Publications

All publications

• 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…

  Read publication
• 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…

  Read publication
• 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…

  Read publication
• 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…

  Read publication
• 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…

  Read publication
• 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…

  Read publication
• 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…

  Read publication
• Policy Brief

  PB 10/2021: Equity portfolio divestment leads to lower CO2 emissions

  To achieve climate goals, financial flows must be redirected from climate-damaging to climate-friendly economic activities. A key approach is divestment, i.e., the systematic sale of…

  Read publication
• Policy Brief, Sustainability Reporting, Sustainability Risks and Opportunities

  PB 9/2021: The EU sustainable finance strategy – Implications for the future German Federal Government

  The EU’s revised sustainable finance strategy confirms the important role of the financial sector in the sustainability transition of the economy, but does not sufficiently…

  Read publication
• Policy Brief, Sustainability Reporting

  PB 8/2021: Why it would be important to expand the scope of the Corporate Sustainability Reporting Directive and make it work for SMEs

  Since the introduction of the NFRD in 2014, demand for sustainability information has significantly increased, but actual sustainability reporting has not kept up. Thus, the…

  Read publication