Publications

Publications in peer-reviewed journals

Forthcoming

• Commercial data in financial research  (with M. Berninger, and J. Schnitzler). Review of Corporate Finance, Vol. 4 No. 3, Forthcoming. 10.1561/114.00000066

• Where the money is: Branch network structure and bank profitability in Switzerland (with M. Fuchs, and J. Jacob). The European Journal of Finance, Forthcoming. 10.1080/1351847X.2024.2344065

• Banking market consolidation in Asia: Evidence from acquirers, targets, and rivals (with S. Kolaric, and D. Schiereck). International Journal of Finance and Economics, Forthcoming. 10.1002/ijfe.3012

2023

• The information value of M&A press releases (with Y. Cao, and H. Leung). Journal of Corporate Finance, Vol. 82,  102465. 10.1016/j.jcorpfin.2023.102465.

• SPAC merger announcement returns and subsequent performance (with N. Klingelhöfer, D. Schiereck, and S. Vismara). European Financial Management, Vol. 29 No. 2, 399-420. 10.1111/eufm.12366.

• Should I stay or should I go? Stock market reactions to companies' decisions in the wake of the Russia-Ukraine conflict (with S. Kolaric). Journal of International Financial Markets, Institutions & Money, Vol. 89, 101862. 10.1016/j.intfin.2023.101862. 

• Greenium, credit rating, and the COVID-19 pandemic (with E. Arat, B. Hachenberg, and D. Schiereck). Journal of Asset Management, Vol 24, 547-557. 10.1057/s41260-023-00320-5.

• Performance effects of sell-offs and the role of sell-off experience (with L. Erl, M. Koenigsmarck, and D. Schiereck). The Quarterly Review of Economics and Finance, Vol. 88, pp. 244-257. 10.1016/j.qref.2023.01.008.

2022

• Political and socio-economic factors that determine the financial outcome of successful green innovation (with K. Riehl and D. Schiereck). Sustainability, Vol. 14 No. 6, 3651. 10.3390/su14063651.

2021

• Citations and the readers' information-extracting costs of finance articles (with M. Berninger, D. Schiereck, and E. Gaar). Journal of Banking & Finance, Vol. 131, 106188. 10.1016/j.jbankfin.2021.106188.

• Market discipline through credit ratings and too-big-to-fail in banking (with S. Kolaric and S. Ongena). Journal of Money, Credit & Banking, Vol. 53, pp. 367-400. 10.1111/jmcb.12789.

• To change or not to change? The CDS market response of firms on credit watch (with S. Kolaric, L. Norden, and D. Schiereck). Journal of Banking & Finance, Vol. 125, 106067. 10.1016/j.jbankfin.2021.106067.

• It's the tone stupid! Soft information in credit rating reports and financial markets. Journal of Financial Research, Vol. 44 No. 3, pp. 553-585. 10.1111/jfir.12250

• Green bonds: Shades of green and brown (with M. Immel, B. Hachenberg, and D. Schiereck). Journal of Asset Management, Vol. 22 No. 2, pp. 96-109. 10.1057/s41260-020-00192-z

  • Reprinted in Risks Related to Environmental, Social and Governmental Issues (ESG) edited by de Jong and diBartolomeo (2022). ISBN: 978-3-031-18229-7 

• Divestiture and its market reaction in a consolidating industry: The global brewing industry (with L. Erl). Journal of Wine Economics, Vol. 16 No. 3, pp. 239-259.  10.1017/jwe.2021.1

2020

• The conditional stock market response to banks’ distressed asset sales on CDS availability (with F. Manz and D. Schiereck). Applied Economics, Vol. 52 No. 56. pp. 6123-6135. doi: 10.1080/00036846.2020.1784388.

• Environmental, social and governance reporting in annual reports: A textual analysis (with P. Baier and M. Berninger). Financial Markets, Institutions & Instruments,  Vol. 29 No. 3, pp. 93-118. doi: 10.1111/fmii.12132.  [Online appendix: ESG Word List]

2019

• ESG in credit ratings and the impact on financial markets (with F. Lücke). Financial Markets, Institutions & Instruments, Vol. 28 No. 3, pp. 263-290. doi: 10.1111/fmii.12114

  • Awarded as one of the most read articles in 2018-2019.

