Publications
ZORA Publication List
Publications
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2025
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Global evidence on profit shifting within firms and across time. Journal of Accounting and Economics, 79(2-3):101744.
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Monetary Policy, Held-to-Maturity Securities, and Uninsured Deposit Withdrawals. European Accounting Review:Epub ahead of print.
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The performance of FDIC-identified community banks. Journal of Financial Stability, 77:101394.
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CDS and credit: The effect of the bangs on credit insurance, lending and hedging. Journal of Empirical Finance, 81:101583.
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Risk parity portfolio optimization under heavy‐tailed returns and dynamic correlations. Journal of Time Series Analysis, 46(2):353-377.
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Automated fact-checking of climate claims with large language models. npj Climate Action, 4(1):17.
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The impact of foreign sanctions on firm performance in Russia. The British Accounting Review:101586.
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Mapping global financial risks under climate change. Nature Climate Change, 15(3):329-334.
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Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19. Management Science:Epub ahead of print.
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Using AI to assess corporate climate transition disclosures. Environmental Research, 7(2):021010.
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Sectoral Credit Allocation and Systemic Risk. Journal of Financial Stability, 76:101363.
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The EU Taxonomy and the Syndicated Loan Market. Journal of Financial Services Research:online.
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The Climate in Climate Economics. Review of Economic Studies, 92(1):299-338.
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Catch, Restrict, and Release: The Real Story of Bank Bailouts. Review of Corporate Finance Studies:cfaf001.
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Quantitative easing and the functioning of the gilt repo market. The European Journal of Finance, 31(1):31-52.
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CEO turnover and director reputation. Journal of Financial Economics, 163:103971.
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Introduction to JEBO special issue on wars, economic sanctions, economic behaviors, and institutions. Journal of Economic Behavior & Organization, 229:106860.
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Movables as collateral and corporate credit: Loan-level evidence from legal reforms across Europe. Journal of Banking and Finance, 170:107331.
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2024
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Four-Fold News Sentiment and Stock Returns. Journal of Portfolio Management:jpm.2024.1.663.
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Paying your debt makes you happy: insights during the COVID-19 period. Journal of Economic Studies:Epub ahead of print.
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The role of green financial sector initiatives in the low-carbon transition: A theory of change. Global Environmental Change, 89:102915.
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Technical patterns and news sentiment in stock markets. Journal of Finance and Data Science, 10:100145.
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Impacts of climate litigation on firm value. Nature Sustainability, 7(11):1461-1468.
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Social preferences and the variability of conditional cooperation. Economic Theory:Epub ahead of print.
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Pollution Permits and Financing Costs. Journal of Money, Credit and Banking:Epub ahead of print.
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Move a little closer? Information sharing and the spatial clustering of bank branches. Review of Finance, 28(6):1881-1918.
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Do banks engage in earnings management? The role of dividends and institutional factors. Journal of Banking and Finance, 168:107287.
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Population Aging and Bank Risk-Taking. Journal of Financial and Quantitative Analysis, 59(7):3037-3061.
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Investor attention and idiosyncratic risk in cryptocurrency markets. The European Journal of Finance, 30(16):1932-1950.
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Institutional Investors and the Fight Against Climate Change. Corporate Governance. An International Review:Epub ahead of print.
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When Interest Rates Go Low, Should Public Debt Go High?. American Economic Journal: Macroeconomics, 16(4):432-469.
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Does being a responsible bank pay off? Evidence from the COVID-19 pandemic. Journal of Financial Stability, 74:101317.
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Decoding market reactions: The certification role of EU-wide stress tests. Economic Modelling, 139:106828.
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Can today’s and tomorrow’s world uniformly gain from carbon taxation?. European Economic Review, 168:104819.
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Firm ESG reputation risk and debt choice. European financial management, 30(4):2071-2094.
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Enhancing Equity Factor Model with Publicly Reported ESG Data. Journal of Impact and ESG Investing, 5(1):122-147.
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Integrating artificial intelligence with expert knowledge in global environmental assessments: opportunities, challenges and the way ahead. Regional Environmental Change, 24(3):121.
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Identification in general equilibrium. Journal of Mathematical Economics, 113:103017.
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Being stranded with fossil fuel reserves? Climate policy risk and the pricing of bank loans. Financial markets, institutions & instruments, 33(3):239-265.
