Publications

ZORA Publication List

Publications

• 2026

  • Hens, T., & Trutwin, E. (2026). Economics and biodiversity in Switzerland: does sustainable investing help to moderate the problem? Swiss Journal of Economics and Statistics, 162, 25. https://doi.org/10.1186/s41937-026-00150-3
  • Iwata, T., Orpiszewski, T., & Thompson, M. (2026). Betting against ESG Sinners: Evidence from short selling around the world Journal of Behavioral and Experimental Finance, 49, 101152. https://doi.org/10.1016/j.jbef.2026.101152
  • Bobiceanu, A. M., Nistor, S., & Ongena, S. (2026). Banks’ stock market reaction to prudential policy announcements: The role of central bank independence and financial stability sentiment Journal of Financial Stability, 83, 101512. https://doi.org/10.1016/j.jfs.2026.101512
  • Spacey Martín, R., Ranger, N., Schimanski, T., & Leippold, M. (2026). Empirically assessing corporate adaptation and resilience disclosure using AI Npj Climate Action, 5, 22. https://doi.org/10.1038/s44168-025-00321-7
  • Doskov, N., Hens, T., & Schenk-Hoppé, K. R. (2026). Complementarity and substitutability of investment strategies Journal of Evolutionary Economics, 36, 18. https://doi.org/10.1007/s00191-025-00922-9
  • Schwaiger, R., Strucks, M., & Zeisberger, S. (2026). The Consequences of Narrow Framing for Risk Taking: A Stress Test of Myopic Loss Aversion Management Science, 72, 1324–1340. https://doi.org/10.1287/mnsc.2024.05720
  • Baader, M., Gächter, S., Lee, K., & Sefton, M. (2026). Social preferences and the variability of conditional cooperation Economic Theory, 81, 341–366. https://doi.org/10.1007/s00199-024-01617-1
  • Wagner, A., & Wenk, C. (2026). Binding Say-on-Pay and Shareholder Value Review of Corporate Finance Studies, 15, 123–157. https://doi.org/10.1093/rcfs/cfaf010
  • Wang, F., Silaghi, F., Ongena, S., & García-Cestona, M. (2026). ESG Ratings, ESG News Sentiment, and Firm Credit Risk Perception Financial Analysts Journal, 1–21. https://doi.org/10.1080/0015198x.2025.2591731
  • Bu, D., Keloharju, M., Liao, Y., & Ongena, S. (2026). Can Lending Hierarchies Balance Bias? The Role of Personal Environmental Values in Credit to Green Firms Journal of Financial and Quantitative Analysis, 1–33. https://doi.org/10.1017/s0022109025102561
  • Gjerde, S., Sautner, Z., Wagner, A., & Wegerich, A. (2026). Corporate nature risk perceptions Review of Finance, 30, 11–42. https://doi.org/10.1093/rof/rfaf050
  • Garel, A., Romec, A., Sautner, Z., & Wagner, A. (2026). Firm-level nature dependence Review of Finance, 30, 231–272. https://doi.org/10.1093/rof/rfaf069

• 2025

  • Filipović, Z. M., & Wagner, A. (2025). The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune Review of Financial Studies, hhaf116. https://doi.org/10.1093/rfs/hhaf116
  • Ongena, S., Pinoli, S., Rossi, P., & Scopelliti, A. (2025). Bank Lending and Market-Based Finance for Corporations: The Effects of Minibond Issuances for Unlisted Firms Journal of Financial and Quantitative Analysis, Epub ahead of print. https://doi.org/10.1017/s0022109025102548
  • Cozarenco, A., & Ongena, S. (2025). Social and Environmental Financial Services: Where Do We Stand? Journal of Financial Services Research, Epub ahead of print. https://doi.org/10.1007/s10693-025-00461-1
  • Kübler, F., & Scheidegger, S. (2025). Self-justified equilibria: Existence and Computation Journal of the European Economic Association, jvaf062. https://doi.org/10.1093/jeea/jvaf062
  • Anastasiou, D., Kapopoulos, T., Ongena, S., & Sakkas, A. (2025). Geopolitical Risk and Domestic Bank Deposits Financial Management, Epub ahead of print. https://doi.org/10.1111/fima.70023
