Publications

ZORA Publication List

Publications

• 2025

  • Akyildirim, E., Corbet, S., Ongena, S., & Staunton, D. (2025). Understanding reputational risks: The impact of ESG events on European banks Journal of International Financial Markets, Institutions & Money, 105, 102225. https://doi.org/10.1016/j.intfin.2025.102225
  • 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
  • Albertazzi, Ugo; Bottero, Margherita; Gambacorta, Leonardo; Ongena, Steven (2025). Asymmetric information and the securitization of SME loans European Economic Review, 177:105053.
  • Delis, Manthos D; Galariotis, Emilios; Iosifidi, Maria; Ongena, Steven (2025). Corporate taxes and entrepreneurs' income: A credit channel Journal of Corporate Finance, 93:102805.
  • Kolasa, Thea; Sautner, Zacharias (2025). Institutional Investors and the Fight Against Climate Change Corporate Governance. An International Review, 33(4):663-679.
  • Delis, Manthos; Fringuellotti, Fulvia; Iosifidi, Maria; Ongena, Steven (2025). Credit and entrepreneurs’ income Journal of Financial Intermediation, 63:101161.
  • Wagner, Alexander; Wenk, Christoph (2025). Binding Say-on-Pay and Shareholder Value Review of Corporate Finance Studies:Epub ahead of print.
  • Schwaiger, Rene; Strucks, Markus; Zeisberger, Stefan (2025). The Consequences of Narrow Framing for Risk Taking: A Stress Test of Myopic Loss Aversion Management Science:Epub ahead of print.
  • Newton, David P; Ongena, Steven; Xie, Ru; Zhao, Binru (2025). Leveraged loans: is high leverage risk priced in?
  • Wagner, Alexander (2025). Die Rolle der Künstlichen Intelligenz (KI) in der Unternehmensberichterstattung: Chancen, Risiken und Implikationen für die Zukunft des Accounting Swiss Journal of Business, 79(1):77-83.
  • Delis, Fotis; Delis, Manthos D; Laeven, Luc; Ongena, Steven (2025). Global evidence on profit shifting within firms and across time Journal of Accounting and Economics, 79(2-3):101744.
  • Özlem Dursun-de Neef, H; Ongena, Steven; Schandlbauer, Alexander (2025). Monetary Policy, Held-to-Maturity Securities, and Uninsured Deposit Withdrawals European Accounting Review:Epub ahead of print.
  • Gibson Brandon, Rajna; Sohn, Matthias; Tanner, Carmen; Wagner, Alexander F (2025). Earnings Management and the Role of Moral Values in Investing European Accounting Review, 34(2):841-871.
  • von Meyerinck, Felix; Pursiainen, Vesa; Schmid, Markus (2025). Competition and the Reputational Costs of Litigation Journal of Financial and Quantitative Analysis:Epub ahead of print.
  • Paolella, Marc S; Polak, Pawel; Walker, Patrick S (2025). Risk parity portfolio optimization under heavy‐tailed returns and dynamic correlations Journal of Time Series Analysis, 46(2):353-377.
  • Petropoulou, Athina; Pappas, Vasileios; Ongena, Steven; Gounopoulos, Dimitrios; Fairchild, Richard (2025). The performance of FDIC-identified community banks Journal of Financial Stability, 77:101394.
  • Gündüz, Yalin; Ongena, Steven; Tümer-Alkan, Günseli; Yu, Yuejuan (2025). CDS and credit: The effect of the bangs on credit insurance, lending and hedging Journal of Empirical Finance, 81:101583.
  • Ulrych, Urban; Vasiljević, Nikola (2025). Global currency hedging with ambiguity Journal of Banking and Finance, 172:107366.
  • Huynh, Luu Duc Toan; Hoang, Khanh; Ongena, Steven (2025). The impact of foreign sanctions on firm performance in Russia The British Accounting Review:101586.
  • Glossner, Simon; Matos, Pedro; Ramelli, Stefano; Wagner, Alexander F (2025). Do Institutional Investors Stabilize Equity Markets in Crisis Periods? Evidence from COVID-19 Management Science:Epub ahead of print.
  • Colesanti Senni, Chiara; Schimanski, Tobias; Bingler, Julia; Ni, Jingwei; Leippold, Markus (2025). Using AI to assess corporate climate transition disclosures Environmental Research, 7(2):021010.
  • Sautner, Zacharias; Yu, Jing; Zhong, Rui; Zhou, Xiaoyan (2025). The EU Taxonomy and the Syndicated Loan Market Journal of Financial Services Research:online.
  • Folini, Doris; Friedl, Aleksandra; Kübler, Felix; Scheidegger, Simon (2025). The Climate in Climate Economics Review of Economic Studies, 92(1):299-338.
  • Berger, Allen N; Nistor, Simona; Ongena, Steven; Tsyplakov, Sergey (2025). Catch, Restrict, and Release: The Real Story of Bank Bailouts Review of Corporate Finance Studies:cfaf001.
  • Fatouh, Mahmoud; Giansante, Simone; Ongena, Steven (2025). Quantitative easing and the functioning of the gilt repo market The European Journal of Finance, 31(1):31-52.
  • von Meyerinck, Felix; Romer, Jonas; Schmid, Markus (2025). CEO turnover and director reputation Journal of Financial Economics, 163:103971.
  • Ongena, Steven; Saffar, Walid; Sun, Yuan; Wei, Lai (2025). Movables as collateral and corporate credit: Loan-level evidence from legal reforms across Europe Journal of Banking and Finance, 170:107331.

