econo- cially building on the financial econometrics and microeconometrics provide metrics courses, which include time students with the necessary tools to series econometrics. Other advanced conduct empirical research in the field topics are, for example, continuous time of labour economics. finance. The courses prepare students for developing theoretical models, Public Economics devising methods for numerically imple- Public economics deals with the issues menting the models and finally testing involved in public finance and public them empirically on market data. policy. A recurring theme is the decision about when to assign responsibility to Labour Economics the government for levying taxes, in Doctoral students in the field of labour order to finance public spending and economics learn the theoretical and regulate economic affairs. Making use empirical tools of modern labour of microeconomic, macroeconomic and economics required for engaging in suc- econometric techniques, both normative cessful research in this area. In courses and positive questions are explored. The on contract theory and advanced game Konstanz curriculum is characterised theory, students are provided with the by a strong emphasis on the political- background to study the microeco- economic approach to analysing policy nomics of the labour market. Macro- choice. The Konstanz department Courses in Economic Theory

specialises in the policy fields inter- Advanced Growth Theory national taxation, health care, social (for Labour Economics) insurance, education and international The course gives a state of the art trade. account of some of the most fundamental questions of growth theory. The first ■ Courses in the Core Field part introduces the main techniques and Economic Theory methods used to analyse deterministic Advanced Game Theory and stochastic growth models. The (for all three research fields) second part examines various explana- The course presents advanced topics tions for the divergence in international in the theory of games and illustrates growth patterns. Different theoretical their relevance for economic theory explanations are explored concerning through examples. The first part pres- why nations with identical economic ents Bayesian games as a general device structures need not converge to the to model situations characterised by same balanced growth path. The third incomplete information. The second part part focuses on the linkage between presents the most common extensive- financial development and economic form, imperfect information equilib- growth. Particular emphasis is placed on rium refinements, focusing initially on models in which the degree of market Perfect Bayesian Equilibrium, because of incompleteness is endogenous. its relevance for actual applications and then moving to more solid concepts like Contract Theory sequential and trembling-hand perfect (for all three research fields) equilibria. The third part presents key This core course introduces contract ideas of game theory which weaken the theory as a microeconomist’s meth- Nash equilibrium concept, e.g. ratio- odological tool. It covers the follow- nalisability of strategies and correlated ing topics: truth telling and incentive equilibria. Relevant applications covered compatibility, the original revelation explicitly in the course include Spence’s principle, the value of additional infor- job market model and Milgrom and mation, ex-ante private information Robert’s limit pricing model. – the adverse selection problem, adverse selection with type-dependent reserva- Courses in Econometrics

tion utilities, equilibrium concepts in ■ Courses in the Core Field Econometrics markets with adverse selection, ex-post Microeconometrics private information – moral hazard, (for all three research fields) multitask incentive schemes, non-verifi- The course covers the most important ability and ownership structure, ex-post topics in microeconometrics such private information of the principal, as quantal response models, limited credit rationing, renegotiations, the dependent variable models and selec- incomplete contracts approach, renego- tion models. Special emphasis is given tiation and status quo payoffs, monoto- to semi-parametric approaches as well nicity and veto power, dynamic incen- as to evaluation econometrics. At the tive contracts, contracts with many end of the course, students should be agents, common agency, non-pecuniary able to critically read empirical papers incentive effects. and do their own empirical research using microeconometric tools. General Equilibrium Theory (for all three research fields) Time Series Analysis The aim of this course is to enhance (for all three research fields) the student’s command of general The course covers central topics of the equilibrium analysis. The topics cov- econometrics of time series. At the ered include: non-cooperative and end of the course, students should be cooperative games, the Walrasian able to critically read empirical papers equilibrium, fundamental theorems of and to use econometrics for their own welfare economics, excess demand and empirical research, in each case in existence, regularity and local unique- relation to the material that has been ness, uniqueness, comparative statics covered. Applications in macroeconom- and Tatonnement stability, the Son- ics and especially finance are used to nenschein-Mantel-Debreu theorem, illustrate the methods for empirical large economies, non-convexities and research. Topics included are basic aggregation, abstract economics or concepts of time series analysis, sta- generalised games, the marginal produc- tionary ARMA processes (univariate and tivity principle, general equilibrium and multivariate), unit roots and cointegra- uncertainty. tion, and GARCH models (univariate and multivariate). Courses in Finance Courses in Labour Economics

