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Mr Andreas Hoepner

Andreas Hoepner

BA (Hons) MLitt

Lecturer in Banking and Finance

Undergraduate Admissions Officer

Contact details

Tel: +44 (0)1334 462860
Fax: +44 (0)1334 462812

Office Hours

Spring Semester: Wednesday 5 - 6 pm (except Feb 24th and March 17th) and by appointment

Web Link

Andreas holds the position of Academic Fellow, Principles for Responsible Investment, United Nations.

Teaching 2009/2010

  • MN3202 Dissertation Proposal and Dissertation Supervision for Undergraduates
  • MN5444 Strategic Financial Management
  • MN5498 Individual Dissertation / MN 5499 Group Dissertation
  • MN5611 Alternative Investments: Hedge Funds, Private Equity, Socially Responsible Investment, Islamic Finance, Carbon Finance ¿

Research Interests

Primary Research Interest(s):

  • Responsible Investment
  • Investment Performance Evaluation

Further Research Interest(s):

  • Banking
  • Corporate Finance
  • Corporate Social Responsibility
  • Downside Risk Measurement
  • Financial Markets
  • Islamic Investment
  • Scientometrics
  • Sustainable Development
  • Systematic Review Methods

'As I have got several dozen promising undergraduate and especially postgraduate dissertation topics on file, I recommend students interested in one of these research areas to contact me ideally a few months before the start of their dissertation process.'

Submitted Manuscript(s)

de Aguiar, T. R. S.; Hoepner, A. G. F. & Majithia, R. (2009) 'Financial Markets and the marketing of hazardous infant products'

Hoepner, A. G. F., McMillan, D. G. & Fraser, M. (2009) 'A Generic Benchmarking Approach for Research Area Output: Is Responsible Investment a Researcher¿s Stepchild?' [ Available from SSRN ]

Hoepner, A. G. F., Rammal, H. G. & Rezec, M. (2009) 'Islamic Mutual Funds' Financial Performance and Investment Style: Evidence from 20 Countries' [ Available from SSRN ]

Hoepner, A. G. F. & Zeume, S. (2009) 'The Dark Enemy of Responsible Mutual Funds: Does the Vice Fund Offer More Financial Virtue?' [ Available from SSRN ]

*Title has been anonymised to ensure blind review.

Working Papers

Hoepner, A. G. F. (2009) 'Do fund of funds need further diversification? The illusion of Terminal Wealth Standard Deviation.'

Hoepner, A. G. F. (2009) 'Future Scenarios of Responsible Investment Processes Across Asset Classes: A Morphologic Analysis'. [ Available from SSRN ]

Hoepner, A. G. F. & McMillan, D. G. (2009) 'Influential Literature Analysis: A systematic review approach to the synthesis of voluminous research areas.'

Hoepner, A. G. F. & McMillan, D. G. (2009) 'Research on 'Responsible Investment': An Influential Literature Analysis (ILA) comprising a rating, characterisation, categorisation & review.' [ Available from SSRN ]

Hoepner, A. G. F., Yu, P.-S. & Ferguson, J. (2009): 'Industries, externalities and asset prices.' [An older version is available from SSRN]

Hoepner, A. G. F. & Zeume, S. (2009) 'Do Mutual Fund Managers Have Asset Management Skills? Evidence from New Measures on Crisis Management and Directional Trading.' [ Available from SSRN ]

Dumke, M.; Hoepner, A. G. F. & Wilson, J. O. S. (2008) 'Does more social mean less financial performance for SRI funds? Evidence from the UK.'

Hoepner, A. G. F. (2008) 'At best dangerous, at worst catastrophic! Using Jensen Alpha to evaluate investment portfolios during bear markets.'

Hoepner, A. G. F. & McMillan, D. G. (2008) 'Bigger loss, much higher risk, but better Sharpe ratio!? A theoretically valid and robust solution to the negative Sharpe ratio problem.'

Hoepner, A. G. F. & McMillan, D. G. (2008) 'Empirical test of alternative solutions to the negative Sharpe ratio problem: Active investors are best advised to use the H6, H7 or H8-measure.'