• Do NPL portfolio sales help reduce banks’ financing? (with F. Manz and D. Schiereck). Economics Letters, Vol. 182 No. 9, pp. 93-97. doi: 10.1016/j.econlet.2019.06.009

2018

• Dieselgate and its expected consequences on the European Auto ABS market (with B. Hachenberg and D. Schiereck). Economics Letters, Vol. 171 No. 10, pp. 180-182. doi: 10.1016/j.econlet.2018.07.044

• The alternative three-factor model: Evidence from the German stock market (with A. Lübbering and D. Schiereck). Credit and Capital Markets, Vol. 51 No. 3, pp. 389-420. doi: 10.3790/ccm.51.3.389

• When your regulator becomes your new neighbor: Bank regulation and the relocation of EBA and EMA (with M. Berninger and D. Schiereck). Economics Letters, Vol. 167 No. 6, pp. 108-111. doi: 10.1016/j.econlet.2018.03.023

• Measuring the effect of watch-preceded and direct rating changes: A note on credit markets (with S. Kolaric). Review of Quantitative Finance and Accounting, Vol. 50 No. 2, pp. 653-672. doi: 10.1007/s11156-017-0641-1

2017

• What do we know about socially responsible investments? (with D. Häfner and L. Wirthmann). Zeitschrift für Umweltpolitik & Umweltrecht, No. 4, pp. 299-331.

• The impact of mergers and acquisition in the logistics service industry (with J.-M. Ries and A. Tielmann). International Journal of Production Economics, Vol. 193, pp. 781-797. doi: 10.1016/j.ijpe.2017.09.006

  • Reprinted in International Journal of Production Economics, Vol. 194, pp. 261-277. doi: 10.1016/j.ijpe.2017.11.007

• Creditwatches and their impact on financial markets. Journal of Credit Risk, Vol. 13 No. 1, pp. 47-71. doi: 10.21314/jcr.2017.219

• CDS spreads as an independent measure of credit risk (with J. Spohnholtz). The Journal of Risk Finance, Vol. 18 No. 2, pp. 122-144. doi: 10.1108/jrf-09-2016-0119. 

  • Awarded by the 2018 Emerald Literati Award as Highly Commended.

• The impact of expected regulatory changes: The case of banks following the 2016 U.S. election (with B. Hachenberg, S. Kolaric, and D. Schiereck). Finance Research Letters, Vol. 20, pp. 268-273. doi: 10.1016/j.frl.2016.12.021

2016

• Market integration and efficiency of CDS and equity markets (with S. Kolaric and D. Schiereck). The Quarterly Review of Economics and Finance, Vol. 61, pp. 209-229. doi: 10.1016/j.qref.2016.02.010

• Brexit: (Not) another Lehman moment for banks? (with S. Kolaric and D. Schiereck). Finance Research Letters, Vol. 19, pp. 291-297. doi: 10.1016/j.frl.2016.09.003

• CDS and bank ownership structures - Does the credit side show who advocates more risk? (with D. Froneberg and D. Schiereck). The Journal of Risk Finance, Vol. 17 No. 2, pp. 169-193. doi: 10.1108/jrf-09-2015-0085

• Do investors still rely on credit rating agencies? Evidence from the financial crisis. The Journal of Fixed Income, Vol. 25 No. 4, pp. 20-31. doi: 10.3905/jfi.2016.25.4.020

• Peer-to-peer equity investments in Germany - A note on successful company characteristics (with P. Balasubramaniam and D. Schiereck). Academy of Economics and Finance Journal, No. 7/2016.