  • Eftekhari, A., Folini, D., Friedl, A., Kübler, F., Scheidegger, S., & Schenk, O. (2025). Building Interpretable Climate Emulators for Economics The Economic Journal, ueaf131. https://doi.org/10.1093/ej/ueaf131
  • Kübler, F. (2025). Incomplete financial markets, the social cost of carbon and constrained efficient carbon pricing Journal of Economic Theory, 230, 106105. https://doi.org/10.1016/j.jet.2025.106105
  • Hilber, C., & Mense, A. (2025). The Rise and Fall of the Price-to-Rent Ratio: Why Are Superstar Cities Different? The Economic Journal, ueaf124. https://doi.org/10.1093/ej/ueaf124
  • Colesanti Senni, C., Vaghefi, A. S., Manekar, T., Schimanski, T., & Leippold, M. (2025). Using AI to assess the decision-usefulness of corporates’ nature-related disclosures Environmental Research Communications, 7, 115006. https://doi.org/10.1088/2515-7620/ae1357
  • Puschmann, T., & Halimi, E. (2025). FinTech services from BigTech companies Systems Research and Behavioral Science, 42, 1493–1514. https://doi.org/10.1002/sres.3029
  • von Meyerinck, F., Pursiainen, V., & Schmid, M. (2025). Competition and the Reputational Costs of Litigation Journal of Financial and Quantitative Analysis, 60, 3412–3442. https://doi.org/10.1017/s0022109024000802
  • Hens, T., & Nordlie, T. (2025). How good are LLMs in risk profiling? Finance Research Letters, 85, 108102. https://doi.org/10.1016/j.frl.2025.108102
  • Leippold, M., & Yu, T. (2025). Firm-Level Green Innovation Beyond Patents Review of Finance, rfaf058. https://doi.org/10.1093/rof/rfaf058
  • Amaral, F., Zetzmann, S., & Zdrzalek, J. (2025). Sechs Jahrzehnte Wohnimmobilienpreise in Deutschland Ergebnisse des German Real Estate Index IFO Schnelldienst, 78 (10), 17–23. https://www.ifo.de/publikationen/2025/aufsatz-zeitschrift/sechs-jahrzehnte-wohnimmobilienpreise-deutschland-ergebnisse
  • Glossner, S., Matos, P., Ramelli, S., & Wagner, A. F. (2025). Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19 Management Science, 71, 8623–8641. https://doi.org/10.1287/mnsc.2022.03411
  • Amaral, F., Dohmen, M., Kohl, S., & Schularick, M. (2025). Superstar Returns? Spatial Heterogeneity in Returns to Housing Journal of Finance, 80, 3057–3094. https://doi.org/10.1111/jofi.13479
  • Bergesio, A., Koch Medina, P., & Munari, C. (2025). Optimal insurance design under limited liability The Journal of Risk and Insurance, 92, 1122–1142. https://doi.org/10.1111/jori.70016
  • Fu, J., Ioannidou, V., & Mishra, M. (2025). Banking on Competition: The Spillover Effects of Bank Entry into Microfinance Journal of Financial and Quantitative Analysis, Epub ahead of print. https://doi.org/10.1017/s0022109025101865
  • Fasnacht, D., & Schlosser, J. (2025). The role of foresight in bridging the gap between trends and customer experiences European Journal of Futures Research, 13, 11. https://doi.org/10.1186/s40309-025-00256-6
  • Delis, M. D., Galariotis, E., Iosifidi, M., & Ongena, S. (2025). Corporate taxes and entrepreneurs’ income: A credit channel. Journal of Corporate Finance, 93, 102805. https://doi.org/10.1016/j.jcorpfin.2025.102805
  • Delis, M., Fringuellotti, F., Iosifidi, M., & Ongena, S. (2025). Credit and entrepreneurs’ income Journal of Financial Intermediation, 63, 101161. https://doi.org/10.1016/j.jfi.2025.101161
  • Kolasa, T., & Sautner, Z. (2025). Institutional Investors and the Fight Against Climate Change Corporate Governance. An International Review, 33, 663–679. https://doi.org/10.1111/corg.12620
  • Bednarek, P., Briukhova, O., Ongena, S., & Von Westernhagen, N. (2025). Effects of bank capital requirements on lending by banks and non-bank financial institutions Journal of Financial Intermediation, 63, 101167. https://doi.org/10.1016/j.jfi.2025.101167