■ Courses in the Research Field Finance ■ Courses in the Research Field Discrete Time Theory of Finance Labour Economics This course provides a rigorous presenta- Topics in Labour Economics tion and discussion of important con- The purpose of the course is to acquaint cepts in Discrete Time Theory of Finance. students with current topics in labour Doctoral students are expected to economics and to encourage the actively participate in the presentation development of independent research and discussion of the material. A writ- interests in this area. The course will ten exam concludes the course. First, ﬁrst focus on a few basic models of wage properties of an equilibrium in security determination and unemployment. It markets and asset prices in a single will then continue to examine different period model are discussed, together explanations for wage inequality and with methods applied in incomplete wage dispersion, in order to explore why markets. Then the relation between wage inequality varies so much across risk aversion, background risk and the countries and across time. pricing kernel is analysed, including the valuation of contingent claims. The last Panel Econometrics part of the course addresses multiperiod In this course, the basic econometric problems. After the discussion of multi- methods for analysing panel data are period portfolio selection and consump- introduced. Panel data are widely used tion decisions, multiperiod asset pricing in industrial economics, labour econom- is explained and illustrated by the ics and other areas of microeconomic relationship between bond pricing and analysis. In macroeconomics, they have interest rate processes. became popular for the analysis of sectoral data, where the time dimension is Further courses to be announced. large in comparison to the cross-sectoral dimension. Courses in Public Economics Seminars

■ Courses in the Research Field Public Economics Special Topics in Political Economy In this course, special (hot) topics of political economy - be it special theoretical aspects or special applications - are discussed in three or four blocked modules. Participants should be familiar with the tools of political economic analysis. The ﬁrst ten chapters of the graduate textbooks by Drazen or Persson and Tabellini will provide an adequate background. The course is designed to accommodate visiting professors who teach subjects closely related to their own research interests.

Panel Econometrics See above.

■ Seminars Doctoral seminars are given in the core fields economic theory and econometrics, as well as in the research fields finance, labour economics and public economics. 11 12

The Department Department of Economics was identified of Economics as one of the top economics departments with respect to teaching, supervision and The Department of Economics comprises student satisfaction. 15 professors and over 40 researchers. Currently 1,400 students are enrolled in its Studies conducted for the European Eco- degree courses. Aside from the Doctoral nomic Association (2001, 2002) show that Programme in Quantitative Economics the department belongs to the leading and Finance, the department offers the German economics departments in terms English-taught Master’s Programme in of research. Research in the department International Economic Relations and is undertaken on two levels. The research German-taught degree courses in Econom- activities of the academic chairs cover a ics (“Diplom Volkswirtschaftslehre”), broad range of areas: business and eco- Mathematical Finance (“Diplom Mathema- nomics education, econometrics, economic tische Finanzökonomie”) and Business and and social policy, finance, labour eco- Economics Education (“Diplom Wirtschaft- nomics, public economics, international spädagogik”). economics, macroeconomics, managerial economics, marketing, monetary econom- The department places particular emphasis ics, public economics, political economics on the quality of its teaching. In 1990, it and statistics. Collaborative research in was one of the first departments to intro- the department is organised into three duce regular teaching evaluations by stu- areas: finance, labour economics and dents. Great importance is also attached public economics. to a cooperative and communicative relationship between department members Research is also partly conducted in and students. The department has a long specific organisational units. The depart- established mentoring system, which allo- ment has two research units funded by the cates each student a member of the teach- German Research Foundation. The research ing staff as an adviser in academic affairs. unit “Heterogeneous Labor: Positive and In a nationwide survey by the Centre for Normative Aspects of the Skill Structure Higher Education Development (“Centrum of Labor” is concerned with the increas- für Hochschulentwicklung”) in 2002, the ing inequality between qualified and 13