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Opinion dynamics in communities with major influencers and implicit social influence via mean-field approximation. Mathematics and Financial Economics, 18(2-3):333-377.
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Restriktive Planung ist kein "Free Lunch". Immobilia, 91(8):40-41.
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Modeling Risk Sharing and Impact on Systemic Risk. Mathematics, 12(13):2083.
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How cheap talk in climate disclosures relates to climate initiatives, corporate emissions, and reputation risk. Journal of Banking and Finance, 164:107191.
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Asset-level assessment of climate physical risk matters for adaptation finance. Nature Communications, 15:5371.
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Do investors care about biodiversity?. Review of Finance, 28(4):1151-1186.
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Green fintech: developing a research agenda. CSR, Sustainability, Ethics & Governance, 31(4):2823-2837.
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Modelling sustainable investing in the CAPM. Annals of Operations Research:Epub ahead of print.
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FinTech services from BigTech companies. Systems research and behavioral science:Epub ahead of print.
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Investment motives and performance expectations of impact investors. Journal of Behavioral and Experimental Finance, 42:100911.
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Nonstandard Errors. Journal of Finance, 79(3):2339-2390.
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Mortgage lending through a fintech web platform. The roles of competition, diversification, and automation. Journal of Banking and Finance, 163:107194.
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Sustainable finance literacy and the determinants of sustainable investing. Journal of Banking and Finance, 163:107167.
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Fiscal transfers, local government, and entrepreneurship. Journal of Policy Analysis and Management, 43(3):818-845.
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A Bayesian policy learning model of COVID-19 non-pharmaceutical interventions. Applied Economics, 56(25):2990-3010.
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The Effects of Mandatory ESG Disclosure Around the World. Journal of Accounting Research, 62(5):1795-1847.
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Learning from COVID-19: A roadmap for integrated risk assessment and management across shocks of pandemics, biodiversity loss, and climate change. Environmental Science & Policy, 155:103726.
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Qualitative robustness of utility-based risk measures. Annals of Operations Research, 336(1-2):967-980.
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Leveraging inter-organizational agility for innovation. Strategy & leadership, 52(1):15-22.
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Flood, farms and credit: The role of branch banking in the era of climate change. Journal of Corporate Finance, 85:102544.
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“Long GFC”? The global financial crisis, health care, and COVID‐19 deaths. Economic Inquiry, 62(2):865-891.
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Biodiversität und Finanzmärkte. Expert Focus, 4:105-110.
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Limited attention to detail in financial markets: Evidence from reduced-form and structural estimation. Journal of Financial Economics, 154:103811.
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Financial stability through the lens of complex systems. Journal of Financial Stability, 71:101228.
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Over with carbon? Investors’ reaction to the Paris Agreement and the US withdrawal. Journal of Financial Stability, 71:101232.
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Economic and financial consequences of water risks: The case of hydropower. Ecological Economics, 218:108048.
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ESG Shareholder Engagement and Downside Risk. Review of Finance, 28(2):483-510.
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Interest Rates and the Spatial Polarization of Housing Markets. American Economic Review: Insights, 6(1):89-104.
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Which banks for green growth? A review and a tentative research agenda. Journal of Sustainable Finance and Accounting, 1:100001.
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A taxonomy for decentralized finance. International Review of Financial Analysis, 92:103083.
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Bridging the gap in ESG measurement: Using NLP to quantify environmental, social, and governance communication. Finance Research Letters, 61:104979.
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Supranational Rules, National Discretion: Increasing versus Inflating Regulatory Bank Capital?. Journal of Financial and Quantitative Analysis, 59(2):830-862.
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A default system with overspilling contagion. Frontiers of Mathematical Finance, 3(1):127-162.
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Unintended Consequences of the Global Derivatives Market Reform. Journal of the European Economic Association:jvae010.
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Risk in Time: The Intertwined Nature of Risk Taking and Time Discounting. Journal of the European Economic Association, 22(1):310-354.
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How do firms cope with losses from extreme weather events?. Journal of Corporate Finance, 84:102508.
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Leverage ratio, risk-based capital requirements, and risk-taking in the United Kingdom. Financial markets, institutions & instruments, 33(1):31-60.
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External wealth of nations and systemic risk. Journal of Financial Stability, 70:101192.