• 2024

  • Deng, Ming; Kebe, Miha; Lucescu, Patrick; Uhl, Matthias W; Walliser, Santiago (2024). Four-Fold News Sentiment and Stock Returns Journal of Portfolio Management:jpm.2024.1.663.
  • Leippold, Markus; Wang, Qian; Yang, Min (2024). Technical patterns and news sentiment in stock markets Journal of Finance and Data Science, 10:100145.
  • Monasterolo, Irene; Mandel, Antoine; Battiston, Stefano; Mazzocchetti, Andrea; Oppermann, Klaus; Coony, Jonathan; Stretton, Stephen; Stewart, Fiona; Dunz, Nepomuk (2024). The role of green financial sector initiatives in the low-carbon transition: A theory of change Global Environmental Change, 89:102915.
  • Sato, Misato; Gostlow, Glen; Higham, Catherine; Setzer, Joana; Venmans, Frank (2024). Impacts of climate litigation on firm value Nature Sustainability, 7(11):1461-1468.
  • Baader, Malte; Gächter, Simon; Lee, Kyeongtae; Sefton, Martin (2024). Social preferences and the variability of conditional cooperation Economic Theory:Epub ahead of print.
  • Borsboom, Charlotte; Duxbury, Darren; Nieber, Alexander; Zeisberger, Stefan (2024). Domain-dependent diversification: The influence of gain-loss domain on correlation choice Journal of Economic Behavior & Organization, 227:106681.
  • Antoniou, Fabio; Delis, Manthos D; Ongena, Steven; Tsoumas, Chris (2024). Pollution Permits and Financing Costs Journal of Money, Credit and Banking:Epub ahead of print.
  • Akyildirim, Erdinc; Yao, Shouyu; Kong, Xiaoran; Sensoy, Ahmet; Cheng, Feiyang (2024). Investor attention and idiosyncratic risk in cryptocurrency markets The European Journal of Finance, 30(16):1932-1950.
  • Doerr, Sebastian; Kabaş, Gazi; Ongena, Steven (2024). Population Aging and Bank Risk-Taking Journal of Financial and Quantitative Analysis, 59(7):3037-3061.
  • Haq, Mamiza; Ongena, Steven; Pu, Juying; Tan, Eric K M (2024). Do banks engage in earnings management? The role of dividends and institutional factors Journal of Banking and Finance, 168:107287.
  • Qi, Shusen; De Haas, Ralph; Ongena, Steven; Straetmans, Stefan; Vadasz, Tamas (2024). Move a little closer? Information sharing and the spatial clustering of bank branches Review of Finance, 28(6):1881-1918.
  • Brumm, Johannes; Xiangyu, Feng; Kotlikoff, Laurence; Kübler, Felix (2024). When Interest Rates Go Low, Should Public Debt Go High?
  • Kara, Alper; Ongena, Steven; Yildiz, Yilmaz (2024). Does being a responsible bank pay off? Evidence from the COVID-19 pandemic Journal of Financial Stability, 74:101317.
  • Durrani, Agha; Ongena, Steven; Ponte Marques, Aurea (2024). Decoding market reactions: The certification role of EU-wide stress tests Economic Modelling, 139:106828.
  • Kotlikoff, Laurence; Kübler, Felix; Polbin, Andrey; Scheidegger, Simon (2024). Can today’s and tomorrow’s world uniformly gain from carbon taxation?
  • Newton, David P; Ongena, Steven; Xie, Ru; Zhao, Binru (2024). Firm ESG reputation risk and debt choice European financial management, 30(4):2071-2094.
  • Iwata, Tsuyoshi; Weibel, Marc (2024). Enhancing Equity Factor Model with Publicly Reported ESG Data Journal of Impact and ESG Investing, 5(1):122-147.
  • Muccione, Veruska; Vaghefi, Saeid Ashraf; Bingler, Julia; Allen, Simon K; Kraus, Mathias; Gostlow, Glen; Wekhof, Tobias; Colesanti-Senni, Chiara; Stammbach, Dominik; Ni, Jingwei; Schimanski, Tobias; Yu, Tingyu; Wang, Qian; Huggel, Christian; Luterbacher, Juerg; Biesbroek, Robbert; Leippold, Markus (2024). Integrating artificial intelligence with expert knowledge in global environmental assessments: opportunities, challenges and the way ahead Regional Environmental Change, 24(3):121.
  • Coculescu, Delia; Motte, Mederic; Pham, Huyen (2024). Opinion dynamics in communities with major influencers and implicit social influence via mean-field approximation Mathematics and Financial Economics, 18(2-3):333-377.