less qualified employees, with particular professors from these reputable national reference to the role of human capital and international universities give courses formation, globalisation and technological in their field of expertise for the doctoral process. The research unit “Price, Liquidity programme. Among the visiting professors and Credit Risks” examines the interaction taking part in the programme are Prof. between price and liquidity risks in the Luc Bauwens, Professor of Economics and capital market, and in particular, the cur- Statistical Methods at the University of rent efforts of the credit sector to enable Louvain, Belgium, Prof. Harris Schlesinger, the tradability of credit risks. The depart- Professor of Finance at the University of ment also hosts the “Center of Finance and Alabama, USA and Prof. Walter Trockel, Econometrics“, a nationwide unique inter- Professor of Mathematical Economics at disciplinary centre for research in the area the University of Bielefeld, Germany. The of financial economics. In the academic doctoral programme cooperates in particu- area of regional economics, macroeconom- lar with the Swiss universities of St. Gallen ics and finance, the department works in and Zurich, where it is possible for our conjunction with the Thurgau Institute of doctoral students to attend courses. Economics in Switzerland.

At the weekly Research Colloquium, international and national professors, researchers and professional economists present their current research results. All doctoral students are encouraged to take part in the colloquium, which gives an insight into different ﬁelds of economic research and provides plenty of stimulating ideas.

The department maintains partnerships with 28 universities in Europe and North America. In addition, the department members have numerous contacts to academic institutions around the world. Guest 14

The Thurgau Institute of For the TWI, the doctoral programme Economics (Thurgauer forms a link between its two pillars, i.e. to conduct application-oriented economic Wirtschaftsinstitut) research and to promote scientifically well-founded professional development The Thurgau Institute of Economics (TWI) Prof. Dr. Friedrich Breyer and continuing education. Mutual interests is a service-based research organisation Prof. Breyer obtained his doctoral degree in 1978 and his and synergies therefore lie at the base of a with a twofold orientation: to conduct habilitation in 1983, both at the University of Heidelberg. He prolific cross-border cooperation. academic and applied research in the fields served as an associate professor at the FernUniversität Hagen of regional economics, macroeconomics before taking up the Chair of Economic and Social Policy at the and finance, and to offer courses and edu- University of Konstanz in 1992. In addition, he is a research cational programmes in these fields and professor at the German Institute for Economic Research in be an intermediary in educational matters. Berlin and is a member of the Advisory Council of the Federal The TWI is financed and supported by both Ministry of the Economy and Labour. He has published numer- the Swiss canton Thurgau and the Depart- ous articles in international scientific journals and several ment of Economics at the University of advanced textbooks in public economics. Konstanz. Research interests: health economics, social security econom- To support the doctoral programme, the ics, public choice. TWI provides infrastructure and organisational input for teaching and research Prof. Dr. Oliver Fabel activities. It, for instance, facilitates Prof. Fabel obtained his doctoral degree at the FernUniversität worldwide contacts with renowned schol- Hagen and his habilitation at the University of Bielefeld. He ars and acts as the fulcrum between the held a Professorship for Industrial and Labour Organisation different doctoral programmes in econom- at the University of Magdeburg before coming to Konstanz in ics in the cross-border area surrounding 1999 to head the Chair of Managerial Economics, in particular Lake Constance. In both ways, the TWI Business Policy. He has published numerous articles in interna- furthers the programme’s international tionally renowned economics and management journals. He is orientation. currently department editor for organisation of the “Zeitschrift für Betriebswirtschaft”.

Research interests: theory of the ﬁrm, incentive theory, personnel economics, economics and management of (higher) education. 15

The Staff of the Doctoral Programme

Prof. Dr. Friedrich Breyer Prof. Breyer obtained his doctoral degree in 1978 and his habilitation in 1983, both at the University of Heidelberg. He served as an associate professor at the FernUniversität Hagen before taking up the Chair of Economic and Social Policy at the University of Konstanz in 1992. In addition, he is a research professor at the German Institute for Economic Research in Berlin and is a member of the Advisory Council of the Federal Ministry of the Economy and Labour. He has published numerous articles in international scientiﬁc journals and several advanced textbooks in public economics.

Research interests: health economics, social security economics, public choice.

Prof. Dr. Oliver Fabel Prof. Fabel obtained his doctoral degree at the FernUniversität Hagen and his habilitation at the University of Bielefeld. He held a Professorship for Industrial and Labour Organisation at the University of Magdeburg before coming to Konstanz in 1999 to head the Chair of Managerial Economics, in particular Business Policy. He has published numerous articles in internationally renowned economics and management journals. He is currently department editor for organisation of the “Zeitschrift für Betriebswirtschaft”.

