Publications

ZORA Publication List

Publications

• 2026

  • Salazar, A., Edmonds, J., Battiston, S., Martinez-Jaramillo, S., & Zwerling, M. (2026). Decarbonization and non-cooperating strategies: A case for Mexico Energy and Climate Change, 7, 100242. https://doi.org/10.1016/j.egycc.2026.100242
  • Johner, A., & Ongena, S. (2026). 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
  • 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
  • Turetken, A. C., & Leippold, M. (2026). 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
  • Han, J., Yang, Y., & E, W. (2026). DeepHAM: A global solution method for heterogeneous agent models with aggregate shocks Quantitative Economics, 17, 297–341. https://doi.org/10.3982/qe2190
  • Witt, N., & Tanner Calmonte, C. (2026). 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
  • D’Ercole, F., Wagner, A., & Yamada, K. (2026). 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
  • Filippini, M., Leippold, M., & Wekhof, T. (2026). 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
  • Basten, C., & Juelsrud, R. (2026). Cross-Selling in Bank-Household Relationships: Mechanisms and Implications for Pricing Review of Financial Studies, 39, 1751–1784. https://doi.org/10.1093/rfs/hhad062
  • Vaghefi, A. S., Bucher, I., Colesanti Senni, C., Muccione, V., Ragettli, M. S., Mirmashhouri, A., Huggel, C., & Leippold, M. (2026). 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
  • Amaral, F., Staratschek, G., Zdrzalek, J., & Zetzmann, S. (2026). Wenn Preise den Einkommen davonlaufen: Zugang zu Wohneigentum in Deutschland Wirtschaftsdienst, 106, 385–390. https://doi.org/10.2478/wd-2026-0092
  • Fu, J., Ioannidou, V., & Mishra, M. (2026). 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
  • 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
  • Antoniou, F., Delis, M. D., Ongena, S., & Tsoumas, C. (2026). Pollution Permits and Financing Costs Journal of Money, Credit and Banking, 58, 637–679. https://doi.org/10.1111/jmcb.13241
  • Sautner, Z., Yu, J., Zhong, R., & Zhou, X. (2026). 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
  • 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
  • Chesney, M., Fattinger, F., Krakow, J., & Straumann, S. (2026). Competition, complexity, and security design: evidence from retail investment products Review of Finance, rfag001. https://doi.org/10.1093/rof/rfag001
  • Saleh, H., Battiston, S., Monasterolo, I., Barreau, T., & Tankov, P. (2026). Estimating firms’ emissions from asset level data helps revealing (mis)alignment to net zero targets. Nature Communications, 17, 3640. https://doi.org/10.1038/s41467-026-70481-5
  • 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
  • Leippold, M., & Yu, T. (2026). Firm-Level Green Innovation Beyond Patents Review of Finance, 30, 423–458. https://doi.org/10.1093/rof/rfaf058
  • 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
  • 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
  • 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
  • Karagiorgis, A., Anastasiou, D., Drakos, K., & Ongena, S. (2026). 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
  • 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
  • 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
  • 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

• 2025

  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • Mamatzakis, E. C., & Ongena, S. (2025). Paying your debt makes you happy: insights during the COVID-19 period Journal of Economic Studies, 52, 1338–1351. https://doi.org/10.1108/JES-06-2024-0379
  • Tanner Calmonte, C. (2025). Die Kraft der Integrität Comply, 10(3), 10–11.
  • Nyborg, K. G., & Woschitz, J. (2025). Robust difference-in-differences analysis when there is a term structure Journal of Financial Economics, 170, 104081. https://doi.org/10.1016/j.jfineco.2025.104081
  • Albertazzi, U., Bottero, M., Gambacorta, L., & Ongena, S. (2025). Asymmetric information and the securitization of SME loans European Economic Review, 177, 105053. https://doi.org/10.1016/j.euroecorev.2025.105053
  • 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
  • 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
  • Wagner, A. (2025). 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
  • 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
  • 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
  • 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/
  • 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
  • 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
  • Ulrych, U., & Vasiljević, N. (2025). Global currency hedging with ambiguity Journal of Banking and Finance, 172, 107366. https://doi.org/10.1016/j.jbankfin.2024.107366
  • Renerte, B., Janas, M., & Brox, E. (2025). Social ties and preferences for competition Experimental Economics, 28, 274–297. https://doi.org/10.1017/eec.2025.10016
  • Leippold, M., Vaghefi, S. A., Stammbach, D., Muccione, V., Bingler, J., Ni, J., Colesanti Senni, C., Wekhof, T., Schimanski, T., Gostlow, G., Yu, T., Luterbacher, J., & Huggel, C. (2025). Automated fact-checking of climate claims with large language models Npj Climate Action, 4, 17. https://doi.org/10.1038/s44168-025-00215-8
  • Mandel, A., Battiston, S., & Monasterolo, I. (2025). Mapping global financial risks under climate change Nature Climate Change, 15, 329–334. https://doi.org/10.1038/s41558-025-02244-x
  • 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
  • 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
  • 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
  • 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
  • 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
  • Monasterolo, I., Mandel, A., Battiston, S., Mazzocchetti, A., Oppermann, K., Coony, J., Stretton, S., Stewart, F., & Dunz, N. (2024). 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
  • 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
  • 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
  • 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
  • Kara, A., Ongena, S., & Yildiz, Y. (2024). 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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

Pagination