  • Newton, D. P., Ongena, S., Xie, R., & Zhao, B. (2025). Leveraged loans: is high leverage risk priced in? International Journal of Banking, Accounting and Finance, 15, 120–138. https://doi.org/10.1504/ijbaaf.2025.146550
  • Delis, F., Delis, M. D., Laeven, L., & Ongena, S. (2025). Global evidence on profit shifting within firms and across time Journal of Accounting and Economics, 79, 101744. https://doi.org/10.1016/j.jacceco.2024.101744
  • Özlem Dursun-de Neef, H., Ongena, S., & Schandlbauer, A. (2025). Monetary Policy, Held-to-Maturity Securities, and Uninsured Deposit Withdrawals European Accounting Review, Epub ahead of print. https://doi.org/10.1080/09638180.2025.2478164
  • Gibson Brandon, R., Sohn, M., Tanner, C., & Wagner, A. F. (2025). Earnings Management and the Role of Moral Values in Investing European Accounting Review, 34, 841–871. https://doi.org/10.1080/09638180.2023.2291408
  • Gündüz, Y., Ongena, S., Tümer-Alkan, G., & Yu, Y. (2025). CDS and credit: The effect of the bangs on credit insurance, lending and hedging Journal of Empirical Finance, 81, 101583. https://doi.org/10.1016/j.jempfin.2025.101583
  • Sautner, Z. (2025). The Measurement and Pricing of Biodiversity Risk Accountability in a Sustainable World Quarterly, 3, 32–35. https://care-mendoza.nd.edu/accountability-in-a-sustainable-world-quarterly/volume-3-issue-2-march-2025/
  • Petropoulou, A., Pappas, V., Ongena, S., Gounopoulos, D., & Fairchild, R. (2025). The performance of FDIC-identified community banks Journal of Financial Stability, 77, 101394. https://doi.org/10.1016/j.jfs.2025.101394
  • Paolella, M. S., Polak, P., & Walker, P. S. (2025). Risk parity portfolio optimization under heavy‐tailed returns and dynamic correlations Journal of Time Series Analysis, 46, 353–377. https://doi.org/10.1111/jtsa.12792
  • Huynh, L. D. T., Hoang, K., & Ongena, S. (2025). The impact of foreign sanctions on firm performance in Russia The British Accounting Review, 101586. https://doi.org/10.1016/j.bar.2025.101586
  • Andrieş, A. M., Ongena, S., & Sprincean, N. (2025). Sectoral Credit Allocation and Systemic Risk Journal of Financial Stability, 76, 101363. https://doi.org/10.1016/j.jfs.2024.101363
  • Colesanti Senni, C., Schimanski, T., Bingler, J., Ni, J., & Leippold, M. (2025). Using AI to assess corporate climate transition disclosures Environmental Research, 7, 021010. https://doi.org/10.1088/2515-7620/ad9e88
  • Folini, D., Friedl, A., Kübler, F., & Scheidegger, S. (2025). The Climate in Climate Economics Review of Economic Studies, 92, 299–338. https://doi.org/10.1093/restud/rdae011
  • Berger, A. N., Nistor, S., Ongena, S., & Tsyplakov, S. (2025). Catch, Restrict, and Release: The Real Story of Bank Bailouts Review of Corporate Finance Studies, cfaf001. https://doi.org/10.1093/rcfs/cfaf001
  • Fatouh, M., Giansante, S., & Ongena, S. (2025). Quantitative easing and the functioning of the gilt repo market The European Journal of Finance, 31, 31–52. https://doi.org/10.1080/1351847x.2024.2383641
  • Ongena, S., Saffar, W., Sun, Y., & Wei, L. (2025). Movables as collateral and corporate credit: Loan-level evidence from legal reforms across Europe Journal of Banking and Finance, 170, 107331. https://doi.org/10.1016/j.jbankfin.2024.107331
  • von Meyerinck, F., Romer, J., & Schmid, M. (2025). CEO turnover and director reputation Journal of Financial Economics, 163, 103971. https://doi.org/10.1016/j.jfineco.2024.103971
  • Huynh, L. D. T., & Ongena, S. (2025). Introduction to JEBO special issue on wars, economic sanctions, economic behaviors, and institutions Journal of Economic Behavior & Organization, 229, 106860. https://doi.org/10.1016/j.jebo.2024.106860

• 2024