Research interests: theory of the ﬁrm, incentive theory, personnel economics, economics and management of (higher) education. 16

Prof. Dr. Guenter Franke Prof. Dr. Jens Jackwerth After completing his doctoral degree at the University of the After receiving his PhD in Finance from Goettingen University Saarland (Saarbrücken), Prof. Franke taught finance at the in 1994, Prof. Jackwerth was a visiting postdoctoral scholar at Pennsylvania State University as a visiting associate profes- the UC Berkeley until 1997. He taught at the London Busi- sor. Then he finished his habilitation in Saarbrücken. He held ness School until 1999, then at the University of Wisconsin at his first chair in finance at the University of Giessen and then Madison until 2001, before taking up the Chair of Finance at moved to the Chair of International Finance at the Univer- University of Konstanz. His research interests are in derivative sity of Konstanz. He coordinated the finance activities of the pricing and asset pricing. Questions concern the information European Institute for Advanced Studies in Management, Brus- contained in option prices and ways to unlock this information. sels, for more than ten years and taught several times at the Publications have appeared in the Journal of Finance, Review of Jiao Tong University in Shanghai. He is head of the Center of Financial Studies and Journal of Derivatives. Finance and Econometrics at the University of Konstanz. Research interests: asset pricing, derivative pricing, Research interests: capital markets, in particular trade of credit financial engineering. default risks and option pricing; long-term portfolio decisions, risk management, international finance. Prof. Dr. Leo Kaas Prof. Kaas obtained his doctoral degree at the University of Prof. Dr. Bernd Genser Bielefeld in 1998 and his habilitation at the University of Prof. Genser obtained his first degree from the Graz University Vienna in 2004. Between 1998 and 2003, he also taught at the of Technology and his doctoral degrees from the University Institute for Advanced Studies in Vienna, at CERGE-EI in Prague of Vienna and the Vienna University of Technology. He was and at the University of California, Los Angeles. In October assistant professor at the University of Vienna before taking up 2004, he joined the University of Konstanz to head the Chair of the Chair of Public Economics at the University of Konstanz. He Economic Theory and Labour Economics. His recent research has has held visiting positions at the International Monetary Fund, focused on the impact of imperfections in labour and financial the University of Vienna, the Australian National University markets on growth and macroeconomic volatility. and the University of New South Wales. He is managing editor of “FinanzArchiv” and associate editor of “Perspektiven der Research interests: macroeconomic theory, growth and business Wirtschaftspolitik”. He is also chairman of the Committee of cycle theory, labour economics. Public Finance (“Finanzwirtschaftlicher Ausschuss”) of the “Verein für Socialpolitik”.

Research interests: theory of taxation, international taxation and tax harmonisation, ﬁscal federalism, tax policy analysis, economics of education. 17

Prof. Dr. Jens Jackwerth After receiving his PhD in Finance from Goettingen University in 1994, Prof. Jackwerth was a visiting postdoctoral scholar at the UC Berkeley until 1997. He taught at the London Busi- ness School until 1999, then at the University of Wisconsin at Madison until 2001, before taking up the Chair of Finance at University of Konstanz. His research interests are in derivative pricing and asset pricing. Questions concern the information contained in option prices and ways to unlock this information. Publications have appeared in the Journal of Finance, Review of Financial Studies and Journal of Derivatives.

Research interests: asset pricing, derivative pricing, ﬁnancial engineering.

Prof. Dr. Leo Kaas Prof. Kaas obtained his doctoral degree at the University of Bielefeld in 1998 and his habilitation at the University of Vienna in 2004. Between 1998 and 2003, he also taught at the Institute for Advanced Studies in Vienna, at CERGE-EI in Prague and at the University of California, Los Angeles. In October 2004, he joined the University of Konstanz to head the Chair of Economic Theory and Labour Economics. His recent research has focused on the impact of imperfections in labour and ﬁnancial markets on growth and macroeconomic volatility.

