Dr Patrick Herbst

Lecturer in Finance

Accounting & Finance University of Stirling, Stirling, FK9 4LA

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About me

I am an economist by education with a doctorate in Economics from the University of Tuebingen, Germany, and an MSc in Economics from the London School of Economics. Having worked in asset management, I shifted my research towards Finance after rejoining academia. Prior to joining the University of Stirling in 2010, I worked at the Department of Management and Applied Microeconomics at Goethe University Frankfurt.

Research

My current research focuses on two different areas, asset management and R&D management. This split in my research is due to my initial research interests and education (applied microeconomics / industrial organization) and my professional experience in asset management. Having worked in the mutual fund industry, I am leveraging my experience in order to analyze aspects neglected in the analysis of investment decisions by money managers. The common element in all my research is the role played by incentives and individuals’ or firms’ decisions.

Projects

Asset Management in the Long-run – the Scottish Investment Trust, 1888 - 2018
PI: Professor Graeme Acheson
Funded by: The British Academy
01/09/2019–31/08/2021

Outputs

Article

IP-for-IP or Cash-for-IP? R&D Competition and the Market for Technology

Herbst P & Jahn E (2017) IP-for-IP or Cash-for-IP? R&D Competition and the Market for Technology. Review of Industrial Organization, 51 (1), pp. 75-101. https://doi.org/10.1007/s11151-016-9542-z

Article

The Design of Vertical R&D Collaborations

Herbst P & Walz U (2017) The Design of Vertical R&D Collaborations. Economica, 84 (333), pp. 54-77. https://doi.org/10.1111/ecca.12183

Article

Firms, Nonprofits, and Cooperatives: A Theory of Organizational Choice

Herbst P & Prufer J (2016) Firms, Nonprofits, and Cooperatives: A Theory of Organizational Choice. Annals of Public and Cooperative Economics, 87 (3), pp. 315-343. https://doi.org/10.1111/apce.12130

Article

The Influence of Buy-side Analysts on Mutual Fund Trading

Frey S & Herbst P (2014) The Influence of Buy-side Analysts on Mutual Fund Trading. Journal of Banking and Finance, 49, pp. 442-458. https://doi.org/10.1016/j.jbankfin.2014.01.007

Article

Measuring mutual fund herding - A structural approach

Frey S, Herbst P & Walter A (2014) Measuring mutual fund herding - A structural approach. Journal of International Financial Markets, Institutions and Money, 32, pp. 219-239. https://doi.org/10.1016/j.intfin.2014.05.006

Working Paper

Labor Market Pooling and Human Capital Investment Decisions

Amend E & Herbst P (2009) Labor Market Pooling and Human Capital Investment Decisions. SSRN Working Paper Series. http://ssrn.com/abstract=1479393

Authored Book

Humankapital und lokale Arbeitsmarkte: Eine theoretische Analyse von Investitionsanreizen

Herbst P (2004) Humankapital und lokale Arbeitsmarkte: Eine theoretische Analyse von Investitionsanreizen [Human Capital and Local Labour Markets]. First ed. Berlin, Germany: Dissertation.de. http://www.econis.eu/PPNSET?PPN=396419682

Working Paper

Real Options Valuation of Highly Uncertain Investments: Are UMTS-Licenses Worth their Money?

Herbst P & Walz U (2001) Real Options Valuation of Highly Uncertain Investments: Are UMTS-Licenses Worth their Money?. https://sites.google.com/site/patrickherbst/home/research

University of Stirling

Dr Patrick Herbst

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