Chair of Financial Econometrics, Institute of Statistics, University of Munich, from 2003.

Assistant/tenured Associate Professor of Economics, State University of New York, Stony Brook, USA, 1987-1994.

Visiting Research Fellow, Centre for Research on Environmental Systems, University of Lancaster, England, 1989.

Research Fellow, Institute for Pattern Recognition, State University of New York, Stony Brook, USA, 1990-1994.

Visiting Professor, Institute for Econometrics, Operations Research & System Theory, Technical University Vienna, Austria, 1991.

Visiting Professor, Department of Econometrics, Free University of Amsterdam, The Netherlands, 1993.

Director and Professor of Statistics and Empirical Economics, Institute of Statistics and Econometrics, University of Kiel, Germany, 1994-2003.

Dean, Faculty of Economic and Social Sciences, University of Kiel, Germany, 2000-2002.

Professor of Financial Econometrics, Institute of Statistics, University of Munich, Germany, from 2003.

Research Director, Ifo Institute for Economic Research, Munich, Germany, 2003-2008.

Dean, Faculty of Mathematics, Computer Science and Statistics, University of Munich, Germany, 2005-2007.

Director, Center for Quantitative Risk Analysis CEQURA), University of Munich, from 2007.

Visiting Professor, Global Finance Program, The New School, New York, USA, 2008, 2009.

Fulbright Distinguished Chair for German Studies, Department of Economics, Washington University, St. Louis, U.S.A., 2004-2005.

Research Fellow, CESifo, Munich, Germany, from 2004.

Honorary Doctorate, University of the Central Bank of the Ukraine, 2008.

Theodor Heuss Visitng Professor, Department of Economics, The New School, New York, USA, 2012.

Fellow, Center for Financial Studies, Frankfurt, Germany, from 2013.

Chair, Technical Committee on Business and Management Techniques, International Federation of Automatic Control, 1996-2002.

Program Director "Financial Risk Management", Center for Financial Studies, Frankfurt, Germany, 2002-2009.

Co-Chair, Organizing Committee, CFS Research Conference on New Directions in Financial Risk Management, Frankfurt, Germany, 2003.

Chair, Scientific Advisory Board, Institute for Quantitative Finance GmbH, Kiel, Germany, from 2003.

Co-Chair, Organizing Committee, CFS Research Conference on Latest Developments on Managing Operational Risk, Frankfurt, Germany, 2004.

Member, Economics Review Board, Deutsche Forschungsgemeinschaft (German Science Foundation), Bonn, Germany, 2004-2012.

Member of the Board, Deutsche Statistische Gesellschaft, Berlin, Germany, 2004-2012.

Member, Committee for the Advancement of Culture and Science, DekaBank, Frankfurt, Germany, 2005-2007.

Member, Scientific Advisory Council, Deutsche Bundesbank, Frankfurt, Germany, 2008-2012.

Member, Scientific Program Committee, 3rd International Conference on Computational and Financial Econometrics, Limassol, Cyprus, 2009.

Chairman of the Board, Society for Financial and Insurance Risk Management, from 2010.

Member, Program Committee, Conference on Advances in Financial and Insurance Risk Management,Munich, Germany, from 2010.

Member, Supervisory Board, Union Investment Institutional GmbH, Frankfurt, Germany,from 2011.

Member, Advisory Council, Frankfurt Institute for Risk Management and Regulation, Frankfurt, Germany, from 2014.

Member, Supervisory Board, UnionInvestment Privatfonds GmbH, Frankfurt, Germany, from 2014.

Scientific Adviser, Scalable Capital GmbH, Munich, Germany, from 2014.

Director, Scalable Capital Ltd., London, UK, from 2015.

Guest Editor, special issue of Computers and Mathematics with Application, 17, 1989.

Guest Editor, special issue of Computers and Mathematics with Application, 18, 1989.

Guest Editor, special issue of Computers and Mathematics with Application on "Systemtheoretic Methods in Economic Modelling III", 24, 1992.

Guest Co-Editor, special issue of Mathematical and Computer Modeling on "Distributional Modeling in Finance", 29, 1999 (with S. T. Rachev).

Guest Co-Editor, special issue of Mathematical and Computer Modeling on "Stable Non-Gaussian Models in Finance and Econometrics", 34, 2001 (with S. T. Rachev).

Guest Co-Editor, special issue of Allgemeines Statistisches Archiv on "Statistisch-?konometrische Risikoanalyse der Finanzm?rkte", 86, 2002 (with O. Hübler and W. Schmid).

Guest Co-Editor, special issue of Journal of Financial Econometrics on "New Developments in Managing Financial Risk", 2006 (with F. X. Diebold, R. Garcia, and E. Renault).

Guest Co-Editor, special issue of the Journal of Risk and Financial Management on "Advances in Modeling Value at Risk and Expected Shortfall", 8, 2015 (with M.S. Paolella).

Guest Co-Editor, special issue of the Journal of Risk and Financial Management on "Advances in Financial and Insurance Risk Management – Selected Papers from the Sixth CEQURA Conference, 1–2 October 2015, Munich, Germany", 8, 2015 (with S. Paterlini).

Member, Editorial Board, Annals of Financial Economics, from 2015.

Member, Editorial Board, Journal of Risk and Financial Management, from 2015.

Member, Editorial Board, Journal of Informatics and Data Mining, from 2015.

Member, Editorial Board, Journal of Health & Medical Economics, from 2015.