Research interests: macroeconomic theory, growth and business cycle theory, labour economics. 18

Prof. Dr. Winfried Pohlmeier Prof. Dr. Jan-Egbert Sturm Prof. Pohlmeier is director of the Doctoral Programme in Quan- Besides his position as full professor at the University of titative Economics and Finance. After completing his doctoral Konstanz, Chair for Monetary Economics of Open Economies, studies at the University of Mannheim, he spent a research year Prof. Sturm is director of the Thurgau Institute of Economics at Harvard University. In 1994, he took up the Chair of Eco- in Kreuzlingen (Switzerland). As at his previous simultaneous nomics and Econometrics at the University of Konstanz. He is positions as Head of the Economic Forecasting Department at a research associate at the Center of Finance and Econometrics the Ifo Institute for Economic Research in Munich and Profes- in Konstanz and a research professor of the Centre of European sor of Macroeconomics and Monetary Policy at the University Economic Research in Mannheim. Since 2002, he has been serv- of Munich, he is thus able to interlink theory and practice. ing as the scientific coordinator of the EU Research and Train- Being a Dutch citizen, he obtained his PhD in Economics at ing Network “Microstructure of Financial Markets in Europe”. the University of Groningen in 1997, where he subsequently held post-doctoral and assistant professor positions. In 2000, Research interests: microeconometrics, labour econometrics, he was a visiting assistant professor at the School of Busi- econometrics of ultra-high frequent financial data. ness, Bond University, Gold Coast, Australia. His empirical orientation is reflected in a long publication list containing books on public capital spending and monetary policy as well as contributions to important anthologies and international Prof. Dr. Matthias Sander scientific journals. Prof. Sander studied economics at the Christian-Albrechts University Kiel and obtained his doctoral degree at the Eber- Research interests: empirical research in the fields of macro- hard-Karls-University Tübingen. He held assistant and associ- economics, monetary economics and political economics. ate professor positions at the University of Tübingen before coming to the University of Konstanz in 1998 to take up the Dr. Jens Suedekum Chair of General Business Administration and Marketing. He is Dr. Suedekum studied economics at the Universities of Goet- actively involved in the cooperation with the Jiao-Tong-Univer- tingen and Los Angeles (UCLA). He obtained his PhD with a sity Shanghai and has published numerous articles and books dissertation on regional unemployment disparities in 2003. in recent years. Since then he is Assistant Professor of Economic Policy at the Department of Economics in Konstanz. His research inter- Research interests: pricing, branding, international marketing, ests focus on new economic geography, regional policy, the communication policy. determinants of employment growth at the local level and the political economics of structural reforms.

Research interests: economic geography, location theory, international trade, political economy. 19

Research interests: economic geography, location theory, international trade, political economy. 20

Prof. Dr. Heinrich Ursprung Prof. Ursprung obtained his doctoral degree at the University of Basel. He was a research fellow at the Center for the Study of Public Choice at the Virginia Polytechnic Institute and at UCLA, and held a lecturer position at the Victoria University of Wellington, New Zealand, before taking up the Chair of Politi- cal Economy in Konstanz in 1988. He has published numerous articles in internationally renowned scientiﬁc journals such as the American Economic Review, the International Economic Review, the European Economic Review, the Journal of Eco- nomic Behavior and Organization and Economic Inquiry. He is currently one of the managing editors of the European Journal of Political Economy. He has held visiting positions at Bar-Ilan University, Israel, UCLA and the Research Institute in Econom- ics and Business Administration, Kobe University, Japan. In 1994, Prof. Ursprung obtained a Max Planck research award for outstanding research in collaboration with Arye Hillman in the ﬁeld of political economy.

