Prof. Dr. Sebastian Utz
Sebastian Utz is a Professor of Climate Finance at the University of Augsburg and a member of the Center for Climate Resilience. His research in Sustainable Finance focuses on integrating ESG criteria into portfolio models for the development of sustainable financial products, corporate finance with green bonds, and the quantification and management of risks associated with the transformation process of the economy towards the Green Economy.
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Scientific publication
European Journal of Operational Research: Non-Contour Efficient Fronts for Identifying Most Preferred Portfolios in Sustainability Investing
The paper focuses on investors whose strength of interest in sustainability issues (such as environmental, social, and governance) causes ESG to become a third criterion…
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Business Strategy and the Environment: Between impact and returns: private investors and the sustainable development goals
We investigate the expectations of wealthy private investors regarding the impact and financial return of sustainable investments. Our paper focuses on the sustainable development goals…
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Asia-Pacific Financial Markets: Values-based and global systemically important banks: their stability and the impact of regulatory changes after the financial crisis on it
We study the financial stability of Values-Based Banks (VBBs) and Global Systemically Important Banks (GSIBs), and how regulatory changes in the aftermath of the financial…
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Review of Managerial Science: The pricing of green bonds: external reviews and the shades of green
We investigate the asset pricing implications of the greenness of bonds. To estimate a green-pricing effect, we determine the ‘green bond premium’ as the difference…
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Journal of Business Ethics: Active first movers vs. late free-riders? An empirical analysis of UN PRI signatories’ commitment
Joining voluntary thematic initiatives can be a means for firms to legitimate their business activities. However, a lack of review mechanisms could create incentives for…
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Financial Analysts Journal: Risk mitigation of corporate social performance in US class action lawsuits
We investigated the relationship between corporate environmental, social, and governance (ESG) performance and litigation risk by examining US class action lawsuits. We found that a…
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Financial Markets and Portfolio Management: Factor exposures and diversification: are sustainably screened portfolios any different?
We analyze the performance, risk, and diversification characteristics of global screened and best-in-class equity portfolios constructed according to Inrate’s sustainability ratings. The financial performance of…
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Journal of Risk: The impact of corporate social and environmental performance on credit rating prediction: North America versus Europe
We quantify the extent to which the quality of credit rating predictions improves by integrating measures of corporate social performance (CSP) in an established credit…
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Scientific publication, Sustainability Risks and Opportunities
The Geneva Papers on Risk and Insurance – Issues and Practice: Are insurance balance sheets carbon-neutral? Harnessing asset pricing for climate change policy
Due to its enormous size and capital base, the insurance industry has the potential to play a key role in countering climate change. To this…
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Review of Managerial Science: Corporate scandals and the reliability of ESG assessments: evidence from an international sample
This paper studies the reliability of environmental, social, and governance (ESG) assessments in the case of corporate scandals. Reliable disclosures on ESG assessments may reduce…
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Review of Financial Economics: Over-investment or risk mitigation? Corporate social responsibility in Asia-Pacific, Europe, Japan, and the United States
We study the relationship of corporate social responsibility (CSR) and the distribution of stock returns for an international sample. Firms with a high level of…
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Journal of Sustainable Finance & Investment: Patience pays off – corporate social responsibility and long-term stock returns
This paper presents new evidence on the implications of corporate social responsibility (CSR) on stock returns. By implementing a long-term focus as well as using…
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European Journal of Operational Research: Tri-criterion modeling for constructing more-sustainable mutual funds
One of the most important factors shaping world outcomes is where investment dollars are placed. In this regard, there is the rapidly growing area called…
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Journal of Asset Management: Are they any good at all? A financial and ethical analysis of socially responsible mutual funds
In this article, we examine a broad sample of socially responsible (SR) and conventional mutual funds with respect to financial and ethical parameters. We cannot…
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European Journal of Operational Research: Tri-criterion inverse portfolio optimization with application to socially responsible mutual funds
We present a framework for inverse optimization in a Markowitz portfolio model that is extended to include a third criterion. The third criterion causes the…
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Qualitative Research in Financial Markets: Profiling German-speaking socially responsible investors
The purpose of this paper is to analyze the main motives of investors in allocating their money in a socially responsible (SR) way. The paper…
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Operations Research: Computing the nondominated surface in tri-criterion portfolio selection
Computing the nondominated set of a multiple objective mathematical program has long been a topic in multiple criteria decision making. In this paper, motivated by…
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European Journal of Operational Research: Safety first portfolio choice based on financial and sustainability returns
The aim of this paper is to expand the methodological spectrum of socially responsible investing by introducing stochastic sustainability returns into safety first models for…
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Business Research: The effect of the Japan 2011 disaster on nuclear and alternative energy stocks worldwide: an event study
This event study investigates the impact of the Japanese nuclear disaster in Fukushima-Daiichi on the daily stock prices of French, German, Japanese, and U.S. nuclear…
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