  • Deng, M., Kebe, M., Lucescu, P., Uhl, M. W., & Walliser, S. (2024). Four-Fold News Sentiment and Stock Returns Journal of Portfolio Management, jpm.2024.1.663. https://doi.org/10.3905/jpm.2024.1.663
  • Leippold, M., Wang, Q., & Yang, M. (2024). Technical patterns and news sentiment in stock markets Journal of Finance and Data Science, 10, 100145. https://doi.org/10.1016/j.jfds.2024.100145
  • Sato, M., Gostlow, G., Higham, C., Setzer, J., & Venmans, F. (2024). Impacts of climate litigation on firm value Nature Sustainability, 7, 1461–1468. https://doi.org/10.1038/s41893-024-01455-y
  • Qi, S., De Haas, R., Ongena, S., Straetmans, S., & Vadasz, T. (2024). Move a little closer? Information sharing and the spatial clustering of bank branches Review of Finance, 28, 1881–1918. https://doi.org/10.1093/rof/rfae021
  • Borsboom, C., Duxbury, D., Nieber, A., & Zeisberger, S. (2024). Domain-dependent diversification: The influence of gain-loss domain on correlation choice Journal of Economic Behavior & Organization, 227, 106681. https://doi.org/10.1016/j.jebo.2024.106681
  • Akyildirim, E., Yao, S., Kong, X., Sensoy, A., & Cheng, F. (2024). Investor attention and idiosyncratic risk in cryptocurrency markets The European Journal of Finance, 30, 1932–1950. https://doi.org/10.1080/1351847X.2021.1989008
  • Haq, M., Ongena, S., Pu, J., & Tan, E. K. M. (2024). Do banks engage in earnings management? The role of dividends and institutional factors Journal of Banking and Finance, 168, 107287. https://doi.org/10.1016/j.jbankfin.2024.107287
  • Doerr, S., Kabaş, G., & Ongena, S. (2024). Population Aging and Bank Risk-Taking Journal of Financial and Quantitative Analysis, 59, 3037–3061. https://doi.org/10.1017/s0022109023001011
  • Durrani, A., Ongena, S., & Ponte Marques, A. (2024). Decoding market reactions: The certification role of EU-wide stress tests Economic Modelling, 139, 106828. https://doi.org/10.1016/j.econmod.2024.106828
  • Brumm, J., Xiangyu, F., Kotlikoff, L., & Kübler, F. (2024). When Interest Rates Go Low, Should Public Debt Go High? American Economic Journal: Macroeconomics, 16, 432–469. https://doi.org/10.1257/mac.20230154
  • Newton, D. P., Ongena, S., Xie, R., & Zhao, B. (2024). Firm ESG reputation risk and debt choice European Financial Management, 30, 2071–2094. https://doi.org/10.1111/eufm.12468
  • Kotlikoff, L., Kübler, F., Polbin, A., & Scheidegger, S. (2024). Can today’s and tomorrow’s world uniformly gain from carbon taxation? European Economic Review, 168, 104819. https://doi.org/10.1016/j.euroecorev.2024.104819
  • Iwata, T., & Weibel, M. (2024). Enhancing Equity Factor Model with Publicly Reported ESG Data Journal of Impact and ESG Investing, 5, 122–147. https://doi.org/10.3905/jesg.2024.1.107
  • Muccione, V., Vaghefi, S. A., Bingler, J., Allen, S. K., Kraus, M., Gostlow, G., Wekhof, T., Colesanti-Senni, C., Stammbach, D., Ni, J., Schimanski, T., Yu, T., Wang, Q., Huggel, C., Luterbacher, J., Biesbroek, R., & Leippold, M. (2024). Integrating artificial intelligence with expert knowledge in global environmental assessments: opportunities, challenges and the way ahead Regional Environmental Change, 24, 121. https://doi.org/10.1007/s10113-024-02283-8
  • Coculescu, D., Motte, M., & Pham, H. (2024). Opinion dynamics in communities with major influencers and implicit social influence via mean-field approximation Mathematics and Financial Economics, 18, 333–377. https://doi.org/10.1007/s11579-024-00355-1
  • Hilber, C. (2024). Restriktive Planung ist kein “Free Lunch.” Immobilia, 91, 40–41. https://www.svit.ch/sites/default/files/2024-09/IMMOBILIA_August24_low.pdf
  • Farkas, W., & Lucescu, P. (2024). Modeling Risk Sharing and Impact on Systemic Risk Mathematics, 12, 2083. https://doi.org/10.3390/math12132083