Research interests: political economy, endogenous trade policy, education economics. 21

Research interests: political economy, endogenous trade policy, education economics. 22

The University equipped with the goal of effectively of Konstanz competing with national and international universities through its combined energy The University of Konstanz is a centre and its ability to innovate. There has of excellence in teaching and research, hardly been a national ranking in which with a reputation spanning well beyond the University and its departments have national borders. The University is divided not occupied one of the premier positions. into three faculties: Humanities, Law, The University is fully integrated into the Economics and Politics, and Sciences. global academic network, maintaining These are in turn subdivided into 13 relations with 200 universities worldwide. departments. The Faculty of Humanities International students from 80 countries comprises the departments of Philosophy, are enrolled at the University and repre- History and Sociology, Literature, and sent 15% of the student body. A study of Linguistics. The Faculty of Law, Economics the Humboldt Foundation has also shown and Politics encompasses the School of that the University has the largest pro- Law, the Department of Economics, and portion of international guest researchers the Department of Politics and Manage- among all German universities. ment. The Faculty of Sciences consists of the departments of Mathematics and The University was founded as a research Statistics, Computer Science and Infor- university, guided by the principle that mation Engineering, Physics, Chemistry, science is shaped not by tradition, but by Biology, and Psychology. Currently 40 research. Today research demands both degree courses at the undergraduate and the further development of specialist postgraduate level are offered. knowledge and the capability of inter- disciplinary cooperation. In the three The establishment of the University of tightly structured faculties with their Konstanz in 1966 marked the arrival of a interdepartmental collaborative research new distinctive model within the ensem- centres, graduate colleges and research ble of German universities. It represented units, academic teaching develops out a modern prototype for smaller, leaner of the current state of research. The and more compact universities and was University’s commitment to a high level of research activity, the creation of research The University Library

profiles and the promotion of interdisci- With a student body of 10,000, the Uni- plinary research is reflected in the figures: versity is still one of the smaller German Konstanz is one of the largest recipients universities and is one of the few campus of independent research funds among the universities. This status provides favour- German universities. able benefits for students. Teaching takes place in smaller groups and overcrowded The research-oriented teaching at the classes are the exception. Students profit University of Konstanz is immune to from more intensive supervision and sup- obsolescence. Students are integrated into port through the teaching and administra- research through projects, research-based tive staff. All facilities of the University courses as well as through employment are easily accessible in one location. as temporary assistants. They know their professors not only from hearsay, are not ■ The University Library confined to studying and learning in their The University Library is open 24 hours living quarters, but in research teams and a day and holds a stock of around two well-organised practical training. The million books and journals. It has working clearly structured degree courses have space for 700 readers and 130 computers ensured that the duration of study in are available with catalogues, databases, Konstanz has always been shorter than at Internet services, and electronic full texts other German universities. of journal and books. Wireless LAN facili- The Computer Centre The Language Institute

ties enable students to bring their own ■ The Language Institute laptops. Photocopying and printing facili- The Language Institute offers courses for ties are available. The library also houses a beginners and advanced students in a wide well-stocked audio-visual library. variety of foreign languages. It also has a Self-Access Study Centre in which students ■ The Computer Centre can independently develop their language The Computer Centre is responsible for the skills with the help of audio, video and University’s data network and Internet computer media. Its “Tandem Learning“ access. It operates computer laborato- service is particularly popular: two part- ries including PCs (Windows terminals), ners who would like to learn each other’s monochrome and colour laser printers, and mother tongue meet regularly to converse special services such as multimedia and alternately in one of the languages. “Ger- scanner workstations. All students receive man as a Foreign Language“ courses are free e-mail accounts and Internet access. offered for international students at the Reasonably priced software and handbooks basic, intermediate and advanced level. are available. The Help Desk provides The Language Institute, in conjunction assistance in all computer problems. Vari- with the International Ofﬁce, also offers ous departments run computer laboratories a four-week intensive language course with specialist software packages. with an orientation programme for new international students at the beginning of the winter semester. The International Ofﬁce The Career Service The Student Welfare Service

■ The International Office ■ The Career Service Aside from being responsible for the The Career Service is a joint initiative of international relations of the University, the University of Konstanz, the regional and for advising students and research- Chamber of Commerce and the Employ- ers about stays abroad, the Interna- ment Office Constance. It offers advice tional Office is responsible for advising and information on planning and start- and supporting international students. ing a career and helps in finding jobs and Each semester it offers an orientation internships. The Mentoring Programme, programme to introduce new students a cooperation between the University of to the University and the town, as well Konstanz and the Konstanz University of as to assist them with all the necessary Applied Sciences, gives female students formalities. The September orientation the opportunity to meet women in top programme includes a German language positions and to obtain a close insight into course. Under the Pass Programme, new career prospects for women. international students are allocated a Ger- man student to assist them with settling ■ The Student Welfare Service into Constance. The International Office The Student Welfare Service offers 1750 also offers an excursion programme with rooms in its 12 student residences in tours in the Lake Constance region, as well Constance. Whether a shared or single as to various locations such as Freiburg, apartment, for couples or wheelchair users, Stuttgart, Munich, St. Gallen and Zurich. accommodation for every need is catered for. Assistance is also given with finding private accommodation. In addition, the Student Welfare Service runs the Univer- sity’s refectory and cafeteria (Mensaria), Sport The Choir, Orchestra, Big Band and Theatre

