Publications
ZORA Publication List
Publications
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2026
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Greenwashing and investor reactions: The limits of market discipline in developed markets Journal of Multinational Financial Management, 84, 100972. https://doi.org/10.1016/j.mulfin.2026.100972
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Assessing the chronic physical risks of climate change for the financial sector: A case study from Mexico’s central Bank. Ecological Economics, 249, 109119. https://doi.org/10.1016/j.ecolecon.2026.109119
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The Rise and Fall of the Price-to-Rent Ratio: Why Are Superstar Cities Different? The Economic Journal, 136, 2589–2623. https://doi.org/10.1093/ej/ueaf124
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When do proxy advisors improve corporate decisions? Economic Inquiry, 64, 1183–1208. https://doi.org/10.1111/ecin.70070
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Fiscal Constraints and the Power of Words: Does High Debt Mute the Fed? Oxford Bulletin of Economics and Statistics, Epub ahead of print. https://doi.org/10.1111/obes.70129
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Asymmetric uncertainty regulation in human - artificial intelligence interaction Frontiers in Artificial Intelligence, 9, 1847409. https://doi.org/10.3389/frai.2026.1847409
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Economic growth versus nature protection: a real option approach Annals of Operations Research, 1–31. https://doi.org/10.1007/s10479-026-07292-w
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Bank Lending and Market-Based Finance for Corporations: The Effects of Minibond Issuances for Unlisted Firms Journal of Financial and Quantitative Analysis, 61, 2877–2911. https://doi.org/10.1017/s0022109025102548
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Can Lending Hierarchies Balance Bias? The Role of Personal Environmental Values in Credit to Green Firms Journal of Financial and Quantitative Analysis, 61, 2776–2808. https://doi.org/10.1017/s0022109025102561
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Relationship banking: The borrower’s incentives channel Journal of Corporate Finance, 101, 103045. https://doi.org/10.1016/j.jcorpfin.2026.103045
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Do banks price environmental risk? Only when local beliefs are binding! Journal of Financial Stability, 86, 101570. https://doi.org/10.1016/j.jfs.2026.101570
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Self-justified equilibria: Existence and Computation Journal of the European Economic Association, 24, 1468–1500. https://doi.org/10.1093/jeea/jvaf062
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Building Interpretable Climate Emulators for Economics The Economic Journal, ueaf131. https://doi.org/10.1093/ej/ueaf131
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Exact inference from finite market data Economic Theory, online. https://doi.org/10.1007/s00199-026-01727-y
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The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune Review of Financial Studies, hhaf116. https://doi.org/10.1093/rfs/hhaf116
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Competition, complexity, and security design: evidence from retail investment products Review of Finance, rfag001. https://doi.org/10.1093/rof/rfag001
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The mutual relationship between fintech and e-commerce: results from a study on channel complexity in the banking industry International Journal of Electronic Business, 1, 10080119. https://doi.org/10.1504/IJEB.2026.10080119
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Through the supply chains it may not transmit? A case of monetary policy bottlenecks Journal of Financial Intermediation, 67, 101221. https://doi.org/10.1016/j.jfi.2026.101221
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From Crisis to War: Cyclical Systemic Risk and Bank Profitability in Ukraine Scottish Journal of Political Economy, e70057. https://doi.org/10.1111/sjpe.70057
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Battle of transformers: Adversarial attacks on financial sentiment models Journal of Banking and Finance, 188, 107698. https://doi.org/10.1016/j.jbankfin.2026.107698
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Climate‐Related Financial Policy and Systemic Risk Business Strategy and the Environment, Epub ahead of print. https://doi.org/10.1002/bse.71111
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DeepHAM: A global solution method for heterogeneous agent models with aggregate shocks Quantitative Economics, 17, 297–341. https://doi.org/10.3982/qe2190
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The Many Facets of Workplace Moral Courage: Development and Validation of a Multidimensional Scale Human Resource Development Quarterly, 37, 107–121. https://doi.org/10.1002/hrdq.21563
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Investor repricing of chronic undervaluation: Evidence from the Tokyo Stock Exchange capital efficiency initiative Journal of Corporate Finance, 99, 103009. https://doi.org/10.1016/j.jcorpfin.2026.103009
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The impact of sustainable finance literacy on investment decisions Journal of Banking and Finance, 187, 107687. https://doi.org/10.1016/j.jbankfin.2026.107687
