Chair of Banking and Finance

Andreas studied Mathematics at Leipzig Unversity and Academy of Science in Berlin (major: differential equations and dynamical systems). He obtained his PhD from University Leipzig in 1993. In the same year he attended the PhD-program "Applied Microeconomics" at Humboldt-University and Free University Berlin, obtaining a second PhD in 1995. In 1995 he was visiting scholar at Wharton School (University of Pennsylvania), from 1996 to 2000 Assistant Professor at Freie University Berlin. From 1999 to 2000 he was visiting scholar at Anderson School (University of California at Los Angeles). 2000 he got his Habilitation (a requirement in Germany to obtain tenure) and was tenured professor at the chair of banking and finance at University Hannover. 2006 he was appointed to the chair of banking and finance at Friedrich Alexander University Erlangen-Nuremberg and 2008 he moved to Paderborn as a professor of finance and investment. In 2011 appointed to the chair of banking and finance at Freie Universität Berlin (Full CV).

You can easily contact him via e-mail.

Publications (in English)

Other publications (in German)

The other publications written in German revolve around firm valuation. The Wiley book DCF (mentioned above) contains in fact a summary of those articles. Also, on the corresponding webpage you find a cours (unit) consisting of 11 lectures on discounted cash flow in English. In case you are fluent in German you can download most of the German papers on our webpage on valuation, in this case you might consider our new book on practical problems of valuation (link).

R. Grott, L. Kruschwitz und A. Löffler. Zukunftsbezogene Kreditwürdigkeitsprüfung, Zeitschrift für das gesamte Kreditwesen, Mai 2001, S. 474-478.


At Freie Universität Berlin Andreas Löffler is responsible for undergraduate as well as graduate teaching. The courses (in German) are

Investment - This is the introductory course for all Bachelor students of business and economics.
Decision Theory - This Bachelor course covers all elements for decision analysis (revealed preference, expected utility, stochastic dominance, μ-σ theory etc.).
Valuation and Taxes - This bachelor course examines problems from firm valuation (Gordon-Shapiro, M&A, WACC, APV etc).
Derivatives - Master course on derivatives (up to Black-Scholes).
Capital Markets - Master course covering General Equilibrium, CAPM and similar.
DCF - PhD course on Discounted Cash Flow, see


PhD Supervision

We are getting requests for PhD supervision about once a week. Usually, we do not reply to such request. Here is why:
If you've previously studied in a foreign country, many prospective postgraduate students from abroad suggest research topics, which may evoke interest in their home countries (e.g. Islamic Finance), but are not being researched in Germany and therefore do not qualify for a conferral of a doctorate. In this case we recommend you to attend international finance congresses first, to get informed about recent research topics. Please also check first, on which topics the professor is working on, to whom you are writing - requests on topics outside of his field of specialization will definitely not be answered. The fact alone, that the DAAD offers you a funding of your studies, if you can present a confirmation of academic supervision, is generally not sufficient for a German professor to issue such a letter. 


  • Andreas Löffler, Andreas Loeffler, Finanzwirtschaft, Entscheidungstheorie, WACC, APV, Unternehmensbewertung, Martingaltheorie