Publications

All publications

• Scientific publication

  Journal of Environmental Economics and Management: Physical climate risk and the pricing of bank loans

  This paper analyses how physical climate risk affects the pricing of loans. Using a global dataset of almost 86,000 syndicated bank loans, we find that…

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• Policy Brief

  PB 1/2026: Assessing Company Impact

  Assessing positive and negative impacts at the company level is central for impact investors, but company impact assessment tools lack precise methods and reliable information…

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• Scientific publication

  International Review of Financial Analysis: The performance of low-carbon equity funds

  This study examines the performance of low-carbon equity funds by gaining a better understanding of what drove past performance, what opportunity costs arose from higher…

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• Scientific publication

  The Review of Financial Economics: Measuring the performance of government bond portfolios with index-based level, slope, and curvature factors

  This paper introduces a three-factor interest rate risk model to improve the measurement of active bond fund performance. Traditional models assume a linear relationship between…

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• Scientific publication

  Energy Policy: EU power market reform toward locational pricing: Rewarding flexible consumers for resolving transmission constraints

  The ongoing expansion of wind and solar electricity generation alongside increasing electrification is leading to a considerable strain on transmission capacities and grid bottlenecks in…

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• Scientific publication

  Finance Research Letters: What drives stock market reactions to greenwashing? An event study of European companies

  This study examines stock market reactions in response to 296 greenwashing events involving STOXX Europe 600 companies. The results indicate that companies with the lowest…

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• Scientific publication

  Finance Research Letters: The impact of ESG preferences on stock borrowing volumes and fees

  Capital market models propose a green premium in expected stock returns due to differing ESG preferences. Green investors favor green stocks, causing a scarcity raising…

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• Scientific publication

  Annals of Operations Research: Empirical analysis of the trade-offs among risk, return, and climate risk in multi-criteria portfolio optimization

  This paper contains an empirical analysis that studies trade-offs among risk, return, and climate risk in asset management. Using a multi-criteria optimization approach to generate…

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• Scientific publication

  The Financial Review: What Drives Sustainable Institutional Engagement and Voting Behavior?

  We examine what drives institutional engagement and voting on environmental, social, and governance (ESG)-related shareholder proposals, using data from Principles for Responsible Investment (PRI) and…

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• Scientific publication

  Journal of Economic Behavior & Organization: Avoiding catastrophic climate change: Heterogeneous abatement costs and voting on redistribution in a threshold public good experiment

  Achieving the goal of limiting global warming is challenging, as it requires national contributions, whereas the benefits are shared between contributors and free-riders. We model…

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