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Quantifying the financial burden of heat-related hospital admissions in Switzerland under a changing climate: A scalable analytical framework BMC Global and Public Health, 4, 52. https://doi.org/10.1186/s44263-026-00275-w
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Banking on Competition: The Spillover Effects of Bank Entry into Microfinance Journal of Financial and Quantitative Analysis, 61, 1429–1458. https://doi.org/10.1017/s0022109025101865
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Wenn Preise den Einkommen davonlaufen: Zugang zu Wohneigentum in Deutschland Wirtschaftsdienst, 106, 385–390. https://doi.org/10.2478/wd-2026-0092
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Social and Environmental Financial Services: Where Do We Stand? Journal of Financial Services Research, 69, 1–16. https://doi.org/10.1007/s10693-025-00461-1
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The EU Taxonomy and the Syndicated Loan Market Journal of Financial Services Research, 69, 109–134. https://doi.org/10.1007/s10693-024-00441-x
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Monetary Policy, Held-to-Maturity Securities, and Uninsured Deposit Withdrawals European Accounting Review, 35, 503–528. https://doi.org/10.1080/09638180.2025.2478164
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From Concept to Prototype: Realizing an in-orbit AI-system utilizing optical computing CEAS Space Journal, Epub ahead of print. https://doi.org/10.1007/s12567-026-00701-7
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Economics and biodiversity in Switzerland: does sustainable investing help to moderate the problem? Swiss Journal of Economics and Statistics, 162, 5. https://doi.org/10.1186/s41937-026-00150-3
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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
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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
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Empirically assessing corporate adaptation and resilience disclosure using AI Npj Climate Action, 5, 22. https://doi.org/10.1038/s44168-025-00321-7
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Complementarity and substitutability of investment strategies Journal of Evolutionary Economics, 36, 18. https://doi.org/10.1007/s00191-025-00922-9
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Binding Say-on-Pay and Shareholder Value Review of Corporate Finance Studies, 15, 123–157. https://doi.org/10.1093/rcfs/cfaf010
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Social preferences and the variability of conditional cooperation Economic Theory, 81, 341–366. https://doi.org/10.1007/s00199-024-01617-1
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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
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The leverage of hedge funds and the risk of their prime brokers Journal of Financial Stability, 82, 101498. https://doi.org/10.1016/j.jfs.2025.101498
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ESG Ratings, ESG News Sentiment, and Firm Credit Risk Perception Financial Analysts Journal, 1–21. https://doi.org/10.1080/0015198x.2025.2591731
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Firm-level nature dependence Review of Finance, 30, 231–272. https://doi.org/10.1093/rof/rfaf069
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2025
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Geopolitical Risk and Domestic Bank Deposits Financial Management, Epub ahead of print. https://doi.org/10.1111/fima.70023
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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
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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
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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
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Competition and the Reputational Costs of Litigation Journal of Financial and Quantitative Analysis, 60, 3412–3442. https://doi.org/10.1017/s0022109024000802
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How good are LLMs in risk profiling? Finance Research Letters, 85, 108102. https://doi.org/10.1016/j.frl.2025.108102
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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
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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
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Superstar Returns? Spatial Heterogeneity in Returns to Housing Journal of Finance, 80, 3057–3094. https://doi.org/10.1111/jofi.13479
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Nature scenario plausibility: A dynamic Bayesian network approach Ecological Economics, 236, 108647. https://doi.org/10.1016/j.ecolecon.2025.108647
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Optimal insurance design under limited liability The Journal of Risk and Insurance, 92, 1122–1142. https://doi.org/10.1111/jori.70016
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Outperforming equal weighting Economics Letters, 255, 112552. https://doi.org/10.1016/j.econlet.2025.112552
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Die Kraft der Integrität Comply, 10(3), 10–11.
