Publications

ZORA Publication List

Publications

• 2024

  • 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
  • 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
  • Delis, M. D., de Greiff, K., Iosifidi, M., & Ongena, S. (2024). Being stranded with fossil fuel reserves? Climate policy risk and the pricing of bank loans Financial Markets, Institutions & Instruments, 33, 239–265. https://doi.org/10.1111/fmii.12189
  • 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
  • Kübler, F., & Polemarchakis, H. (2024). Identification in general equilibrium Journal of Mathematical Economics, 113, 103017. https://doi.org/10.1016/j.jmateco.2024.103017
  • Farkas, W., & Lucescu, P. (2024). Modeling Risk Sharing and Impact on Systemic Risk Mathematics, 12, 2083. https://doi.org/10.3390/math12132083
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • Koch-Medina, P., & Munari, C. (2024). Qualitative robustness of utility-based risk measures Annals of Operations Research, 336, 967–980. https://doi.org/10.1007/s10479-022-04885-z
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • Ongena, S. (2024). Which banks for green growth? A review and a tentative research agenda Journal of Sustainable Finance and Accounting, 1, 100001. https://doi.org/10.1016/j.josfa.2024.100001
  • 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
  • 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
  • Eugster, P., & Uhl, M. W. (2024). Forecasting inflation using sentiment Economics Letters, 236, 111575. https://doi.org/10.1016/j.econlet.2024.111575
  • Schimanski, T., Reding, A., Reding, N., Bingler, J., Kraus, M., & Leippold, M. (2024). Bridging the gap in ESG measurement: Using NLP to quantify environmental, social, and governance communication Finance Research Letters, 61, 104979. https://doi.org/10.1016/j.frl.2024.104979
  • 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
  • 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
  • Fasnacht, D., & Straube, C. (2024). Quantum computing as an enabling technology for the next business cycle HMD Praxis der Wirtschaftsinformatik, 61, 284–298. https://doi.org/10.1365/s40702-023-00969-x
  • Fatouh, M., Giansante, S., & Ongena, S. (2024). Leverage ratio, risk-based capital requirements, and risk-taking in the United Kingdom Financial Markets, Institutions & Instruments, 33, 31–60. https://doi.org/10.1111/fmii.12185
  • 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
  • Benincasa, E., Betz, F., & Gattini, L. (2024). How do firms cope with losses from extreme weather events? Journal of Corporate Finance, 84, 102508. https://doi.org/10.1016/j.jcorpfin.2023.102508
  • Kölbel, J., Leippold, M., Rillaerts, J., & Wang, Q. (2024). Ask BERT: How Regulatory Disclosure of Transition and Physical Climate Risks affects the CDS Term Structure Journal of Financial Econometrics, 22, 30–69. https://doi.org/10.1093/jjfinec/nbac027
  • Cornelli, G., Doerr, S., Gambacorta, L., & Merrouche, O. (2024). Regulatory Sandboxes and Fintech Funding: Evidence from the UK Review of Finance, 28, 203–233. https://doi.org/10.1093/rof/rfad017
  • Ceccarelli, M., Ramelli, S., & Wagner, A. (2024). Low carbon mutual funds Review of Finance, 28, 45–74. https://doi.org/10.1093/rof/rfad015
  • Li, X., Feng, H., Yang, H., & Huang, J. (2024). Can ChatGPT reduce human financial analysts’ optimistic biases? Economic and Political Studies, 12, 20–33. https://doi.org/10.1080/20954816.2023.2276965
  • Carozzi, F., Hilber, C., & Yu, X. (2024). On the economic impacts of mortgage credit expansion policies: Evidence from help to buy Journal of Urban Economics, 139, 103611. https://doi.org/10.1016/j.jue.2023.103611
  • Keil, J., & Ongena, S. (2024). The demise of branch banking - Technology, consolidation, bank fragility Journal of Banking and Finance, 158, 107038. https://doi.org/10.1016/j.jbankfin.2023.107038
  • Albertazzi, U., Fringuellotti, F., & Ongena, S. (2024). Fixed rate versus adjustable rate mortgages: Evidence from euro area banks European Economic Review, 161, 104643. https://doi.org/10.1016/j.euroecorev.2023.104643