  • Puschmann, T., & Khmarskyi, V. (2024). Green fintech: developing a research agenda CSR, Sustainability, Ethics & Governance, 31, 2823–2837. https://doi.org/10.1002/csr.2675
  • Bingler, J. A., Kraus, M., Leippold, M., & Webersinke, N. (2024). How cheap talk in climate disclosures relates to climate initiatives, corporate emissions, and reputation risk Journal of Banking and Finance, 164, 107191. https://doi.org/10.1016/j.jbankfin.2024.107191
  • Bressan, G., Đuranović, A., Monasterolo, I., & Battiston, S. (2024). Asset-level assessment of climate physical risk matters for adaptation finance Nature Communications, 15, 5371. https://doi.org/10.1038/s41467-024-48820-1
  • Garel, A., Romec, A., Sautner, Z., & Wagner, A. (2024). Do investors care about biodiversity? Review of Finance, 28, 1151–1186. https://doi.org/10.1093/rof/rfae010
  • Hens, T., & Trutwin, E. (2024). Modelling sustainable investing in the CAPM Annals of Operations Research, Epub ahead of print. https://doi.org/10.1007/s10479-024-06110-5
  • Bachmann, K., Meyer, J., & Krauss, A. (2024). Investment motives and performance expectations of impact investors Journal of Behavioral and Experimental Finance, 42, 100911. https://doi.org/10.1016/j.jbef.2024.100911
  • Danisewicz, P., & Ongena, S. (2024). Fiscal transfers, local government, and entrepreneurship Journal of Policy Analysis and Management, 43, 818–845. https://doi.org/10.1002/pam.22532
  • Basten, C., & Ongena, S. (2024). Mortgage lending through a fintech web platform. The roles of competition, diversification, and automation Journal of Banking and Finance, 163, 107194. https://doi.org/10.1016/j.jbankfin.2024.107194
  • Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Leippold, M., Menkveld, A., Östberg, P., Zeisberger, S., & et al. (2024). Nonstandard Errors Journal of Finance, 79, 2339–2390. https://doi.org/10.1111/jofi.13337
  • Filippini, M., Leippold, M., & Wekhof, T. (2024). Sustainable finance literacy and the determinants of sustainable investing Journal of Banking and Finance, 163, 107167. https://doi.org/10.1016/j.jbankfin.2024.107167
  • Mamatzakis, E., Ongena, S., Patel, P. C., & Tsionas, M. (2024). A Bayesian policy learning model of COVID-19 non-pharmaceutical interventions Applied Economics, 56, 2990–3010. https://doi.org/10.1080/00036846.2023.2203462
  • Krueger, P., Sautner, Z., Tang, D. Y., & Zhong, R. (2024). The Effects of Mandatory ESG Disclosure Around the World Journal of Accounting Research, 62, 1795–1847. https://doi.org/10.1111/1475-679x.12548
  • Scolobig, A., Santos, M. J., Willemin, R., Kock, R., Battiston, S., Petchey, O., Rohrer, M., & Stoffel, M. (2024). 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. https://doi.org/10.1016/j.envsci.2024.103726
  • Fasnacht, D., & Proba, D. (2024). Leveraging inter-organizational agility for innovation Strategy & Leadership, 52, 15–22. https://doi.org/10.1108/sl-08-2023-0087
  • Kebe, M., & Uhl, M. (2024). High-Frequency Effects of Novel News on the EURUSD Exchange Rate Journal of Behavioral Finance, 25, 194–207. https://doi.org/10.1080/15427560.2022.2100386
  • Cronqvist, H., Ladika, T., Pazaj, E., & Sautner, Z. (2024). Limited attention to detail in financial markets: Evidence from reduced-form and structural estimation Journal of Financial Economics, 154, 103811. https://doi.org/10.1016/j.jfineco.2024.103811
  • Hałaj, G., Martinez-Jaramillo, S., & Battiston, S. (2024). Financial stability through the lens of complex systems Journal of Financial Stability, 71, 101228. https://doi.org/10.1016/j.jfs.2024.101228
  • Wagner, A. (2024). Biodiversität und Finanzmärkte Expert Focus, 4, 105–110.
