Department of Economics Teaching Staff

Stefan Lutz


Stefan Lutz joined HMKW University of Applied Sciences in 2019 as Professor of Economics.

Since 2013 he is also active as independent consultant (

We all share the same world.

Creativity is often the result of curiosity combined with humility and hard work.

Curriculum Vitae




Purdue University, West Lafayette, IN, USA. PhD Economics


Purdue University, West Lafayette, IN, USA. MS Economics


Western Illinois University, Macomb, IL, USA. MA Economics

1986Universität Mannheim. Intermediate Examination, Economics

Academic Experience



Professorship Economice, European Management School, Mainz


Reader/Senior Lecturer in Microeconomics, University of East London, Royal Docks School of Business and Law


Research Fellow, Universidad Complutense de Madrid, ICAE

since 1998

Senior Fellow, Universität Bonn, ZEI


Honorary Research Fellow, University of Manchester (UK), Economics


Research Affiliate, International Trade, Centre for Economic Policy Research


Member, Deutsche Beratergruppe Wirtschaft bei der ukrainischen Regierung



Member, Program Committee, European Economic Association

Industry experience



Manager/Senior Manager, Global Transfer Pricing, KPMG AG, Frankfurt


Senior Manager, Global Transfer Pricing, KPMG LLP, Washington DC USA


Consultant, International Transfer Pricing, NERA Economic Consulting


Senior Economist, UBS AG, Zürich

Academic activities, awards and honors

Referee: AER, Berkeley Electronic Press, Cambridge U Press, Canadian J of Econ, Econ Theory, EER, Intl Econ Rev, IJIO, J of Business & Behavioral Sc, J of Econ, J of Ind Econ, Oxford U Press, Springer Verlag, Zeitschrift für Nationalökonomie & Statistik u.a.

Research and study grants:  DAAD (2017, 1990/91), IREF (2016, 2011/12), GUC (2015-16), ICER (2007-2012), CICYT (2004-2011), Fritz Thyssen Stiftung (2003), EERC (2001), Deutsche Bundesbank (1997), DFG (1996/97), Purdue Research Foundation (1992/93).

since 2015


Fellow, The Higher Education Academy, UK

since 2013

External Lecturer, Frankfurt University of Applied Sciences, FB 3

since 2011

Research Fellow, Universidad Complutense de Madrid, ICAE

since 1998Senior Fellow, Universität Bonn, ZEI
2006 - 2011Honorary Research Fellow, University of Manchester (UK), Economics
1996 - 1999Research Affiliate, International Trade, Centre for Economic Policy Research
2001Member, German Economic Advisory Group to the Ukrainian Government
1998Member, Program Committee, European Economic Association

Research and Teaching Focus

  • Determinants of individual firm performance
  • Global industrial development
  • Global supply chains and transfer pricing
  • Differentiated products and markets


Lutz, S. (2018). “ Simultane Ermittlung des Marktwertes und der Risikoprämie bei der Unternehmensbewertung ”, CBS Working Paper 2018 No. 1, ISSN 2195-6618,ämie-bei-der-Unternehmensbewertung-Lutz.pdf .

Lutz, S. (2018). “R&D, IP, and firm profits in the North-American automotive supplier industry”, FRA-UAS FB 3 WP No. 12,

Baliamoune, M. und S. Lutz (2018). „International ownership and firm performance in Africa“, ASSA/AFEA conference paper, Philadelphia, Januar 2018,

Baliamoune-Lutz, M. und S. Lutz (2017). “Gender and Firm Performance in Middle Eastern and African Economies”, AEA/IAFFE conference paper, January 2017,

Baliamoune-Lutz, M. und S. Lutz (2017). “Financing and performance of female-owned firms in Middle Eastern and African Economies”, ICAE working paper,

Lutz, S. und M. Pezzino (2014). "Mixed oligopoly, vertical product differentiation and fixed quality-dependent costs", The Manchester School, 28(5), 509-630,

Lutz, S. (2013). “Risk premia in multi-national enterprises”, North American Journal of Economics and Finance, 25, 293-305,

Lutz, S. und D. Kleinfeldt (2013). "Risk as determinant of income and cross-border pricing of multi-national enterprises", Studies in Microeconomics, 1(2), 185-212,

Hirsch, G., Li, H., und S. Lutz (2013). “Steueradadäquate Ermittlung der Verzinsung konzerninterner Genussrechte als Herausforderung für die Verrechnungspreisbildung”, Controlling, 25(3).

Lutz, S. und M. Pezzino (2012). "International Strategic Choice of Minimum Quality Standards and Welfare", Journal of Common Market Studies, 50(4), 594-613,

Lutz, S. (2012). “Determination of market values and risk premia of multi-national enterprises and its application to transfer-pricing”, International Business Research, 5(12),

Baliamoune-Lutz, M. und S. Lutz (2010). "Preemption, Predation, and Minimum Quality Standards", International Economic Journal, 24(1), 111-123,

Faß, A. und S. Lutz (2009). “Co-Entrepreneur-Modell”, Controlling, 21(11), 591-597.

Baliamoune-Lutz, M. and S. Lutz (2008). “The Contribution of Income, Social Capital, and Institutions to Human Well-Being in Africa”, in: Gupta, K. R., Sevendsen, G. L. H. and P. Maiti (eds.) Social Capital, Volume 2 (Atlantic Publishers and Distributors (P) Ltd., New Delhi), 195-215.