• 2023

  • Andraszewicz, S., Kaszás, D., Zeisberger, S., & Hölscher, C. (2023). The influence of upward social comparison on retail trading behaviour Scientific Reports, 13, 22713. https://doi.org/10.1038/s41598-023-49648-3
  • Vaghefi, S. A., Stammbach, D., Muccione, V., Bingler, J., Ni, J., Kraus, M., Allen, S., Colesanti-Senni, C., Wekhof, T., Schimanski, T., Gostlow, G., Yu, T., Wang, Q., Webersinke, N., Huggel, C., & Leippold, M. (2023). ChatClimate: Grounding conversational AI in climate science Communications Earth & Environment, 4, 480. https://doi.org/10.1038/s43247-023-01084-x
  • Sautner, Z., van Lent, L., Vilkov, G., & Zhang, R. (2023). Pricing climate change exposure Management Science, 69, 7540–7561. https://doi.org/10.1287/mnsc.2023.4686
  • Leippold, M., & Yang, H. (2023). Mixed-Frequency Predictive Regressions Journal of Forecasting, 42, 1955–1972. https://doi.org/10.1002/for.2999
  • De Haas, R., Lu, L., & Ongena, S. (2023). Close competitors? Bilateral bank competition and spatial variation in firms’ access to credit Journal of Economic Geography, 23, 1237–1271. https://doi.org/10.1093/jeg/lbad020
  • Ongena, S., Paraschiv, F., & Reite, E. J. (2023). Counteroffers and Price Discrimination in Mortgage Lending Journal of Empirical Finance, 74, 101431. https://doi.org/10.1016/j.jempfin.2023.101431
  • Puschmann, T., & Quattrocchi, D. (2023). Decreasing the impact of climate change in value chains by leveraging sustainable finance Journal of Cleaner Production, 429, 139575. https://doi.org/10.1016/j.jclepro.2023.139575
  • D’Ercole, F., & Wagner, A. F. (2023). The green energy transition and the 2023 Banking Crisis Finance Research Letters, 58, 104493. https://doi.org/10.1016/j.frl.2023.104493
  • Mamatzakis, E., Ongena, S., & Tsionas, M. G. (2023). Why do households repay their debt in UK during the COVID-19 crisis? Journal of Economic Studies, 50, 1789–1823. https://doi.org/10.1108/JES-10-2022-0540
  • Braggion, F., Von Meyerinck, F., & Schaub, N. (2023). Inflation and Individual Investors’ Behavior: Evidence from the German Hyperinflation. Review of Financial Studies, 36, 5012–5045. https://doi.org/10.1093/rfs/hhad047
  • Custodio, C., Ferreira, M., & Garcia-Appendini, E. (2023). Indirect Costs of Financial Distress Review of Finance, 27, 2233–2270. https://doi.org/10.1093/rof/rfad014
  • Hager, D. M., & Nitschka, T. (2023). 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. https://doi.org/10.1186/s41937-023-00117-8
  • Akyildirim, E., Cepni, O., Corbet, S., & Uddin, G. S. (2023). Forecasting mid-price movement of Bitcoin futures using machine learning Annals of Operations Research, 330, 553–584. https://doi.org/10.1007/s10479-021-04205-x
  • Barth, A., Laturnus, V., Mansouri, S., & Wagner, A. (2023). Conflicted Analysts and Initial Coin Offerings Management Science, 69, 6641–6666. https://doi.org/10.1287/mnsc.2021.02928
  • Böhnke, V., Ongena, S., Paraschiv, F., & Reite, E. J. (2023). 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. https://doi.org/10.1016/j.jbankfin.2023.106992
  • Weingärtner, T., Fasser, F., Reis Sá da Costa, P., & Farkas, W. (2023). Deciphering DeFi: A Comprehensive Analysis and Visualization of Risks in Decentralized Finance Journal of Risk and Financial Management, 16, 454. https://doi.org/10.3390/jrfm16100454
  • Strauß, N., Krakow, J., & Chesney, M. (2023). 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, 1480–1505. https://doi.org/10.1080/20430795.2023.2226792
  • Nistor, S., & Ongena, S. (2023). The Impact of Policy Interventions on Systemic Risk across Banks Journal of Financial Services Research, 64, 155–206. https://doi.org/10.1007/s10693-023-00404-8
  • Basten, C., & Mariathasan, M. (2023). 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. https://doi.org/10.1016/j.jfs.2023.101160
  • Arce, O., García-Posada, M., Mayordomo, S., & Ongena, S. (2023). Bank lending policies and monetary policy: some lessons from the negative interest era Economic Policy, 38, 899–941. https://doi.org/10.1093/epolic/eiae001
  • Broda, S. A., & Paolella, M. (2023). ARCHModels.jl: Estimating ARCH Models in Julia Journal of Statistical Software, 107, 1–25. https://doi.org/10.18637/jss.v107.i05
  • Eugster, P., & Uhl, M. W. (2023). Technical analysis: Novel insights on contrarian trading European Financial Management, 29, 1160–1190. https://doi.org/10.1111/eufm.12389
  • Kubler, F., & Scheidegger, S. (2023). Uniformly self-justified equilibria Journal of Economic Theory, 212, 105707. https://doi.org/10.1016/j.jet.2023.105707
  • Eichholtz, P., Ongena, S., Simeth, N., & Yönder, E. (2023). Banks, non-banks, and the incorporation of local information in CMBS loan pricing Journal of Banking and Finance, 154, 106918. https://doi.org/10.1016/j.jbankfin.2023.106918
