Publications

All publications

• Policy Brief

  PB 6/2024: Why Do Investors Pay Higher Fees for Sustainable Investments? The role of financial literacy

  The growing supply of sustainable investments, along with increased media attention and EU regulations (like the MiFID II amendments of 20211 and the introduction of…

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• Policy Brief

  PB 5/2024: Biodiversity and Financial Risk Assessments

  The rapid loss of biodiversity is threatening the ecosystem services that many industries rely on, also posing significant risks to financial institutions and the overall…

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• Policy Brief

  PB 4/2024: Does MiFID II enable private investors to invest sustainably?

  MiFID II is a comprehensive regulatory framework aimed at increasing transparency and oversight in the European financial markets, improving investor protection, and preventing market abuse.…

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• Policy Brief

  PB 2/2024: Enhancing Comparability and Credibility of Transition Plans and Transition Risk Assessment with Standardized Net Zero Scenarios

  Transition plans by non-financial and financial corporates can fulfill  two central purposes: they can facilitate strategic planning towards net zero 2050 while also helping detect…

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• Policy Brief

  PB 1/2024: Climate Risks and the Cost of Debt: Why Climate Policy Matters

  Climate policy is key to achieving the required CO2 emission reductions for the transition towards a sustainable low-carbon economy. Climate policy causes direct and indirect…

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• Policy Brief, Sustainability Risks and Opportunities

  PB 3/2023: Climate transition plans: State of play in EU legislation and policy recommendations

  Company transition plans (of real economy and financial market actors) have the potential to become a steering instrument for directing capital flows toward climate neutrality…

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• Policy Brief

  PB 2/2023: The role of sustainable investments in the transformation: (further) education as a key element

  Sustainable investments can be an important building block in the transformation of the economy and society. There has recently been a growing interest in sustainable…

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• Scientific publication

  Finance Research Letters: Rating changes revisited: New evidence on short-term ESG momentum

  Environmental, social and governance (ESG) ratings are mainstream in sustainable finance. This paper provides important evidence on the effects of ESG rating changes on companies’…

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• Scientific publication

  Environmental and Resource Economics: Low-Carbon Investment and Credit Rationing

  This paper develops a principal-agent model with adverse selection to analyse firms’ decisions between an existing carbon-intensive technology and a new low-carbon technology requiring an…

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• Policy Brief, Sustainability Risks and Opportunities

  PB 6/2022: The first ECB bottom-up climate stress test: dealing with data gaps and methodological challenges

  The ECB’s “SSM Climate risk stress test,” published in July 2022, provides an important step toward integrating climate change related risks into the banking system.…

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