  • Delis, Manthos D; de Greiff, Kathrin; Iosifidi, Maria; Ongena, Steven (2024). Being stranded with fossil fuel reserves? Climate policy risk and the pricing of bank loans Financial markets, institutions & instruments, 33(3):239-265.
  • Kübler, Felix; Polemarchakis, Herakles (2024). Identification in general equilibrium Journal of Mathematical Economics, 113:103017.
  • Hilber, Christian (2024). Restriktive Planung ist kein "Free Lunch" Immobilia, 91(8):40-41.
  • Farkas, Walter; Lucescu, Patrick (2024). Modeling Risk Sharing and Impact on Systemic Risk Mathematics, 12(13):2083.
  • Garel, Alexandre; Romec, Arthur; Sautner, Zacharias; Wagner, Alexander (2024). Do investors care about biodiversity?
  • Bressan, Giacomo; Đuranović, Anja; Monasterolo, Irene; Battiston, Stefano (2024). Asset-level assessment of climate physical risk matters for adaptation finance Nature Communications, 15:5371.
  • Bingler, Julia Anna; Kraus, Mathias; Leippold, Markus; Webersinke, Nicolas (2024). How cheap talk in climate disclosures relates to climate initiatives, corporate emissions, and reputation risk Journal of Banking and Finance, 164:107191.
  • Puschmann, Thomas; Khmarskyi, Valentyn (2024). Green fintech: developing a research agenda CSR, Sustainability, Ethics & Governance, 31(4):2823-2837.
  • Puschmann, Thomas; Halimi, Engjull (2024). FinTech services from BigTech companies Systems research and behavioral science:Epub ahead of print.
  • Bachmann, Kremena; Meyer, Julia; Krauss, Annette (2024). Investment motives and performance expectations of impact investors Journal of Behavioral and Experimental Finance, 42:100911.
  • Danisewicz, Piotr; Ongena, Steven (2024). Fiscal transfers, local government, and entrepreneurship Journal of Policy Analysis and Management, 43(3):818-845.
  • Dreber, Anna; Holzmeister, Felix; Huber, Jürgen; Johannesson, Magnus; Leippold, Markus; Menkveld, Albert; Östberg, Per; Zeisberger, Stefan; et al (2024). Nonstandard Errors Journal of Finance, 79(3):2339-2390.
  • Filippini, Massimo; Leippold, Markus; Wekhof, Tobias (2024). Sustainable finance literacy and the determinants of sustainable investing Journal of Banking and Finance, 163:107167.
  • Basten, Christoph; Ongena, Steven (2024). Mortgage lending through a fintech web platform. The roles of competition, diversification, and automation Journal of Banking and Finance, 163:107194.
  • Mamatzakis, Emmanuel; Ongena, Steven; Patel, Pankaj C; Tsionas, Mike (2024). A Bayesian policy learning model of COVID-19 non-pharmaceutical interventions Applied Economics, 56(25):2990-3010.
  • Krueger, Philipp; Sautner, Zacharias; Tang, Dragon Yongjun; Zhong, Rui (2024). The Effects of Mandatory ESG Disclosure Around the World Journal of Accounting Research, 62(5):1795-1847.
  • Koch-Medina, Pablo; Munari, Cosimo (2024). Qualitative robustness of utility-based risk measures Annals of Operations Research, 336(1-2):967-980.
  • Scolobig, Anna; Santos, Maria João; Willemin, Rémi; Kock, Richard; Battiston, Stefano; Petchey, Owen; Rohrer, Mario; Stoffel, Markus (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.
  • Fasnacht, Daniel; Proba, Daniel (2024). Leveraging inter-organizational agility for innovation Strategy & leadership, 52(1):15-22.
  • Kebe, Miha; Uhl, Matthias (2024). High-Frequency Effects of Novel News on the EURUSD Exchange Rate Journal of Behavioral Finance, 25(2):194-207.
  • Moreno, Antonio; Ongena, Steven; Ventula Veghazy, Alexia; Wagner, Alexander F (2024). “Long GFC”? The global financial crisis, health care, and COVID‐19 deaths Economic Inquiry, 62(2):865-891.
  • Wagner, Alexander (2024). Biodiversität und Finanzmärkte Expert Focus, 4:105-110.
  • Abedifar, Pejman; Kashizadeh, Seyed Javad; Ongena, Steven (2024). Flood, farms and credit: The role of branch banking in the era of climate change Journal of Corporate Finance, 85:102544.
  • Colesanti Senni, Chiara; Goel, Skand; von Jagow, Adrian (2024). Economic and financial consequences of water risks: The case of hydropower Ecological Economics, 218:108048.
