Publications

All publications

• Scientific publication

  Organization & Environment: Under Pressure? The Link Between Mandatory Climate Reporting and Firms’ Carbon Performance

  We examine whether and how mandatory climate reporting leads to changes in firms’ carbon emissions. Drawing on legitimacy theory and using a difference-in-differences design, we…

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• Scientific publication

  Finance Research Letters: Disaggregating confusion? The EU Taxonomy and its relation to ESG rating

  This paper discusses the EU Taxonomy in the context of Environmental, Social, and Governance (ESG) ratings. ESG firm-level ratings tend to differ across ESG data…

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• Scientific publication

  Corporate Finance: New evidence on German retail investors: The desire to make an impact

  To achieve the goals of the Paris Agreement, massive investments in the real economy are needed. We propose providing long-term interest subsidized loans to companies…

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• Scientific publication

  NGFS occasional paper: A case study of environmental risk analysis methodologies: CARIMA – a capital market-based approach to quantifying and managing transition risks (UA & VfU)

  The impact of uncertainty associated with the ongoing transition towards a green and in particular low-carbon economy affects virtually all financial market participants. If the…

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• Scientific publication

  Journal of Portfolio Management: Do Corporate Carbon Emissions Data Enable Investors to Mitigate Climate Change?

  Investors play an important role in combating climate change. We examine several types of currently available carbon emissions data in their capacity to enable investors…

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• Scientific publication

  Journal of the Association of Environmental and Resource Economists: Cournot, Pigou, and Ricardo walk in a bar — Unilateral environmental policy and leakage with market power and firm heterogeneity.

  We study the determinants of emission leakage using a two-country general equilib-rium model with heterogeneous firms and Cournot competition. We show that firmsfrom the non-regulating…

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• Scientific publication

  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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• Scientific publication

  Climate and Development: A focus on market imperfections can help governments to mobilize private investments in adaptation

  Climate change requires significant adaptation of economies, and the largest part of most economies is composed of private sector actors. In this Viewpoint, we argue…

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• Scientific publication

  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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• Scientific publication

  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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