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Asymmetric information and the securitization of SME loans European Economic Review, 177, 105053. https://doi.org/10.1016/j.euroecorev.2025.105053
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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
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Credit and entrepreneurs’ income Journal of Financial Intermediation, 63, 101161. https://doi.org/10.1016/j.jfi.2025.101161
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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
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Institutional Investors and the Fight Against Climate Change Corporate Governance. An International Review, 33, 663–679. https://doi.org/10.1111/corg.12620
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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
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Die Rolle der Künstlichen Intelligenz (KI) in der Unternehmensberichterstattung: Chancen, Risiken und Implikationen für die Zukunft des Accounting Swiss Journal of Business, 79, 77–83. https://doi.org/10.5771/2944-3741-2025-1
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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
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Earnings Management and the Role of Moral Values in Investing European Accounting Review, 34, 841–871. https://doi.org/10.1080/09638180.2023.2291408
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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
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Global currency hedging with ambiguity Journal of Banking and Finance, 172, 107366. https://doi.org/10.1016/j.jbankfin.2024.107366
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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
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Social ties and preferences for competition Experimental Economics, 28, 274–297. https://doi.org/10.1017/eec.2025.10016
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The effect of macroprudential policies on homeownership: Evidence from Switzerland Journal of Urban Economics, 146, 103749. https://doi.org/10.1016/j.jue.2025.103749
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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/
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Automated fact-checking of climate claims with large language models Npj Climate Action, 4, 17. https://doi.org/10.1038/s44168-025-00215-8
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The impact of foreign sanctions on firm performance in Russia The British Accounting Review, 101586. https://doi.org/10.1016/j.bar.2025.101586
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Mapping global financial risks under climate change Nature Climate Change, 15, 329–334. https://doi.org/10.1038/s41558-025-02244-x
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Using AI to assess corporate climate transition disclosures Environmental Research, 7, 021010. https://doi.org/10.1088/2515-7620/ad9e88
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Sectoral Credit Allocation and Systemic Risk Journal of Financial Stability, 76, 101363. https://doi.org/10.1016/j.jfs.2024.101363
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Catch, Restrict, and Release: The Real Story of Bank Bailouts Review of Corporate Finance Studies, cfaf001. https://doi.org/10.1093/rcfs/cfaf001
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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
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CEO turnover and director reputation Journal of Financial Economics, 163, 103971. https://doi.org/10.1016/j.jfineco.2024.103971
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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. https://doi.org/10.1016/j.jbankfin.2024.107331
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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
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2024
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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
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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. https://doi.org/10.1016/j.gloenvcha.2024.102915
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Impacts of climate litigation on firm value Nature Sustainability, 7, 1461–1468. https://doi.org/10.1038/s41893-024-01455-y
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Tiers of joy? Reserve tiering and bank behavior in a negative-rate environment Journal of Monetary Economics, 148, 103614. https://doi.org/10.1016/j.jmoneco.2024.103614
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Population Aging and Bank Risk-Taking Journal of Financial and Quantitative Analysis, 59, 3037–3061. https://doi.org/10.1017/s0022109023001011
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Investor attention and idiosyncratic risk in cryptocurrency markets The European Journal of Finance, 30, 1932–1950. https://doi.org/10.1080/1351847X.2021.1989008
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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
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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
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Decoding market reactions: The certification role of EU-wide stress tests Economic Modelling, 139, 106828. https://doi.org/10.1016/j.econmod.2024.106828
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When Interest Rates Go Low, Should Public Debt Go High? American Economic Journal: Macroeconomics, 16, 432–469. https://doi.org/10.1257/mac.20230154
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Does being a responsible bank pay off? Evidence from the COVID-19 pandemic Journal of Financial Stability, 74, 101317. https://doi.org/10.1016/j.jfs.2024.101317
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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
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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
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The Time‐Varying Price of Financial Intermediation in the Mortgage Market The Journal of Finance, 79, 2553–2602. https://doi.org/10.1111/jofi.13358
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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
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Modeling Risk Sharing and Impact on Systemic Risk Mathematics, 12, 2083. https://doi.org/10.3390/math12132083
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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. https://doi.org/10.1016/j.jbankfin.2024.107191
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Do investors care about biodiversity? Review of Finance, 28, 1151–1186. https://doi.org/10.1093/rof/rfae010
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Asset-level assessment of climate physical risk matters for adaptation finance Nature Communications, 15, 5371. https://doi.org/10.1038/s41467-024-48820-1
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