Publications

All publications

• Scientific publication

  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…

  Read publication
• Scientific publication

  Nature Climate Change: A climate stress-test of the financial system

  The urgency of estimating the impact of climate risks on the financial system is increasingly recognized among scholars and practitioners. By adopting a network approach…

  Read publication
• Scientific publication

  Sustainability: The Role of Sustainable Investment in Climate Policy

  Reaching the Sustainable Development Goals requires a fundamental socio-economic transformation accompanied by substantial investment in low-carbon infrastructure. Such a sustainability transition represents a non-marginal change,…

  Read publication
• Scientific publication

  Economics of Energy & Environmental Policy: Climate Policy with the Chequebook – An Economic Analysis of Climate Investment Support

  Across the globe, climate policy is increasingly using investment support instruments, such as grants, concessional loans, and guarantees – whereas carbon prices are losing importance.…

  Read publication
• Scientific publication

  Economic Journal: Taxing Externalities Under Financing Constraints

  We consider a production economy with externalities, which can be reduced by additional firm-level expenditures. This requires firms to raise additional outside financing, leading to…

  Read publication
• Scientific publication

  Corporate Finance: Sustainable and conventional mutual funds: Do they really differ?

  This study empirically analyzes the claim that sustainable funds are masked conventional funds for a small part of the German equity fund market. Additionally, we…

  Read publication
• Scientific publication

  Corporate Ownership and Control: The Effects of Ownership Concentration on Sustainability: A Case of Listed Firms from USA, UK and Germany

  Concentrated ownership has been speculated to play a direct role in leading firms to focus more on long-term sustainability. Concentrated ownership, however, can take many…

  Read publication
• Scientific publication

  Corporate Finance: Characterizing German (Sustainable) Investors

  This paper highlights the results of four empirical studies, based on the same representative survey among German retail investors. We analyze the differences between sustainable,…

  Read publication
• Scientific publication

  BuR – Business Research: Comparing those who do, might and will not invest in sustainable funds – A survey among German retail fund investors

  In this paper, we empirically examine whether superior performance in corporate social responsibility (CSR) results in lower credit risk, measured by credit ratings and zero-volatility spreads (z-spreads).…

  Read publication
• Scientific publication

  Journal of Banking & Finance: Corporate social responsibility and Eurozone corporate bonds: The moderating role of country sustainability

  In this paper, we empirically examine whether superior performance in corporate social responsibility (CSR) results in lower credit risk, measured by credit ratings and zero-volatility spreads (z-spreads).…

  Read publication