  • Hałaj, Grzegorz; Martinez-Jaramillo, Serafin; Battiston, Stefano (2024). Financial stability through the lens of complex systems Journal of Financial Stability, 71:101228.
  • Cronqvist, Henrik; Ladika, Tomislav; Pazaj, Elisa; Sautner, Zacharias (2024). Limited attention to detail in financial markets: Evidence from reduced-form and structural estimation Journal of Financial Economics, 154:103811.
  • Hoepner, Andreas G F; Oikonomou, Ioannis; Sautner, Zacharias; Starks, Laura T; Zhou, Xiao Y (2024). ESG Shareholder Engagement and Downside Risk Review of Finance, 28(2):483-510.
  • Eugster, Patrick; Uhl, Matthias W (2024). Forecasting inflation using sentiment Economics Letters, 236:111575.
  • Ongena, Steven (2024). Which banks for green growth? A review and a tentative research agenda Journal of Sustainable Finance and Accounting, 1:100001.
  • Puschmann, Thomas; Huang-Sui, Marine (2024). A taxonomy for decentralized finance International Review of Financial Analysis, 92:103083.
  • Schimanski, Tobias; Reding, Andrin; Reding, Nico; Bingler, Julia; Kraus, Mathias; Leippold, Markus (2024). Bridging the gap in ESG measurement: Using NLP to quantify environmental, social, and governance communication Finance Research Letters, 61:104979.
  • Gropp, Reint; Mosk, Thomas; Ongena, Steven; Simac, Ines; Wix, Carlo (2024). Supranational Rules, National Discretion: Increasing versus Inflating Regulatory Bank Capital?
  • Amaral, Francisco; Dohmen, Martin; Kohl, Sebastian; Schularick, Moritz (2024). Interest Rates and the Spatial Polarization of Housing Markets American Economic Review: Insights, 6(1):89-104.
  • Coculescu, Delia; Visentin, Gabriele (2024). A default system with overspilling contagion Frontiers of Mathematical Finance, 3(1):127-162.
  • Gandré, Pauline; Mariathasan, Mike; Merrouche, Ouarda; Ongena, Steven (2024). Unintended Consequences of the Global Derivatives Market Reform Journal of the European Economic Association:jvae010.
  • Epper, Thomas F; Fehr-Duda, Helga (2024). Risk in Time: The Intertwined Nature of Risk Taking and Time Discounting Journal of the European Economic Association, 22(1):310-354.
  • Fatouh, Mahmoud; Giansante, Simone; Ongena, Steven (2024). Leverage ratio, risk-based capital requirements, and risk-taking in the United Kingdom Financial markets, institutions & instruments, 33(1):31-60.
  • Benincasa, Emanuela; Betz, Frank; Gattini, Luca (2024). How do firms cope with losses from extreme weather events?
  • Andrieş, Alin Marius; Chiper, Alexandra Maria; Ongena, Steven; Sprincean, Nicu (2024). External wealth of nations and systemic risk Journal of Financial Stability, 70:101192.
  • Fasnacht, Daniel; Straube, Christian (2024). Quantum computing as an enabling technology for the next business cycle HMD Praxis der Wirtschaftsinformatik, 61(1):284-298.
  • Kölbel, Julian; Leippold, Markus; Rillaerts, Jordy; Wang, Qian (2024). Ask BERT: How Regulatory Disclosure of Transition and Physical Climate Risks affects the CDS Term Structure Journal of Financial Econometrics, 22(1):30-69.
  • Ceccarelli, Marco; Ramelli, Stefano; Wagner, Alexander (2024). Low carbon mutual funds Review of Finance, 28(1):45-74.
  • Cornelli, Giulio; Doerr, Sebastian; Gambacorta, Leonardo; Merrouche, Ouarda (2024). Regulatory Sandboxes and Fintech Funding: Evidence from the UK Review of Finance, 28(1):203-233.
  • Li, Xiaoyang; Feng, Haoming; Yang, Hailong; Huang, Jiyuan (2024). Can ChatGPT reduce human financial analysts’ optimistic biases?
  • Albertazzi, Ugo; Fringuellotti, Fulvia; Ongena, Steven (2024). Fixed rate versus adjustable rate mortgages: Evidence from euro area banks European Economic Review, 161:104643.
  • Keil, Jan; Ongena, Steven (2024). The demise of branch banking - Technology, consolidation, bank fragility Journal of Banking and Finance, 158:107038.