Current Research Projects

  • The impacts of the extra-financial screening processes within responsible investment: How do different screening process properties jointly and individually affect responsible investments' impact on corporate social, environmental and ethical (SEE) behaviour, their SEE performance as well as their risk adjusted financial performance? [in corporation with EIRiS - Ethical Investment Research Services]
  • The financial performance of Sudan Divestment: Doing well while fighting genocide? [with D. McMillan and G. Müller ; in corporation with Invested Interests and Sudan Divestment Task Force]

Research Performance Indicators

  • Academic Fellowship, Principles for Responsible Investment (PRI), United Nations: In my position as Academic Fellow, I am responsible for selecting the recent academic literature, which will be communicated in digested form to the signatories of the PRI. These signatories hold assets worth about $ 18 trillion. I also answer email enquiries about academic research from anybody interested in responsible investment.
  • Intellectual Property Rights: The University of St Andrews' Panel for Intellectual Property and Patents decided on October 1st 2009 to pursue the protection of the intellectual property rights on some of my work by filing a patent application in the US Patent and Trademark Office.
  • Media/External Research Coverage:
    • The French business newspaper Les Echos devoted an article to my research (Le «fonds du vice» ne paye pas, October 15th 2009, p.31)
    • The responsible investment bibliography, sristudies.org, which is a project of the Moskowitz Research Programme of the UC Berkeley, describes one of my studies as 'Hoepner and McMillan's excellent Influential Literature Analysis'.
  • Refereeing (selected journals/institutions): Ecological Economics, European Journal of Finance, ESRC, German Economic Review
  • Discussant/Respondent: UN Principles for Responsible Investment Academic Conference 2009, British Accounting Association Conference 2009
  • Author Rank on the Social Science Research Network (SSRN): As of December 26th, 2009, I am ranked among the Top 10% of all authors on SSRN.

Publications in professional outlets

  1. Hoepner, A. G. F., H. G. Rammal and M. Rezec. (2009) "Islamic Mutual Funds: Reviewing their Financial Performance and Investment Style around the World." Opalesque Islamic Finance Intelligence, 4: 20-21.
  2. Hoepner, A. G. F. (2008) "A Categorisation of the Responsible Investment Literature." Bibliography, United Nations Principles for Responsible Investment Academic Network. [Available here]

Presentations at Conferences, Public Events and Seminars

  1. Emerging Scholars in Banking & Finance Conference, Cass Business School, December 2009
  2. St. Andrews Business Summit, St. Andrews, November 2009
  3. Seminar, School of Management, University of St Andrews, November 2009
  4. Seminar, Accounting & Finance Division, Nottingham University Business School, October 2009
  5. 2nd UN Principles for Responsible Investment Academic Conference, Ottawa, October 2009
  6. 21st International Congress on Social and Environmental Accounting Research, St. Andrews, September 2009
  7. Seminar, Department of Accounting & Finance, University of Dundee, March 2009
  8. Seminar, School of Management, University of St Andrews, February 2009
  9. Plenary Speech, St. Andrews Business Summit, St. Andrews, November 2008
  10. Seminar, Department of Accounting and Finance, University of Stirling, October 2008
  11. 1st European Centre for Corporate Engagement & UN PRI Academics Conference, Maastricht, September 2008
  12. British Accounting Association Scottish Area Group Annual Conference 2008, Glasgow, September 2008
  13. 3rd Corporate Responsibility Research Conference 2008, Belfast, September 2008 (3 papers presented)
  14. 20th International Congress on Social and Environmental Accounting Research, St. Andrews, September 2008
  15. ICAS/BAA Accounting & Finance Scotdoc Colloquium 2008, Glasgow, June 2008
  16. 4th Scottish Doctoral Management Conference, St. Andrews, May 2008
  17. St. Andrews Economic Forum, St. Andrews, May 2008
  18. ICAS Research Development Programme, Edinburgh, February 2008
  19. 19th International Congress on Social and Environmental Accounting Research, St. Andrews, September 2007
  20. ICAS/BAA Accounting & Finance Scotdoc Colloquium 2007, Dundee, June 2007
  21. 3rd Scottish Doctoral Management Conference, St. Andrews, June 2007
  22. Seminar, University of St. Andrews¿ Ethical Investment Campaign, St. Andrews, March 2007
  23. 2nd Scottish Doctoral Management Conference, St. Andrews, June 2006

Extended CV

Short Summary in German

My Recommended Links about Responsible Investment, Campaigns towards Sustainability and Taught Students' Research

External websites are not the responsibility of the School of Management or the University of St Andrews.