• Return patterns of South Korean stocks following large price shocks (with S. Kolaric and D. Schiereck). Applied Economics, Vol. 48 No. 2, pp. 121-132 . doi: 10.1080/00036846.2015.1076144

2015

• Regulation of uncovered sovereign credit default swaps - Evidence from the European Union (with F. Lücke and D. Schiereck). The Journal of Risk Finance, Vol. 16 No. 4, pp. 425-443. doi: 10.1108/jrf-02-2015-0025

• The effect of ratings announcements on firms in bank-based systems (with D. Schiereck). The Journal of Fixed Income, Vol. 24 No. 4, pp. 84-95. doi: 10.3905/jfi.2015.24.4.084.

• Impact of supervisory board members’ professional background on banks’ risk- taking (with Froneberg, D. and Schiereck, D.). Corporate Ownership & Control, Vol. 13 No. 1, pp. 850-867. doi: 10.22495/cocv13i1c10p8.

Publications in non-peer reviewed journals

• Analysis of mergers and acquisitions in the airline industry - Learning from investor reactions (with K. Biel, D. Ellenrieder, and J.-M. Ries). Supply Chain Management, No. 2/2016.

• The influence of trustworthiness of website layout on security perception of websites (with M. Kauer, F. Ueberschaer, M. Volkamer, and R. Bruder). Current Issues in IT Security 2012 Schriftenreihe des Max-Planck-Instituts für ausländisches und internationales Strafrecht, pp. 215-220.

Publications in German language

• Investoren und ihre Suche nach nachhaltigen Unternehmen. In: Alliance for Sustainability - Series of Lectures on Sustainability, edited by Gamper et al. (2024).

• Determinanten der Finanzierungskosten über Green Bonds in europäischen Emissionsmärkten (with D. Kuhn and D. Schiereck). Zeitschrift für Umweltpolitik & Umweltrecht, No. 4, pp. 422-436.

• Marktmanipulationen und Forensic Finance: Die Bedeutung von Faktormodellen für kurzfristige Bewertungshorizonte (with M. Berninger and D. Schiereck). Zeitschrift für Bank- und Kapitalmarktrecht, Vol. 17 No. 10, pp. 408-412.

• Erfolgspfade im Crowdlending am Beispiel der Kreditvergaben über auxmoney (with D. Schiereck  and F. Urbanek). Corporate Finance, No. 11-12, pp. 353-357.

• Erklärung von Aktienrenditen durch Faktormodelle - Eine historische Übersicht über die Entwicklung vom Ein- zum Fünffaktorenmodel (with A. Lübbering and D. Schiereck). WiST Wirtschaftswissenschaftliches Studium, Vol. 18, pp. 9-14.

• Kreditratings und die Kapitalmarktperformance von Börsengängen in Kontinentaleuropa (with I. Sagalin). Corporate Finance, No. 10, pp. 352-356.

• Werteffekte bei Einführung der EU-Verordnung über Leerverkäufe und Credit Default Swaps (with N. Berges). Corporate Finance, No. 10, pp. 354-361.

• Werteffekte auf die Leerverkaufsrestriktion bei Finanztiteln in Deutschland (with Y. Nohn and D. Schiereck). Zeitschrift für Bankrecht und Bankwirtschaft, Vol. 26 No. 5, pp. 314-323. doi: 10.15375/zbb-2014-0505 

• Zum Erfolg von Unternehmensübernahmen in der globalen Agrarindustrie (with A. Fausel and D. Schiereck). Berichte über Landwirtschaft, Vol. 92 No. 3. doi: 10.12767/buel.v92i3.62.

Conference Proceedings

• Public Perception of credit risk: On the informational value of ESG disclosures (with H. Bariz and N. Schreiber). Proceedings of the International Conference on Information Systems 2021.

• Information or noise: How Twitter facilitates stock market information aggregation (with T. Pöppe, S. Kolaric, and D. Schiereck). Proceedings of the International Conference on Information Systems 2019.

Press articles / News

• November 7, 2023. Auswirkungen der Signa-Schieflage. ORF Südtirol Heute (TV-interview)

• March 11, 2021. The role of sentiments in acquisitions and Merger. Südtiroler Wirtschaftszeitung.

• September 08, 2019. How green are green bonds? Ratings can help investors know. The Conversation.

• June 10, 2019. Credit ratings: old risks and new challenges for financial markets. The Conversation.