Contact Info
Wirtschaftswissenschaftliche Fakultät
Humboldt-Universität zu Berlin
Dorotheenstr. 1, 10099 Berlin
Email: max.bruche [ at ] hu-berlin.de
CV (pdf)
Research interests
Corporate finance, financial intermediation, debt financing, debt markets
Working papers
- "Tracing the Impact of Bank Shocks under Bank-Specific Credit Demand," with Luisa Farinha, Sotirios Kokas, Enrico Sette, and Serafeim Tsoukas.
[Working Paper] [CEPR Working Paper version] - "What Do Lead Banks Learn from Leveraged Loan Investors?," with Ralf Meisenzahl and David Xiaoyu Xu.
[Paper on SSRN]
Publications in refereed journals
- "Dealer Funding and Market Liquidity," with John C. F. Kuong.
Accepted at Management Science
[Paper on SSRN] - "Pipeline Risk in Leveraged Loan Syndication," with Frederic Malherbe and Ralf Meisenzahl.
Review of Financial Studies, December 2020, 33(12), 5660-5705.
[Paper] [Paper on SSRN] [Open Access paper at Oxford University Press] - "Debt Maturity and the Liquidity of Secondary Debt Markets," with Anatoli Segura.
Journal of Financial Economics, June 2017, 124(3), 599-613.
[Paper] [Paper on SSRN] [Paper on ScienceDirect] [Online Appendix] - "Preventing Zombie Lending," with Gerard Llobet.
Review of Financial Studies, March 2014, 27(3), 923-956.
[Paper] [Paper on SSRN] [Paper at Oxford University Press] [Non-technical description on VoxEU] - "Creditor Coordination, Liquidation Timing, and Debt Valuation."
Journal of Financial and Quantitative Analysis, October 2011, 46(5), 1407-1436.
[Paper] [Paper on SSRN] [Paper at Cambridge Journals Online] - "A Structural Model of Debt Pricing with Creditor-Determined Liquidation," with Hassan Naqvi.
Journal of Economic Dynamics and Control, May 2010, 34(5), 951-967.
[Paper] [Paper on SSRN] - "Recovery Rates, Default Probabilities, and the Credit Cycle," with Carlos González-Aguado.
Journal of Banking and Finance, April 2010, 34(4), 713-723.
[Paper] [Paper on SSRN] [Presentation] [Sample Matlab Code] [Web appendices] - "Deposit Insurance and Money Market Freezes," with Javier Suárez.
Journal of Monetary Economics, January 2010, 57(1), 45-61.
[Paper] [Paper on SSRN] [Presentation] [Non-technical description on VoxEU]
Other publications / unpublished work
Events
- The 4th Workshop on Markets and Intermediaries, co-organized together with Falko Fecht and Philipp König, took place on March 25 and 26, 2026, at the Bundesbank Seminar Centre in Berlin Wannsee.
- The (renamed) 3rd Workshop on Markets and Intermediaries, co-organized together with Falko Fecht and Philipp König, took place on September 29 and 30, 2025, at Humboldt University of Berlin.
- The Conference on Markets and Intermediaries, co-organized together with Philipp König, Karol Paludkiewicz, and Franziska Schobert, took place on October 1 and 2, 2024, at Deutsche Bundesbank in Frankfurt a. M.
- The 2nd Workshop on Financial Intermediation and Corporate Debt Markets, co-organized together with Philipp König, took place on March 23 and 24, 2023, at Deutsche Bundesbank in Frankfurt a. M.
- The Workshop on Financial Intermediation and Corporate Debt Markets, co-organized together with Philipp König, took place on October 14 and 15, 2021, at Deutsche Bundesbank in Frankfurt a. M.
- The Second Workshop on Corporate Debt Markets, co-organized together with Francesc Rodríguez-Tous, took place on May 15, 2018, at Cass Business School.
- The First Workshop on Corporate Debt Markets took place on March 10, 2017, at Cass Business School.
- A Breakfast Seminar on Leveraged Finance in Europe (which I co-organized together with Roody Munean at Dealogic) took place on July 5, 2017, at Cass Business School.