Short Biography

  • Currently: Chair of Department III, Chair of Finance, University of Stuttgart, Stuttgart
  • 2019: Habilitation, venia legendi for the subject Business Administration, Karlsruhe Institute of Technology (KIT), Karlsruhe
  • 2017 - 2020: Head of Junior Research Group, Karlsruhe Institute of Technology (KIT), Karlsruhe
  • 2014 - 2017: Post Doctoral Reserach Fellow, Karlsruhe Institute of Technology (KIT), Karlsruhe
  • 2010 - 2014: Dr. rer. pol. (summa cum laude), Karlsruhe Institute of Technology (KIT), Karlsruhe
  • 2014: Visiting Scholar, College of William and Mary, Williamsburg (VA)
  • 2004 - 2009: Industrial Engineering and Management, Universität Karlsruhe (TH), Karlsruhe
  • 2007 - 2008: Industrial Engineering, Georgia Institute of Technology, Atlanta (GA)


  • Blockchains & Cryptofinance WS2019/20
  • Blockchains & Cryptofinance WS2018/19
  • Fixed-income securities WS2017/18
  • Fixed-income securities WS2016/17
  • Fixed-income securities WS2015/16
  • Credit risks WS2015/16

Research Focus

  • Measurement and empirical analysis of friction and liquidity
  • Modelling of liquidity risk
  • Asset Pricing
  • Bond and options markets
  • Structured products


Reichenbacher, M.; Schuster, P. (2022). Size-Adapted Bond Liquidity Measures and Their Asset Pricing Implications. Journal of financial economics, 146 (2), 425–443. doi:10.1016/j.jfineco.2022.07.010
Schuster, P. (2020). Trade-size related frictions in bond markets. habilitation thesis. Karlsruher Institut für Technologie (KIT).
Schuster, P.; Theissen, E.; Uhrig-Homburg, M. (2020). Finanzwirtschaftliche Anwendungen der Blockchaintechnologie. Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, (72), 125–147. doi:10.1007/s41471-020-00090-5
Gehde-Trapp, M.; Schuster, P.; Uhrig-Homburg, M. (2018). The Term Structure of Bond Liquidity. Journal of financial and quantitative analysis, 53 (5), 2161–2197. doi:10.1017/S0022109018000364
Atanasov, V.; Merrick, J. J.; Schuster, P. (2017). Why Do Dealers Buy High and Sell Low? An Analysis of Persistent Crossing in Extremely Segmented Markets. Review of finance, 21 (2), 719–760. doi:10.1093/rof/rfw033
Schuster, P.; Uhrig-Homburg, M. (2016). How Times of Stress Change the Behavior of Illiquidity Premiums. Jahrbuch 2016 = Yearbook 2016. Hrsg.: Frankfurter Institut für Risikomanagement und Regulierung, 218–220, Gesellschaft für Risikomanagement und Regulierung e.V.
Schestag, R.; Schuster, P.; Uhrig-Homburg, M. (2016). Measuring Liquidity in Bond Markets. The review of financial studies, 29 (5), 1170–1219. doi:10.1093/rfs/hhv132
Schuster, P.; Uhrig-Homburg, M. (2015). Limits to arbitrage and the term structure of bond illiquidity premiums. Journal of banking and finance, 57, 143–159. doi:10.1016/j.jbankfin.2014.10.016

Working Papers


* Presented by coauthor(s)

Public Attention