Baliamoune-Lutz, M. und S. Lutz (2008). "Official and Black Market Exchange Rates in Tunisia", Journal of Business and Behavioral Sciences, 19(1), 113-122.

Lutz, S., Talavera, O. und S. Park (2008). "Effects of Foreign Presence in a Transition Economy: Regional and Industry-Wide Investments and Firm-Level Exports in Ukrainian Manufacturing ", Emerging Markets, Finance and Trade, 44(5), 82-98,

Harbuzyuk, O. und S. Lutz (2008). "Analyzing Trade Opening in Ukraine: Effects of a Customs Union with the EU ", Economic Change and Restructuring, 41(3), 221-238,

Grygorenko, G. und S. Lutz (2007). "Firm Performance and Privatization in Ukraine", Economic Change and Restructuring, 40(3), 253-266.

Lutz, S. (2007). "Import Quotas and Voluntary Export Restraints", in: Gaisford, J. D. and W. Kerr (eds.), Handbook of International Trade Policy (Edward Elgar).

Lutz, S. (2007). "Strategic Export Subsidies", in: Gaisford, J. D. and W. Kerr (eds.), Handbook of International Trade Policy (Edward Elgar).

Vögele, A. und S. Lutz (2007). “Guidelines address migrating business”, International Tax Review, 32, 35-40.

Lutz, S. und A. Turrini (2006). "A General-Equilibrium Model with Vertically Differ-entiated Industries, Skilled Labour and Trade", Economic Modelling, 23(1), 1-19.

Lutz, S. (2006). “Foreign Direct Investment in Ukraine: Prospects and Pitfalls”, Emerging Markets, 23. Mai 2006 (

Baliamoune-Lutz, M. und S. Lutz (2005). "Rural-Urban Inequality in Africa: A Panel Study of the Effects of Trade Liberalization and Financial Deepening", Journal of African Development, 7(1), 1-18.

Lutz S. (2005). "The Effects of Quotas on Domestic Product Price and Quality," International Advances in Economic Research, 11(2), 163-173.

Cleff, T., Heneric, O., Licht, G., Lutz, S., Sofka, W., Spielkamp, A. und W. Urban (2004). "The European Automotive Industry: Competitiveness, Challenges, and Future Strategies", in: European Commission, European Competitiveness Report 2004, Commission Staff Working Document SEC (2004) 1397, Chapter 4.

Lutz, S. und O. Talavera (2004). "Do Ukrainian Firms Benefit from FDI?" Economics of Planning, 37(2), 77-98.

Lutz, S. und M. Baliamoune-Lutz (2003). "Mutual Recognition of National Minimum Quality Standards may Support Regional Convergence", Journal of Industry, Competition and Trade, 3(4), 293-311.

Herguera, I. und Lutz, S. (2003). "The Effect of Subsidies to Product Innovation on International Competition", Economics of Innovation and New Technology, 12(5), 465-480.

Herguera, I. und S. Lutz (2001). "Protection by Regulatory Standards: An Example with Forced Exit", NaUKMA Naukovi Zapysky – Ekonomiki (Scientific Notes – Economics), Vol. 19, 18-22.

Lutz, S. Lyon, T. P. und J. W. Maxwell (2000). "Quality Leadership when Regulatory Standards are Forthcoming", Journal of Industrial Economics, 48(3), 331-348.

Lutz, S. (2000). "Trade Effects of Minimum Quality Standards With and Without Deterred Entry," Journal of Economic Integration, 15(2), 314-344.

Lutz, Stefan and Matthias Moersch (1999). "Kapitalmarktzinsen in Deutschland, USA und Japan", Konjunktur und Kapitalmarkt, Mai/Juni 1999, DG Bank.

Lutz, Stefan and Nannette Hechler-Fayd’herbe (1998): "How Euro Exchange Rates Will be Fixed", EMU Monitor, February 1998, UBS Economic Research.

Herguera, I. und S. Lutz (1998). "Oligopoly and Quality Leapfrogging", The World Economy, 21(1), 75-94.

Lutz, S. (1997). "A Comment on a Model of Financial Intermediation: Market Signalling in the Long Run," Jahrbücher für Nationalökonomie und Statistik, 216(3), 373-380.

Lutz, S. (1997). "Vertical Product Differentiation and Entry Deterrence," Zeitschrift für Nationalökonomie, 65(1), 79-102.

von Hagen, J. und S. Lutz (1997). "Fiskal- und Geldpolitik auf dem Weg zur Europäischen Währungsunion", in: D. Duwendag (Hrg.) Szenarien der Europäischen Währungsunion und der Bankenregulierung, Schriften des Vereins für Socialpolitik, Band 248 (Duncker & Humblot, Berlin).

von Hagen, J. und S. Lutz (1996). "Fiscal and Monetary Policies on the Way to EMU", Open Economies Review, Vol. 7(4), 299-325.

Lutz, S. (1993). "Vertical Product Differentiation, Minimum Quality Standards, and International Trade Policy," Ph.D. Dissertation, Purdue University (Advisor: Professor Marie Thursby).

Lutz, S. (1989). "The Aggregate Investment Function: An Econometric Study," Master's Thesis, Western Illinois University (Advisor: Professor Vaman Rao).

Walzer, N. und S. Lutz (1990). "Revenue-Raising Capacity of Illinois Municipalities, 1982-1986", Illinois Municipal Review, 15-17.


       AEA, AFEA, Econometric Society, EEA, IAEC, Verein für Socialpolitik, WEAI