  • Colesanti Senni, C., Goel, S., & von Jagow, A. (2024). Economic and financial consequences of water risks: The case of hydropower Ecological Economics, 218, 108048. https://doi.org/10.1016/j.ecolecon.2023.108048
  • Moreno, A., Ongena, S., Ventula Veghazy, A., & Wagner, A. F. (2024). “Long GFC”? The global financial crisis, health care, and COVID‐19 deaths Economic Inquiry, 62, 865–891. https://doi.org/10.1111/ecin.13194
  • Abedifar, P., Kashizadeh, S. J., & Ongena, S. (2024). Flood, farms and credit: The role of branch banking in the era of climate change Journal of Corporate Finance, 85, 102544. https://doi.org/10.1016/j.jcorpfin.2024.102544
  • Alessi, L., Battiston, S., & Kvedaras, V. (2024). Over with carbon? Investors’ reaction to the Paris Agreement and the US withdrawal Journal of Financial Stability, 71, 101232. https://doi.org/10.1016/j.jfs.2024.101232
  • Hoepner, A. G. F., Oikonomou, I., Sautner, Z., Starks, L. T., & Zhou, X. Y. (2024). ESG Shareholder Engagement and Downside Risk Review of Finance, 28, 483–510. https://doi.org/10.1093/rof/rfad034
  • Puschmann, T., & Huang-Sui, M. (2024). A taxonomy for decentralized finance International Review of Financial Analysis, 92, 103083. https://doi.org/10.1016/j.irfa.2024.103083
  • Gropp, R., Mosk, T., Ongena, S., Simac, I., & Wix, C. (2024). Supranational Rules, National Discretion: Increasing versus Inflating Regulatory Bank Capital? Journal of Financial and Quantitative Analysis, 59, 830–862. https://doi.org/10.1017/S002210902300025X
  • Eugster, P., & Uhl, M. W. (2024). Forecasting inflation using sentiment Economics Letters, 236, 111575. https://doi.org/10.1016/j.econlet.2024.111575
  • Amaral, F., Dohmen, M., Kohl, S., & Schularick, M. (2024). Interest Rates and the Spatial Polarization of Housing Markets American Economic Review: Insights, 6, 89–104. https://doi.org/10.1257/aeri.20220367
  • Coculescu, D., & Visentin, G. (2024). A default system with overspilling contagion Frontiers of Mathematical Finance, 3, 127–162. https://doi.org/10.3934/fmf.2024003
  • Gandré, P., Mariathasan, M., Merrouche, O., & Ongena, S. (2024). Unintended Consequences of the Global Derivatives Market Reform Journal of the European Economic Association, jvae010. https://doi.org/10.1093/jeea/jvae010
  • Epper, T. F., & Fehr-Duda, H. (2024). Risk in Time: The Intertwined Nature of Risk Taking and Time Discounting Journal of the European Economic Association, 22, 310–354. https://doi.org/10.1093/jeea/jvad041
  • Andrieş, A. M., Chiper, A. M., Ongena, S., & Sprincean, N. (2024). External wealth of nations and systemic risk Journal of Financial Stability, 70, 101192. https://doi.org/10.1016/j.jfs.2023.101192

Pagination