  • Fenneman, A., Janssen, D.-J., Nolte, S., & Zeisberger, S. (2023). Nomen est omen? How and when company name fluency affects return expectations PLoS ONE, 18, e0287995. https://doi.org/10.1371/journal.pone.0287995
  • Geng, R., & Kubler, F. (2023). Stochastic overlapping generations with non-convex budget sets Journal of Mathematical Economics, 107, 102866. https://doi.org/10.1016/j.jmateco.2023.102866
  • Hoyer, K., Zeisberger, S., Breugelmans, S. M., & Zeelenberg, M. (2023). A culture of greed: Bubble formation in experimental asset markets with greedy and non-greedy traders Journal of Economic Behavior & Organization, 212, 32–52. https://doi.org/10.1016/j.jebo.2023.05.005
  • Leippold, M. (2023). Sentiment spin: Attacking financial sentiment with GPT-3 Finance Research Letters, 55, 103957–103957. https://doi.org/10.1016/j.frl.2023.103957
  • Bachmann, K., Hens, T., Lot, A., & Xu, X. (2023). Experimental research on retirement decision-making: evidence from replications Journal of Banking and Finance, 152, 106851–106851. https://doi.org/10.1016/j.jbankfin.2023.106851
  • Beck, E., De Nard, G., & Wolf, M. (2023). Improved inference in financial factor models International Review of Economics and Finance, 86, 364–379. https://doi.org/10.1016/j.iref.2023.03.009
  • Arduca, M., & Munari, C. (2023). Fundamental theorem of asset pricing with acceptable risk in markets with frictions Finance and Stochastics, 27, 831–862. https://doi.org/10.1007/s00780-023-00509-x
  • Ilhan, E., Krueger, P., Sautner, Z., & Starks, L. T. (2023). Climate risk disclosure and institutional investors Review of Financial Studies, 36, 2617–2650. https://doi.org/10.1093/rfs/hhad002
  • Evstigneev, I. V., Hens, T., & Javad Vanaei, M. (2023). Evolutionary Finance: A model with endogenous asset payoffs Journal of Bioeconomics, 25, 117–143. https://doi.org/10.1007/s10818-023-09335-9
  • Huang, W., Molyneux, P., Ongena, S., & Xie, R. (2023). The new challenges of global banking and finance The European Journal of Finance, 29, 693–699. https://doi.org/10.1080/1351847X.2023.2200145
  • Fuhrer, A., & Hock, T. (2023). Uncertainty in the black-litterman model: empirical estimation of the equilibrium Journal of Empirical Finance, 72, 251–275. https://doi.org/10.1016/j.jempfin.2023.03.009
  • Ongena, S., Delis, M. D., & Dioikitopoulos, E. V. (2023). Population diversity and financial risk-taking Journal of Banking and Finance, 151, 106852–106852. https://doi.org/10.1016/j.jbankfin.2023.106852
  • Akyildirim, E., Corbet, S., Tiniç, M., & Sensoy, A. (2023). Adverse selection in cryptocurrency markets The Journal of Financial Research, 46, 497–546. https://doi.org/10.1111/jfir.12317
  • Crépellière, T., Pelster, M., & Zeisberger, S. (2023). Arbitrage in the market for cryptocurrencies Journal of Financial Markets, 64, 100817–100817. https://doi.org/10.1016/j.finmar.2023.100817
  • Sautner, Z., Van Lent, L., Vilkov, G., & Zhang, R. (2023). Firm‐level climate change exposure Journal of Finance, 78, 1449–1498. https://doi.org/10.1111/jofi.13219
  • Bedendo, M., Garcia-Appendini, E., & Siming, L. (2023). Managers’ cultural origin and corporate response to an economic shock. Journal of Corporate Finance, 80, 102412. https://doi.org/10.1016/j.jcorpfin.2023.102412
  • Munari, C., Weber, S., & Wilhelmy, L. (2023). Capital requirements and claims recovery: A new perspective on solvency regulation The Journal of Risk and Insurance, 90, 329–380. https://doi.org/10.1111/jori.12405
  • Huber, C., Dreber, A., Huber, J., Johannesson, M., Kirchler, M., Weitzel, U., Abellán, M., Adayeva, X., Ay, F. C., Barron, K., Berry, Z., Bönte, W., Brütt, K., Bulutay, M., Campos-Mercade, P., Cardella, E., Claassen, M. A., Cornelissen, G., Dawson, I. G. J., … Zeisberger, S. (2023). 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, e22155721. https://doi.org/10.1073/pnas.2215572120
  • Anderson, D. R., & Ulrych, U. (2023). Accelerated American option pricing with deep neural networks Quantitative Finance and Economics, 7, 207–228. https://doi.org/10.3934/QFE.2023011
  • Bonfim, D., Cerqueiro, G., Degryse, H., & Ongena, S. (2023). On-Site inspecting zombie lending Management Science, 69, 2547–3155. https://doi.org/10.1287/mnsc.2022.4452
  • Leippold, M. (2023). Thus spoke GPT-3: Interviewing a large-language model on climate finance Finance Research Letters, 53, 103617–103617. https://doi.org/10.1016/j.frl.2022.103617
  • Hediger, S., Näf, J., Paolella, M. S., & Polak, P. (2023). Heterogeneous Tail Generalized Common Factor Modeling Digital Finance, 5, 389–420. https://doi.org/10.1007/s42521-023-00083-z

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