• 2023

  • Andraszewicz, Sandra; Kaszás, Dániel; Zeisberger, Stefan; Hölscher, Christoph (2023). The influence of upward social comparison on retail trading behaviour Scientific Reports, 13(1):22713.
  • Vaghefi, Saeid Ashraf; Stammbach, Dominik; Muccione, Veruska; Bingler, Julia; Ni, Jingwei; Kraus, Mathias; Allen, Simon; Colesanti-Senni, Chiara; Wekhof, Tobias; Schimanski, Tobias; Gostlow, Glen; Yu, Tingyu; Wang, Qian; Webersinke, Nicolas; Huggel, Christian; Leippold, Markus (2023). ChatClimate: Grounding conversational AI in climate science Communications Earth & Environment, 4:480.
  • Leippold, Markus; Yang, Hanlin (2023). Mixed-Frequency Predictive Regressions Journal of Forecasting, 42(8):1955-1972.
  • D’Ercole, Francesco; Wagner, Alexander F (2023). The green energy transition and the 2023 Banking Crisis Finance Research Letters, 58:104493.
  • Ongena, Steven; Paraschiv, Florentina; Reite, Endre J (2023). Counteroffers and Price Discrimination in Mortgage Lending Journal of Empirical Finance, 74:101431.
  • Sautner, Zacharias; van Lent, Laurence; Vilkov, Grigory; Zhang, Ruishen (2023). Pricing climate change exposure Management Science, 69(12):7540-7561.
  • Why do households repay their debt in UK during the COVID-19 crisis? Journal of Economic Studies, 50(8):1789-1823.
  • Braggion, Fabio; Von Meyerinck, Felix; Schaub, Nic (2023). Inflation and Individual Investors' Behavior: Evidence from the German Hyperinflation Review of Financial Studies, 36(12):5012-5045.

Pagination