which caters for breakfast, lunch, dinner ■ The Choir, Orchestra, Big Band and Theatre and snacks. It offers a wide selection of If you enjoy Monteverdi’s “Orfeo“ and “Ves- food and beverages – regional, national and pers of the Blessed Virgin Mary“, Händel’s international dishes, vegetarian and low- “Messiah“, Carl Orff’s “Carmina Burana“ or calorie meals. There is something to meet Benjamin Britten’s “War Requiem“, then why every taste and budget. not join the University Choir? The University Orchestra is especially devoted to works ■ Sport of the Romantic period and the twentieth The University’s sports programme has century. The Big Band’s repertoire includes been ranked one of the best nationwide classics (Ellington, Berlin) and modern com- and offers 80 different courses in both positions (Maria Schneider, Phil Collins) and traditional athletic disciplines and popular spans all music styles, from rock to funk, sports, from A for aerobics to Z for Zen from swing to Latin. The members of the meditation. Team players, individualists, University Theatre play many roles, not only professionals and novices are equally wel- as actors, but also as make-up artists, stage come. The University’s location, near Lake and costume designers, lighting technicians Constance and the Alps, provides optimal and musicians. The University Theatre is not conditions for water sports, skiing, climb- only an important contributor to the local ing, mountain biking and hiking. theatre scene, but also gives guest performances, such as “Waiting for Godot“ in the State Theatre Karlsruhe and Ernst Jandl’s “The Humanists“ at Tel Aviv University. 27 28

Constance parlours, pubs and wine bars. Constance is the home of the oldest running theatre Constance is situated in south-west Ger- in Germany and of the famous Southwest many in the state of Baden Württemberg German Philharmonic Orchestra. There are and shares its border with the Swiss town several museums, art galleries, as well as of Kreuzlingen. It lies on the shores of the arts centres offering a broad spectrum of River Rhine and Lake Constance, central events: art and documentary exhibitions, Europe’s second largest lake, where the concerts in all music genres from classic to borders of Austria, Germany and Switzer- rock, theatre and cabaret, lectures, work- land converge. Constance is the economic shops, readings, performances, parties and and cultural centre of the Lake Constance discos. The town also has various cinemas, region. It is an attractive business loca- nightclubs and a casino. tion (light industry, commerce, high technology), a popular tourist destination and A wide range of festivals and events takes a lively university town. With its beautiful place in Constance throughout the year. location, its model infrastructure and its These include the Alemannic Street Carni- diverse range of cultural and recreational val in February/March, the International facilities, the town offers its 80,000 Lake Constance Festival in April/May with inhabitants a high quality of life. classical concerts, theatre, ballet, jazz and literature. In July the Wine Festival is The town has a long and rich historical celebrated and the “Zeltfestival“ (Tent Fes- tradition. First settlements were erected tival) offers assorted entertainment to suit in Constance Bay in 2000 BC and the town all ages and tastes, including both famous was given its name “Constantia“ by the or unusual singers and bands from all over Romans in the 4th century AD. Constance the world, comedians and other variety has a well-preserved medieval town and acts. A particular highlight in August is numerous historical buildings from the the “Seenachtsfest“, a diverse programme Romanesque, Gothic and Baroque peri- of entertainment between Constance and ods. The town has an attractive shopping Kreuzlingen culminating in a spectacular centre with a shopping mall, department ﬁrework display on the lake. Also in August stores and small specialist shops. There is is “Rock am See“ (Rock at the Lake), an an array of cafés, restaurants, ice cream open air rock festival of top national and 29