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Quantum computing as an enabling technology for the next business cycle. HMD Praxis der Wirtschaftsinformatik, 61(1):284-298.
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Ask BERT: How Regulatory Disclosure of Transition and Physical Climate Risks affects the CDS Term Structure. Journal of Financial Econometrics, 22(1):30-69.
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Regulatory Sandboxes and Fintech Funding: Evidence from the UK. Review of Finance, 28(1):203-233.
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Low carbon mutual funds. Review of Finance, 28(1):45-74.
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Can ChatGPT reduce human financial analysts’ optimistic biases?. Economic and Political Studies, 12(1):20-33.
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Fixed rate versus adjustable rate mortgages: Evidence from euro area banks. European Economic Review, 161:104643.
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The demise of branch banking - Technology, consolidation, bank fragility. Journal of Banking and Finance, 158:107038.
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2023
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Earnings Management and the Role of Moral Values in Investing. European Accounting Review:Epub ahead of print.
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The influence of upward social comparison on retail trading behaviour. Scientific Reports, 13(1):22713.
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ChatClimate: Grounding conversational AI in climate science. Communications Earth & Environment, 4:480.
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Decreasing the impact of climate change in value chains by leveraging sustainable finance. Journal of Cleaner Production, 429:139575.
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Close competitors? Bilateral bank competition and spatial variation in firms’ access to credit. Journal of Economic Geography, 23(6):1237-1271.
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Counteroffers and Price Discrimination in Mortgage Lending. Journal of Empirical Finance, 74:101431.
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The green energy transition and the 2023 Banking Crisis. Finance Research Letters, 58:104493.
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Mixed-Frequency Predictive Regressions. Journal of Forecasting, 42(8):1955-1972.
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Pricing climate change exposure. Management Science, 69(12):7540-7561.
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Why do households repay their debt in UK during the COVID-19 crisis?. Journal of Economic Studies, 50(8):1789-1823.
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Inflation and Individual Investors' Behavior: Evidence from the German Hyperinflation. Review of Financial Studies, 36(12):5012-5045.
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Indirect Costs of Financial Distress. Review of Finance, 27(6):2233-2270.
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Responses of Swiss interest rates and stock prices to ECB policy surprises. Swiss Journal of Economics and Statistics = Schweizerische Zeitschrift für Volkswirtschaft und Statistik, 159:13.
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Conflicted Analysts and Initial Coin Offerings. Management Science, 69(11):6641-6666.
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Forecasting mid-price movement of Bitcoin futures using machine learning. Annals of Operations Research, 330(1-2):553-584.
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Back to the roots of internal credit risk models: Does risk explain why banks' risk-weighted asset levels converge over time?. Journal of Banking and Finance, 156:106992.
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Deciphering DeFi: A Comprehensive Analysis and Visualization of Risks in Decentralized Finance. Journal of Risk and Financial Management, 16(10):454.
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It’s the News, Stupid! The Relationship Between News Attention, Literacy, Trust, Greenwashing Perceptions and Sustainable Finance Investment in Switzerland. Journal of Sustainable Finance & Investment, 13(4):1480-1505.
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Interest rate pass-through and bank risk-taking under negative-rate policies with tiered remuneration of central bank reserves. Journal of Financial Stability, 68:101160.
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The Impact of Policy Interventions on Systemic Risk across Banks. Journal of Financial Services Research, 64(2):155-206.
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Bank lending policies and monetary policy: some lessons from the negative interest era. Economic Policy, 38(116):899-941.
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Uniformly self-justified equilibria. Journal of Economic Theory, 212:105707.
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Banks, non-banks, and the incorporation of local information in CMBS loan pricing. Journal of Banking and Finance, 154:106918.
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Technical analysis: Novel insights on contrarian trading. European financial management, 29(4):1160-1190.
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Nomen est omen? How and when company name fluency affects return expectations. PLoS ONE, 18(8):e0287995.
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Cross-Selling in Bank-Household Relationships: Mechanisms and Implications for Pricing. Review of Financial Studies:Epub ahead of print.
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A culture of greed: Bubble formation in experimental asset markets with greedy and non-greedy traders. Journal of Economic Behavior & Organization, 212:32-52.
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Stochastic overlapping generations with non-convex budget sets. Journal of Mathematical Economics, 107:102866.
