Hrvoje Kurtović, Ph.D.

Lecturer and Researcher at University of Lausanne. Interested in financial markets and how investors form their beliefs.

Lausanne

Research Interests

Behavioral Finance
Private Equity
Financial Markets
Asset Pricing
Finance
Short Selling

About

Hrvoje Kurtović, Ph.D. is an accomplished economist with a diverse educational background and extensive research experience. He obtained his Ph.D. in Financial Economics from the University of Lausanne in 2023, after completing his M.Sc. in Economics at WHU-Otto Beisheim School of Management in 2019 and his B.Sc. in Management at EBS University of Business and Law in 2017. Throughout his academic career, Dr. Kurtović has been a visiting scholar at various universities, including Duke University, Indiana University, and Arizona State University. He has also held positions as a lecturer and researcher at the University of Lausanne. In addition to his academic pursuits, Dr. Kurtović has gained practical experience through internships at Aleris Rolled Products Germany GmbH, Stabilus GmbH, and thyssenkrupp. His roles have included accounting, M&A/business development, procurement, and marketing. Dr. Kurtović's research interests include financial economics, international finance, and corporate finance. He has published several papers in reputable journals and has presented his work at conferences around the world. He is a highly skilled and dedicated economist with a passion for advancing the field through his research and teaching.

Publications

Tail risks and private equity performance

Journal of Empirical Finance / Jan 01, 2024

Kurtović, H., & Markarian, G. (2024). Tail risks and private equity performance. Journal of Empirical Finance, 75, 101457. https://doi.org/10.1016/j.jempfin.2023.101457

Disagreement of Disagreement

SSRN Electronic Journal / Jan 01, 2023

Goulding, C. L., Harvey, C. R., & Kurtović, H. (2023). Disagreement of Disagreement. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4647471

The Risk and Performance of Listed Private Equity

The Journal of Alternative Investments / May 22, 2023

Kurtović, H., Markarian, G., & Breuer, P. (2023). The Risk and Performance of Listed Private Equity. The Journal of Alternative Investments, 26(1), 77–94. https://doi.org/10.3905/jai.2023.1.191

Education

University of Lausanne

Ph.D., Financial Economics / September, 2023

Lausanne

WHU-Otto Beisheim School of Management

M.Sc., Economics / August, 2019

Vallendar

EBS University of Business and Law

B.Sc., Management / July, 2017

Wiesbaden

Duke University

Visiting Researcher / August, 2020

Durham, North Carolina, United States of America

Indiana University

Visitor / December, 2018

Bloomington, Indiana, United States of America

Arizona State University

Visitor / May, 2016

Tempe, Arizona, United States of America

University of South Florida

none, English / December, 2013

Tampa, Florida, United States of America

Experience

University of Lausanne

Lecturer / September, 2023Present

Instructing 1st year bachelor students in “Financial Accounting”

Researcher / September, 2019Present

 Designed course materials and exams for subjects including Financial Accounting, Capital Market Research, Financial Statement Analysis, and Accounting Theory  Collaboratively supervised master student theses in finance and accounting  Developed a data sourcing tool that extracts information on 200+ 10-Ks and generates weekly quizzes (used now in several accounting classes throughout the university)  Packages: proficiency in SAS, STATA, and Python for advanced data manipulation, analytics, and econometrics  Databases: Capital IQ M&A, Compustat, CRSP, Execucomp, I/B/E/S, Markit Short Selling, Preqin, TAQ, Thomson/Refinitiv s12 and s34a

Aleris Rolled Products Germany GmbH

Accounting Working Student / March, 2019June, 2019

 Conducted economic research to write the economic and risk report for the management report under German commercial code (HGB)  Built an overview of expense accruals in Excel for current payables and tracked their development for financial planning purposes

Stabilus GmbH

M&A / Business Development Intern / May, 2018July, 2018

 Valued European acquisition targets with enterprise values from €7 million to €20 million, using comparable analysis and DCF valuation  Involved in initial due diligence on business models, capital structures, and economic environment and created company profiles  Examined sales on regions and business units in Excel and PowerPoint for sales managers to check if forecasts need adjustments

Procurement Intern / May, 2015August, 2015

 Developed a method in Excel to find outsourcing opportunities in Eastern Europe based on provided supplier information  Negotiated with suppliers on the basis of mostly self-carried out offer comparisons, price maps, and supplier analyses

Gz-Service am evang. Stift Koblenz GmbH

Marketing Intern / May, 2013July, 2013

 Updated market analyses for in-patient care of 15 hospitals in the Greater Koblenz area

thyssenkrupp Rasselstein GmbH

Controlling Finance/Invest/Risk Intern / June, 2018August, 2018

 Supported the team in factorizing receivables and selling them via forfaiting, factoring, and ABS up to €16 million  Scrutinized credit limits of over 50 debtors and initiated proceedings with sales managers regarding limit violations  Monitored financial instruments in form of derivatives (guarantees and letters of credit) and primary ones (receivables)

Links & Social Media

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