international bands. In October/November musical performances on a ﬂoating stage the Constance Autumn Jazz Festival takes in the lake. A boat trip along one of the place and the year ends with the tradi- most beautiful parts of the Rhine takes tional Christmas market and various New you to the magniﬁcent Rhine Falls at the Year’s Eve events. Swiss town of Schaffhausen. Major cities such as Zurich, Basel, Strasbourg, Stutt- Constance is a perfect location for all gart, Munich and Milan are easily reachable kinds of outdoor leisure activities. The from Constance. region has an excellent network of routes for walking, cycling and inline skating tours. The beaches are a major summer attraction for relaxing in the sun and swimming in the lake or the Rhine. The lake offers various water sports such as sailing, canoeing and diving, and the nearby Alps provide winter and summer- time enjoyment for skiers, snowboarders, walkers and climbers.

Constance is also an ideal starting point for excursions to the many attractions in Germany, Switzerland, Austria and Liechenstein. On the town’s doorstep is the famous ﬂower Island of Mainau and the Island of Reichenau, a UNESCO world heritage site. Boat trips can be taken to beautiful towns around the lake, such as Meersburg, Überlingen and Lindau. The lakeside town of Friedrichshafen is home of the Zeppelin airships and the Austrian town of Bregenz is renowned for its summer festival, with spectacular opera and 30

Financial Support Further Facilities

There are no tuition fees for the doc- Doctoral students can receive a fully toral programme. Each year a number of equipped workplace, including a computer, scholarships from the Ministry of Science, a network printer, LAN and WAN access. Research and the Arts Baden-Württemberg Although the doctoral programme can be is available for outstanding participants. completed entirely in English, international doctoral students may be interested Interested applicants are also encouraged in learning German. We therefore offer to apply to other institutions for funding. a “German for Beginners” course in the A wide range of public and private founda- winter and summer semesters. German tions offer postgraduate scholarships language courses at a more advanced level both in Germany and abroad. The German are offered by the Language Institute. Academic Exchange Service (DAAD) offers scholarships and provides a database of scholarship sources on its website (www.daad.de). The German Foundation Index (www.stiftungsindex.de) and the Donors’ Association for the Promotion of Sciences and Humanities in Germany (www.stifterverband.org) are useful links to further scholarship sources. Temporary employment in the department, as a teaching assistant on an academic chair or as a research assistant within a research project, is a further possibility of ﬁnancing. 31

Application The complete application package should be sent to the following address: Applications are welcome from highly motivated graduates with an outstanding Universität Konstanz master’s degree or German “Diplom“ in Fachbereich Wirtschaftswissenschaften economics or business economics. Gradu- Doctoral Programme ates from related fields (mathematics, Fach D 137 statistics, physics etc.) are also invited to 78457 Konstanz apply. The application form can be down- Germany loaded from the website: www.uni-konstanz.de/econdoc/ The application deadline for admission in October is 15th May. Aside from the application form, applicants are requested to send: a curriculum vitae, copies of academic transcripts and Contact certificates, proof of English proficiency (IELTS, Cambridge Certificate of Profi- For further information, please do not ciency or TOEFL), a one page statement of hesitate to contact us. purpose about aptitude and motivation Tel.: +49 (0)7531 88 3761 for pursuing the programme, two letters of Fax: +49 (0)7531 88 4119 recommendation from professors and the E-mail: [email protected] results of the GRE test. Website: www.uni-konstanz.de/econdoc/ 32

Finding your way to us

By car By train From Stuttgart (180 km) Destination: Hauptbahnhof Konstanz A 81 towards Singen. After the exit for Buses 9A and 9B stop right in front of the Hegau, there are signs for Konstanz. Once train station and will take you directly to in Konstanz, follow signs for the “Univer- the main entrance of the University. sität”. Obtain an individual itinerary from the From Zurich (75 km) Deutsche Bahn AG: www.bahn.de Motorway N7 towards Kreuzlingen/Kon- stanz. After the border, ﬁrst follow signs By bus for “Mainau“. Then follow signs for the Lines 9A and 9B: Get on, for example, at “Universität”. the main train station. Line 11: Get on, for example, at Wollmatin- You can park at one of the University‘s four gen train station. car parks, which are signposted. We wish you a pleasant trip! Find your individual travel route: www.falk.de