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Sentiment spin: Attacking financial sentiment with GPT-3. Finance Research Letters, 55(B):103957.
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Improved inference in financial factor models. International Review of Economics and Finance, 86:364-379.
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Experimental research on retirement decision-making: evidence from replications. Journal of Banking and Finance, 152:106851.
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Climate risk disclosure and institutional investors. Review of Financial Studies, 36(7):2617-2650.
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Evolutionary Finance: A model with endogenous asset payoffs. Journal of Bioeconomics, 25:117-143.
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Managers' cultural origin and corporate response to an economic shock. Journal of Corporate Finance, 80:102412.
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Firm‐level climate change exposure. Journal of Finance, 78(3):1449-1498.
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Capital requirements and claims recovery: A new perspective on solvency regulation. The Journal of risk and insurance, 90(2):329-380.
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Uncertainty in the black-litterman model: empirical estimation of the equilibrium. Journal of Empirical Finance, 72:251-275.
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The new challenges of global banking and finance. The European Journal of Finance, 29(7):693-699.
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Population diversity and financial risk-taking. Journal of Banking and Finance, 151:106852.
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Arbitrage in the market for cryptocurrencies. Journal of financial markets, 64:100817.
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Adverse selection in cryptocurrency markets. The journal of financial research, 46(2):497-546.
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Competition and moral behavior: A meta-analysis of forty-five crowd-sourced experimental designs. Proceedings of the National Academy of Sciences of the United States of America, 120(23):e22155721.
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Accelerated American option pricing with deep neural networks. Quantitative Finance and Economics, 7(2):207-228.
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Thus spoke GPT-3: Interviewing a large-language model on climate finance. Finance Research Letters, 53:103617.
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On-Site inspecting zombie lending. Management Science, 69(5):2547-3155.
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Heterogeneous Tail Generalized Common Factor Modeling. Digital Finance, 5:389-420.
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Do investors care about impact?. Review of Financial Studies, 36(5):1737-1787.
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Moral sensitivity in business: A revised measure. Current Psychology, 42(12):10277-10291.
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Male and overconfident groups overinvest due to inflated perceived ability to beat the odds. Frontiers in behavioral economics, 2:1111317.
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Density and Risk Prediction with Non-Gaussian COMFORT Models. Annals of Financial Economics, 18(01):2250033.
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Taxing banks leverage and syndicated lending: A cross-country comparison. International Review of Law and Economics, 73:106103.
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Fintech and big tech credit: drivers of the growth of digital lending. Journal of Banking and Finance, 148:106742.
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Efficient Calculation of all Steady States in large-scale overlapping generations models. Journal of Mathematics and Modeling in Finance, 3(1):15-48.
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Trend and Reversal of Idiosyncratic Volatility Revisited. Critical Finance Review, 12(1-4):171-202.
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Re-use of collateral: Leverage, volatility, and welfare. Review of Economic Dynamics, 47:19-46.
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Does asset encumbrance affect bank risk? Evidence from covered bonds. Journal of Banking and Finance, 146:106705.
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The role of culture in firm-bank matching. Journal of Financial Intermediation, 53:101018.
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Uncoordinated climate policies: Implications for cross-border lending. econpol Forum, 24(1):28-30.
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Bank bonus pay as a risk sharing contract. Review of Financial Studies, 36(1):235-280.
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The disciplining effect of supervisory scrutiny in the EU-wide stress test. Journal of Financial Intermediation, 53:101015.
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Forecasting high‐frequency excess stock returns via data analytics and machine learning. European financial management, 29(1):22-75.
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Demokratisierung im Gesundheitswesen: Dezentrale Gesundheitsdaten. Schweizerische Ärztezeitung (SÄZ), 48(104):25.
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Preparing fertile ground: how does the quality of business environments affect MSE growth?. Small Business Economics, 63:51-103.
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The response of household debt to COVID-19 using a neural networks VAR in OECD. Empirical Economics, 65:65-91.
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Inter-industry FDI spillovers from foreign banks: Evidence in transition economies. Financial Management, 52(1):97-126.
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ESG and systemic risk. Applied Economics, 55(27):3085-3109.
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What are you waiting to invest in grid-connected residential photovoltaics in California?. Journal of Sustainable Finance & Investment, 13(1):660-677.
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